Saturday, May 15, 2010

From April showers to May flowers

The little house on the hill that's been home for the last week. Almost the exact same distance from Cocoa Beach as Marathon in the Florida Keys.

Not surprisingly, the real estate market in Cocoa Beach and Cape Canaveral did not grind to a halt in my absence. There have been eight new single family home listings, all in Cocoa Beach, at prices from $143,000 for a a small 2 bedroom 2 bath in Cocoa Isles to $469,000 for a nicely remodeled pool home on canal with boat dock and lift off Minutemen. Of the 13 price reductions on other homes during the same time, none were significant. Five single family homes closed during that time at prices between $94,900 for a small, foreclosed 3 bedroom 1.5 bath cottage on Woodland in Cocoa Beach to $380,000 for a big (3061 sq. ft.) 3 bedroom, 3.5 bath on Ridgewood in Cape Canaveral.

The condo market, as always, was much more active. There were 33 new listings during the same 12 day period. Prices began at the low end at $29,900 for a small, Fannie Mae owned studio at Essex House in Cocoa Beach. The highest priced new listing ws for the northeast penthouse unit at 3800 in Cocoa Beach. This 5th floor unit sold for $1.1 million new in 2007 and is offered now for $774,900. I expect some action on this one as the seller is offering an obscene buyer's agent bonus on top of the commission. Two very optimistic Meridian sellers are offering their units for $669,000 and $724,900, both more than they paid new a few years ago.

Other new listings of interest include a Park Place top floor southwest corner with a southern ocean view for $269,900. A 2nd floor corner, direct ocean 2/2 Windjammer in Cape Canaveral hit at an asking price of $214,500.

A total of 21 units have closed as of this morning so far this month at prices from $33,250 for a 1/1 Star Beach unit in Cape Canaveral to $355,000 for a 6th floor nicely remodeled 3/2 Crescent Beach Club unit in south Cocoa Beach. Two Boardwalk 2/2 direct ocean units in downtown Cocoa Beach closed for $312,000 and $340,000. These units both had garages and weekly rentals are allowed.

A direct river River Bend 3/2 in south Cocoa Beach closed for $307,000. A 7th floor, north facing Sandcastles 2/2 with garage closed for $260,000. Weekly rentals allowed. And the smoking deal of the month so far, a lakefront, ground floor Harbor Isles 2/2 with garage closed for a shocking $110,000.

Look for more updates in the next few days.

"No vacation goes unpunished."
____Karl Hakkarainen