"Hot August Nights"

Neil Diamond & Florida
Picture is of the canal on one of our MI listings

It has been an eventful August so far in the Real Estate Market especially the condo market.
In the business we have all been moaning about the large condo inventory for the last 2 years. We get a lot of calls looking for large 3/2 direct ocean condos and at the present time the inventory of this type of condo is extremely limited. There is the Windrush on the 3rd floor 3/2 with new hurricane sliders priced at $329,000; I am surprised it is still available.

So far in August the following condos of interest have closed:

Palmas De Majorca, 3/2 2150 sq ft originally listed at $609,000, on the market for 2 years, closed for $400,000.

The Meridian, built in 2007, 3/2 2180 sq ft on the 3rd floor, on the market 1 year, original price $789,900, closed at $575,000.

Crescent Beach Club, 3/2 2278 sq ft on the 5th floor, on the market for 48 days listed at $499,900, closed for $425,000.

Constellation, 3/2 2419 sq ft on the 5th floor, on the market for 5 days, multiple offers, listed at $425,000 closed for $395,000.

Perlas Del Mar, this is a townhome built in 2006, the pre-construction prices of these townhomes were $299,900 with some flips in the mid 300’s. The townhome has 2350 sq ft, 2 car garage, built in vacum and upgrades everywhere. This one was a foreclosure that was listed at $175,725 and closed for $165,000, on the market for 10 days.

If you have an ocean front condo on the market, I believe the market will coming to you just be aggressive.

Thanks for your time.

Jim Bagwell

"Summer time and the living is easy"

This picture was taken behind one of our listings at Harbor Isles down on S. Brevard av. The boardwalk is about 1300’ long and manatees are always under the boardwalk. The boat is off ramp road park where a lot of people kayak.

If you are out and about please check out one of our Windward East neighbor’s art display at the Cocoa Beach library. The artist is Jeanne Weaver and the oil paintings are fantastic and some of them were done right out back of Windward East.

Not much new going on in our complexes market, there is a new 2 bedroom 2 bath unit in the front building of Windrush. This unit is a 2nd floor unit with 1240 sq ft and is fully furnished. The rental term at Windrush is 1 month like Windward East; this unit is priced at $135,000 so it is now in competition with The Diplomat.

The market has definitely changed this year and the inventory of ocean front condos has diminished significantly. If the unit is priced at market value then this is a great time to sell. One of agents has a cash buyer and can’t find any condo in the price range.

I think I confused some of you with my comments about the buyer backing out on one contract and buying in Windward East. The original contract was in a complex up on Ridgewood Av., this complex is operating with a loan with no reserves. Our Windward East association is in good shape as far as I know. We do have a short sale listing in a complex that also has no reserve’s this makes it very difficult since you have to find a cash buyer because not many lenders will finance a unit in a complex with no reserves.

Have a good week!

Jim Bagwell