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