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
Thursday, July 23, 2009
Slice and dice
While the developer of Ocean Paradise in south Cocoa Beach was slicing asking prices of all remaining units by up to $125,000, Chesnee Cogswell from Oceansports World was reeling in a fine cobia from a standup paddleboard out back.
Prices at Ocean Paradise are now as low as $575,000 for a brand new direct ocean, 2nd floor, 2444 sq. ft. unit. The same developer cut prices on four remaining units at Garden Bay on the river the same day to as low as $299,900 for a 2nd floor, 2210 sq. ft. unit. The developer of Magnolia Bay on the river in south Cocoa Beach has reduced prices for a brand new 3/3, 2183 sq. ft. unit to as low as $349,000. That's $200,000 off the 2007 asking price. They are offering in-house financing as well.
Up at the Meridian the developer has prices down to as low as $575,000 on the remaining five direct ocean units on the MLS. Back down in south Cocoa Beach, all units at the super-luxurious Villa Verde on the river are being offered as short sales directly from the developer. Prices as low as $599,900 for a 3/3.5 with 2875 sq. ft.
The eight new unsold single family homes at the Enclave between 3rd and 4th streets in Cocoa Beach have all been reduced to $845,000, some with 4 bedrooms and 4 baths and over 3500 sq. ft.
These are not all of the recent developer price cuts but represent the most significant. I suspect we'll see more.
"Every sale has five basic obstacles: no need, no money, no hurry, no desire, no trust."
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