Monday, November 07, 2011

October in the rearview

An enthusiastic canine criminal enjoying the cop-free zone south of the city limits.

After a lukewarm September of 32 condo sales in Cocoa Beach and Cape Canaveral, October roared back with an all-time record of 53 MLS-listed condos and townhomes closed in the two cities. That is more than any October on record including the boom years of the mid-2000s. That's as of this morning's reporting so the final number could be even higher. (One tardy listing agent finally marked a listing as closed yesterday that actually closed in June. This is the kind of stuff I have to deal which is why I always add the caveat that the numbers may change.) Sales ranged from a high of $590,000 to a low of $29,900. The median sale was $114,000. 28% of all sales were distressed, six foreclosures and nine short sales. A Mystic Vistas foreclosure that closed for $217,000 was the highest price of the 15 distressed sales .

66% of the sales closed for cash. The average sold for 93% of the last asking price. Weekly rental ocean buildings, of which there are about a dozen total in Cocoa Beach and Cape Canaveral, accounted for six of the sales with three of those in Canaveral Towers and one each in Sandcastles, the Marlin and Spanish Main. The Spanish Main unit was the top floor northeast corner and had been nicely remodeled. It had a full price contract within four days which was subsequently taken out by another owner in the first right of refusal process. Don't get me started. I know it's not fair but it exists. Buyers who negotiate good prices on good units often lose them to other owners who have the right to take over the contract at the same terms.

Two never lived in Magnolia Bay units closed at prices just slightly more than half the original offering price five years ago when they were being built. Both with developer financing and jacked-up commission to the buyers' agents. In another case of developer denial, the 4th floor northeast corner Ocean Paradise closed for $590,000 after sitting for years at an asking price that began right around a million bucks.

Someone stole a four year old, 2348 square foot Puerto del Rio 3rd floor 3/2 with massive wrap balcony for $163,950 in a short sale. It sold new in 2007 for $410,300.

A very nice, nine year old Cape Gardens 2/2.5 townhome with 1527 square feet and garage closed for $111,000.

A 2/2 Oceana in Cocoa Beach one block from the ocean with a garage closed for $78,000 as a short sale. Sold for $160,000 in 2004.

A Marlin ground floor 1/1, south facing, weekly rental unit sold for $76,000.

Condo and townhome inventory this morning stands at 369 units, the same level it's been since June. This is after having 500 plus units for sale for most of 2010. There are 59 units asking less than $100,000. That's the same number of units that have closed for less than $100,000 since early August, just three months to burn through today's total inventory. There are 37 units asking more than $500,000. It's taken since October 2009, two years, for that many half-million dollar units to close.

There were eight single family home sales in the month, all in Cocoa Beach, none in Cape Canaveral. All but two of those were canal homes and four of those sold for less than $300,000. Canal homes are the hottest segment of our market right now, especially in the areas closest to downtown. The lowest selling price waterfront was $214,000 for a small foreclosed 4/2 on De Leon with a pool. High price was $427,000 for a Mac Daddy 4548 square foot, 5 bedroom 4 bath, 2 story pool home on Yawl with a tiny bit of waterfront. Exactly half closed for cash. Only one sale was north of Laurie Wilson Park.

At the end of the day, the power in any relationship lies with the individual who cares the least. __Anonymous