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 - firstname.lastname@example.org
Saturday, August 17, 2013
Dog Days on Fire
So far in August another 29 units have closed as of this morning. The highest price paid was $750,000 for a 5 year old direct river penthouse corner 4/4 with 4299 square feet at the West End building behind the Sunset Grill.
A south facing 4th floor Michelina 3/3.5 with 2325 square feet closed for $425,000.
A north ocean view tastefully remodeled 4th floor Ocean Oaks 2/2 in Cape Canaveral with 1723 square feet and a one car garage closed for $390,000.
A fully furnished 3rd floor direct ocean Emerald Seas 2/2 with 1602 square feet and a one car garage sold for $326,000.
Another developer-owned Magnolia Bay 2nd floor, 3/3 with 2183 square feet and a one car garage closed for $325,000.
A 4th floor direct ocean partially updated and good condition Sand Dollar 2/2 with 1394 square feet in Windward East with a one car garage closed for $300,000.
In Hacienda del Mar in south Cocoa Beach a furnished 2nd floor direct ocean 2/2 in original condition with 1273 square feet and a one car garage sold for $280,000.
The smoking deal of the month was in the Garden by the Sea direct river building in south Cocoa Beach. This six year old 2nd floor 3/3.5 corner unit had 2405 square feet and a two car garage. It closed for $275,000. That killer price came with a bit of risk as the majority of the units in the building are still unsold.
A remodeled and fully furnished 2 bed, 2.5 bath townhome with 1151 square feet in the newer section of Villages of Seaport with no garage closed for $235,000.
Another 8 year old Bayside in Cape Canaveral closed for $230,000. This one was a 5th floor 3 bedroom 2.5 bath with 2032 square feet and a one car garage.
A foreclosed direct river 3rd floor Solana on the River 2 bed, 2 bath with 2055 square feet sold for $230,000.
A fully furnished, direct ocean weekly rental 1st floor Chateau by the Sea 2 bed, 2 bath with open parking in original condition closed for $219,000. It has 910 square feet.
Two villas at Bayport of Cape Canaveral closed for $218,000 and $220,000. One was 3 bed, 2.5 bath and the other 4 bed, 3.5 bath. Both had 2 car garages.
A three level direct ocean penthouse Sunrise Tower 2 bed, 2 bath with 1457 square feet and a one car garage sold for $190,000. It needed work.
A ground floor nicely remodeled and fully furnished canalfront Beachwalk 2/2 with 1014 square feet in Cocoa Beach closed for $185,000. It has a one car garage and a deeded boat slip
Another of the bank-owned Pier Resort 3/3 (3rd floor) units has closed. Like most of the others, it has 1900 square feet and a one car garage. Closed for $169,100.
A 1st floor foreclosed direct ocean Canaveral Sands 2/2 sold for $165,000. One car garage and 1222 square feet.
One of the Diplomat 2 bed, 1 bath units sold for $120,000. Open parking, 750 square feet and original condition.
A 5th floor south facing unit in the north Twin Towers building closed for $115,000. Two bed, 2.5 baths in original condition with a carport.
A 900 square foot direct river 1st floor Fountain Cove 1/1 in original but nice condition with a garage sold furnished for $112,000.
A non-waterfront Four Seasons 2nd floor 2/2 with garage sold for $110,000.
A ground floor direct river Seminole Landings 3/2 with 1498 square feet sold as a short sale for $105,000. Don't get too disappointed at missing this one. Was moldy and needed a lot of work.
Two 2nd floor Dolphin Beach updated 1/1 units with a view of the ocean sold for $70,000 and $68,500. Open parking and 735 square feet. The lower priced unit sold furnished.
A ground floor Roosevelt Gardens 2/1 with 671 square feet and open parking sold for $42,500. Needed work.
Two other small Cape 1/1 units sold for $41,900 and $29,500.
I've long been advising buyers who are buying property here to use a local lender, especially for condos. A recent experience with one of the "region"al banks in our county has spurred me to qualify that advice. Just choosing a local lender does not guarantee a good experience. You might be unlucky enough to get a bad loan officer at a good bank. There are incompetent loan officers walking among us and they look just like the good ones at first glance. Ask someone for a recommendation based on a positive experience before you choose your lender and loan officer. Even with a good recommendation, it is prudent to maintain constant contact with the lender and to demand constant status reports. Sometimes the explosion happens before anyone notices the sizzling fuse.
On a positive note, the fishing right off the beach is on fire. Tarpon, snook, kingfish and other big predators are shadowing the plentiful bait pods up and down the beach.Conditions are such that they are easily caught from a small boat out of Port Canaveral or a kayak off the beach. A friend caught two sailfish in 40 feet of water off Cocoa Beach last Saturday.
"I know there are other errors but unless I'm being graded or paid I'm not trying to be perfect." ___CMO_Ratchet
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