December by the numbers

Shrimp boat at sunrise off south Cocoa Beach.

December 2010 was a busy month for real estate sales in Cocoa Beach and Cape Canaveral. Single-family home sales were dominated by low-price properties with only two of seven closed MLS sales exceeding $200,000. The gem of the seven was a beautiful 4 bedroom, 3 bath pool home with 2787 square feet at the end of a cul-de-sac off Minutemen Cswy. on open water overlooking the islands that sold for $630,000.

51 condos closed in December, the most MLS sales in the month of December since before 2004. (My records only go back to 2004.) This strong finish to the year on the back of the lowest inventory in the same seven year period is positive for the 2011 market. Of the 51, twelve were for less than $100,000 and eight were above $300,000. The sweet spot for activity was between $100,000 and $300,000 with over half of all sales landing in that range.

Sales of note included:

Four units in the new Ocean Paradise in south Cocoa Beach at prices between $560,000 and $435,000. These prices represent discounts of 40% and more off the original asking price. All units were 3 bedrooms and slightly over 2000 square feet.

Jaw-dropper of the month and maybe the year was a short sale at Magnolia Bay. A 3/3 corner unit with 2 car garage and 2455 square feet closed for $295,000. This unit sold new in 2007 for $689,900.

Another short sale haircut was a 3rd floor south facing unit in the oceanfront Sol y Mar also in south Cocoa Beach. This gorgeous 5 year old, 4/3 unit with 2 car garage and 3020 square feet sold new in 2005 for $745,000. It closed two weeks ago for $430,000.

A 2nd floor Meridian direct ocean 3/2 that was purchased new just three years ago for $679,900 was sold for $545,000. Not a short sale but considering the dynamics at this complex probably a smart decision by the sellers even though it was a significant loss for them.

A top (5th) floor, north ocean view 3/2 at the 8 year old Artesia of Cape Canaveral. This unit sold new in 2002 for $306,900. It sold in 2005 for $683,000 and then two weeks ago for $410,000.

A remodeled ground floor, direct ocean 3/2 at Royale Towers sold for $215,000. Had 1445 square feet and a 1 car garage.

A remodeled 4th floor direct ocean Sand Dollar 2/2 at Royale Towers of Cocoa Beach sold fully furnished for $270,000. One car garage and 1374 square feet.

Another 4th floor Sand Dollar floor plan 2/2 just north at Windward East closed two weeks earlier for $265,000. Also with a 1 car garage and 1394 square feet.

Just south down the street another direct ocean 2/2 on the 2nd floor sold at Beach Winds of Cocoa Beach. This 1213 square foot unit was partially remodeled, furnished and with a 1 car garage. Closed the last day of the year for $255,500.

A south side ocean view, 4th floor Sea Oats short sale closed for $205,000. This 3/2 unit was in original but OK condition and came with a 1 car garage.

An east side with ocean view Royal Mansion 2/2 closed for $226,000. Furnished, 1058 square feet, but no garage. Weekly rentals allowed.

Third floor direct ocean 1/1 Sand Dunes with 887 square feet and garage closed for $187,500.

One of the rare townhouses in the direct ocean row in front of Mystic Vistas closed for $185,000. This unit had 3 bedrooms, 2.5 baths, 1509 square feet and sold furnished. No garage.

A foreclosed Solana Lakes 2/2 with 1828 square feet and garage closed for $185,000.

A nice canalfront 2nd floor, 2/2 at Beachwalk of Cocoa Beach sold for $185,000. Sold furnished and came with a garage and private boat slip.

An updated direct ocean ground floor 2/2 at Windjammer of Cape Canaveral sold for $180,000. Had 1196 square feet and a garage.

Two more of the 5 year old, bank-owned Mystic Vistas closed for $150,000. Both 3rd floor, one B building and one A bldg. One with 2010 square feet, one with 1994 sf and both with a garage.

A 2 story, south facing 2/1.5 with 1088 square feet in the oceanfront North Triton Arms in downtown Cocoa Beach closed for $147,000. No garage.

A side view 2/1 in the oceanfront Richard Arms just north of the Pier closed for $145,000. 1013 square feet and no garage.

A nice, updated ground floor direct ocean end unit at Canaveral Sands sold for $145,000 as a short sale. One car garage and 1316 square feet. Sold in 2004 for $385,000. Ouch!

Foreclosed top (5th) floor 2/2 direct river Four Seasons w/garage sold for $140,000.

Two 1/1 Royal Mansion weekly rental units closed for $105,000 and $95,000. The math (cost/income) really starts to make sense at these levels.

I'm not going to get into all the lower priced sales (of which there were many) but there were quite a few deals done at very compelling levels for the properties concerned. If you're looking for a smoking deal, they are still out there, just less to choose from. Inventory at all price levels continues to decrease so we are going to have trouble maintaining the same pace of sales as we move into 2011. As the number of distressed sellers dries up I expect to see shift in seller sentiment over what will probably be a surprisingly short period. It will only take a small notch-up in comparable sales to embolden the remaining sellers. They've been hoping for exactly that for a few years now. Couple that with a decade-low inventory and we could see an unexpected firm-up in prices as buyers become concerned that they've missed the bottom and begin to willingly pay a small premium to the last sale. I'm not predicting a substantial or sustained run-up in prices but it seems the conditions are ripe for a decent little bounce. As always, just my opinion. Do your own due diligence and remember that every market is different. I will most certainly be wrong in the specific as the "bottom" only happens once in each complex and floor plan. Those complex-specific bottoms will be spread over months or years but the sentiment shift will likely happen in a narrow time period and I think in our market it will happen this year. This prediction does not include the newer luxury condo complexes. My forecast for continued pain in that market segment still stands.

"Most haystacks don't even have a needle."___Unknown

Ms. Really Really Really Bad Listing Agent

To the same music as this, Mr. Really Really Really Bad Dancer.

Bud Light presents... Real Agents of Genius
(real american Einsteins)
Today we salute you, Ms. really, really, really bad listing agent
(leave a message, I'll get right back, wink-wink )
On any given day, some optimistic seller wakes up thinking their property might sell today
(doesn't know your voice mailbox is full again)
Hey, you've already got the blazer. Why not get into magic and make inquiries disappear.
(ooh yea)
Who's got time to respond to an offer when Real Housewives is doing an all-day marathon.
(buyers are so annoying)
So crack open an ice cold Bud Light oh Empress of incommunicado. Thanks to your overwhelming personal life another pesky buyer has moved on.

This little ditty was inspired by a recent rash of mind-boggling slacking by a handful of listing agents who are too busy to respond to emails or voice mails from buyers attempting to see or purchase their listings. It ranges from agents who never answer their phones (but actually return messages) to agents who don't respond at all or not until days later. If you have a property listed it would be prudent to occasionally call both your agent's cell and his office just to see if the calls are being answered. Especially important are those busy weekend days. When your agent isn't available, your property is not for sale.

As always, there are many really good listing agents who do their jobs well. However, I think a fair number of listing agents are chosen because they are relatives, friends or friends of of friends, not because they are good at what they do. As long as these agents can occasionally get a listing based on acquaintance and not performance they have incentive to continue unchanged. I am reminded of another example of perverse incentive. In Hanoi, under French colonial rule, a program paying people a bounty for each rat pelt handed in was intended to exterminate rats. Instead, it led to the farming of rats. Giving a listing to an agent without researching that agent's record is akin to rat farming. Consequently, the rats abound.

"You want to learn from experience, but you want to learn from other people's experience when you can." ___Warren Buffett

Happy 1-1-11

Happy New Year, all. The MLS won't be entirely up to date for a few days but it is close enough this first day of 2011 to look back over the year's activity and make a few observations. Total condo sales in Cocoa Beach and Cape Canaveral for the year look to exceed the total for 2006 for the first time since that year and the total was over 15% more than 2009.



Interesting that this happened even as inventory continued the sharp decline that began in 2007. See below. When the red and blue lines converge we are at a one year supply of MLS-listed condos.



Of the reported 493 total condo sales in 2010 (as of this morning) fully 40% were either short sales or foreclosures. Contrast that with the current condo inventory that is only 21% short or foreclosed. It is interesting to note that, of the 110 single-family home sales for 2010, only 25% were short or foreclosures. This is probably directly related to the fact that speculative buying was much more focused on condos during the boom years.

Mortgage rates stayed at historic lows ( below 5%) for most of the year but began a steep climb in late November and are once again approaching 5%.



I'll post a December wrap-up with sales of note and other observations in a few days after the listing offices get around to updating their listings. One prediction for 2011: Considering that condo sales in November and December this year exceeded the numbers for those months in all of the preceding seven years including the boom years of 2004 and 2005, I think we can expect 2011 to be another busy year for property sales in Cocoa Beach and Cape Canaveral.

"if you have to unwrap it, you probably shouldn't eat it."
_____ Bileaf

Short sales and slackers

Short sales have been very much a part of our market for the last two years. The percentage of closed short to total sales in recent months is at or near the historical peak even as inventory of short sales (and foreclosures) has dropped to below 20% of all residential MLS inventory in Cocoa Bach and Cape Canaveral as of this writing.

Every short sale has a life of it's own and, in my experience, no two take the same path to eventual closing or failure. The fate of a short sale rests primarily with the listing agent and her negotiator (if she is smart enough to have one). It is the listing agent's (or her negotiator's) responsibility to gather the paperwork required by the lender(s) and to timely submit complete packages and to follow the convoluted steps from start to finish. A good listing agent will keep the buyer's agent informed of progress, or lack thereof, along the way. Most fail to do this during the long process. I thought I'd relate my experiences with several recent short sales.

Short sale number one had a contract that was executed on December 18, 2009. It was initially negotiated by an attorney hired by the seller which left the listing agent out of the loop. This listing agent is experienced and determined and refused to be kept out of the info flow. She dogged the attorney's office for progress reports when they failed to offer them and shared those updates with the buyer's agent during the first seven or eight months of negotiations. When the attorney's offcie was unable to get approval, the file was handed over to a title company to attempt to resume negotiations. At slightly more than eleven months since the offer the sale closed. Without the listing agent's persistence and sharing of progress with the buyer's agent this short sale would likely not have happened.

Short sale number two also had an attorney hired by the seller involved. The attorney's office was uncommunicative with the listing office and seemed not to understand the process. By the time the bank finally issued acceptance well over a year later the buyers had moved on. Maybe better communication from the attorney could have kept the buyers engaged and committed. Maybe not.

Short sale number three also had an attorney negotiating with the bank. This experienced and competent lawyer was able to get approval relatively quickly except that the bank wanted the seller to contribute some cash at closing in exchange for release from all other liability. As the seller didn't have any cash this looked to be a deal killer but, in this case, the contract price was low enough that the buyer was willing to contribute (with the bank's knowledge) the amount for the seller and the sale closed. Seller walked with no liability and the buyers got a great deal.

The attack of the listing agent:

I have had an unusually high number of encounters with incompetent and lazy listing agents and offices in recent weeks. I am reminded of a post from 2008 in which I talked about the obstacles some listing agents and offices put between their clients and the sale of their property. You can reread it here: Dear Ms. condo seller

Last weekend I was stymied yet again by the same office that keeps all listings' keys in their office and is closed on the weekend. Not a problem when the buyer's agent has advance notice but for those not uncommon times when a client shows up unexpectedly on a weekend and wants to see properties, all of this office's listings are off limits. I won't even go into the 22 mile double round trip necessary for agents from downtown offices wanting to show downtown listings.

I showed a property recently which was easy to show as the showing instructions said to pick up the key in the condo's office and show. Great, except that after showing and deciding to present an offer, there is no answer at the listing office during weekday business hours and the agent does not respond to email AND his cell phone goes directly to voice mail with a full mailbox. The listing agent responded for the first time 48 hours after the offer had been emailed to him and three days after the offer was first presented, no further response.

Another listing agent responded to a call for showing instructions with the tidbit that the short sale unit was "disgusting". We looked at it anyway and decided to make an offer. The agent quickly acknowledged receipt of the offer and then stopped answering emails and phone messages. Next contact was six days after presenting our offer with the news that she had received another offer and we should present our best offer. We revised our offer and presented it with her quick acknowledgment of receipt. She then went back into blackout mode and finally responded two days later with an email that she had two offers and was "processing" them. We are now 10 days since the initial offer and she is incommunicado. We may need an intervention from her broker to force her to do her job. However, having displayed her incompetence in the listing process, we are concerned that she will have the ability to close a short sale. I suspect she won't.

Unfortunately, these are not atypical experiences. If you are a seller, it is a good idea to ask your agent how your property is to be shown. Requiring buyer's agents to go on a scavenger hunt to get the keys is only effective as a deterrent to a sale. If you have a tenant in your property, have a talk with your tenant before listing and make sure they understand that they must allow showings. I can' tell you how often I call to show a tenant-occupied property only to get some weak excuse from the tenant why today isn't a good day. In it's most extreme case I have known tenants to change the locks so that the listing agent's keys wouldn't open the door. You may think your house is for sale when it's really not.

Have you called your listing office today? How about the listing agent? If buyer's agents can't get through to your agent or her office, you are less likely to sell. Guess which days are busiest for showings. Saturday and Sunday. Guess which days real estate offices are most likely to be closed. Yep. Pick up the phone and call your listing office on the weekend. Call your listing agent any afternoon on her cell. If you're not getting answered buyers agents aren't either.

If yours is a short sale it is critical that your listing agent or her negotiator be experienced in the process. Your sale may be complicated enough that you'd be better off with an attorney. If you decide to use an attorney for the process be sure to hire one that specializes in distressed sales. Not all attorneys are competent in short sale negotiations. A good one should be able to get you out with less post-sale liability.

A last comment about listing agents; There are many good ones. I find myself across the closing table from the same ones again and again. I respect and admire many of my listing colleagues and appreciate their professionalism. You know who you are. It is the not-small number of incompetents who make the road bumpy for their clients and those of us representing buyers that I have a problem with. Match one of these with a difficult and unreasonable seller and you have a headwind of epic proportions.

We've enjoyed a few days of beautiful December weather after the bitter cold snap earlier this week. The shot at the top was Thursday this week, windless and in the 70s. Happy and safe holidays to all.

I can see every monster as they come in.__Truman Capote

November Wrap-up

Warmer days.

November was a good month for luxury condo sales in Cocoa Beach and Cape Canaveral. According to the Cocoa Beach MLS, out of 39 total condo and townhome sales, four were for more than a half million dollars and six others were at $300K or above. Seven of the ten highest priced closings were cash deals. Eight of the 39 were short sales and nine were foreclosures. Only three of the 17 distressed sales exceeded $200,000. There have been only 18 closed sales of condos exceeding $500,000 so far this year.

Highlights in the non-distressed sales included;

Three brand new units at Ocean Paradise in south Cocoa Beach closed this month with three more under contract and only four units left for sale in the building. All the action here happened after the last big price cuts on these units in late September. One unit sold at a $200,000+ discount to asking price.

Two big (2819 square feet) corner units at Solana Shores in Cape Canaveral closed one day apart for $555,000 and $565,000. Forth and third floor respectively.

A fifth floor corner at Emerald Seas closed for $395,000. It was a 3 bedroom, 2.5 bath with 2394 square feet and sold fully furnished.

The second floor south unit at the four year old Almar in south Cocoa Beach sold for $380,000. There are only two units per floor in this small direct ocean building. This unit has 2713 square feet, 4 bedrooms, 3.5 baths and a 2 car private garage.

A third floor direct Banana River southwest corner unit at the four year old Garden Bay in Cocoa Beach sold for $340,000. This unit has 2600 square feet with 3 bedrooms, 3.5 baths and a 2 car garage.

A 2nd floor direct ocean 2/2 at Sea Era Sands in Cape Canaveral closed for $247,500. 1409 square feet and garage.

Two units sold in the month at Solana Lake in Cape Canaveral. Both were 2/2 units and closed for $184,000 (third floor, 1698 sf) and $208,000 (fifth floor, 1828 sf).

A nice 2nd floor, 2/2 Spanish Trace direct river unit closed for $135,000. This complex is right across the road from the CB schools and a short walk to the Country Club. Carport instead of garages.

A fully furnished direct river, 2nd floor end unit at Cape Shores in Cape Canaveral sold for $126,000. Open parking, 2/2 with 1082 square feet.

A small but nice 2 bedroom, 1 bath unit at Twin Palms in Cocoa Beach 2 blocks from the beach sold for $67,000.

Among the distressed sales these were interesting;

Top floor (5th) Cape Winds southeast corner direct ocean 2/2 closed as a short sale for $250,000 eleven months after the contract was signed. Cape Winds is one of the very few complexes that allow weekly rentals.

A side view 2nd floor Michelina 3/3 closed as a short sale for $299,900. Four years old, 2411 square feet with garage. This one only took five months from contract to close.

A very nice top floor 2/2 with 1409 square feet and garage at Sea Era Sands in Cape Canaveral sold for $245,000. This short sale closed quickly with only two months from contract to close.

Another short sale closed at Diplomat of Cocoa Beach. This was a ground floor 2/1 with open parking that went for $74,900. Needed a little TLC. This one was three months from contract to close.

Two Mystic Vistas foreclosures closed for $194,000 and $150,000. Both units were 2000+ square feet. The lower priced sale was a never-sold unit taken back from the developer while the higher priced unit sold new in 2007 for $544,900. Ouch!

A foreclosed direct ocean, top floor 2/2 unit at the 33 year old Crossway in Cocoa Beach closed for $155,000. Open parking and 1250 square feet. It sold five years ago for $370,000. Another foreclosure with the same floor plan on the same floor in the building also sold in November for $190,000. It last sold in 2004 for $360,000.

Last of our distressed sales was a foreclosed five year old Majestic Bay townhome in Cape Canaveral. This big 2307 square foot, 3 bedroom, 3.5 bath unit has a 2 car garage and sold for $128,000. Sold new in 2005 for $308,900.

Condo and townhome inventory in all prices stands at 482 this morning with 77 of those offered as short sales. There are only 24 foreclosures in the mix. Much of the rest of the current inventory is overpriced which is why it's still there. The supply of distressed sales continues to shrink. Prices of non-distressed properties have continued to drift downward although at a slower pace. For established older complexes and single-family homes I don't foresee a whole lot more downward movement in average selling prices barring total economic collapse. There is a reservoir of pain yet to be realized in the higher price range especially in the newer buildings. As always, I could be wrong. Pray that I'm not.

“No matter how cynical you get, it’s impossible to keep up.” _______________Lily Tomlin

Random observations

Looking west on Minutemen Causeway yesterday.

I hope everyone had an enjoyable Thanksgiving holiday. Weather looks beautiful for the last day of the Space Coast Art Festival in downtown Cocoa Beach and I'll be rejoining the crowds here shortly. It's always a fun time. I crunched a few numbers this morning looking for trends from the almost-finished year. My findings mixed with some random anecdotal observations are below.

Trends in 2010 in Cocoa Beach and Cape Canaveral

• High-end newer condos saw prices drop significantly closing the gap with older luxury units. We saw sales at Ocean Club, Magnolia Bay, Michelina, Ocean Paradise, Garden Bay and other new luxury developments at numbers hundreds of thousands of dollars below previous asking prices. This pressure on prices will likely abate as supply diminishes but there is more pain yet to be felt at at couple of large, recently completed complexes starting with "M".
• While mortgage rates hit an all-time low, difficulty in getting a mortgage hit an all-time high, especially for condos.
• The number of condo sales was up for the 4th straight year.
• Inventory continued to drop. Now at pre-boom levels.
• Short sales and foreclosures made up more than a third of all sales. Of these distressed sales, the vast majority were clustered in the sub-$100,000 range. Only 7% of the distressed sales were for $300,000 or more.
• Of 127 pending sales, 80 (63%) are distressed.
• Of 586 currently active residential listings in Cocoa Beach and Cape Canaveral only 102 (17%) are short sales or foreclosures. This seems to suggest that once the 80 pending distressed sales close, we may be out of the woods for this cycle. We will, of course, see more distressed sales but likely not at the pace of the last couple of years. It appears the bulk of the weak hands have folded. As always, I could be wrong.
• Some buildings will continue to buck the trend because of limited supply, strength of owners, age and other factors. Because Mystic Vistas is imploding doesn't mean that Solana Shores owners are going to give away their units.
  

I welcome all comments, predictions and other observations. It is almost noon and downtown Cocoa Beach is wrapped up in Art Show visitors. I'm out there. Have a good one wherever you are.

The end of the world call, so far throughout history, has been the losing bet. _________Barry Ritholtz

repeat: Ten questions for prospective condo buyers

This is repeat of a post from last year that is still relevant. Some of you may have missed it then.

I've seen many a search for a beach condo grind to a halt or take an abrupt turn when a buyer encountered an issue that they hadn't considered earlier. One's mental image of the perfect beach getaway may be at odds with the reality. Below is a list of ten pertinent questions prospective buyers of beach condos should have asked and answered prior to beginning the search.

1. If planning to get a mortgage for the purchase, how much down payment will the lender require? Mortgage requirements for Florida condos are different than those for condos in other states and for houses. Expect to have to put down 25 to 30% in most cases for Florida condos. Your pristine credit does not matter.

2. What will my taxes be? Forget what the current owner is paying. It does not apply to the new owner except (sometimes) for the first partial year of ownership.

3. Will there be a problem with my English Mastiff? Probably. Most condos have rules limiting the number and weight of pets. Some don't allow any pets at all.

4. Do the condo fees cover all expenses? No. In most condos the monthly fees cover insurance and maintenance for the building, water and sewer, basic cable, lawn care, common area electric and other common expenses. Some condos also include hot water in the fees and some even cover AC units. At the other end of the scale, some do a special assessment every year when the insurance bill arrives and a few complexes with artificially low monthlies seem to assess every time the wind changes direction. Be suspicious of condos with too-good-to-be-true low monthly fees.

5. Will the insurance on a Florida condo be sky high? No. As the condo fees cover the insurance for the building, the unit owners have only to cover the interior and contents of their units. I pay less than $1000 per year for a small 2 bedroom beach rental condo.

6. If I don't like the layout will I be allowed to remodel my unit? Yes. In most cases, any interior alterations that do not affect the structural integrity of the building are allowed. Removing non-load-bearing walls and building new walls are common alterations. Exterior alterations in most cases are more tightly restricted. Replacing the tired wooden front door with a hip new stainless steel door will likely not be allowed.

7. Are ground floor units undesirable? Not according to the people living in them. If you don't plan to go to the beach often, you will prefer the view from an upper floor. If you're one of those people or families that will be on the beach a lot, you may want to consider the lack of barriers (stairs or elevators) between your unit and the beach. I've found that the people in the ground floor units are the ones who spend the most time on the beach. Bonus here is that the ground floor units usually sell at a decent discount to higher floor units.

8. Can the condo association bill me for repairs to the building without my consent? Yes. All owners in a complex share the expense of maintaining the common elements and the board has a duty to maintain those shared assets. When the time comes to repair the balconies or replace the roof, if sufficient reserves don't exist, each owner will be assessed their share of the total. Sometimes an association will get a loan to pay for a large expense and increase monthlies to cover the repayment of the loan. This is why it is vital to review the condo budget and to read minutes of recent meetings. A buyer should be aware of recent and/or upcoming repair projects. Some buildings have reserves to pay for future expenses and some have none. Lack of reserves may kill chances of a mortgage. If considering a unit in an older building, all other things being relatively equal, a building that has recently completed a large renovation project is more desirable than one staring at an upcoming project.

9. If the seller agrees to pay the assessment for the upcoming concrete restoration project should I be concerned about anything else? Yes. The assessment might not be enough to take care of unexpected issues that surface during the project. Even more important, are you prepared to deal with the noise and inconvenience of the project for an extended period? Major concrete projects in addition to being expensive, are unbearably noisy, balconies are out of use and often pools are covered for the duration. As stated in number 8, a building with recently finished project is preferable all other things being equal.

10. Will I be able to rent my unit out for some income when I'm not using it? Maybe. Some condos have no rental restrictions while others have up to a one year minimum rental period. If you are prohibited from renting for less than a year, you won't be using the unit at all if you choose to rent it. If you buy a unit in a building with a one month or longer minimum rental, you may have a hard time picking up a monthly or longer tenant outside of the January through April season. You can read my detailed post on rental restrictions and their implications here.

This is by no means a comprehensive list but it's a good start. Knowing about restrictions and issues may eliminate a lot of wasted effort in your search. If anyone has others I've not included, please add them in the comments below.

I know that things are getting tougher
When you can't get the top off from
the bottom of the barrel.
_____Green Day

October 2010 rundown

Somewhere in Cape Canaveral, November 3, 2010.

Welcome and best of luck to our new Cocoa Beach City Commissioner.

The month of October 2010 saw 45 condo and townhome sales in Cocoa Beach and Cape Canaveral as reported on the Cocoa Beach MLS. Only four of the sales exceeded $187,000 and 40% closed for less than $100,000. There was one lone sale above the half million dollar mark, a beautiful 4th floor southeast corner at the 5 year old Carlyle in south Cocoa Beach. This unit has 2713 square feet, 3 bedrooms, 3.5 baths, a 2 car garage and expansive views over the ocean and the three mile wide Banana River across the street. It closed for $590,000 having sold new in 2005 for $850,000. It was offered for $1.15 million in 2007 with no takers.

The 2nd highest priced sale was a 2502 square foot, 5th floor Diamond Bay of Cocoa Beach. This 3 bedroom, 2.5 bath unit has expansive Banana River views and a big 2 car garage. Sold for $310,000.

A 3rd floor C building Stonewood 3/2 with a side ocean view sold for $280,000.

A direct ocean Canaveral Towers 2nd floor 3/2 closed for $240,000. Fully furnished with two ocean balconies. This is a weekly rental building with excellent income opportunities for owners who choose to rent.

A 2nd floor direct ocean Sand Dunes 1/1 in Cape Canaveral closed for $187,000. It was fully furnished and came with a 1 car garage.

A direct river Bay Club of Cocoa Beach (across the street from the schools on Minutemen) sold for $175,000. This top floor (2nd) corner unit had 1570 square feet, 3 bedrooms, 2 baths and a boat slip. No garages at this small building.

Mystic Vistas in Cape Canaveral was active in October with four recorded sales as of this morning although there may be some others not accounted for yet. The sales so far recorded ranged from a jaw-dropping $130,000 to $187,000. All were 3/2 units between 1994 and 2010 square feet with garages.

Another Perlas del Mar unit closed as a short sale for $161,000. The train of foreclosures and short sales may be coming to an end in this unfortunately timed complex. Every sale in the last two years there has been either a short sale or a foreclosure. As of this morning there is only one unit actively for sale on the MLS. These big, luxurious units sold for as much as $345,000 new a few years ago.

A direct ocean, 2nd floor, 2/2 southeast corner at Windjammer in Cape Canaveral sold for $160,000, quite a deal even though the unit was in original condition. In fact it was such a compelling price for the buyer that another owner exercised their first right of refusal and bought the unit, pushing the original buyer out.

A 2nd floor direct ocean 1/1 at Royale Towers in Cocoa Beach sold for $150,000 fully furnished with garage.

Two more direct Banana River units sold at Pebble Cove of Cocoa Beach. Both were top (4th) floor 3/2 units with 1344 square feet and garage. One closed for $135,000 and the other, in slightly better condition, sold for $146,000. This same unit sold in March of this year at the same price, $146,000.

An Oak Park townhome in Cape Canaveral closed as a short sale for $128,000. Not bad for a four year old 1855 square foot, 4 bedroom, 2.5 bath with 2 car garage. Sold new in 2006 for $299,900.

Two Villages of Seaport 2 bedroom 2.5 bath townhomes sold in the month for $124,000 and $127,000. Both had open parking and were built in 1985. A 1/1 built in 2002 in the same complex sold for $88,000.

Another ground floor lakefront Harbor Isles of Cocoa Beach 2/2 with private garage sold for $120,000.

A Royale Towers C building 1/1 unit on the ground floor closed for $98,000. Had a garage and a tiny peek of the ocean. Sold for $175,000 just three years ago.

Two Banana Bay of Cocoa Beach 2/2 townhomes with open parking closed in the month setting new lows for the complex, one for $90,000 and a foreclosed unit for $68,250.

A four year old 2nd floor 2/2 in Portside Villas Cape Canaveral closed for $89,000. It last sold in 2006 for $195,000.

One of the non-waterfront Four Seasons 2/2 units with open parking sold for $82,500.

Another complex setting a new low was The Diplomat in Cocoa Beach. A ground floor, non-oceanfront 2/1 in need of extensive repairs went for $64,000.

Non-condo residential sales were quite brisk for the month with 14 sales of MLS-listed homes in the two cities. Prices ranged from $105,000 for a 5 year old 2/2 half-duplex with garage in Cape Canaveral to $960,000 for a super nice 4/3 single family on 75 feet of direct ocean beach just south of downtown Cocoa Beach. Cocoa Beach canalfront home sales ranged from $360,000 for a gorgeous remodeled 3/2 with 2373 square feet and pool on Barrello to $201,000 for a 1592 sf home in need of extensive work or possible tear-down on Trinidad.

Deal of the month had to be a 3/2 with 1440 square feet and pool on the canal on Barrello that went for $237,000.

Lowest price for a freestanding single family was a foreclosed, non-waterfront, fixer-upper in Snug Harbor on a .17 acre lot that closed for $123,000.

I've been imitated so well I've heard people copy my mistakes.______________Jimi Hendrix