Saturday, September 18, 2010

30 days hath September

The 18th of September, 2010, the surf is big and sloppy from Hurricane Igor churning past far out in the Atlantic, the fall mullet run along the beach is in full swing and 18 condos and townhomes have closed so far in the month. Two sales exceeded the half million dollar mark, one a three year old direct ocean 3/2 Meridian unit that sold for $554,000, 95 thousand less than it sold for just three years ago. The other was a huge (3293 square feet) 6th floor, 4 bedroom 3.5 bath, direct Ocean Oasis in downtown Cocoa Beach. It closed for $535,000, exactly $400,000 less than the selling price new in 2005.

Other sales of note included:

Stonewood Cocoa Beach, B building, direct ocean 4th floor NE corner, 3/2, 2170 sf, sold for $394,500.

Three year old direct river ground floor Garden Bay 3 BR, 3.5 bath, 2350 sf and 2 car garage. Sold for a song at $290,000.

A five year old, 4th floor direct Banana River Majestic Bay in Cape Canaveral. This super nice 3/2 unit has 1984 square feet and a private 2 car garage. It sold for an unbelievable $205,000. Might go down as the deal of the year in Cape Canaveral.

A four year old, no ocean view, D building Mystic Vistas 3/2 closed for $180,000, a new low number for the complex.

In the "Rip van Winkle" category, a sale finally happened in the ill-conceived three year old Pier Resort complex. This was a 3 bedroom, 3 bath, 1900 square foot unit that closed for $169,900. It sold new in 2007 for $480,000.

The best 1 bedroom 2 bath unit in Cape Winds closed this month. This one was the top floor, closest to the ocean of the one bedroom units, had an expansive southern view of the ocean and closed for $155,000.

Anecdotally, sales activity right now is very brisk for both homes and condos. Looks like we may have a repeat of last year's abnormally strong fall. Inventory continues to contract along with the number of distressed sales. Condo and townhome inventory in Cocoa Beach and Cape Canaveral stands at 523 units this morning.

A nickel ain't worth a dime anymore."__Yogi Berra

Wednesday, September 01, 2010

Pictures and numbers

Mortgage rates have continued their plunge. Payments on a $200,000 loan for 30 years are now below $1000 per month. Monthly payments for the same amount for a 15 year fixed is only a couple of hundred dollars more than the 30 year payment was just two years ago.

Condo sales for August exceeded last year's numbers after July's faltering pace. Inventory continues to decline and it seems unlikely that the fall numbers will match last year's which were abnormally high. We'll see. Low prices and low rates have buyers on the prowl but the dearth of good inventory is hampering the search for many.

MLS inventory Sept 1, 2010 Cocoa Beach & Cape Canaveral

Condos, all prices_____541
over $500,000_________56 - 13 sold this year
Single family homes___117
over $500,000_________35

Snook season did not open today as it normally does. Season opening has been delayed until September 16th to allow the population a little recovery from the fish kill during last winter's prolonged cold snap. Surf has been big and sloppy the last few days from the Hurricane Danielle swell combined with hard onshore winds. We expect the swell from Hurricane Earl to arrive by tomorrow. Please be careful at the beach in these conditions. A little one can be swept away in a heartbeat and even strong swimmers can get in trouble with this much water moving around. We lost an experienced surfer last weekend when the swell was peaking. Condolences to his family and friends.

"Squalls out on the Gulf Stream,

Big storm's comin' soon.

I passed out in my hammock,

And God I slept till way past noon."

____Jimmy Buffett