Tuesday, September 02, 2014

Sales and Shenanigans in August

Condos sales in August in Cocoa Beach and Cape Canaveral continued at a slower pace with 49 recorded sales as of this morning in the Cocoa Beach MLS. That's 30% fewer units in July and August 2014 than in the same period in 2013. Prices on the other hand continue to increase. A Sandcastles 7th floor unit sold for $550,000 matching the highest price of the last ten years in that complex set back in the heady market of 2006.

Other sales of significance included the following:

  • A top floor (4th) Meridian direct ocean 3/2 with 2072 square feet and garage sold for $850,000.
  • A 5 year old direct ocean, 2nd floor Ocean Cove 2 BR, 2.5 BA in south Cocoa Beach with NO garage sold for $425,000.
  • An oceanview 4 BR, 3.5 BA, duplex in Cape Canaveral with 2771 square feet and a two car garage closed for $415,000.
  • A fully furnished 3rd floor direct ocean Canaveral Towers weekly rental 3/2 with 1417 square feet and a carport closed for $315,000.
  • A furnished 10th floor direct ocean Xanadu 2/2 with 1761 square feet and garage sold for $310,000.
  • A furnished, direct ocean 5th floor Stonewood 2/2 with 1317 square feet and garage closed for $305,000.
  • A furnished 3rd floor direct ocean Sea Oats 2/2 with 1200 square feet and no garage sold for $305,000.

Based on those last three, it's looking like the market is comfortable with the $300,000 neighborhood for direct ocean 2/2 units in original condition above the ground floor. Remodeled units are bringing more, as always.

Now for a couple of head-scratcher sales recorded in August 2014.

A direct ocean 1st floor Spanish Main 3/2 sold at online auction for $199,000. What's interesting about this one is that Nationstar was holding an offer of $225,000 as a short sale when they decided to go ahead and foreclose and auction the unit. The auction appeared to have no bids and disappeared from the site only to show up weeks later as closed for $199,000. The buyer who offered $225,000 nor his agent was ever contacted by Nationstar.

In another crazy online auction Fannie Mae sold a direct ocean 2nd floor Driftwood 2/2 for $126,000. That's $100,000 less than the yet-to-close contract on an almost identical unit two doors down. To compound the craziness, this FNMA unit was first auctioned off in April with a winning bid of $192,000. That buyer failed to close but there were two other bidders who had each bid over $170,000 who were never offered the chance to reengage. A subsequent "quiet" auction produced a buyer who won for $154,000. Fannie Mae screwed up the first right process and lost that buyer and then contracted with a new auction firm who advertised an "in-person" auction that never happened. A "high-bid" contract was produced after the secret auction for $120,000 plus $6000 buyer fee. None of the earlier bidders can figure out what happened and none were ever contacted about either of the last two auctions. All were willing to pay the considerably higher numbers that they had previously bid. Someone needs to tell Fannie Mae that there are much easier and more fun ways to lose $100,000.

Snook season opened yesterday and the first stray schools of mullet are already showing up. I watched giant tarpon crashing schools this morning in south Cocoa Beach well within casting range of the beach. Surf fishing will be the best it gets in the next several weeks as the annual mullet run kicks into high gear and all the bigger predators move in close to the beach to feed on them. I'll be hoping for a tasty snook or two. A big tarpon from the beach, although inedible, is a nice consolation catch.

"If you don't know how to turn off the safety, being unable to fire the gun is the intended result." __unknown