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 - email@example.com
Wednesday, May 04, 2011
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
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