Unknown surfer shacked up out behind Taco City.
MLS listed sales for April in Cocoa Beach and Cape Canaveral included 53 condo and townhouse units and eleven single family homes. All but three of the home sales were between $220,000 and $290,000. The highest sale was a gorgeous 4/3 waterfront beauty with pool on Andros in Cocoa Beach that closed for $502,500. Three of the home sales were short sales and one was a foreclosure, a Bay Shore home in need of extensive repairs on a beautiful south-facing lot on Edwards Bay that closed for $290,000.
Of the 53 closed condo sales, seven were foreclosures. The highest price paid for a foreclosure was $245,000 for a direct Banana River six year old Crescent Palms 2nd floor 3/2 in south Cocoa Beach that sold new in 2005 for $515,000. The other foreclosures included units at Portside Villas, River Lakes, Bayport, Riverview Manor and Roosevelt Gardens. You can email me for details about any of those.
There were seven closed short sales out of the 53 total condos sold. Highest price was a shocking $165,000 for a five year old, top floor 2348 square foot Puerto del Rio 3/2. Others included a 3rd floor Cape Winds 1/2 weekly rental for $130,000 and an Oak Park townhouse that closed for $129,900 just five years after selling new for $319,500.
The list of non-distressed condo sales in April was topped by a 2 year old, 5th floor, 3 bedroom, 3.5 bath direct ocean Ocean Cove in south Cocoa Beach that went for $865,000. This unit has 2758 square feet, a 2 car garage and a boat slip on the river across the street. Sold new 2 years ago for $1,050,000. This complex had substantial price reductions on all unsold units this week.
Other sales of note included:
A sixth floor, direct ocean southeast corner at Xanadu of Cocoa Beach. This 3/3.5 unit has 2343 square feet and three garage spots and sold for $500,000.
A sixth floor south ocean view Michelina of Cocoa Beach sold for $440,000. This 5 year old 3/3 unit had 2412 square feet and a one car garage.
A top floor south facing C building Mystic Vistas closed for $313,000. This 3/2 unit had all the upgrades and was sold tastefully furnished.
A fourth floor southwest corner Sandcastles weekly rental 2/2 closed for $230,000. Two balconies on these corner units but only a peek of the ocean. This nicely remodeled 1286 square foot unit came with a one car garage.
A seventh floor southwest corner at Royale Towers C building closed for $265,000. This 1860 square foot 3/2 unit sold furnished and has a garage. Like the Sandcastles unit above, just a peek of the ocean.
An upgraded 4th floor direct ocean Wellington in downtown Cocoa Beach sold for $225,000. This two bedroom, two bath, 1049 square foot unit has no garage and was sold furnished.
An oversized 2/2 Shorewood F building closed for $210,000. This south facing 1663 square foot unit has a one car garage and a slight peek of the ocean.
A furnished, ground floor direct ocean Ambassador Shores in south Cocoa Beach sold for $195,000. Was nicely remodeled. No garage, 1217 square feet with two bedrooms and two baths.
Unit 308 at 2100 Towers finally closed after a total of 1778 days on the market. This south facing 2/2 unit was first listed in 2006 for a somewhat optimistic $529,900. Price has drifted down over the years until last asking price which was $199,900. It closed for $190,000.
Two more units sold at River Lakes in south Cocoa Beach in April. A very nice 3/2 ground floor closed for $139,900 and a two-story 2/2.5 unit closed for $152,500. Both had garages.
A 3 bedroom 2.5 bath River Gardens in Cape Canaveral with 2 car garage that sold new in 2005 for $349,900 closed last week for $170,000.
One of the newer Villages of Seaport 2/2.5 townhouses with 1310 square feet closed for $139,600. Had some nice upgrades.
The balance of sales not detailed above were primarily concentrated in older Cape Canaveral non-waterfront buildings with unit sales in the sub-$100,000 range. Looking at all sales in April the average selling price was 92% of the last asking price with seven going for full asking price. Keep that in mind when your brother in law tells you that you should be able to get 25% off asking price for any Florida property. It's not about the discount from asking. It's about the final price.
"Everyone has a plan until they get punched in the mouth." ______Mike Tyson
I still see a big downturn in all "Many Small Markets" When Freddie and Fannie leave the ownership of the U.S.government--interest rates will be much higher than any gov. backed rate.All that underwater inventory paper will hit the private sector lenders--yes--Fannie and Freddie will be private. Couple that with the cut backs at the space center and other areas that depend on the Gov.and things could look bleak. Your the pro--I'm not. I hope your correct in your rosier than my forecast. I keep waiting for that perfect time to buy--I know that's a gamble--but myself and others see many headwinds ahead for the market. Silence is golden and so is prudence.
ReplyDeleteWhat is your definition of "big downturn"? Do you think it will be equal among all property types and price ranges? Would also like to hear your thoughts on the Shuttle program ending and how you expect it to impact Cocoa Beach and Cape Canaveral housing.
ReplyDeleteI feel the downturn will be a result of a poor economy in general-think unemployment and the fact 70 percent of the economy is dependent on the general population. That segment is in free fall. The Elimination of the space shuttle program as current has to affect the overall population of your beautiful area of Florida.Government job's for sure will be lost.Thank the Democrats. Private sector job's--dramatic--.This has to affect all price range's. People are going to be more underwater than ever and foreclosures or more short sale's have to flood the market."see Case/Shiller" If the economy in the rest of the country were not wallowing in problem's that are all state problem's due to entitlement programs, I would not be as forthright in my zeal to Dis the real estate market in any area--but the facts are what they are. I really hope I'm way off base---but if one is honest with what they see in front of them--well---things have a long way to go before stability regains control--maybe I should have said common sense.Seems to fit better for the time's.
ReplyDeleteSnowman, unless you are looking for something in the top end of luxury condos, you may have missed the perfect time to buy. Even though many have been hurt by the great recession, there are still a growing number of baby boomers looking for a piece of the Florida beaches. You are in competition with this large and growing pool of baby boomers who are snatching up reasonably priced condos. Your argument about rising interest rates is an argument to buy now instead of delaying. Also, space program employees do not typically own beach front condos so I do not expect a big impact from space center layoffs. Single family housing might be another issue but when the manned space program went down the tubes in the very late 60's and early 70's, there was a massive transformation in ownership from young and middle age professionals to retirees from the north. I expect a near similar pattern to repeat but with a significant number of buyers from the Orlando area as they retire. I am not in real estate but I find the numbers Larry reports to be compelling. The demographics of the condo market is shifting from an investor/flipper driven market to a retiree driven market. The X Factor is my mind is the price of energy (as in gasoline).
ReplyDeleteMy market is the middle price area. Quite possible the most sought after by us Baby Boomers--I could have missed the perfect time but as I stated above I really don't see the market going in any direction but down--now--I understand that some properties have sprung-but-I feel that was more marketing than a bottom in prices. Marketing by agents, Gov. sponsored down payments and historic interest rates come to mind. If I were going to mortgage a property you would be spot on. I would be paying cash. Many Boomers are set--but they worry about what's around the corner and are not going to be willing to shell out the coin to buy a winter property. They would be more likely to rent for the few months of paradise than gamble. I agree with the X factor. I might add one other though--Dow at 11500 or a tad lower by Sept.That's the other reason Boomers won't buy in droves. We also might mix in a bit of medical coverage---I think you can see where I'm going with this. I know I sound like the Grim Reaper or Nouriel Roubini but as I stated above "Fact's are what they are" things are not what they might seem.
ReplyDeleteThis post was eaten by Blogger in the crash Thursday.
ReplyDeleteAnonymous has left a new comment on your post "Barreling ahead":
Snowman, unless you are looking for something in the top end of luxury condos, you may have missed the perfect time to buy. Even though many have been hurt by the great recession, there are still a growing number of baby boomers looking for a piece of the Florida beaches. You are in competition with this large and growing pool of baby boomers who are snatching up reasonably priced condos. Your argument about rising interest rates is an argument to buy now instead of delaying. Also, space program employees do not typically own beach front condos so I do not expect a big impact from space center layoffs. Single family housing might be another issue but when the manned space program went down the tubes in the very late 60's and early 70's, there was a massive transformation in ownership from young and middle age professionals to retirees from the north. I expect a near similar pattern to repeat but with a significant number of buyers from the Orlando area as they retire. I am not in real estate but I find the numbers Larry reports to be compelling. The demographics of the condo market is shifting from an investor/flipper driven market to a retiree driven market. The X Factor is my mind is the price of energy (as in gasoline).