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, October 24, 2012
Catch-up on October activity
During the two weeks there has been brisk activity in the Cocoa Beach and Cape Canaveral real estate market, mainly in condos. A total of 22 units closed in my absence. Sales ranged from a high of $347,500 for a remodeled and fully furnished, direct ocean 6th floor Emerald Seas 3/2 to $42,776 for a foreclosed Lamp Post 1/1 that was listed for $29,900. That's 43% over asking price. Competition in the lower price ranges has become fierce as supply has dried up. A slightly larger Star Beach foreclosure closed for $35,700.
A couple of short sale 3/2 units on Orlando Ave. one block from the beach were picked up by an investor for $65,000 and $85,000. Both sold for $6000 over asking.
A Portside Villas 2/2 ground floor sold as a short sale for full asking price, $89,900. It took about 2.5 months from contract to close. This particular unit sold new in 2006 for $229,900.
A direct ocean, top floor (5th) Sand Dunes in Cape Canaveral sold as a short sale for $305,000. It is a 3/2 with 1612 square feet and a garage. This particular short sale was previously approved by the bank with another buyer at $325,000. When that buyer walked I presented an offer for my client for $305,000 and we were able to get approval at the $20,000 lower price.
A 4th floor Treasure Island Club 2/2 in Cape Canaveral overlooking the manatee canal sold for a remarkable $110,000 as a court ordered sale. It has 1200 square feet and an excellent view.
In another short sale, someone bought a 1st floor direct ocean Sand Pebbles 3/2 with 1375 square feet and garage for $195,000.
A gorgeously remodeled 2/2 Beachwalk canal-front unit with deeded boat slip and garage sold for $165,000. It has 1479 square feet. This sale pushes the comps up in this complex after the last two sales recorded for $130,000 each.
A 3rd floor 2100 Towers 2/2 with a peek of the ocean closed fully furnished for $168,000. It has a remodeled kitchen but no garage.
Another of the Sea Spray townhomes in Cape Canaveral sold as a foreclosure for $91,000 which was $1100 above asking price. These units sold new in 2006 for $315,000. Garage, 1702 square feet and 3 bedrooms and 3 baths.
A direct ocean North Triton Arms 2 bedroom 1.5 bath, 2nd floor unit in downtown Cocoa Beach closed for full asking price, $175,000, after two days on the market.
Buyers take note. If you see "bank-approved" price on a short sale listing it usually means that the first buyer walked after the bank issued the approval letter. There are many reasons for walking away. Sometimes the buyers have found something else during the often-long wait but many times the bank approved price is higher than their initial contract and they refuse to move up to the approved price which may still be in "smoking deal" range. What it means for the next buyer is that, if they are good with the approved price, they can usually close in less than a month. Just because the first buyer walked doesn't mean the approved price is not a deal.
I will resume my usual schedule of updates now. Wind is honking in Cocoa Beach and the island I just left is preparing for Tropical Storm (soon to be Hurricane) Sandy.
"One of the unique things about planes is you can put them pretty much
anywhere you want. They just might not be in the configuration you'd
prefer by the time they get there." ___anonymous
Tuesday, October 09, 2012
Seriously out of the office
Posts may be less frequent in the short term. If it's any consolation, I'm thinking about you.
Please direct all calls to Kim at 321.917.5788 or emails to firstname.lastname@example.org
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Thursday, October 04, 2012
September by the numbers
Thirteen of the 47 sold units were distressed, 7 short sales and 6 foreclosures. The short sales took an average of slightly more than 4.5 months from contract to close. Keep that in mind if you're looking for a short sale bargain. Also be aware that the lender may ask for more money when they do finally respond. That happened to one of my clients last week. Contract signed by the seller the first week of March and then seven months of mostly silence from the title company doing the "negotiating" until finally we get a demand of more money from the bank. We paid it and closed. The seller received total forgiveness of the debt and a nice bonus check for $3000 under the HAFA relocation program.
The six foreclosures were scattered at six different complexes with the highest price, $210,000 for a nice 4th floor Solana Lakes 3/2. Tightest haircut was a Portside Villas 2nd floor 2/2 with cathedral ceilings that sold for $75,000 just seven years after selling for $233,000 new.
There were six single family home sales in the two cities in the month. Prices ranged from $180,000 for a canal-front tear-down on Bali in Cocoa Beach to $312,500 for a nice canal-front 3/2 short sale on Antigua in Cocoa Beach.
We are still hovering right around historical low numbers of properties for sale. This morning there are a total of 48 single-family homes for sale in the two cities. That's less than a third of what it was just a few years ago. A similar situation exists with condos and townhomes, down about three quarters from the peak. Total inventory is 295 units, 21 of which have not yet been built by their somewhat optimistic developers. Of the total inventory, 12% are either short sales or foreclosures.
A Delta IV rocket launched this morning into beautiful clear blue skies carrying a GPS satellite. The mullet run is still under way along the beach and the streets are almost deserted. It's that magical time in Cocoa Beach between summer and snowbird season. The ocean water is still warm, the air temps are starting to cool down (some days), fishing is on fire, the golf course at the Cocoa Beach Country Club is deserted and traffic is sparse. If you've not visited our town during October, you've missed one of the best times.
When times are tough, constant conflict may be good politics but in the real world, cooperation works better. ___Bill Clinton
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