Saturday, March 14, 2009

Locked Out

To take the closest route to the ocean by water from Cocoa Beach, Cape Canaveral or Merritt Island, a boat must pass from the Banana River through the locks above at Port Canaveral. The single lock system helps maintain water depth in the Port for the cruise ships and submarines and prevents strong tidal currents, a nice benefit for boaters. For impatient fishermen, there are multiple ramps and marinas in the Port east of the locks.

As of this morning, March 14, there have been 9 closed condo sales in Cocoa Beach and Cape Canaveral posted in the MLS. There was 1 MLS-listed single-family home closed in the same period. Sales of note include the following:

These first three are interesting for their similarities but very different levels of appreciation over the years.

A 2/2, 2nd floor non-waterfront unit in Cape Shores on the river sold for $68,000. It was not a short sale or foreclosure and was first listed in July 2007 for $139,900. This unit last sold in 1982 for $56,000. It was built in 1973.

An almost identical sized 2/2, 2nd floor non-riverfront unit at Four Seasons on the river, built in 1980 closed for $133,500. It had a garage. It sold in 1980 for $56,000.

Another 2/2 at Four Seasons also closed this month. It was a 3rd floor, 2/2 direct river with garage and closed for $172,500. It also sold in 1980 for $56,000. Can you say location, location, location?

A top floor (5th), 3/2 short sale at Puerto del Rio closed for $176,000. This 3 year old beauty with big wrap-around balcony sold new in August 2007 for $335,000.

A top floor (5th), 3/2 lakefront unit at Harbor Isles on the river in south Cocoa Beach closed for $199,900. Sold new in 1993 for $114,600.

A big, 2/2, 5th floor, direct ocean unit at Emerald Seas closed for $290,000.

The highest price condo sale of the month so far was a short sale of the entire 2nd floor of Riomar in south Cocoa Beach. This building has only 6 units total with each 3008 sq. ft. unit occupying an entire floor. The upper floors have magnificent views in every direction from the sweep of the beach north and south to Merritt Island across the Banana River. Selling price was $550,000. Sold in 2004 for $740,000.

"I didn't say this had to be, you can't blame these things on me."
__________________Lou Reed