Sunday, May 17, 2009

Halftime Report

The kind of morning that has me running through all my excuses for trading the desk and the Blackberry for a beach chair and a Randy Wayne White novel.

Halfway through May and this market is very active. Lenders are still killing deals right and left but a substantial number of persistent buyers are riding deals through closing. I have not experienced this level of activity in a few years. As of this morning, May 16, a total of 19 condos have closed in Cocoa Beach and Cape Canaveral at prices from $25,000 for a small foreclosed Golden Gate Manor 1/1 to another new, top floor Meridian for $630,000. All but two sales were for less than $300,000. Deals of note included the following:

Oceanfront buildings
3rd floor east corner small, 3/2 Cocoa Beach Towers - $340,000
3rd floor south view 2/2 Windward East - $285,000
3rd floor south view 2/2 Driftwood Villas - $210,000
Ola Grande ground floor 2/2 - $200,000

In non-waterfront sales, 2 units at the 4-year old Shores of Artesia closed for $170,000 and $150,000. The latter was a short sale. A foreclosed, ground floor corner 3/2 at Portside Villas went for $130,000. A big, 3-year old foreclosed Perlas del Mar 3/2.5 sold for $162,000. Sold new 2 years ago for $453,000. A big, 3/2 Bayport villa short sale closed for $190,000. New price in 2006 was $350,000.

In Banana River buildings there has only been one closed sale so far in May, a 2nd floor 2/2 at Rock Pointe for $180,000.

Of the contingent and pending contracts yet to close are several that will qualify as smoking deals. I will report on them as they close.

Piss and vinegar can't be summoned on command. The muted colors of a muted life will not suddenly brighten because you think it a good idea they should.
___________Travis McGee