Saturday, November 19, 2011

Approaching Thanksgiving

It's the week before the Space Coast Art Festival in downtown Cocoa Beach and historically a slow time for property sales. Not so this year as sales are maintaining the brisk pace of the record-setting October. So far this month, twenty MLS-listed condos and five single-family homes have closed in Cocoa Beach and Cape Canaveral. Only four of the condo sales were for less than $100,000 as inventory in that segment of the market continues to shrink. Magnolia Bay units continue to move with two closed so far in the month for $340,000 and $365,000. Direct ocean units above the ground floor in older buildings with garages are selling in the $163 to $193 per square foot range. 

Prices at the uber-luxury Villa Verde building on the Banana River in south Cocoa Beach have been slashed to almost a third of their original asking prices. This 2007 project was a victim of bad timing and no units sold until last month. Prices for the 2875 square foot 3/3 units now start at $345,000 or $120/square foot. In my opinion, an incredible price for this level of construction and amenities.

The bank is selling the last of the developer units at 5 year old Mystic Vistas in Cape Canaveral at prices below $200,000. For a 5 year old luxury 3/2 condo with a peek of the ocean this is quite an aggressive price  (under $113 per square foot). There are five left as of this morning.

A very fortunate buyer was able to get a 3rd floor Cape Winds 1/2 foreclosure for $90,000 before it ever hit the MLS. These units rent for as much as $900 a week. The math is quite attractive at a $90K purchase price.

Other notable sales included;

A third floor Constellation 3/2 in south Cocoa Beach that closed for $348,000.

A side view 2nd floor Solana Shores 3/2 with 2095 square feet for $277,500. 

A nicely remodeled 4th floor direct ocean Waters Edge 2/2 in south Cocoa Beach for $260,000.

A 4th floor direct ocean Ocean Pines 2/2 short sale for $230,000.

A 4th floor direct ocean Canaveral sands 2/2 for $220,000.

A 1650 square foot 2nd floor 3/2 canalfront Captain's Cove in Cocoa Beach with a deeded boat slip and lift sold for $175,000.

There are quite a few interesting deals under contract that haven't closed yet that I'll detail in a later post. Be sure to try to make it to the Art Festival in downtown Cocoa Beach Thanksgiving weekend. If it's like years gone by, a good time will be had by all.

Husband points are like Frequent Flier Miles. You can earn a bazillion of them but there is always a blackout period when you really need to use them. ___Dr. Guano


  1. Could you report more on distressed sales, please? Has the pace of foreclosures and short sales improved compared to November 2010? Thank you!

  2. New post in response to your question.

  3. I agree with Lorne, you should put previous foreclosures, 2012 is nearing. house for sale cagayan de oro city