Waiting on a hurricane. As of Wednesday last week the prediction was for Hurricane Dorian to roar ashore in Cocoa Beach as a Category 2 storm during the night tonight and tomorrow morning. As of this morning, Sunday, the latest prediction is for the storm to pass close offshore as a Category 3 Wednesday morning. This after sitting over my beloved Abaco as a Category 5 for two days. The impact there is sure to be extensive and heartbreaking. My heart is with the Bahamians even as I breathe a sign of relief at the possibility of not taking a direct hit here. There have been no casual conversations with anyone around here for the last week that was not hurricane related. Cocoa Beach this Sunday morning appears to be well-shuttered and ready as best we can be for what comes our way. Best wishes for everyone.
Our inventory is almost back at the 2015 record lows with only 187 existing condo and townhome units for sale in Cocoa Beach and Cape Canaveral. Single home inventory is equally sparse with but 43 existing single family homes for sale in our two cities. That is the lowest number in the last 15 years, possibly ever. The developer of the old Joyce's Trailer Park property in south Cocoa Beach has once again changed development plans, this time shifting from riverfront condo towers to a small neighborhood of single family homes offered at prices from $895,000 to $1,395,000. They of course come with promises of dockage and an over-the-water clubhouse that will sound familiar to the buyers of several oceanfront condos in south Cocoa Beach.
Sales of single family homes in August were tepid with thirteen homes closed in our two cities at prices between $314,900 for a fixer-upper in north Cocoa Beach to $1,995,000 for a brand new, two story, direct ocean home just south of downtown. That beauty has five bedrooms, 5.5 baths, two garages (3 spaces), 4275 square feet and a pool. Median price was over a half million with three of the closed houses over a million.
Condo sales were strong with 64 units closed, more than the same month last year. Median price was $250,000 with seven closed over a half million and highest, a 2nd floor Meridian at $765,000. There appears to remain strong demand for ocean facing units with prices steadily rising. Three units at Boardwalk downtown went under contract in one week all reportedly over $400,000. Royale Towers in Cocoa Beach has likewise been busy with multiple sales in the month.
I wonder how big a commission discount it would take for a typical seller to risk not listing on the MLS if they could reasonably expect their listing agent to produce a buyer willing to pay their price? If the agent is already attracting a steady flow of both listings and buyers he has the means to accomplish some sales at fair market price without the MLS. I see a potential new business model for some agents that doesn't include the MLS or other brokers and agents. Sellers should already expect a discount should their agent or his team bring the buyer but I can see that discount becoming much larger without the MLS listing. You heard it here first.
My lifetime of religiously recycling has been undone by a single pre-hurricane day's sales of bottled water at the Cocoa Beach Publix alone. An approaching hurricane is not a good reason to buy four cases of individual size water bottles in my humble opinion. Extra water on hand? Sure, just not dozens of small ones.
"If everything in your portfolio is doing well at the same time, it is a good indication that you are not diversified." __Ned