Thursday, April 05, 2012

Spring forward - [updated]

Mother and baby ducks at CB golf course
Property sales in Cocoa Beach and Cape Canaveral in March continued at a brisk pace, just slightly behind last year's strong numbers. There were 54 condo and townhome sales closed in the two cities as reported by the Cocoa Beach MLS (as of this morning). One third of the sales were distressed, twelve short sales and five foreclosures. Single family homes sales were strong as well with nine closed sales in the month, all in Cocoa Beach, with a third of those distressed, two foreclosures and one short sale.

Higher priced units were strong in the month with sales closing over $390,000, the highest, a new 4th floor NE corner Ocean Cove in south Cocoa Beach that sold for $750,000 with a 2 car garage. Fifteen of the 52 sales closed for less than $100,000. Inventory of condos and townhomes in the two cities stands at 350 total units this morning, a record low since I've been keeping records. Distressed sales (short and foreclosures) make up 16% of the total, the lowest level since the first short sale appeared in 2007. There are 53 units asking less than $100,000 with 36% of that price range distressed. In the over $400,000 range there are 44 active listings with none distressed.

Sales of note included;

[added] Two more Villa Verde super luxury 2875 square foot, 3 bedroom, 3.5 bath units in south Cocoa Beach recorded for $360,000 and $375,000 although the price paid was probably less than the recorded price with a buyer credit going back to the buyer at closing.

A 3rd floor direct ocean Meridian 3/2 that sold for $555,500. It sold new in 2007 for $699,900.

A 4th floor SE corner Emerald Seas 3/2.5 with 2394 square feet sold fully furnished for $435,000.

A 2nd floor 3/3 Magnolia Bay with 2552 square feet and a 2 car garage closed for $435,000 and a 3rd floor 3/3 with 2180 square feet and 2 car garage sold for $395,000.

A south facing oceanfront 3rd floor 3/3 Michelina short sale with 2325 square feet and a 1 car closed for $405,000. Sold new in 2006 for $695,000.

A 12th floor direct ocean 2/2 Stonewood foreclosure sold for $263,000. This same unit sold for $475,000 back in 2005.

A remodeled 4th floor direct ocean Sea Era Sands 2/2 with 1409 square feet and a one car garage closed for $260,000 just $3000 more than the selling price 11 years ago before it was remodeled.

A remodeled 4th floor direct ocean Park Place 2/2 in downtown Cocoa Beach with a 1 car garage and 1316 square feet sold for $255,000.

A 5th floor Canaveral Towers 3/2 with 1417 square feet, two ocean balconies and carport sold furnished for $250,000.

And, shocker, the short sale 4th floor 2/2 at Wavecrest in south Cocoa Beach that I wrote about back in August as likely never to get approved closed for $230,000. Not bad for 1568 square feet and garage in a good building. There was $846,000 owed to two banks plus unpaid taxes and unpaid condo fees. Incidentally, the buyer paid an additional $5000 (approximately) to one of the lenders to get the deal done.

A 6 year old direct Banana River South Beach Cays 4 BR, 3.5 BA with 2611 square feet, boat slip and a 2 car garage sold for $195,000.

A fully furnished top floor (5th) direct ocean Shorewood 1/1 with 868 square feet and 1 car garage sold for $205,000.

A 2nd floor 2/2 direct river River Lakes with garage closed for $153,000.

A direct Banana River 4th floor Harbor Isles 2/2 with 1308 square feet and garage sold for $150,000.

A 1st floor north facing weekly rental Sandcastles 2/2 with 1286 square feet and garage sold for a shocking $140,000.

Two short sale 6 year old Bayport 3/2 units with 2032 square feet and 1 car garages sold for $159,900 (4th floor) and $142,900 (3rd floor).

A Brisa del Mar 2/1 on Ridgewood that sold when freshly converted to a condo in 2006 for $195,000 sold as a foreclosure, this time for $61,000.

A 6 year old Portside Villas 2nd floor 2/2 with 1211 square feet and open parking closed as a short sale for $77,000. Sold new in 2006 for $183,900.

A 2nd floor 2/2 Oaks of Cape Canaveral with 1050 square feet and open parking closed for $57,900. It was not a distressed sale.

It's that transition time of year in Cocoa Beach. The first big wave of departing snowbirds left this past weekend. There are still a few around as well as a few lost spring breakers but by next week it'll be time to roll up the sidewalks and spread the sand back over our paved roads. It's the beginning of that nine month season when it's possible to show up at the Cocoa Beach Country Club Golf Course without a tee time or drive the length of town catching all green lights. Or park right by the front door of the Publix Supermarket any day of the week.

The fishing has been good, if spotty, with a lot of very big kingfish and small numbers of decent cobia being caught. The lack of a winter this year has the migratory fish like cobia completely confused as they typically migrate along a specific water temperature break.

"Most people are other people. Their thoughts are someone else's opinions, their lives a mimicry, their passions a quotation." ___Oscar Wilde