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