This is one insider's unpolished take on the current state of the Cocoa Beach and Cape Canaveral, Florida real estate market. I am a licensed agent and partner with Walker Bagwell Properties. My sometimes blunt opinions here are not welcomed by the real estate mainstream. Whatever. Hopefully my insights will allow you to make better decisions about your participation in this market.
Larry Walker - 321.917.5786 - firstname.lastname@example.org
Wednesday, November 03, 2010
October 2010 rundown
Somewhere in Cape Canaveral, November 3, 2010.
Welcome and best of luck to our new Cocoa Beach City Commissioner.
The month of October 2010 saw 45 condo and townhome sales in Cocoa Beach and Cape Canaveral as reported on the Cocoa Beach MLS. Only four of the sales exceeded $187,000 and 40% closed for less than $100,000. There was one lone sale above the half million dollar mark, a beautiful 4th floor southeast corner at the 5 year old Carlyle in south Cocoa Beach. This unit has 2713 square feet, 3 bedrooms, 3.5 baths, a 2 car garage and expansive views over the ocean and the three mile wide Banana River across the street. It closed for $590,000 having sold new in 2005 for $850,000. It was offered for $1.15 million in 2007 with no takers.
The 2nd highest priced sale was a 2502 square foot, 5th floor Diamond Bay of Cocoa Beach. This 3 bedroom, 2.5 bath unit has expansive Banana River views and a big 2 car garage. Sold for $310,000.
A 3rd floor C building Stonewood 3/2 with a side ocean view sold for $280,000.
A direct ocean Canaveral Towers 2nd floor 3/2 closed for $240,000. Fully furnished with two ocean balconies. This is a weekly rental building with excellent income opportunities for owners who choose to rent.
A 2nd floor direct ocean Sand Dunes 1/1 in Cape Canaveral closed for $187,000. It was fully furnished and came with a 1 car garage.
A direct river Bay Club of Cocoa Beach (across the street from the schools on Minutemen) sold for $175,000. This top floor (2nd) corner unit had 1570 square feet, 3 bedrooms, 2 baths and a boat slip. No garages at this small building.
Mystic Vistas in Cape Canaveral was active in October with four recorded sales as of this morning although there may be some others not accounted for yet. The sales so far recorded ranged from a jaw-dropping $130,000 to $187,000. All were 3/2 units between 1994 and 2010 square feet with garages.
Another Perlas del Mar unit closed as a short sale for $161,000. The train of foreclosures and short sales may be coming to an end in this unfortunately timed complex. Every sale in the last two years there has been either a short sale or a foreclosure. As of this morning there is only one unit actively for sale on the MLS. These big, luxurious units sold for as much as $345,000 new a few years ago.
A direct ocean, 2nd floor, 2/2 southeast corner at Windjammer in Cape Canaveral sold for $160,000, quite a deal even though the unit was in original condition. In fact it was such a compelling price for the buyer that another owner exercised their first right of refusal and bought the unit, pushing the original buyer out.
A 2nd floor direct ocean 1/1 at Royale Towers in Cocoa Beach sold for $150,000 fully furnished with garage.
Two more direct Banana River units sold at Pebble Cove of Cocoa Beach. Both were top (4th) floor 3/2 units with 1344 square feet and garage. One closed for $135,000 and the other, in slightly better condition, sold for $146,000. This same unit sold in March of this year at the same price, $146,000.
An Oak Park townhome in Cape Canaveral closed as a short sale for $128,000. Not bad for a four year old 1855 square foot, 4 bedroom, 2.5 bath with 2 car garage. Sold new in 2006 for $299,900.
Two Villages of Seaport 2 bedroom 2.5 bath townhomes sold in the month for $124,000 and $127,000. Both had open parking and were built in 1985. A 1/1 built in 2002 in the same complex sold for $88,000.
Another ground floor lakefront Harbor Isles of Cocoa Beach 2/2 with private garage sold for $120,000.
A Royale Towers C building 1/1 unit on the ground floor closed for $98,000. Had a garage and a tiny peek of the ocean. Sold for $175,000 just three years ago.
Two Banana Bay of Cocoa Beach 2/2 townhomes with open parking closed in the month setting new lows for the complex, one for $90,000 and a foreclosed unit for $68,250.
A four year old 2nd floor 2/2 in Portside Villas Cape Canaveral closed for $89,000. It last sold in 2006 for $195,000.
One of the non-waterfront Four Seasons 2/2 units with open parking sold for $82,500.
Another complex setting a new low was The Diplomat in Cocoa Beach. A ground floor, non-oceanfront 2/1 in need of extensive repairs went for $64,000.
Non-condo residential sales were quite brisk for the month with 14 sales of MLS-listed homes in the two cities. Prices ranged from $105,000 for a 5 year old 2/2 half-duplex with garage in Cape Canaveral to $960,000 for a super nice 4/3 single family on 75 feet of direct ocean beach just south of downtown Cocoa Beach. Cocoa Beach canalfront home sales ranged from $360,000 for a gorgeous remodeled 3/2 with 2373 square feet and pool on Barrello to $201,000 for a 1592 sf home in need of extensive work or possible tear-down on Trinidad.
Deal of the month had to be a 3/2 with 1440 square feet and pool on the canal on Barrello that went for $237,000.
Lowest price for a freestanding single family was a foreclosed, non-waterfront, fixer-upper in Snug Harbor on a .17 acre lot that closed for $123,000.
I've been imitated so well I've heard people copy my mistakes.______________Jimi Hendrix
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