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
Saturday, February 05, 2011
Property sales in Cocoa Beach and Cape Canaveral continued their strong trend in the month of January with 41 MLS listed condos and townhomes closing in the month. There were seven single family homes sold in the month. Of the 48 total residential sales, 23 were either short sales or foreclosures and 20 of the total sales were for less than $100,000. There were only three sales that exceeded $300,000.
The single family home sales ranged from a low of $105,000 for a small, short sale Harbor Heights 3/2 needing work to $340,000 for a remodeled waterfront Snug Harbor 4/2 with big pool that was also a short sale. The single family homes sold for an average of 87% of last asking price. Very important distinction here is that the percentage was of the most recent asking price. Most of these listing had been reduced from their original asking price, several substantially.
Of the 41 condos closed in January, the average selling price was 91.5% of last asking price. Foreclosures commanded an average of 95.5% of asking price with five sales at or above asking price. Short sales averaged 92.3% of last asking price. Lowballers take note: less than half of all sales went for a greater than 10% discount to asking. Expecting to get some arbitrary high discount to asking price is not an effective strategy. As I've said before, what a buyer should be focused on is the eventual selling price not the amount of discount to asking. My Target/Macy's analogy still stands. The $50 jacket at Target that's not on sale is still a better deal than the same jacket at Macy's that is 50% off plus another 25% off at the register if regular price is $200. Do your homework so you'll know what price represents a good deal rather than measuring the deal by the discount to asking price.
Sales of note included:
Another Meridian oceanfront 3/2 closed for $545,000 or $82,000 less than the price it sold for new in 2008.
The denial and basic training haircut awards of the month both go to a Michelina 4th floor south facing 3/3 . This unit sold for $800,000 new in 2006 and was first put on the market less than a year later in 2007 for $899,000. (Somebody wasn't reading this blog.) It finally sold a week ago and five price drops later for $440,000 after being on the market for a total of 1188 days. It was not a short sale. The sellers were kind enough to leave all the furnishings. By the way, during the 1188 days that it was for sale the listing agent never bothered to post any interior photos of the unit in the MLS listing. I may have to come up with another award for that outstanding performance.
An 11th floor NW corner original condition Xanadu sold for $290,000. These big (2343 sq ft) 3/2.5 units have incredible views over the city of Cocoa Beach to the north and west and have a decent view of the ocean around Stonewood next door. Was only on the market for 12 days.
A tremor went through Crescent Beach Club in south Cocoa Beach when a 4th floor direct ocean 3/2 unit closed for $249,000. It needed work but at $249,000 there's plenty of room for renovations. A candidate for deal of the month.
A big 4 year old Bayport of Cape Canaveral sold as a short sale for $240,000. This 2501 square foot villa has 5 bedrooms, 3.5 baths and a 2 car garage. Sold new in 2006 for $476,400.
A nicely remodeled 2/2 direct ocean, corner unit Windjammer in Cape Canaveral sold for $225,000. Had a 1 car garage and 1196 square feet.
A 1222 square foot, 3rd floor direct ocean 2/2 at Canaveral Sands closed for $222,500 after only 30 days on the market. Had a 1 car garage and sold fully furnished. The unit was in mainly original condition.
A north facing 3rd floor Windrush 3/2 sold as a short sale for $207,500. One car garage and 1565 square feet. Last sold in 2003 for $265,000.
A big, top floor direct river 3/2.5 Diamond Bay of Cocoa Beach sold for $199,000. This 2068 square foot unit was only on the market for 34 days. Had a 1 car garage.
A 4th floor Puerto del Rio 3/2 SE corner with good river views and 1 car garage closed for $175,000 only three years after selling for $280,000. Not a short sale.
A furnished, no-view Ola Grande weekly rental 2/2 short sale sold for $165,000.
One of the newer (1999) Villages of Seaport 2/2.5 units with 1110 square feet sold for $130,000 fully furnished. Open parking.
A south facing 4th floor (ocean building) Conquistador short sale 2/2 with 1101 square feet closed for $130,000. No garage, original condition.
A ground floor poolside 2/2 in the oceanfront Sand Pebbles Cape Canaveral sold as a short sale for $125,000. 1058 square feet and private garage.
A 2/2 lakefront, ground floor Harbor Isles Cocoa Beach 2/2 closed for $120,000. 1248 square feet and 1 car private garage.
Another Pebble Cove direct river 2nd floor 3/2 closed for $113,000. How low can direct river, 1344 square feet w/garage get?
Ouch! A foreclosed 5 year old Portside Villas 3/2, 2nd floor corner goes for $95,000 after just 10 days on the market.
Closing at prices below that Portside sale were another 18 units at prices between $17,000 for a tiny Jeannie by the Sea 1/1 to $87,000 for a 2/2 Rio Vista.
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