January 2015 Halftime

This is our first halftime report of 2105. Sales are typically slow the first part of January reflecting the reduced numbers of contracts during the year-end holidays and this year is no different. The Cocoa Beach MLS is showing 14 closed condos so far this month and three single family homes. Continuing the established trend, over half of the condos sold in less than a month on the market and all three homes sold in less than 37 days. All but three of the condos closed with cash. Highest price paid so far was for a 3rd floor direct ocean Meridian 3/2 that sold for $700,000 or $338 per square foot. Other sales of note included:

3rd floor furnished south facing 3/2, 2340 square foot Xanadu that closed for $330,000.

3rd floor furnished weekly rental Cocoa Beach Towers 3/2, 1323 sf, carport for $317,500.

3rd floor furnished direct ocean Cape Winds weekly rental 2/2, 934 sf, no garage for $269,500.

2nd floor furnished weekly rental Spanish Main 2/2, 1153 sf, garage for $265,000.

3rd floor south ocean view Conquistador 2/2, 1101 sf, open parking for $190,000.

2nd floor furnished direct ocean 1/1 Triton Arms downtown Cocoa Beach for $130,000.

Condo inventory in Cocoa Beach and Cape Canaveral this morning is at 250 units with short sales and foreclosures representing just 7% of the total. That's the lowest level since 2007. None of the distressed units is direct ocean. That boat has sailed.

"I need to see a gentle palm tree and I won't wait too long." Captain Jim's Drunken Dream by James Taylor

Let's Get This Party Started

Here's a ten year snapshot of our condo market that graphically portrays the crash and recovery. It's been a wild ride. The upward trend in number of units sold should flatten out this year while a graph of prices, if I were able to accurately build one, would continue to rise. Supply and demand firmly in effect right now.

Wispy clouds on blue skies this morning, January 3, 2015, and the temp in Cocoa Beach is forecast to be 78,  with a low of 69 tonight before back up to 80 tomorrow. A cold snap next week will push daytime temps all the way down to the high 50s on Thursday before climbing back to the 70s on Saturday. Not rubbing it in but definitely enjoying it.

There seems to be an unusually high number of snowbirds already in town. Buyer traffic in real estate is likewise brisk. We haven't seen many new listings since the holidays so those looking are experiencing a little frustration with the few good choices available. Half of the 54 condo units closed in December sold in less than 37 days on the market, fourteen of those in less than two weeks. Expect that trend to continue until the inventory recovers. Of the 251 total condo and townhome units for sale right now, half have been on the market more than 90 days suggesting overpricing.

Golfers, time to get back in the habit of making advance tee times and steeling yourselves for slow play. The greens in Cocoa Beach are playing great and it's beautiful out there but from now until Easter it's gonna take a little longer to play a round than most are accustomed to. Do everyone a favor and be aware of your own pace of play. If you're not waiting on the group ahead of you, you might be holding up the group following you. And, please repair your ball marks and fill your divots. Play well..

Random fact: Cleopatra lived closer in time to the moon landing than she did to the building of the Great Pyramid.