Wednesday, October 15, 2014


Sales of residential properties in Cocoa Beach and Cape Canaveral continue at a steady pace. We finished September with 56 closed condos and townhomes according to the MLS. Of those 56 sales, 36 closed for cash. Eleven were distressed. Only one of those distressed exceeded $200,000. The highest prices paid were $482,500 for a 5th floor north facing Artesia 3/2 and $400,000 for a 6th floor direct ocean Waters Edge 3/2. Half of the sold units were on the market less than 50 days and 16 sold in less than a month.

There were 16 sales of single family homes and half duplexes. Seven closed for cash and there were zero distressed sales. Five sold in less than a month on the market.

There are currently 52 single family homes and half-duplexes for sale in the two cities. Three of those are distressed. Ten have been for sale longer than 250 days.

There are 225 existing MLS listed condos and townhomes for sale in Cocoa Beach and Cape Canaveral this morning, an all time low. Of those 26 have been for sale for over a year so we can assume they are priced too high to sell. That leaves 199 potential targets for a buyer looking with no other restrictions. By the time a buyer filters by location, size, price, etc., her choices are slim, to put it mildly.

We are showing 90 units as contingent or pending so that little backlog will support our closed sales moving forward in spite of the low inventory. As always, those looking to purchase, need to know what they're looking for and what it is worth in order to move quickly. Out of town buyers are at a disadvantage unless they are willing to go ahead and negotiate for a property without first physically stepping foot in it. In the time it takes the average person to book a flight and get here, any priced-right desirable property will have a contract. A good buyer's agent can make that distant buying process easy and without risk. Note that that doesn't include the listing agent for any property. She isn't allowed to write an offer that protects a buyer if that puts the seller at a disadvantage.

The mullet are still running southward along the beach in reduced numbers although recent winds have made surf fishing impossible or very difficult. I was able to land two thirty pound plus redfish in the ocean just outside Port Canaveral last week which were released and a nice flounder which was not. Today there is a category three hurricane, Gonzalo, well east of the Bahamas following the usual north to northeast curving track. Hopefully we will enjoy favorable winds when the swell reaches our coast next week. Surfers are on full alert. Second cold front of the year to pass through today which should send our nighttime temps into the 60s. Ho hum.

"The truth is that the world turns by having people use their skills to do things for people that can't do them themselves. It's called being productive. It's the reason why a high school drop out can make more than a PHD holding individual." __Pointlessoso