Thursday, April 22, 2010

April: 7th inning report

The 22nd of April and we have had 22 closed condo sales so far in Cocoa Beach and Cape Canaveral according to our somewhat-lagging MLS. As a continuation of the dominant trend of lower price range activity, seven sales were for less than $100,000 and none exceeded $500,000. In a departure from another trend, only three of the closed sales were short sales. The sweet spot for prices right now is in the $100,000 to $200,000 bracket with half of the sales landing between $114,000 and $205,000.

The two highest prices, $465,000 and $500,000, were both at the bank-ordered sale of Ocean Club in north Cocoa Beach. The numbers look good on paper, $185 and $160 per square foot for almost new construction. The reality is that the building sits on a flag lot back away from the ocean with the big pink Coral Seas building to the east blocking a good portion of the ocean view. Looking at other sales with impeded views, the buyers of a Solana Shores unit got the deal of the month so far in that category at $136 per square foot for a nine year old 3/3 in that established, untroubled complex.

Another contender for deal of the month was a six year old, top floor direct Banana River, Solana River 2/2 with 2055 square feet that sold for $205,000 or $100 per square foot. Icing on the cake was furnishings included. Incidentally, $205,000 is exactly half the price it sold for in 2005.

A top floor, original condition, side ocean view 2/2 with private garage at Sand Pebbles in Cape Canaveral closed for $165,000.

A very nice, upgraded 5th floor direct ocean Windrush 2/2 with 1271 square feet and garage sold furnished for $300,000.

A small (1125 square feet) very nice, remodeled top floor (5th) Sea Oats direct ocean corner 2/2 with garage sold for $275,000.

A foreclosed 2nd floor A building Mystic Vistas 3/2 saw the lowest price there since 2002 when it closed for $179,771.

One of the newer Villages of Seaport 2/2 units closed as a short sale for shocking $84,000 this week. This unit sold in 2005 for $230,000. That's not a haircut. It's a shave. Of note is that this short sale closed in ten weeks between contract and closing table. Good job to the listing agent.

Inventory is pretty much at the same levels of the last two months. Condo mortgages, while still available, have become even harder to obtain with far less lenders willing to loan. Some buildings have become practically cash-only with no one willing to write a mortgage. I am seeing more offers of seller financing.

MLS inventory April 22 , 2010 Cocoa Beach & Cape Canaveral

Condos, all prices_____604
over $500,000_________79
Single family homes___129
over $500,000_________40

"Cold weather makes people stupid and that's a fact."

______Early Grayce (Brad Pitt)_______Kalifornia