Wednesday, May 10, 2023

Mini Slow Season

May is traditionally one of our two slowest months for real estate in Cocoa Beach and Cape Canaveral, the other being October. Sales remained strong in April as properties contracted earlier during the spring season closed while inventory remained practically unchanged. 

During April there were 76 closed residential properties, 63 condos and townhomes and 13 single family homes. Lowest price paid for a single family home was $535,000 for a 2965 square foot 5/3 in Cape Canaveral that needed some TLC. Median price was $810,00 with five sales over a million and the top dollar sale was a beautifully remodeled direct oceanfront two story in south Cocoa Beach with 3670 sq ft with six bedrooms and 4½ baths and a pool that closed for $3.17 million. 

Median selling price for condos was $385,000. Lowest selling price in the month was $75,000 for a tiny studio in Cape Canaveral far from the beach. Highest selling price for condos was $950,000 for a gorgeously remodeled and fully furnished 5th floor corner direct ocean Crescent Beach Club in south Cocoa Beach. It is a 3/2 with 2278 square feet and a single garage. Slightly over half of the condo sales were cash and median time on market was 24 days. More than a thrid of the sold units were on the market less than two weeks.

Selling prices remain high with eleven condos bringing over $400 per square foot although prices have declined in several popular complexes. Notably, among the weekly rental complexes, a Sandcastles 2nd floor 2/2 side unit closed for $515,000 while a 7th floor Canaveral Towers 2/2 sold for $550,000. My vote for most notable sale of the month was a remodeled and furnished 5th floor direct ocean Royale Towers Sand Dollar 2/2 that closed for $655,000 or $476/sq ft. That's a remarkable price for a unit in a complex with a two month minimum rental restriction. More remarkable prices are happening at The Diplomat in Cocoa Beach where 60 year old, 2/1 units with no garage and no ocean view have closed over the $300,000 mark.

Activity seems equally spread over all price ranges both waterfront and not. Buyers are still active and attractive units in good buildings are still commanding high prices and selling quickly. We usually see activity increasing as we enter the summer months and with the current inventory levels multiple offers will likely continue to happen with attractive new listings. Buyers paying with cash will continue to win most of these multiple offer situations. Good luck to all hoping to purchase. Make your offers as clean as possible with as few contingencies as you are comfortable with for your best chance at success. Those looking for a deal are likely to be disappointed.

Florida, among six other eastern states, just recorded the hottest January through April season ever experienced. I can confirm that the heat is here in Cocoa Beach. What is not here is the much-hyped "super blob" of seaweed that the media has been warning us about. It may eventually arrive or it may pass by in the Gulf Stream if it doesn't coincide with easterly winds as it passes. We get sargassum on our beaches every year and always have. Some years it is so thick that the beaches are covered and you have to wade through a pile just to get to the water. Some years there is very little. It's always passing by in the Gulf Stream during summer but it needs sustained easterly winds to get onto our beaches. Beaches in the Yucatan are dealing with piles of it now and our turn may come. It's a natural thing and something that most see as little more than a temporary nuisance. It will disappear like it always has. For those walking the beach when the seaweed is washing ashore, take the time to pick up small pieces at the water's edge and shake them out over the sand. You might be surprised at the creatures that fall out that ride with it, shrimp, crabs and an occasional sea horse among others. 

Congrats to all graduates. Enjoy your summer as you get ready for the next stage of your lives. Best of luck to you all.

If you aim at nothing, you’ll hit it every time.” _Butch Harmon