"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