Wednesday, May 25, 2011

To see the summer sky

As we approach June, condo sales are ticking right along with 40 closed MLS-listed condos and townhomes so far in May in our two cities of Cocoa Beach and Cape Canaveral. So far, no sale has exceeded $365,000 (top floor SE corner Crescent Beach Club) but the previous concentration of activity in the sub-$100,000 range appears to be fizzling out as inventory in that price range is drying up. Of the forty closed sales so far, three were foreclosures and eight were short sales. Just under half of the sales were in oceanfront complexes. Average discount off the most recent asking price was 9%.

Single family home sales have been robust as well with nine closed so far, all in Cocoa Beach, none in Cape Canaveral. One was a short sale and two were foreclosures. Prices ranged from $417,500 for a 4/2 on a big canalfront lot on Country Club to $92,500 for a small fixer-upper in Cocoa Isles.

There are 110 units that have been contracted in 2011 that have not closed yet, 54 of those short sales. Condo and townhome inventory stands at 393 total units this morning, 44 of those asking over $500,000, all but one of those 44 units less than 11 years old. There are 70 units actively for sale asking less than $100,000 only five of which are less than 22 years old. There are 12 foreclosures in all price ranges and 53 short sales.

The super boat races were a big hit this past weekend with boats skipping along at 165 MPH just off the beach. While the water was being churned up nearshore, the dolphins were playing alongside fishermen several miles further east. The dolphin above was one of several who came to play surfing the bow wave of our boat on Saturday.

"I may not have the answer but I think I've got a plan." ___Jackson Browne (who played a great one-man show Sunday night in Melbourne)