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