This is one insider's unpolished take on the current state of the Cocoa Beach and Cape Canaveral, Florida real estate market. I am a licensed agent and partner with Walker Bagwell Properties. My sometimes blunt opinions here are not welcomed by the real estate mainstream. Whatever. Hopefully my insights will allow you to make better decisions about your participation in this market.
Larry Walker - 321.917.5786 - email@example.com
Saturday, January 17, 2009
Cocoa Beach Potpourri
This is a secret little kayak launching ramp on the Banana River behind the Cocoa Beach Country Club. I shot the photo early today on our first truly chilly morning of the winter. I was tempted to discard the flip flops in favor of closed shoes but habit overruled reason.
I thought for today's report I'd sift through the available offerings and post my favorites. None of these are listed by my office. I'm more than a little surprised that some of these haven't sold yet considering the price.
First up is a big price reduction this morning of a direct river 2/2 at River Lakes in Cocoa Beach just two blocks from the ocean. Comes with a private garage and is now offered for $165,000.
This next one is a mystery. Direct ocean 2/2 at Waters Edge in south Cocoa Beach offered for $164,000. Does the somewhat obstructed view and lack of a garage really mean this unit should be selling for less than $122 per square foot?
How about a direct river 2/2 at Harbor Isles for $169,000? It's a short sale, so, that price is subject to bank approval. That's half what these units were selling for a couple of years ago. There is also a lakefront 3/2 at Harbor Isles offered for $190,000. Both of these have private garages and use of three pools.
Lowest price unit with a deeded boat slip is a 2nd floor, 2/2 unit at Beachwalk behind the Publix Plaza offered for $199,000 with garage.
There is a 2nd floor, direct river 2/2 at the small River Place building in south Cocoa Beach offered for $197,900. It has an unobstructed view across the wide part of the river to south Merritt Island and the beach is right across the road. Comes with a garage.
Among the short-term rental condos there are several that stand out. Lowest priced short term rental unit in Cocoa Beach is a no-view studio at the Marlin Apartments behind the Holiday Inn, asking $130,000. Lowest priced 2/2 unit in Cocoa Beach is a side view Chateau next to the Pier offered for $239,000. It has a little peek of the ocean. Lowest price 2/2 with an unobstructed ocean view is a top floor Spanish Main for $299,000. Photo of view below.
My favorite of the available short-term units is a 4th floor south view Cape Winds one bedroom unit. The one bedroom units at Cape Winds are unusual in that they have two full baths making them comfortable for four people. They rent in the $900 per week range making the asking price of $179,000 quite attractive. View from this unit below.
In non-waterfront properties, there is a foreclosed, 2/2.5 townhouse, 2 blocks from the ocean and downtown Cocoa Beach with 1827 sq.ft. asking $124,900.
Lowest priced waterfront single family home is a partially gutted 3/2 on Cocoa Isles Blvd. Asking price; $209,000. Needs lots of work. Builders were paying $400,000 for these houses a few years ago and tearing them down to build new ones. If you don't want to have do any work, you can get into a big, 3/2 home in excellent condition on the water with dock and boat house close to the Cocoa Beach schools for $370,000. View below.
Note to prospective condo purchasers: Freddie Mac and Fannie Mae have just announced revisions to their down payment requirements for Florida condos. If you haven't talked to your lender in the last week about your condo purchase, you need to check back in to see if your loan is effected. Even though rates continue to fall, standards are becoming increasingly strict, even for owner occupied units.
"Your time is limited, so don't waste it living someone else's life."
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