Thursday, January 15, 2015

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