Sunday, April 17, 2016

Onshore and Honking

It's been a windy few days in Cocoa Beach with temps in the 70s and 80s. The ten day forecast is for decreasing winds, clear skies and highs between 76 and 84 degrees. Surf was excellent for a few days last week before the winds arrived. It is still full-on Victory at Sea conditions right now with favorable surf conditions not expected again before next weekend. I can wait.

I often read or hear something about our local real estate market that is at odds with the reality that I am experiencing. I ran into an old acquaintance this past week and he started off the conversation with the statement that there aren't any deals to be had and that he thought the market might be overheated. I suppose when one hears that multiple offers are common and properties are selling within days of listing the conclusion might be that the market is too hot. The reality is that prices have been steadily rising since bottoming in the years 2009 through 2011 but not at anything approaching the pace of the bubble years 2003 through 2007. Even with the rebound in prices, some properties are selling at 60% or less of their 2006 prices. Facts don't always support the popular dialogue. Beware headlines and anecdotal evidence. My post Headlines < Statistics < Truth from last summer is worth a reread for those with the time.

Despite significantly fewer visitors in Cocoa Beach and Cape Canaveral since the first of the month, condo sales have been brisk with 21 units going under contract in just the last seven days. Nine of those units were on the market less than two weeks. There have been 47 new condo listings since April 1. Well, to be totally accurate, 43 new ones and four old listings withdrawn and relisted to trick the system into making them appear fresh.

My favorites of the new listings that are still available include the following:
  •  A furnished one bedroom 5th floor direct ocean unit in a newer building in Cape Canaveral with high ceilings and a garage asking $249K. 
  • I also like a 7th floor direct ocean 2/2 unit in south Cocoa Beach with a garage asking $375K. 
  • New last week was a 10 year old, 4th floor corner direct Banana River unit in Cape Canaveral with a private two car garage and a boat slip with boat lift asking $395K. There are not many opportunities to own a condo unit with a boat slip especially in a newer building. Likewise, private two car garages are uncommon. This is a good one in a good building. When new in 2005, these units sold for as much as $710,000 without a boat slip.

There are a few others that are interesting but the three above stand out for me. Anyone interested in looking at these or any others feel free to shoot me an email or phone call.

"No problem is so big or so complicated that it can't be run away from."  __Miki Dora