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
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
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