"Mr Taxman"

If you own a condo which you use as a rental property, make sure you are getting credit for all your deductions including condo fees, consult your accountant.

I hope everyone is ready for the holidays.




We are still slow in our 3 complexes, one new unit in Windrush, side unit 2/2 on the 2nd floor list price $259,500. The unit in Windward East on the 4th floor has been reduced from $425,000 to $399,500, this is also 2/2 but direct ocean.



The unit in Windrush is one of those MLS entry only listings; this is where the seller pays an upfront fee to have the listing in MLS. They are not represented by a listing agent and should have signed a no representation disclosure.



There have been 7 sales of condos in the beach area since out last post.



If you look carefully at the market results, it makes perfect sense even though we tend to overanalyze.



A unit in Golden Gate in Cape Canaveral closed at $27,400. This is a 1/1 with 480 sq ft; these units are renting for around $500-600 per month. You could keep positive cash flow and hope for a return of the market.



A unit in The Seaport closed for $95,000, these were selling in the $200,000’s a short time ago. It is a very popular rental place for people who are here on a short time basis. Cash flow is not there as they are renting now for around $1000-1200 per month. This is a gamble on the market.



A unit in The Meridian closed for $758,000. This was a developer model and showed great. It has 2440 sq ft with 3 bedrooms 3 baths. The Meridian has the best pool, clubhouse and exercise room on the beach. This unit was on the market for a long time at $994,000.



You always have to look at the individual for the reason and reaction.



Have a great holiday!



Jim Bagwell

You can't spell Charlotte without BOA!

The picture is the Omni hotel where Ada and I stayed in Charlotte NC. It is in the Bank Of America square, the building in the reflection is Bank of America corporate center with walk overs connecting a city block.

Not a lot new going on in our complexes during the past week.




One of the Diplomat oceanfront units is under contract. This is one that was priced at $220,000 reduced from $375,000. It went under contract 12/05/2009, I think this was a good buy.



On another note, not many of you are probably aware of Harbor Isles on the river around S. 6th street. The complex sits on 25 acres with a river boardwalk that is 3 blocks long, 3 pools, 2 are heated, tennis courts, clubhouse, exercise room and boat/RV storage. During the past 2 years there have been 16 units sold and I am happy to say we have participated in 11 of these.



If you have a friend or relative who is thinking about joining us in Cocoa Beach, we have just listed a ground floor 3 bedroom 2 bath unit on the lake. You would have to gut it and start over but priced at $155,900 it should be doable. One of the best features is the unit has 2 deeded 1 car private garages.

Good Holidays

Jim Bagwell

Hard Hearted Hannah's

If you have never spent any time in Savannah, I would highly recommend a weekend there. It is a great place to spend St. Patrick’s day. The picture is of the Chart House Restaurant. As you can see they go to great lengths to preserve all their buildings. The only time new construction happens is when a building burns or other disasters. Ada and I used to love to spend the weekend there and visit Hard Hearted Hannah’s which was a Blues and Jazz club and wouldn’t you know it, it burned and is now a hotel. Anyway that is my commercial for Savannah.




As you can imagine being a condo owner I get tired of reporting that Windrush sold for $265,000 and Windward East for $250,000 so a little positive news. A unit in Windward East direct ocean 2nd floor, 2 bedrooms 2 baths was listed for 134 days for $328,000 sold for $304,500. That doesn’t sound like much but it is a positive. We have all showed this unit and it is a rather nice unit.



Hang in there and if anyone wants to go to party Friday it is at our office starting at 5pm until. We are located at 100 N. Orlando av. Across from Quiet Flight surf shop.



Thanks



Jim Bagwell