Happy Holidays

It has been awhile since I have updated and I apologize. It has been a busy time for this time of year.

It is totally a different market today in that almost all the offers submitted by our agents involve short sales or foreclosures. When you get a well priced property that doesn’t involve a short sale process it is gravy. We do have a short sale team in our company so we are prepared for any development.

I am very glad to report that the 1 bedroom unit in Windward East did sell for $175,555. This unit was on the market for 212 days. I understand the seller’s situation changed since the time they purchased the unit so I am delighted they were able to find a buyer. I feel this was a win, win situation for both the buyer and seller.

Condo Boards

As I understand it we are losing our president of the board at Windward East. I know it is a thankless job and yes I complain as well. I think Tony Longo did a great job and he will be missed.

Jim Bagwell

Cocoa Beach art show

If you are in town be sure and check out the Cocoa Beach art show. It is always a great time with some incredible art. Unfortunately my wife usually makes me buy something.

There have been 2 new listings in our complexes the past week.

The Diplomat

There is a new front building listing on the market, 2 bedroom, 1 bedroom on the 2nd floor. Listed at $162,000, it appears to be a nice unit and priced about where it should be in today’s market.

Windward East

A 3rd floor side view is now on the market. 2 bedroom 2 bath with 1316 sq ft listed at $325,000, this unit has been updated and is priced at a good price for the market.

Hope you have a great weekend.

Jim Bagwell

Last night shuttle launch

We took this picture last night during an open house at the historical home we have listed on the Indian River in Titusville. It is amazing that during the early 1900’s people used to gather in the back yard to watch riverboats now they gather to watch the shuttle.

No new activity to report in our 3 complexes for the last week.

One of the problems that are facing condo associations in today’s market are short sales and foreclosures. Usually for a successful short sale to occur the owner has to be behind in their mortgage payments, this usually means they have also stopped paying their fees. It goes without saying that when a foreclosure occurs the owners are not paying their fees. I don’t see this problem in our complexes but it is especially prevalent in new complexes bought recently in the escalated market. Of course the south Florida market is overwhelmed with this problem. Locally you are seeing a lot of associations cutting back on services or raising monthly dues. Again I don’t see this happening in our associations.

By Florida law when a lender forecloses on a condominium the lender is responsible for paying the monthly fees. When a foreclosed unit is sold the lender is responsible for the immediate 6 months previous to closing of unpaid dues or 1% of the original mortgage amount whatever is less. Now in real life we are seeing the banks simply not paying so there will have to be an attorney involved.

Florida law also states that the previous owner and the new owner of a sold foreclosed unit are jointly and severally liable for all unpaid fees and liens are allowed to be placed on the unit if the past dues are not paid 30 days after closing. Now I think you would have to look at this in a business point of view. Does the association block the contract and still not have anyone paying the fees or do you go ahead and write off the loss and get someone in the unit who will pay the dues.

Hope this is not too complicated and we should be grateful where we own condos.

Jim Bagwell

Thank a Vet

Another beautiful Florida day, I must admit it is hard to complain about where we live.

Veteran’s day is upon us again. With the election and the economic downturn debacle we are currently enduring we sometimes lose touch with some very important issues. There are still American men and women dying on foreign soil and it is being largely overlooked unless you have a loved one in the conflicts that are underway. Most enlisted men and women have significant others who are in the same economy that we civilians are facing today, the big difference is with the pay scale enjoyed by enlisted personnel in today’s military they are more dependent on the 2nd income than most especially when children are involved. There is also the small item of facing hostile action everyday they are in harm’s way. So I just ask that we give thoughts to the sacrifices being made by all our military serving all Americans.

Interesting thing about the market.

There are a small number of oceanfront condos in The Diplomat. At this writing there are 5 units on the market. They are priced as follows:

1st floor, all have 900 sq ft with 2 bedrooms and 2 baths.
1. "motivated seller" Priced at $239,900.
2. Realtor owned, Priced at $259,900
3. On the market for 21 days and priced at $324,900

3rd floor
1. Same floor plan, better view obviously priced at $375,000

The big unit
2520 sq ft unit, 3 bedrooms,3 baths, priced at $699,900.

You have to make your own deductions about this info.

There is now a short sale in the Meridian, priced at $550,000, never lived in with all amenities and upgrades.

Jim Bagwell

Google Webmaster Tools - Verify a Site

Google Webmaster Tools - Verify a Site: "google87768230c395386e.html"

Good News from Real Estate Market, huh??

Finally some good news from the newspaper about the Real estate market. As reported in the Florida Today and the national news agencies, the home sales for September of this year in Brevard County totaled 444 homes compared to 313 in September of 2007. Even condo sales were 103 in September compared to 71 last September. Now of course the median price is much lower and a lot of investors are getting out of stocks and back to Real Estate. We hope this is a trend and not a blip on the radar.


Not much new in our 3 complexes this week.

The 1 bedroom in Windward East on the bottom floor had a price increase from $181,111 to $185,000. This unit has been on the market for about 6 months. I still think for the right price and aggressive property management this unit could be a good buy.

There is a new 2 bedroom 1 bath on the 1st floor in the oceanfront building of The Diplomat that is priced at $324,900.

Associations

I wanted to clarify from last week’s post about our associations. I don’t hear negative things stated about our 3 associations. I think we are very fortunate to live where we do. I know I am biased but I feel we have one of the best associations in Windward East on the beach.

Better days are coming!

Jim Bagwell

"I got sunshine on a cloudy day"

Thanks to the "Temps" from "My girl"

Yes I am back in the swing of things. It is amazing how many neighbors you get to talk to when you clean out your garage. So if you want to make friends then clean your garage.

Not much activity in our three complexes, the only real new one is the 2 bedroom 2 bath unit in Windrush is under contract. This unit was listed for $199,900 and we won’t know what it sold for until it closes. The unit was on the side ground floor with no view but has a 2 car garage. This was a good buy!

In The Diplomat there are now 5 units in the front buildings on the market priced from 149,900 to 169,000. The range of prices have definitely become more realistic to the market.

In Windward East there are still two 1 bedroom units on the market. One on the 7th floor listed at $260,000 and one on the 1st floor at $181,111. There is also a 2 bedroom unit on the 4th floor listed at $399,900 and one on the 2nd floor for $349,000. There is also the same townhome up front on the market but it is listed so over market value that I doubt they get any showings.

In Windrush there is the side unit that is renovated priced at $280,000.

Being a Realtor in the area for some time now, I naturally have dealt with a lot of associations. I think that our 3 complexes should be grateful for the associations we have in place. Recently DBPR recalled an association in Cocoa Beach. This is a rather rare occurrence. It seems the association fired the maintenance man because he let the fire marshall in to inspect. Naturally that is a bit taboo!

Usually if people are friendly and are not on some type of power trip then things work out for the best. I believe power is more addictive than cocaine.

Our complexes look great for low monthlies so we are very fortunate.

Jim Bagwell

Apology

I am sorry to those of you who follow this blog on the neighborhood. In addition to the financial crisis, we experienced the passing of my mother. She was a great lady and was one month short of her 88th.

There are 2 new listings in our complexes.

The first one is one of the front units in The Diplomat. It is a 2 bedroom 1 bath 750 sq ft and priced at $163,000. The lead picture of the listing is the oceanfront building in The Diplomat, you have to be very careful as a listing agent when you use this practice or you end up with a angry buyer when they actually see the property. I have always found that deception will always bite you in the butt.

The next is a 2 bedroom 2 bath in the Windrush. This unit has been remodeled and priced at $280,000. The lead picture for this listing is the actual view from the unit, kudos to the listing agent.

On another note, we have watched what has happened to the property value in Water's Edge in south Cocoa Beach. It is very similar to Windward East and Windrush, the big difference is the 1st floor is actually the 2nd floor because of underground parking. They never trim the sea grapes and now the 2nd floor has no view. A 2 bedroom 2 bath unit has been on the market for over 2 years priced at $229,000. Now the other floors have fallen dramatically because the comparative market analysis for the complex includes all floors. At Windward East we have a beautiful dune line with fantastic sea oats, the problem is you can't see the sea oats because of the sea grapes,cabbage palms and 6' high weeds. The view is one of the most important features in a ocean front complex.

Hope you all have widely diverse investments.

Jim Bagwell

A update at last!

The picture shown is of Edwards Bay in Cocoa Beach. I don't think it looks like Cocoa Beach. I have lived here all my life and still see new things.
Hope all is well with everyone. Sorry it has been so long between posts. We have been very busy and transactions take much longer to close.

There has been some positive activity in the market but after yesterday we have to see what kind of fallout we will see in the Real Estate market. With a normal downturn in the stock market we used to have an upturn in the Real Estate section. This however has not been a normal downturn especially concerning banks and investment corps. We have had several people who thought their money would be safer in Real Estate than other financial institutions.

In our three complexes the activity has still been steady.

New listings

The only new listing is a 2 bedrooms 1 bath in the front buildings. This is a 750 sq ft and is listed for $179,900.

Sold
Windward East unit on the 6th floor direct view with 1240 sq ft was listed at $374,000 sold for $315,000.

Windward East unit on the 4th floor with a side view and is the bigger 2 bedroom plan with 1450 sq ft was listed at $335,000 and sold for $335,000. This unit had been upgraded and showed very nice.

The Diplomat unit in the front buildings fully furnished 750 sq ft and 2 bedroom 1 bath listed at $168,000 and sold for $156,000. In all this unit was on the market for 1033 days.

Other significant sales

A unit in the Xanadu was a bank approved short sale for $358,000 , it sold for $342,000 since there was a $16,000 assessment that was paid by the buyer. The monthly at Xanadu is $500 and this complex doesn’t allow pets

A brand new unit in Crescent Palms on the river sold for the list price of $342,900. This was a foreclosure and never lived in unit. This same unit sold for $699,000 in 2005.

Have a good one.

Jim Bagwell

Condos

Hope everyone is enjoying their summer and our daily rains. I am enjoying the summer but the rain is not helping my golf game.

The only news from our complexes is that the side unit in Windward East is under contract. This unit is on the 4th floor with 2 bedrooms 2 baths and over 1400 sq ft. It has been updated and the agent did a good job on the pictures. Believe it or not there are still agents using cell phone pictures. "Pictures are worth 1000 words" this is very true in Real Estate.

If you read the Sunday morning Real estate section you may have noticed the Broker opinion section, this Broker is very convinced that the condo market is improving according to the MLS research. I sincerely hope she is correct but I have my doubts. The single family home market has seen prices drop to a point where it is at pre 2002 price range. There are also a ton of short sales and foreclosures in that market. When you follow the condo market you will see that a definite increase in activity has occurred this year. The problem with the theory is when you use MLS to see inventory in the condo market is there are a lot of new condos that are not listed and a lot of builders are shopping blocks of these condos to investors. The inventory figure if using MLS is usually incorrect. There are still quite a few complexes that probably contain over 100 units that have not hit the market.

Pricing

The fact is when you are showing condos as we do daily you will notice that prices in general have not fallen as quickly as the single family market. A lot of buyers will turn to canal homes which can now be purchased at the same or below the price of a 2 bedroom condo.

We will all get through this downturn and looking forward to the turn around.

You may email me if you want to know more about the latest housing bill. walkerbagwell@aol.com

Jim Bagwell

4th of July

I hope everyone had a glorious 4th of July weekend. I am in the office today showing some properties but I will never complain about any opportunities.

Not much has happened the past week in our complexes.

We now have 2 of the big unit’s direct ocean in The Diplomat on the market. These are owned by the same person. They are also listed by the same agent. One started at $799,900 and is now at $699,900 after 9 day’s on the market. The other one started at $749,900 and is now at $649,900. When you follow the market rather than lead the market it makes for a weaker position as a seller. The units in the price range of these units are very new, very large and contain all the amenities. We wish them well!

There is a new townhome on the market in Windward east, priced at $245,000 the other townhome is priced at $249,000 and has been on the market for 271 days. Buyers today are much more knowledgeable than ever before and they will look at comps. Agents have to be even more knowledgeable and look at comps before they list. Time wasted is something you will never get back.

In the words of John Lennon “Lets give peace a chance” on this significant occasion.

Jim Bagwell

Update

Can you believe we are half way through 2008? The older I get the faster this life goes by. I thought I would catch you up on the market trends for our 3 complexes. It doesn’t always have to be bad news.

So far in 2008 there have been 13 units sold in the 3 complexes. 5 in The Diplomat, 5 in Windrush and 3 in Windward East. In the same period of 2007 there were 4 sold in the 3 complexes. 3 in The Diplomat and 1 in Windrush.

Now the main difference is of course the price but any movement is good to bring prices back to stabilization. I believe we have a ways to go for stabilization because I feel the lenders are still hiding foreclosures by not foreclosing. I believe we will see the foreclosure rate increase for the rest of the year. Keep in mind that lenders try to hold their bad debts to around 3% in order to attract investment money.

The 3 front buildings sold in The Diplomat sold for an average price of $159,300. The Windrush with over 1800 sq ft sold for $475,000. This is what happened in 2007.

So far in 2008 there have been 4 units sold in the front of The Diplomat at an average sold price of $131,750. This would be a decrease of 17% of sold price. This figure is typical of the market. The 3 units in the Windrush tower sold at an average price of $312,500 this compares to the unit in 2007 sold for $475,000. This would be a decrease of 34% but the unit sold in 2007 had about 300 more sq ft which would equate to the difference in price.

Bottom line is you can’t take too much stock in the talking heads or the media in general. You have to get specific data when comparing markets.

Peace to all!

Jim

Summertime Blues!

There has not been a lot of activity this past week in our complexes.

I do believe in Windward East we have the hardest working maintenance man you could ever find and the place looks great.

What is going on in Cocoa Beach?

Prices are still falling rather rapidly, I even saw a canal pool home reduced to $325,000. If you don’t need to sell a single family waterfront home then my advice would be to hang onto for awhile. However if you really need to sell then find a agent who will show you what the competition in a comparable market, the worst thing that can happen in this market is to price yourself out of market. You really need to be in the lowest 3 priced properties that are comparable to yours. If you price too high to start with then you will miss showings and that will be the downfall of selling your property. The last thing you need is an agent who will tell you what you want to hear and waste your time with unrealistic expectations.

Update

Windward East

There is a new side tower unit 2 bedrooms 2 baths1450 sq ft priced at $335,000 on the 4th floor.

The potential flip on the 1st floor has been reduced to $185,000. That price is just about break even. Be very careful when you are considering a flip in today’s market. Whoever looks at this unit will look at when it sold and at what price it sold at previously. Please get good advice!

The Diplomat

The oceanfront unit with 2520 sq ft has been reduced to $649,000. This is still a hard sell but I wish them well.

Windrush

The 2nd floor unit with sand dollar floor plan that was listed at $354,000 closed for $310,000. This is typical of what is happening in today’s market.

If you are listing in the market today, list it at a little above what you will take. If you list at $60,000 or even a $100,000 above what is the realistic price then you just shot yourself in the foot or the head.

Peace to all

Still Crazy!

Greetings Neighbors

Some of the prices we are seeing is getting rather crazy!

There is now a 3 bedroom 2 bath condo on the 4th floor in south Cocoa Beach. Kitchen updated and looks very nice. Priced at $250,000, we are not sure what this will do to the appraisals once this unit closes.

Windrush

The side unit in the tower has been reduced to $199,900 from $220,000. 1st floor, no ocean view,1517 sq ft and a 2 car garage. Nice price!

The 2nd floor unit with sand dollar floor plan is scheduled to close next week. I will let you know what it closes for.

Windward East

The 1st floor unit that is being flipped is still active and still priced at $190,000. Time is getting short for the profit.

The 4th floor unit is still priced at $459,000. This is a tough sell since you can buy a brand new unit with 2000+ sg ft, direct ocean priced at $499,000. I wish them well and hope it sells for full asking price.

The diplomat

Nothing new has occurred and the 2 oceanfront units haven't had price changes.

Activity is still occurring and buyers are still trying to get good deals. The good deals are what is closing. If you are overpriced right now, you may have to ride it out for awhile.

Jim Bagwell

Guess whos coming for dinner?

Have you ever had one of those friends or relatives that always knew what time dinner was served and just happened to drop by. This crane is such a friend, our neighbor feeds him so he drops by at the same time everyday.

OK so lets review!

We have had 2 more units go under contract in our 3 complexes.

Another front building unit at The Diplomat 2/1 750 sq ft. List price is $155,000.

A 2nd floor direct ocean, sand dollar plan, 2/2 1444 sq ft. List price is $354,000.

So far in 2008 there have been 12 closed units in our 3 complexes.
The Diplomat 4 front buildings average sold price $131,750 1 oceanfront $170,000
Windrush 1 front unit $137,500 3 tower units average sold $312,500
Windward East 1 town home $184,000 2 1 bedroom in the tower average $177,500

In the same period in 2005 there were 7 units sold.
The Diplomat 2 front units average sold price $186,000
Windrush 4 units in the tower average sold price $302,000
Winward East 1 town home $235,000

Our 3 complexes are still very desirable especially at today's prices.

Hang in there neighbors.

Jim & Ada

Hello to all you great people

We have not had much activity during the last week in our 3 complexes.

There is what appears to be a much updated unit now listed on the 4th floor of Windward East. This is a 2 bedroom 2 bath unit with 1394 sq ft of living. It looks very appealing. Priced at $459,000.

Now as you can imagine I have a vested interest in Windward East since it is my home. You could go to The Constellation in South Cocoa Beach, a unit there is over 2400 sq ft, designed by Clay Stephens (renowned local designer), underground parking, and priced at $489,000. Hmmmm!


If you are buying or selling you have to do the research. Good buys are there, you just have to find them.

49 properties have sold in April with another 39 under contract in the Cocoa Beach, Cape Canaveral area. Could it be the bottom, maybe but I couldn’t call it.

Hope you all have a great Sunday.

Jim Bagwell

Flip ???

I am sure you have all seen the new listing in Windward East. If you have been reading you will remember that one property that I recommended as a good buy was the 1 bedroom unit on the 1st floor that was listed at $179,900, I said if you really tried to keep it rented you would almost be in a positive cash flow situation. The unit closed for $155,000 which was a great deal for the buyer.

Well it looks as though the 1st flip in our 3 complexes is trying to be accomplished in a very long time. This unit is back on the market at $190,000. The old rule for turning Real Estate was that it has to be closed for a minimum of $10,000 return to the investor. This is close but it could be done. In a slow market the fly in the punch bowl is the carrying cost. Even if you paid cash you are still paying condo fees and taxes each month until closing. So you can see that it is imperative that you close quickly. The problem is that in the market today even though we see some improvements there are very few quick closings. I wish them the best of luck and it would great to see a flip.

Other possibilities

The front buildings in the Diplomat have had closings at prices that could also come close to being cash flow positive. There have been 4 closings this year in the front buildings. The average list price was $161,100 the average closed price was $131,750. The last one was listed at $175,000 and closed at $112,000. Now at this price if you crunch the numbers and wait for the rebound, an investor will look at these units. When I see the shuffleboard tournaments it sure looks like people enjoy staying there.

Optimism

I have cautious optimism about the remainder of the year. There have been more sales this year than the same period last year although the sales prices are down for the same period.

We have a long row to hoe but we are getting there!

Jim Bagwell

Any news that is news!

Hope all is well in our little beach world!

Has anyone else encountered the crazy crane that visits our backyard at Windward East? This beautiful bird comes in for a landing in the grassy area and walks around giving the eye to anyone who happens to be outside. Now I am not a timid person but when he walks right up to you and looks you in the eye at least I think he is looking you in the eye since his eyes are on the side it totally freaks me out so I usually run inside like a little girl.

New activity

Two new listings in the Diplomat. Direct ocean 2/2 900 sq ft priced at $375,000 this is on the top floor so it may get offers but the competition is fierce. Front building 2/1 750 sq ft priced at $162,000 on the 2nd floor. The front buldings are priced all over the place.

Reduced price

there is a home on Esther that is now priced at $599,900. This home sold in 2005 for $400,000, it was then taken down and rebuilt. It is now a beautiful 2 story home with 3250 sq ft 5 bedrooms 3 1/2 baths with dock and all the bells and whistles. The downside is the street is year's away from catching up to this home. If however one wanted this for their home and not instant gratification then you could enjoy this beautiful waterfornt home and wait for the equilty to build.

Hang in there and don't take any wooden nickels.

Jim Bagwell

Update

I hope everyone is doing well on this cloudy Sunday in Beautiful Cocoa Beach.

Even when the sun is not shining we are in one of the greatest places around. Just to give you an update on what is happening with our complexes. We do have some new listings and as usual they vary greatly in price. Everyone is still trying to find the magic price.

The Diplomat

There are 2 new listings in the front buildings.
Both are 2 bedrooms 1 bath with about 750 sq ft. One is priced at $175,000 and the other is priced at $153,000. There is also one of the big units direct ocean units listed at $699,000. This will be a very difficult sale for obvious reasons. We are still in a definitely buyer's market. There are brand new units with more sq footage priced well below this price. There is also an auction coming up on May 17 to sell 10 units in Mystic vistas in Cape Canaveral, this will be an absolute auction with no minimum bid and no reserve. The choices are out there so to sell a high end unit in an older complex is very difficult.

Windrush

One new listing is a 2 bedroom 2 bath with over 1500 sq ft and a 2 car garage. This unit is a side unit with no view but priced at $220,000 it will get some looks.
Top floor sold for $325,500 listed at $375,000. I think this was a great buy with the views.

Windward East

No Activity.

Overall Market

Sales are increasing county wide but have decreased a little in Cocoa Beach/Cape Canaveral.

There has been a definite decrease in the number of RE agents and companies. The correction should have been anticipated but the severity was not anticipated. We will be here if you need us.

Jim & Ada Bagwell

We don't need no stinking snow!

Last week in March

Not much to report in our three complexes for the week. Only 2 listings expired in Windward East.

To let you better understand what is happening in the market and why the closed prices that we are now seeing I will share the following:

Last week there were 6 properties closed in Cocoa Beach/Cape Canaveral. None of these were single family homes. Of the 6 condos that closed 1 was a short sale in a weekly rental complex and 1 was a bank owned penthouse in south Cocoa Beach, 3402 sq ft, Multi-floored unit that closed for $630,000. There is a unit in this bldg with 1000 sq ft less that is listed over $100,000 more than this sold price.

There are at the present time 7 properties on the market in Cocoa Beach/Cape Canaveral that are short sales. In addition there are 14 foreclosed properties in this area on the market. As we all know these properties will hurt the property value of their perspective complexes or subdivisions when they do close. Even though the appraisers should give weight to the fact that it was a distressed sale, the down market will show up on the appraisal.

I do like 2 listings that showed up that are not short sales or bank owned.

#1 is a top floor never lived in unit on the river with 2600 sq ft 3 bedroom, 3 bath, 2 car garage, all the amenities. Priced at $495,000 which is well below what the developer is still selling his units.

#2 is a Constellation in south Cocoa Beach 4th floor, great views, 2484 sq ft, 3 bedrooms, 2 baths. I have always liked this bldg and it is priced at $499,900.

Hit them straight and we hope the info helps!

Jim & Ada

Woody

This guy came to see me the other week at our open house. We have been having good turn outs to open houses which is always better than the alternative. The buyers are rather indecisive but like the area and will buy in the near future.

Our complexes had a little activity since our last post, we are probably the most active of all complexes except for the weekly rental complexes.

Windward East townhome in the front closed for $184,000. The 1 bedroom on the 1st floor closed for $155,000. This was an amazing deal since I remember when they would close above $300,000.

I showed a foreclosure in South Cocoa Beach the other day. It has over 2700 sq ft with 4 bedrooms, 3 baths, 2 car garage and amazing views from the 4th floor. There is one identical to this one on the 5th floor priced $130,000 more than the 4th.

Stay real!

Jim Bagwell

Weekly and Monthly Rentals

Hello to all

Sorry I have been tardy with this update, I have actually been busy.

The update for our three complexes are as follows:
new listings
Windward East unit 604, listed at $375,000. a 2 bedroom 2 bath with great views 1240 sq ft.

Under contract
Windward East townhome, due to close next week.
Windward East unit 102, due to close this week.
Windrush, unit 704, top floor, under contract, listed at $375,000.

I was amazed at my own research!

In 2007 between Jan 1 and Mar 12. There were exactly 0 units closed in our 3 complexes according to our MLS system. In the same period in 2008 there have been 8 closed and 3 are under contract.

We have talked before about investors seeking weekly and monthly condos. I think this is very clearly the hot market at the moment. Count your small blessings!

Seminar

If anyone is interested we are having our 4th and final seminar for the public. This week's topic will be the Mortgage Relief Act and all questions about mortgages. This is always free and refreshments are served so come enjoy yourselves, it is always informal and it is at the Country Beach Country Club 5:30 to 7:00 in the evening.

Picture

The lead off picture is a listing we have at 981 Bali Rd. 5 bedrooms, 3 baths, pool and over 125' of waterfront. Priced at $599,000, the owner is taking a loss.

All is good in Cocoa Beach!

Jim Bagwell

Insurance

Walker Bagwell Properties Seminar

In order to serve the community my wife puts together each year a 4 part series in a information workshop. This takes place at the Cocoa Beach Country Club. This started last Thursday evening with the 1st part which was Downsizing & cleaning clutter. This has always been very popular and we had a good turnout last week.

Tonight 2/28 530pm - 730pm
Tonights subject is Slash Homeowner's insurance & Hurricane Harden your Home. The speakers are Carl Coddington of Prudential Insurance and Mike McGahey of Aero Aluminum. light refreshments are served.
3/6 530p - 730p Yard makeovers & home improvement on a budget
3/13 530p - 730p Mortgage relief act

Stop by if you are interested in these subjects.

Market Update

Since our last update this has happened in our 3 complexes:

The deal of the week that we shared last week in Windward East 1st floor is now under contract.

Windrush #611, listed at $299,900 sold for $300,000.

The diplomat oceanfront 1st floor listed at $194,900 sold for $170,000.

Hope to see you soon and that the information is staying relevant.

Jim Bagwell

What's up?

The market has not been real active for our 3 complexes in the last week but overall I feel it is picking up a bit. We have had a real good start to 2008 and we only hope it continues to escalate. There has been a lot of talk recently by many so called experts that we have seen the worst of the market but I am not ready to commit to that theory. There are still many foreclosures and short sales hitting the market so hang in there for awhile longer.

Expert

Hopefully I am an expert after all these years in the business but consider this, We bought our condo at the height of the market, remodeled from top to bottom. Fortunately we love where we live so we are content with our decision. All I am saying is no one really knows the top of the market or the bottom of the market. Take all of the advice for what it is and if there is a motive behind the advice. If I could live with it I could advise everyone that we have reached the bottom so it is time to invest. I couldn't do that so you have to look at each listing and where they are at in the pricing of the property.

Buy of the week!

I really feel that the 1st floor unit in Windward East is a good investment.
Although it is a 1 bedroom unit with 902 sq ft, it has been reduced to $179,900. If you market heavily for the monthly rental market, this unit could almost pay for itself while the market goes through the correction.

Enjoy the weekend and hit them straight and long!

Jim

Feb 17th update

Not much to report for the past week for our complex's. The unit at The Diplomat in
the front building area that was under contract and listed for $180,000 closed for a price of $160,000, this unit was nicely updated and showed really well. The sold price is really good for today's market.

I was very impressed with the speed of clean up from the tornado damage, it seemed the main obstacle was getting the TV crews out of the way. Slow week for news?

The 5 amigos

I posted a picture of the plants that grow on the dunes behind Windward East. I am told these are century plants and bloom once every century. I don't know if this is true or not but I am keeping an eye on them. You can almost see them grow, then they die and fall over. I guess it don't take much to entertain me!

Deal in Cocoa Beach!

I posted a foreclosure over on St Croix that received 5 offers the 1st day on the market. There is now one on Banana one street over from St Croix that has been reduced $100,000. It is now at $699,900 over 3500 sq ft, 5 bedrooms, 3 baths, new A/C's, covered boat house, killer pool, great neighborhood, etc. With the upgrades needed on the foreclosure, this is probably the better buy.

Hope everyone stays well and have fun!

Jim & Ada Bagwell

Windward East,The Diplomat,Windrush

Ada and I have decided to share the market conditions with our neighbors through this blog. We will try our best to keep the information relevant for your edification. The more you know about the market hopefully any real estate decisions you make will be less stressful for you. We will try to update this site at least monthly but hopefully more often.

Excitement!!

Well we certainly had some excitement Tuesday afternoon when the small tornado came through. As we understand it there was no personal injuries which we are grateful to hear that news. When I went over it seemed that Windrush caught the worst of it since that is where The Diplomat roof landed. It appears The Diplomat has a false roof and there was no interior damage to the units.

Market Conditions

Windward East
Active
Town homes
199,000 2 bedrooms 2 1/2 baths 1450 sq ft
249,000 2 bedrooms 2 1/2 baths 1450 sq ft

Active
Condos
194,900 1 bedroom 1 bath 902 sq ft 1st floor
260,000 1 bedroom 1 bath 902 sq ft 7th floor
379,000 2 bedroom 2 bath 1394 sq ft 2nd floor
490,000 3 bedroom 2 bath 1897 sq ft 4th floor

Under Contract
229,900 1 bedroom 1 bath 902 sq ft 3rd floor

Sold
L 282,000 S 262,000 2 bedroom 2 bath 1316 sq ft 3rd floor

Windrush
Active
289,900 2 bedroom 2 baths 1336 sq ft 2nd floor
369,000 2 bedroom 2 baths 1444 sq ft 2nd floor
375,000 2 bedroom 2 baths 1271 sq ft 7th floor
439,900 3 bedroom 2 baths 1475 sq ft 7th floor

Under contract
399,900 3 bedroom 2 baths 1495 sq ft 1st floor
299,900 2 bedroom 2 baths 1517 sq ft 6th floor

Sold
L 149,900 S 137,500 1240 sq ft front building

The Diplomat
Active
There are currently 4 front bldg units on the market These are all 2 bedrooms 1 bath with 750 sq ft.

There is one ocean front unit on the market 900 sq ft 2 bedrooms 2 baths 1st floor priced at 324,900.

Under contract
194,900 900 sq ft 2 bedrooms 2 baths 1st floor ocean front.
180,000 750 sq ft 2 bedrooms 1 bath front bldg

All sales are from the MLS in the last 6 months.