Sunday, April 26, 2009

The Sound of Settling

An oldie but goodie; Ritchie cruising at 14th St. circa 1995.

There are signs of life in the high end of the market after two very tough years in which we've averaged just one sale per month of condos over $500,000 in Cocoa Beach and Cape Canaveral. Of the 26 closed sales so far in April, a surprising 4 units crossed the resistant half-million dollar barrier. I'm not going so far as to read a new trend into this but it is unusual enough to warrant reporting. Two were in existing buildings, Ocean Oasis and Diamond Bay on the river, and two were in new buildings, The Meridian just north of the Pier and Ocean Cove in south Cocoa Beach. All of the remaining 22 closed condos sold for less than $400,000 with 7 being short sales.

Of the 26 sold units, 7 were direct river. Sizes ranged from 1234 to a whopping 4137 sq. ft. Price per square foot ranged from $104 at Four Seasons to $158 at Harbor Isles with an average of $128 per square foot paid.

Direct ocean, east-facing units accounted for 9 of the sales. Sizes there ranged from 1196 square feet at the Windjammer to 2552 at the Meridian. Price per square foot ranged from a low of $197 at La Mer in Cape Canaveral to a high of $324 at the brand new Ocean Cove. Average price per square foot for direct ocean units was $237.

Unlike most areas of Florida, our inventory continues to shrink and is at it's lowest level in years. The same geographical limitation that prevented overbuilding during the boom years is starting to look like the little red engine of promise for the Cocoa Beach market. /fingers crossed

MLS inventory April 26, 2009 Cocoa Beach & Cape Canaveral

Condos, all prices_____686
over $500,000_________97 - 9 sold since New Year's Day
Single family homes____96
over $500,000_________35

Keep a fire burning in your eye

Pay attention to the open sky
You never know what will be coming down
_________Jackson Browne