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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