Current demand is strong with 75 units going under contract since February 1, about a third of those are units asking over $400,000. February is the month when sales begin to ramp up every year and activity usually stays strong through August. Those looking for a condo unit should expect competition. An informed buyer will also be aware of the highly optimistic prices of the majority of the inventory. In a market with low inventory and high demand it is to be expected. Buyers who will be getting a mortgage should know that their lender will not be equally receptive to every condo they may consider. The association's financial health will be scrutinized and the intensity of that scrutiny may vary depending on the amount of down payment being made. Talk to your lender before you narrow your property search and find out what's going to be required so you aren't blind-sided by arcane and seemingly unfair lender questions that may eliminate your dream condo.
Happy Birthday to all the Leap Year babies. I'll go into detail about specific sold properties in the next post.
Cocoa Beach has a great new healthy eatery just south of the Cocoa Beach Fire Station, the Skinny Mermaid, offering excellent poke bowls, wraps, salads and boba teas. It's worth a visit.
"Over the years, a number of very smart people have learned the hard way that a long string of impressive numbers multiplied by a single zero always equals zero." __Warren Buffet
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