Wednesday, May 01, 2013

Moving Right Along

What a month April was. As of this morning the Cocoa Beach MLS is showing 67 MLS-listed condos and townhomes and seven single family homes closed in April in Cocoa Beach and Cape Canaveral. Only one of the 67 condo sales was a short sale. Eleven were foreclosures. Two of the seven single family homes were short sales and none were foreclosures. That puts the percentage of closed distressed sales in April at 19%. Only 8% (30 properties) of the remaining for sale inventory of 353 properties is distressed (short or foreclosed).

Higher priced properties have been moving with two units selling at the oceanfront Meridian for $685,000 and $725,000. Two units sold at Solana Shores for $425,000 and $455,000. Two other $400,000+ sales closed at Constellation and Harbor Club. Several other complexes had multiple sales in the month. They included the oceanfront Ambassador Shores in south Cocoa Beach, Harbor Isles, Cocoa Beach Club, Ocean Oaks, Stonewood, Spanish Main, The Constellation, Diplomat and the riverfront Treasure Island Club.

One direct ocean home sold in south Cocoa Beach for $1.24 MM. Only one of the 7 sold homes was not waterfront. Riverfront and canal homes sold in a range from $510,000 for a totally remodeled beauty in Snug Harbor to $230,000 for a handyman special on Riverview off 4th Street South.

Competition for good properties remains high. If you plan on getting a mortgage to purchase a property it will serve you well to get the pre-approval taken care of before looking at properties. Any offer contingent upon a mortgage is going to require a pre-approval letter. If you plan to pay cash, you will have to prove that you have the funds to close the deal. Either a letter from your banker stating that you have the liquid funds sufficient to close or an account statement showing sufficient funds will work. Get these items taken care of before offering so that negotiations can move quickly. Also, be prepared to offer quickly if you find a property you like as there are probably others looking for the same thing. Speed and preparation are being rewarded. Lowball offers are not. The days of buying below market value, for the most part, have passed.

"Other prohibitions from the beach ranger ordinance remain unchanged, including bans on drunken swimming, mobile DJ booths, campfires, high-volume drinking devices and leaping off the Cocoa Beach Pier."  Cocoa Beach City Commission