Friday, February 10, 2012

Approaching touchdown

In the month of January there were only five MLS-listed single family home sales and 29 MLS sales of condos and townhomes in Cocoa Beach and Cape Canaveral. That's well off last January's 47 condo sales but not surprising considering that inventory has reached a critically low point. There were three condos foreclosure sales and zero single family homes. Highest of the three was a ground floor south facing Siesta del Mar 2/2 that sold for $109,000. It last sold for $289,000 in 2005.

There were also three short sales of condos and one single family home. A large 2/2 at Solana Lake sold for $180,000. This same unit sold for $383,000 in 2005. A 2/1 at the Diplomat closed for $80,000. It last sold in 2005 for $219,000. A 3rd floor, south facing 2/2 at Canaveral Sands closed for $165,000. It last sold for $373,000 in 2005.

Eight of the 29 sales were for less than $100,000 with only five closing for more than $300,000. The highest price paid in the month was a 1st floor (actually 2nd floor over the garage) Meridian direct ocean NE corner 3/3 that sold for $599,000. It last sold for a recorded price of $640,000 two years ago but the actual price paid may have been less as many sales at Meridian recorded for more than the actual cost to the buyers.

A gorgeous 4th floor, south facing Artesia 3 bedroom 3.5 bath with 2636 square feet closed for $450,000. It last sold in 2004 for $530,000.

Two direct ocean units closed in the Constellation in January. One of the larger floor plan (2419 square feet) 3/2 units on the forth floor sold for $425,000. It was remodeled last year. The sellers were asking $550,000 just a year ago BEFORE they remodeled. An 8th floor smaller 3/2 (2126 square feet) in need of a total remodel sold for $335,000. Big ocean and river views from balconies on both sides of both units, one of the unique qualities of south Cocoa Beach where the river is right across the street.

Another 4 year old Magnolia Bay 3/3 closed for $340,000. This one was in the E building and on the 2nd (actually 3rd floor as garage is floor one). Two garage spaces, 10' ceilings and 2108 square feet.

A 6 year old, 3rd floor, direct river 3/2 corner at Solana on the River sold for $295,000. It sold in 2005 for $439,900.

A 5 year old direct river 2nd floor corner 3 bedroom 3.5 bath Garden Bay unit sold for $285,000. Has a 2 car garage and 2600 square feet. A smoking deal. Recorded as sold for $500,000 in 2008 but, like the Meridian numbers, that data is suspect.

One of the bigger floor plan Puerto del Rio (2336 square feet) 3/2 corners closed for $175,913. Not bad for a 5 year old 3rd floor corner unit with a huge 180 degree wrap balcony.

A direct ocean Cocoa Beach Club 2 story NE corner 2 bedroom, 2.5 bath unit closed for $240,000. 1176 square feet, no allowed.

I expect the slow pace of sales to continue with total MLS inventory of only 385 condos and 76 single family homes in the two cities this morning. Buyer interest is high but with the low supply finding the right property or the right price is not as easy as in the recent past.

Farming looks mighty easy when your plow is a pencil and you're a thousand miles from the corn field. ___Dwight D. Eisenhower