Saturday, April 25, 2015

Another Day - Another Record

Real estate inventory in Cocoa Beach and Cape Canaveral continues to set successive all-time low records. This morning there are a total of 226 condo and townhome units for sale in our two cities. Half of those have been for sale for three months or longer and fully a third have lingered for over half a year. We can safely assume that these are what I call "not really for sale". In this market, if a property is priced close to fair value it will sell quickly. I have seen some units sell recently for more than what I considered fair value so taking a stab at over-pricing does have some merit if a seller isn't in a rush. If the unicorn buyer hasn't shown up after three months, it's time for a seller who really wants or needs to sell to get realistic. The market is always right.

There was another record set this week. After hovering around 7 to 9% of the total units for sale for about a year, our distressed inventory (short sales and foreclosures) plunged this week to just three percent of the total. Out of the 226 units for sale, six are bank-owned and for the first time since 2007 there is but one short sale condo in Cocoa Beach and Cape Canaveral. On inventory in general, our bread and butter property type has always been direct ocean units with at least two bedrooms and two baths above the ground floor. Buyers looking for one of these units asking less than $300,000 have zero to consider this morning.

It is just as tight in almost all property types. There are 63 total single family homes for sale in Cocoa Beach and Cape Canaveral. Buyers looking for a waterfront single family have 27 to consider, none of them distressed. If the budget peaks at half a million dollars, there are but ten on the list. Buyers, you better have a direct MLS link and/or a buyers agent who is on the hunt for you if you hope to score the property you want. There are others looking for that same property and they may be able to move more quickly. Need a buyers agent? Contact me. By the way, 67% of all condos closed in our two cities so far this year have closed for cash.

How do you know there's a drummer at the door? The knocking keeps speeding up and slowing down. How do you REALLY know there's a drummer at the door? Your pizza has arrived.

"Everyone is a genius. But if you judge a fish on its ability to climb a tree, it will live its whole life thinking it is stupid." ___Albert Einstein