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
Saturday, December 17, 2011
The week before Christmas
With two weeks left in 2011 the number of residential property sales in Cocoa Beach and Cape Canaveral has exceeded by a good margin every year since 2005. As of this morning 543 MLS-listed condos and townhomes have closed in the year. Single family home sales in the two cities were strong as well with 133 closed so far this year.
One week before Christmas and 4 single family homes have closed in December, all in Cocoa Beach. Three of those were canal homes at prices between $353,000 and $540,000. The lone non-waterfront sale was a small 3/2 in north Cocoa Beach one block from the beach that went for $115,000. The canal homes included two short sales, one a big, rambling 3/4 with 2969 square feet needing work on a big lot with over 200' of waterfront in Snug Harbor that closed for $409,850. The other was a big (4168 square feet) 4/3 waterfront on Willow Green in Cocoa Beach Country Club that had been on the market for 1233 days with a starting price of $1.289MM. It closed last week for $540,000.
Twenty condos have closed so far in December including one Villa Verde "Mac Daddy" riverfront unit that sold for $375,000. Prices for the never-lived-in units in this five year old super luxury building in south Cocoa Beach are now about $1 million below original asking price. Six left as of this writing.
Five of the sold condo units were direct ocean. They ranged from a low of $165,000 for a 4th floor direct ocean Windward East 1/1 with garage to $300,000 for a 3rd floor direct ocean 2/2 with 1590 square feet and garage at Ocean Oaks in Cape Canaveral. The other two ocean buildings with sales were Stonewood and Xanadu.
Three of the condo sales were riverfront units in Cocoa Beach. They included a nicely remodeled ground floor Jamaica Cove 2/2 with boat slip and garage that sold for $149,900 as a short sale. A furnished 2nd floor Anchorage 2/2 with a carport in mainly original condition closed for $135,900. The other riverfront unit was a nicely remodeled 2nd floor Spanish Trace 2/2 that sold fully furnished for $162,000. Has a carport and 1284 square feet.
There have been 194 sales in 2011 that closed for less than $100,000. There are 54 units currently for sale asking less than that number. Only 11 units have closed this year for more than $500,000 with an inventory of 33 units currently asking more than a half million. Total MLS condo inventory in all prices this morning is 377 units, a 35 week supply at the current burn rate.
Sushi lovers in Cocoa Beach were devastated a couple of years ago with the closing of the sushi bar at Yen Yens. Until now, all the other sushi spots in our town were also-rans compared to Michael's creations. We have a worthy successor at last. Tucked away in the back of the uber-hip Surfinista downtown is Cocoa Beach's best sushi by a mile. It's somewhat of a secret so far but word is getting out. If you appreciate good sushi you'll not be disappointed. As a bonus, watch all ASP pro surfing events live on the big screens and vintage surf movies the rest of the time. Two snaps and a salute.
"First of all, we must internalize the "flatulation" of the matter by transmitting the effervescence of the "Indianisian" proximity in order to further segregate the crux of my venereal infection. Now, if I may retain my liquids here for one moment. I'd like to continue the "redundance" of my quote, unquote "intestinal tract", you see because to preclude on the issue of world domination would only circumvent - excuse me, circumcise the revelation that reflects the "Afro-disiatic" symptoms which now perpetrates the jheri curis activation." __Oswald Bates - In Living Color
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