Thursday, April 07, 2011

Red sky in morning

Sailor take warning? I don't think so. Dust off the log.

My predicted slowdown in sales because of shrinking inventory has yet to materialize. March saw 54 MLS-listed condo sales in Cocoa Beach and Cape Canaveral and eleven single-family home sales. The number of sales in the first quarter is 18% ahead of last year's number. Condo activity was spread almost equally between the two cities while all but one of the single family homes sales were in Cocoa Beach. A third of the condo sales were under $100,000, a third between $100,000 and $200,000 and a third closed for more than $200,000. Luxury condos were active with four sales closing over the $500,000 mark, one over a million. Seven of the condo sales were foreclosures, none over $135,000. Six were short sales with only one over $140,000. Those distressed sales (foreclosures and short sales) represented only 25% of the activity.

Inventory of condos continues to shrink with only 424 total units actively for sale this morning in Cocoa Beach and Cape Canaveral, a 25% reduction in available units since April 2010 and less than half the inventory just three years ago. The percentage of distressed sales also continues to shrink, down to 17% of the total, 10 foreclosures and 60 short sales.

For anyone looking for a short term rental oceanfront condo, I currently have four units in desirable buildings available directly from the owners at prices from $130,000 to $275,000.

"It could be romantic comedies, it could be Oreo cookies. If they're all liking it together, I want that broken up."___Boston Rob