Saturday, December 04, 2010

November Wrap-up

Warmer days.

November was a good month for luxury condo sales in Cocoa Beach and Cape Canaveral. According to the Cocoa Beach MLS, out of 39 total condo and townhome sales, four were for more than a half million dollars and six others were at $300K or above. Seven of the ten highest priced closings were cash deals. Eight of the 39 were short sales and nine were foreclosures. Only three of the 17 distressed sales exceeded $200,000. There have been only 18 closed sales of condos exceeding $500,000 so far this year.

Highlights in the non-distressed sales included;

Three brand new units at Ocean Paradise in south Cocoa Beach closed this month with three more under contract and only four units left for sale in the building. All the action here happened after the last big price cuts on these units in late September. One unit sold at a $200,000+ discount to asking price.

Two big (2819 square feet) corner units at Solana Shores in Cape Canaveral closed one day apart for $555,000 and $565,000. Forth and third floor respectively.

A fifth floor corner at Emerald Seas closed for $395,000. It was a 3 bedroom, 2.5 bath with 2394 square feet and sold fully furnished.

The second floor south unit at the four year old Almar in south Cocoa Beach sold for $380,000. There are only two units per floor in this small direct ocean building. This unit has 2713 square feet, 4 bedrooms, 3.5 baths and a 2 car private garage.

A third floor direct Banana River southwest corner unit at the four year old Garden Bay in Cocoa Beach sold for $340,000. This unit has 2600 square feet with 3 bedrooms, 3.5 baths and a 2 car garage.

A 2nd floor direct ocean 2/2 at Sea Era Sands in Cape Canaveral closed for $247,500. 1409 square feet and garage.

Two units sold in the month at Solana Lake in Cape Canaveral. Both were 2/2 units and closed for $184,000 (third floor, 1698 sf) and $208,000 (fifth floor, 1828 sf).

A nice 2nd floor, 2/2 Spanish Trace direct river unit closed for $135,000. This complex is right across the road from the CB schools and a short walk to the Country Club. Carport instead of garages.

A fully furnished direct river, 2nd floor end unit at Cape Shores in Cape Canaveral sold for $126,000. Open parking, 2/2 with 1082 square feet.

A small but nice 2 bedroom, 1 bath unit at Twin Palms in Cocoa Beach 2 blocks from the beach sold for $67,000.

Among the distressed sales these were interesting;

Top floor (5th) Cape Winds southeast corner direct ocean 2/2 closed as a short sale for $250,000 eleven months after the contract was signed. Cape Winds is one of the very few complexes that allow weekly rentals.

A side view 2nd floor Michelina 3/3 closed as a short sale for $299,900. Four years old, 2411 square feet with garage. This one only took five months from contract to close.

A very nice top floor 2/2 with 1409 square feet and garage at Sea Era Sands in Cape Canaveral sold for $245,000. This short sale closed quickly with only two months from contract to close.

Another short sale closed at Diplomat of Cocoa Beach. This was a ground floor 2/1 with open parking that went for $74,900. Needed a little TLC. This one was three months from contract to close.

Two Mystic Vistas foreclosures closed for $194,000 and $150,000. Both units were 2000+ square feet. The lower priced sale was a never-sold unit taken back from the developer while the higher priced unit sold new in 2007 for $544,900. Ouch!

A foreclosed direct ocean, top floor 2/2 unit at the 33 year old Crossway in Cocoa Beach closed for $155,000. Open parking and 1250 square feet. It sold five years ago for $370,000. Another foreclosure with the same floor plan on the same floor in the building also sold in November for $190,000. It last sold in 2004 for $360,000.

Last of our distressed sales was a foreclosed five year old Majestic Bay townhome in Cape Canaveral. This big 2307 square foot, 3 bedroom, 3.5 bath unit has a 2 car garage and sold for $128,000. Sold new in 2005 for $308,900.

Condo and townhome inventory in all prices stands at 482 this morning with 77 of those offered as short sales. There are only 24 foreclosures in the mix. Much of the rest of the current inventory is overpriced which is why it's still there. The supply of distressed sales continues to shrink. Prices of non-distressed properties have continued to drift downward although at a slower pace. For established older complexes and single-family homes I don't foresee a whole lot more downward movement in average selling prices barring total economic collapse. There is a reservoir of pain yet to be realized in the higher price range especially in the newer buildings. As always, I could be wrong. Pray that I'm not.

“No matter how cynical you get, it’s impossible to keep up.”
_______________Lily Tomlin