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