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