Halfway through the first month of the new year and a total of only eight MLS-listed condos and townhomes and two single-family homes have closed in Cocoa Beach and Cape Canaveral. Two of the ten were short sales. The MLS is showing 98 residential properties as contingent this morning in the two cities with 65 of those listed as short sales. We are still waiting for the rush of new listings from sellers who were waiting for the spring "selling season". There are, however, a couple of new listings of very nice non-direct ocean units in oceanfront buildings in south Cocoa Beach that appeared in the last week aggressively priced at $119,000 and $134,000. I toured a direct ocean, corner luxury unit this week also in south Cocoa Beach that is not listed but can be purchased for a very fair price, far below similar sized new units. And, if there's a quiet, well-behaved couple or small family out there who would like a furnished direct ocean rental in south Cocoa Beach for a few months or longer for an outstanding price, I know of one that will be available shortly. Not a condo. Email me for details on any of these.
In random news, Cocoa Beach has installed it's first red light camera at the light in front of Wendy's just north of the old Publix shopping center. I expect this thing to pay for itself rather quickly. The Cocoa Beach Holiday Inn became the International Palms Resort at some point in the last few weeks. Details are still sketchy. And, after a week and a half of freezing temperatures temps have moved back into the 70s today and the locals are downright giddy. In addition to damage to some tropical plants inland, the prolonged cold killed thousands of fish in the river, primarily snook, trout and tarpon. The redfish appear to have been less susceptible to the cold.
"A lot of people like snow. I find it to be an unnecessary freezing of water."
_________Carl Reiner
You state-spring selling season--what period of time would that cover and is that the best time frame for sellers and or buyers. How many units could one expect to see listed in that period and how would the asking prices reflect in either a brisk or slower than normal spring. I follow your areas listings on Zillow.Someday I'll be a buyer with any luck.But what I see is the same property for sale week after week. Nice property--and in my eyes--a more than fair price--I think---and thats my problem--I don't want to be a buyer and see prices go south. Steady-would be fine. So how does one know the best time to buy.
ReplyDeleteUsually activity here picks up with the arrival of our winter visitors who start showing up in big numbers in January and begin leaving the end of March. Sales typically peak between May and July as there is usually a 30 to 60 day lag between accepted contract and closing.
ReplyDeleteSpring has traditionally been viewed as better for sellers as that's when the largest numbers of buyers are active. However, as prices have dropped through the last three years, sellers' expectations have softened somewhat. Instead of hoping for higher prices in spring, most now are just hoping for a sale somewhere near their hoped-for price.
Usually we see lots of new listings in spring but so far this year it's been slow. I don't expect to see the typical flood of new listings this year.
You can't time the bottom. You won't recognize it until it's passed. Educate yourself about our market, pick out the area and property type you like, follow sales and listings and make the most informed decision you can.
By the way, Zillow is not the best source of info about value and/or listings. Here's a random example I pulled up this morning for a Cocoa Beach condo.
This home Zestimate per sq ft: $175
Average sale price per sq ft: $117
Huh? Zillow estimates this condo to be worth 43% more than the average sales price of the comps. Search for property directly from the MLS at brevardmls.com and run your own comps to determine value. If you can't do that, find a good buyer's agent who can do it for you. Good luck in your quest.