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 - firstname.lastname@example.org
Sunday, May 31, 2009
So long Spring, hello Summer
A quiet morning this week in south Cocoa Beach.
It's the last day of May and the month has been another busy one in the Cocoa Beach and Cape Canaveral real estate market. We're still lagging last year's numbers but the pace is steady. May was the peak month for condo sales last year and there is no reason to think 2009 will be different. There were 36 closed condo sales in the two cities during May as indicated today in the Cocoa Beach MLS. Only 2 of those sales were for more than $385,000, one, as always, a brand new Meridian penthouse for $630,000 and the other, a huge Ocean Pines penthouse with 65' of ocean balcony that sold for $575,000.
There were nine single family home sales in the month with eight of those in Cocoa Beach. Six were waterfront with the highest price paid for a massive, 2 year old, 6354 sq.ft., 7 bedrooms and 4.5 bath canal home that closed for $690,000.
Other notable deals of the month included;
A Brisa del Mar condo conversion 2/1 that sold new in 2006 for $200,000 sold as a short sale for $76,400.
A very nicely remodeled, non-waterfront Oaks 2/2 in Cape Canaveral sold for $85,000
Direct Banana River ground floor, River Lakes 2/2 in south Cocoa Beach was stolen for $130,000
Four year old Shores of Artesia townhome, 1 block from ocean, sold new in 2005 for $307,000. The new buyer got it for half off in a short sale for $150,000. On the market just 17 days.
A huge (2424 sq.ft.) Perlas del Mar w/2 car garage didn't last long on the clearance table. This 2 year old unit sold new in 2007 for $453,000. The brain trust at JP Morgan Chase agreed to dump it for $162,000. Also on the market for just 17 days.
A 2-year old, 3/3.5 townhome in a small building (Sea Shell Cay) close to Villages of Seaport that sold new in 2007 for $437,000. It was also a foreclosure and closed for $166,250, full asking price. Sold in 6 days.
A direct Banana River Rock Pointe, oversized 2nd floor 2/2, went for $180,000.
A 3-year old Cape Canaveral Bayport villa w/2 car garage that sold new in 2006 for $350,000 sold for $190,000 as a short sale.
There were 3 excellent deals in weekly rental ocean condos this month. One was a ground floor Ola Grande 2/2 next door to the Cocoa Beach Pier that sold for $200,000. This unit rents for $800 to $1100 per week. Do the math. A 4th floor southern view, 2/2 next door at Chateau by the Sea closed for $202,000 and a 3rd floor north facing Sandcastles 2/2 was stolen for $210,000. Similar rents for all and all three sold fully furnished.
A ground floor direct ocean 2/2 at Beachwinds in Cocoa Beach closed for $280,000.
A very nice, partially furnished Harbor Isles 3/2 corner, direct river sold for $285,000.
A nicely remodeled, 3rd floor, southern view Windward East also sold for $285,000.
A rarely available, east end unit, 3rd floor, 3/2 at Cocoa Beach Towers closed for $340,000.
And rounding out the most interesting deals of the month, a partially remodeled, huge (2484 sq.ft.) 3/2, 2nd floor direct ocean with balconies on both the east and west sides at Constellation way down in south Cocoa Beach (Little Malibu) sold for a remarkable $385,000 or $155 per square foot.
In the sky, there is no distinction of east and west; people create distinctions out of their own minds and then beleive them to be true.
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