Sunday, March 14, 2010

Spring forward

Dune gaillardia enjoying the sunshine in my backyard.

It's March 14 and the February MLS numbers are in. The number of closed MLS sales of condos in Cocoa Beach and Cape Canaveral was disappointing following our record January, the best since 2005. The Cocoa Beach MLS reports 25 closed condo and townhouse sales in February in the two cities compared to 32 in February 2009. This is the first year in the last six that February condo sales did not exceed January's (see chart below). There were seven single-family home sales in the month. While contingent and pending listings remain at a very high level, the low inventory and the high number of failed short sales will probably contribute to a slow year for sales.

Sales for the month ranged from $22,500 for a tiny but nice 1/1 Beach Club unit in Cape Canaveral to a new 3000 square foot Ocean Paradise 5th floor corner in south Cocoa Beach that went for $900,000. The little Beach Club unit sold for 24% of the price it sold for in 2005. Other sales of note included;

A foreclosed Oaks 2/2 unit in Cape Canaveral that sold for $60,500.

A short sale Portside Villas 2nd floor, 2/2 in Cape Canaveral that closed for $88,000. Sold new in 2006 for $234,900.

A short sale Royal Mansions 1 bedroom in Cape Canaveral sold for $95,000. It last sold in 2005 for $271,000.

A direct water 2/2 Beachwalk in Cocoa Beach with deeded boat slip and garage closed for $155,000.

A 2/2 Royal Mansions sold for $173,000. This was a full round trip to the sky and back by this seller who purchased in 2003 for $175,000.

A 3rd floor direct ocean Wellington 2/2 in downtown Cocoa Beach closed for $225,000.

My favorite deal of the month was a 4th floor Cocoa Beach Towers 2/2 with a great view of the Pier from the generous balcony that closed for $260,000.

Another good one was a 6th floor direct ocean Waters Edge 2/2 in south Cocoa Beach that went for $270,000.

Capitulation sale of the month was a developer sale of a new Garden Bay direct Banana River 3/3 with 2210 sq. ft. that sold for $285,000.

Fastest evaporation of money sale was a short sale Magnolia Bay 3/3 in south Cocoa Beach that closed for $300,000 just three years after selling for $589,900.

A gorgeous 2nd floor south corner Coral Sands 3/2 in south Cocoa Beach went for $345,000.

There are 125 units under contract this morning according to the MLS with 64 of those short sales and 15 bank-owned. Inventory has increased slightly probably a function of the slow sales in February.

MLS inventory Mar 14 , 2010 Cocoa Beach & Cape Canaveral

Condos, all prices_____596
over $500,000_________72
Single family homes___131
over $500,000_________43

It was one of those March days when the sun shines hot and the wind blows cold: when it is summer in the light, and winter in the shade.

____Charles Dickens