Sunday, December 17, 2017

You Call This Cold?

Yes, I do call this cold. I live in Florida and even though you are used to "real" cold back home, I am suffering when it's 60 degrees. Yes, I know that's ridiculous but I share that same flaw with millions of other Floridians. Hey, it's part of the price you pay to live in a tropical climate.

To the former colleague who saw fit to steal and reuse photos from a listing I sold a year ago, shame on you for not calling me to ask permission. While it may be within the rules of the MLS to use photos from an old listing, it is bad form to use them without alerting the other agent first. I would have agreed had you asked but instead, I am forced to revisit my opinion of you. At least you stole my crummy cell phone shot of the building in addition to several that I paid a photographer to take. I suppose you knew the listing was unlikely to sell at that price so you opted to save the photographer's fee. Priced right it would have already sold, photo quality be damned, in the 106 days it's been active.

If not for the strong performance in 2017 I'd be predicting a slow 2018 for the Cocoa Beach real estate market considering the still-declining inventory in our two cities. However, we somehow closed 664 units so far in 2017 with a beginning inventory of 198 units so it's reasonable to expect a similar magical result next year.

Inventory of existing condos and townhomes in Cocoa Beach and Cape Canaveral is at 188 units this morning with 54 single family homes also offered. So far in 2017, in addition to 664 closed condo units, 155 single family homes have closed. For what it's worth, from my perch above downtown Cocoa Beach, activity feels subdued. The recent flow of under contract properties confirms that.

I will do a full year-end wrap-up in early January. I hope everyone enjoys the holidays and has a fun, safe and rewarding time with those with whom they share the season. Thanks to everyone who emailed, called or visited me during the year. I enjoy hearing from readers of this blog and it helps to keep me motivated to continue reporting on the Cocoa Beach real estate scene. 2018 will be the thirteenth year that this blog has been in existence. When I began writing in 2005 very few people knew what a blog was and, other than, none of the top real estate sites of today were even in existence. Being a Cocoa Beach expert back then required actually being involved in the market, not simply writing a check to Zillow to display one's Glamour Shot with the other 500 Cocoa Beach "experts". Whatever. Progress. We're sure to see more next year.

"Cheers to a new year and another chance for us to get it right." __Oprah


  1. Hey Larry, I didn't realize you have been writing this blog for 13 years. Congrats on being consistent and being straight forward on market conditions. I imagine you also got a little flak from the hard core CB residents for combining Cape Canaveral in with the Cocoa Beach stats. Which I always thought made sense because of the unique nature of how the 2 cities blend together. Hopefully we can do another transaction together in the new year! Best of luck in 2018.

  2. Appreciate it, Eric. Combining the sister cities rankled less than the agent shenanigan stories. A few agents have expressed their displeasure with what they thought was a reference to themselves. Some were correct in their assumptions. Hope to see you across the closing table in 2018. Happy and prosperous New Year.

  3. Hi Larry. How do you think the opening of Blue Origin and development of Space X are affecting the real estate market? Are there any other larger tech companies putting roots in the area? Thanks.

  4. Hundreds of new jobs is always good for real estate although the effect is spread over a much larger area than just the beach. Many of those employees buy in Merritt Island and Titusville. in addition to the beach. The more frequent launches has been good for the tourist business and that's expected to continue to increase. OneWeb and Airbus will soon begin building satellites here and Lockheed is transferring a few hundred ballistic missile jobs here from California and hiring quite a few more new positions. The Blue Origin rocket plant was scheduled to open week before Christmas. Northrop Grumman, Harris and United Space Alliance empty thousands more between them here. The space and defense business has never been better.

  5. I have another question. I am purchasing a 3rd floor, 1200 sf (with a large 150 sf balcony), north facing (good indirect ocean views), new nice finishes, 9 foot ceilings, and direct elevator access from covered parking. If there is a two week minimum, what would be a good rental price? Thanks.

  6. That's going to be a good building and it'll be the nicest and newest short term rentals on the beach. I think you can reasonably expect to get $1100 to $1400 per week during the busy seasons, less for longer leases. The two week minimum may hurt a little in the summer as many guests then are only here for a single week but it'll be a slam dunk during snowbird season. Excellent purchase price on those units.

  7. Mr Eric Larkin, What exactly do you mean by your comment of maybe displeasure by CB residents for combining Cocoa Beach with Cape Canaveral ?
    Mr. Walker, thank you for your blog! I’ve been reading it for years.