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, July 05, 2009
Fireworks and chiweenies
Tobias, Drew Bryant's chihuahua/dachshund mix.
In case you missed the fireworks last night in our area, the dozens of scattered displays (mostly illegal) added up to possibly the most impressive ever, at least from my end of the beach. For sleepy south Cocoa Beach, there were quite a few people going the duration on the beach celebrating Independence Day with dogs (at least one chiweenie) and kids enjoying a beautiful day at the beach. Oceansports World provided a huge selection of standup paddleboards and kayaks on the beach for any interested beach goers to try. All in all, a great day in Cocoa Beach.
We are officially through the first half of 2009 and, even though the market has been in turmoil, the sales trend has held true to years past as you can see in the chart above. We had a total of 36 closed MLS-listed condos in Cocoa Beach and Cape Canaveral in the month (as reported by this morning). Only two sold for more than $340,000, both at the Meridian, and nine of the total were in oceanfront buildings. Over half of all condos sold closed at prices below $200,000 and one short sale at Solana on the River sold for less than $100 per square foot, a remarkable price for a 5 year old direct river condo. Of the direct ocean, east-facing units above the ground floor, the prices ranged from $196 to $273 per square foot.
There were only four single family home sales in the two cities and two of those were waterfront.
Inventory continues to shrink and we are at almost half the number of listed units from our peak supply three years ago. One effect of this, as I've mentioned previously, is that the super deals are becoming more difficult to find. If you're looking, be patient but ready to pounce when an attractive target presents itself. If your criteria are broad, you can still find a smoking deal. If your criteria are narrow, your chances of finding the perfect property at a crazy low price are lessened. You may have to choose between the perfect unit and the perfect price. Be careful of putting the "deal" ahead of what may matter more in the long run. There's a reason that units with side views or no views sell for less. Saving a few thousand dollars now may mean less as you sit on your balcony in years to come looking at the building next door rather than at the ocean or river, your intention when you began your search. Examine your desires and focus on what matters. Deals are still out there but the juicier fruit are higher in the tree now.
MLS inventory July 5, 2009 Cocoa Beach & Cape Canaveral
Condos, all prices_____671
over $500,000_________93 - 15 sold since New Year's Day
Single family homes____106
"Eric shreds (and scrawled by a second hand) lettuce"
____14th St. seawall graffiti
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