Tuesday, November 20, 2012

November halftime report

I didn't choose the thug life. Thug life chose me.
The week of Thanksgiving 2012 and as of Tuesday morning the 20th, 21 MLS listed condos and townhomes have closed in the month in Cocoa Beach and Cape Canaveral. The majority of the closed sales fall in the over $200,000 range with a full third closing at prices between $200,000 and $300,000. This is a shift away from the lower price ranges that we've been expecting as the supply of sub $100,000 distressed listings have dried up. I don't track median closed prices but it appears that that number has probably moved significantly higher this year because of this shift.

Sales of note so far have included the following:

A 2nd floor 3/3 corner unit in the new Ocean Cove building in south Cocoa Beach with 1902 square feet and a single garage that closed for $585,000. This was the last new unit for sale in the building.

Another direct ocean, this one a 4th floor SE corner 3/3 unit in Sand Dunes Cape Canaveral closed for $450,000. One car garage and 2102 square feet.

A 10 year old Country Club Point direct Banana River 4/3 that has been on the market since 2008 sold for $399,000. This beautiful unit has high ceilings, 2 car garage and 2115 square feet.

A nicely remodeled 4th floor direct ocean Xanadu 2/2 sold for $330,000. These units are big for a 2/2 at 1761 square feet. This unit had a one car garage and new hurricane shutters in addition to the new remodel.

River Bend in south Cocoa Beach was on fire last month with several closed sales. Another  unit has closed so far this month. This one a 3rd floor direct river 3/2 with 2050 square feet and one car garage. Closed for $282,500.

Two non-direct ocean Shorewood units have closed. Both were 5th floor B building big 2/2 units with 1862 square feet and one car garages. One was a corner with wrap balcony and was newly remodeled. It sold for $280,000. The other non-corner sold furnished for $235,000.

A 3/2, 2nd floor direct ocean Sun Club in south Cocoa Beach closed for $250,000. Small for a 3/2 at 1344 square feet. Has a one car garage.

A 2nd floor direct river 8 year old Solana River unit in Cape Canaveral sold for $225,000. This big 2/2 unit has 2055 square feet and a single car garage.

Three units at 6 year old Bayport have closed so far this month. All had one car garages. A 5th floor 3/2 corner with 2092 square feet sold for $220,000. Another 5th floor non-corner with 2032 square feet closed for $182,900. A same size 3/2 on the 4th floor closed for $163,000.

A top floor (5th) Port Royal SW corner 3/2 with 1572 square feet sold fully furnished for $220,000. Had a one car garage and was partially remodeled.

One of the bank-owned Pier Resort 3/3 east facing units with 1900 square feet and one car garage sold for $175,501.

A 2nd floor direct river Costa del Sol 2/2 with 1315 square feet and one-car sold for $147,000.

A 2nd floor 6 year old Puerto del Rio short sale wins the "smoking deal" award in this group of sales. This 3/2 corner with 1862 square feet and one-car closed for $140,000.

A lakefront Harbor Isles 3/2 on the 2nd floor closed for $140,000. This 1401 square foot unit came with a one car garage.

A furnished non-waterfront Four Seasons 2/2 with 1058 square feet and no garage closed for $92,000.

A ground floor 7 year old Portside Villas 1 bedroom 1.5 bath with 943 square feet sold for $76,000. No garage.

MLS condo and townhome inventory stands at 288 units for sale this morning and there are 49 single family homes for sale in the two cities. Forty listings are either short sales or foreclosures making 12% of the total inventory distressed.

Space Coast Art Festival is this weekend in downtown Cocoa Beach. If you can, try to make it. The streets will be closed off and there will be thousands of friends and visitors checking out the hundreds of exhibits. It's always a good time.

"There are things we do not know we don't know." __Donald Rumsfeld