"And so this is Christmas, I hope you have fun"

"The near and the dear ones, the old and the young"
late great John lennon

I feel rather sad that the shuttle is coming to an end and even Bernards Surf has closed.  I can remember in elementary school, they used to let us out to see the missle launchs.  It was always exciting since there were a lot of failures.  Thank God at that time they were unmaned, not even a monkey.

It naturally has been a slow week in our complexes; the biggest happening is the foreclosure in Windward East located on the 7th floor with good side views. The unit has 2 bedrooms 2 baths and a 1 car garage. Now priced at $199,900!


For most of you who have been in the Real Estate business for a while remember that it used to be imperative to act quickly to get that ocean front condo. It has now became the norm to wait for the price reduction to make an offer and then think it is someone else who is at fault because they didn’t get the property because of multiple offers. The latest thing we are seeing in the business is for the buyer to make an offer on a foreclosed property and get their offer accepted by the lender. The buyer then will assume they could have got the property at a lower price. They then will withdraw the offer and wait for it to come back on the market. What is not understood is that the property will come back on the market but at a higher price because of the activity.



We also still have the ridiculous law in place that lenders and sellers have to use the appraiser on the list regardless of where they are located, we still have appraisers from Orlando and Tampa appraising Brevard County property. We have had appraisers using river front condos to comp ocean front condos, river front homes to comp canal front homes. We even have an appraiser comp a south Merritt Island home to a West Melbourne home. This accounts for the price reductions you will see on foreclosed properties.



The moral of the story is if you want to buy a property then ask your agent to give you comps on the property of interest and give you an opinion on what the property’s market value is in today’s market. We always write a cover letter with offers with the comps and ask the listing agent to submit this info to the seller. This usually will carry some weight in acquiring the property.



We hope you have a Happy Holiday season!



Jim Bagwell

"Say it loud, say it clear"

"You can listen as well as you hear"
"Its too late when we die"
"To admit we didn't see eye to eye"
Mike & The Mechanics 

This is one of my favorite pools.  It is at Crescent Palms in South Cocoa Beach on the Banana river.

Nothing new in our complexes since last post, I am surprised that the foreclosure in Windward East is still available.  I believe you have to consider that similar units in Windrush are priced the same or lower than the foreclosure.  Windward and Windrush are similar complexes by the same builder and still are well kept complexes.  Windward will go to $330 next year in monthly dues and Windrush is at $390 and I haven't heard of a increase at Windrush.  These are still some of the best values in monthlies as far as dues.  Consider that Stonewood is up to $400 and Royale Towers is up to $405.  Ada and I have lived in both and enjoyed living there.

I am sorry to say that it is becoming increasingly difficult to sell a 1st floor unit since our unit is on the 1st floor, it has to be a very nice unit indeed to break $300,000.

One of the more interesting sales in the last part of 2010 was a unit in Michelina.  It was on the market for about 2 years and finally went the short sale route.  listed as a short sale for $299,900 and sold for $299,900, the unit has 3 bedrooms 3 baths with 2411 sq ft and built in 2006.  The view is nothing special.  This unit was purchased in 2006 pre-construction for $468,000. 

NOTE FOR OWNERS
New rules for IRS in 2011, if you collect more than $600 in rent on a property in a year and if you pay a vendor (electrician, carpenter, contractor, etc.) more than $600 then it is the owners' responsibilty to issue a 1099 to the vendor.  Don't shoot the messenger!

Lets hope tis the season to sell some Real Estate!

Jim Bagwell

You're as cold as ice

You're willing to sacrifice our love    Foreigner

Somehow the picture doesn't fit the temperature but we are blessed in Cocoa Beach.

Not a lot of changes going on in our complexes.  Windward East has the most changes.

The short sale closed for $265,000.  Direct ocean,sandollar plan, listed at $279,000 and closed at $265,000.

The foreclosure on the top floor with side views is now on the 3rd realtor,  I don't know what is going on with the lender.  Listed at $224,900, this is a good buy!

There is a unit in Windrush with side views listed at $219,900, this is a good buy as well.

Stay warm!

Jim Bagwell

"I don't need satin to sleep"

Cheryl Crow

Sunset at Harbor Isles

Luxury Market

We have a client who owns a Real Estate franchise in Boston.  They bought a million plus home on the Indian River about 5 years ago.  In Boston they deal exclusively with high end properties, they made the observation that the high end market was more or less impervious to the market trends.
For those of you who saw the paper today, there are 10 high end short sales in Brevard.  There are actually 11 priced from $900,000 to $1,900,000.  All of these are on the ocean or the river,  there is one in Satellite Beach priced at $1,750,000 on the ocean with 9800 sq ft and about 1.25 acre.  No guarantees on getting the banks to accept the offer but they are responding more quickly and sometimes countering.

News in our complexes

Windrush
There are 2 new listings with side views.  Both are 2 bedrooms 2 baths, 1 on the 5th floor priced at $265,000 and 1 on the 3 floor priced at $219,900.  As you can see the foreclosure in Windward East has affected the comparable pricing.

Windward East
The short sale direct ocean, 1394 sq ft on the 4th floor is under contract.  The HUD appraisers are now using short sales and foreclosures in preparing their appraisals.

The Diplomat
The short sale in the front bulding priced at $80,000 closed at $74,900.  Another new comp!

Get to the art show this afternoon, it brings out the unique!

Jim Bagwell

 

"Well I hope Neil Young will remember"

"a southern man don't need him around anyhow"
Lynrd Skynard,  I saw these guys in the Tiger Den under the Cocoa water tower in the dark ages

This is the way to watch the air show

Not a lot has changed in our complexes over the week. This is where we stand at the present time.

2100 Towers

There are 6 active listings priced from $175,000 up to $395,900

There are 2 under contract. 1 is a foreclosure priced at $169,900 and 1 is a flip priced at $257,900.

The Diplomat

There are 2 active listings both in the front buildings priced from $110,000 to $135,000. This is the lowest number of listings all year.

There is still the short sale under contract listed at $80,000.


Windrush

There are 5 active listings priced from $119,000 in the front to $485,000 on the ocean OMG.

One of the listings is a short sale side view back on the market $209,900.


Windward East


There are 5 active listings priced from $199,000 to $350,000. The side view top floor is reduced to $224,900, foreclosure.

The short sale townhome is still under contract, list price $150,000.


News


We are seeing lenders sell off blocks of new condos to investors who in turn put them on the market. Mystic Vistas which is in Cape Canaveral behind the villages of seaport with ocean view is one of these. There have been 9 of these sold this year priced from $130,000 to $225,000 price varies with view. These units were built in 2005 and square footage goes from 1686 to 2010.



A different situation in the foreclosure

An Ocean Oasis foreclosure with 3293 sq ft, 4 bedrooms 3 ½ baths sold for $535,000. This condo even has one of them bidets.



Have a good one



Jim Bagwell

"You don't need a weatherman to tell which way the wind blows"

Bob Dylan

I believe the wind didn't help the Geico skytypers this weekend.  It is interest ing to note that these planes are SNJ's, a WWII trainer.  There are only 11 left and Geico has 6 of these in their show.  Almost all the pilots are commercial airline pilots who do what they love in their spare time.  I know there are a lot of dogs in theraphy this week and the ferrel cats may be gone forever but this is what Cocoa Beach needs in our present economic envirionment.  With our job losses and more to come we have to promote Cocoa Beach, I know we don't like the traffic, parking and other issues but we have to do what we have to do to keep our paradise.  Please remember that special interest starts in local elections so get out and vote on 11/2.  Lets keep an equal footing for all business's in obtaining permits and keeping our voice.

Nothing new in  our complexes

When Ada and I got married a long time ago we lived in Stonewood in the C building.  We had our reception in the clubhouse.  It was one of our favorite places we have lived in Cocoa Beach.  Recently a unit C302 closed for $280,000.  The unit has good views and 3 bedrooms 2 baths and 1588 sq ft.  We lived in C401 which is a corner unit and almost 2000 sq ft.  We may have missed the boat on this one.

Hope you enjoyed the show and take care of your dogs!

Jim Bagwell    

"Got a dream to take them there"

"They're coming to America"  Neil Diamond

Picture courtesy of Steve Donnelly of Auburn NY. 
Support our troops, sometimes in a long war, we tend to forget the sacrifice of others.

Happenings in our complexes

Windward East

A new short sale on the 4th floor direct ocean featuring 2 bedrooms 2 baths, sand dollar floor plan listed at $279,000.  No guarantees the bank will accept this price but the banks are much more cooperative these days avoiding foreclosure.  This makes the foreclosure with side view with less sq ft seem overpriced. 

I was going through my records the other day and found a closing that Ada and I closed in the townhomes.  It closed in Mar of 2008 for $184,000, we were depressed that we couldn't get more for the owner, who we became friends but now it was a fortunate sale.  The short sale now is listed at $150,000 with the exact floor plan.

The Diplomat

The short sale in the front buildings which is listed at $80,000 is under contract.  We will have to wait to see what it closes for in price.

2100 

The unit on the 4th floor which started at $224,900 as a foreclosure is now listed at $169,900 and under contract.

Enjoy the Air Show.

Jim Bagwell 

  

"I bought a 30 Ford wagon"

"and we call it a woody"  Jan & Dean

These vehicles are created across the street from our office at Treehouse Woods.  Check out their web site.

The foreclosed home we talked about last week went under contract after 7 days.  It was a no brainer!

There is a new foreclosed condo in Satellite Beach that is in The Oceans.  The unit is on the 6th floor, SE corner with 4 bedrooms 3 baths with over 3200 sq ft.  The unit was built in 2005 and is listed at $595,000.  It will probably not last long.

3 surf contests this weekend but waves are doubtful.

Jim Bagwell 

"People love it when you lose"

"They love dirty laundry"  The Eagles, who Ada and I will check out in Orlando on 10/26.

NEWS ON THE BEACH




Only one new occurrence in our 4 complexes, A Windrush unit in the front buildings is now listed at $119,000. This is a 2nd floor with 2 bedrooms 2 baths with 1240 sq ft.



Beachside market

This picture is the view from 3rd floor unit at Siesta Del Mar.


Almost on a daily basis some good opportunities are popping up on the beach that never used to appear. It wasn’t long ago that if we had investors with limited resources we would inevitably end up on the mainland. It has definitely changed!!



We saw a new listing appear in the Cocoa Isles area that is not on the water but it is a 3 bedroom 2 bath single family home listed at $100,000 in Cocoa Beach. It is a foreclosure and I am sure it needs updating but 100K in Cocoa Beach. In today’s lending market if you had a loan of $80,000 your total monthly could be as low as $629. If you rented as low as $900 a month, you would have updates paid for in a year and have cash flow until the market turns. I am sure there will be multiple offers so it will probably be gone tomorrow.



Condos



Siesta Del Mar is an oceanfront complex in Cape Canaveral. The complex has a pool, ocean access, I car garages, secure lobby and elevator. A short sale on the 1st floor sold for $135,000 this year. There are 2 other active short sales, 1 is on the 2nd floor with side views it is a 2 bedroom 2 bath with 1217 sq ft, listed at $130,000. The other is on the 3rd floor with side views has the same features as the 2nd floor listed at $162,000, this was a bank approved price but the buyer backed out. This complex has replaced windows and doors and offers monthly rentals.



Tell your friends!



The Cocoa Beach greens are in good shape so get out and enjoy the golf views of Cocoa beach!



Jim Bagwell

"To get ahead,"

"wear red and depend on women"  Frederick E. Allen

Things are rapidly changing and becoming more convoluted with the foreclosure situation. Some people see the foreclosures being temporarily halted as a good thing but I fear the opposite is true. We have seen more and more investors come back to the market and buying foreclosed homes as rental properties. This has been a boom to the housing market in getting people in the homes.




What is not being said is that most of these foreclosures have already been executed. There have been over 100 foreclosures withdrawn from the market in the past week. These properties were listed on MLS and that means the families have already been evicted and the homes are now owned by the banks. The reason the foreclosures have been halted is the banks are going back to their records to make sure the process has been legally executed. A lot of state attorneys don’t think the process was correctly executed. If we see law suits pop up over foreclosed properties that have already been sold to new owners it will indeed be a mess.



Condo Market

Since Sep 1 we have had 18 condos sold on the beachside. These were priced from $29,000 to $535,000. The condo at the Pier Resort that sold new for $480,000 closed for $169,900.



Get out and enjoy this beautiful weather.



Jim Bagwell

"The lowest ebb is the turn of the tide"

Henry Wadsworth Longfellow

The good news is we may be reaching the bottom but the KSC situation is not helping. On the beachside we have been almost immune from foreclosures and short sales but not anymore.


2100 Towers

The unit on the 3rd floor with side views south is down to $214,900. This unit has been on the market for 4 ½ years and started at $499,000.
2100 has reached the point of having the most actives and the prices are dropping below $200,000.

The Diplomat

The front buildings are now regularly selling for under $100,000. There is now a short sale for $80,000 and a listing under contract listed at $69,900, this unit closed for $64,000. There have been 4 closings in the front buildings this year with an average sale price of $85,375, if you throw out the low and the high the average would be $85,250.

Windward East

The short sale townhome is under contract listed at $150,000.

Unit on the 7th floor with side view is listed at $254,900 this foreclosure sadly will probably close for less than this price.


Enjoy these great fall mornings we are having lately.



Jim Bagwell

Be careful what you wish for you just might get it!

I am sorry for being slack on posting. We submitted a proposal to become a listing broker with The Department of HUD and were awarded the contract. We now list HUD homes throughout Brevard County. We moved our office to a bigger space to accommodate the additional work. We are now located at 125 N. Brevard Ave in Cocoa Beach almost directly behind our old office. Stop by the new office and check us out


Since we have received the contract we have listed 35 HUD properties with only 13 that are still active. The investors have come back to Brevard for these type of investments although we do get some 1st time buyers.

Well it has been a busy spring for our complexes with some news not so good unless you are looking to buy.

The Diplomat now has 6 active listings and 3 sold since April.

The large oceanfront unit is still active listed at $575,900.

There are now 5 front buildings priced from $80,000 short sale to $139,900.

The 3 sales were front units. Priced as follows listed at $114,900 sold for $107,000, listed at $90,000 sold for $85,500, listed at $97,500 sold for $85,000. As you can see the new comp for the front buildings is under $100,000 for the front buildings.



2100 Towers now has 5 active listings and 1 sold since April.

There are four 2 bedroom 2 bath units priced from $169,900 to $395,900.

There is one 3 bedroom 2 bath unit priced at $354,900. The prices at 2100 depends on what side of the building you are located and floor.

One unit has sold listed at $390,000 sold at $350,000.



Windrush now has 5 active listings and 1 sold since April.

There are three 2 bedroom 2 bath units priced from $214,900 to $287,500.

There are two 3 bedroom 2 bath units priced from $219,900 short sale to $485,000.



Windward East now has 4 active listings and 1 sold since April.

There are three in the towers priced as follows: 1 bedroom 1 bath priced at $199,000, two 2 bedrooms 2 bath units priced from $294,00 to $350,000. There is also a townhome that is a short sale priced at $150,000.

One unit sold listed at $329,000 sold at $299,000.

We will soon have our 1st foreclosure listed.



Stay cool and enjoy the boat races.



Jim Bagwell

"But when the taxman comes to the door"

"Lord, the house looks like a rummage sale"  CCR

 Hope everyone survived another tax day coming and going. If it makes you feel better, just think Nicholas Cage owes 13M in back taxes, ouch!


We have had some movement in our complexes in the past week

The Windrush on the 5th floor direct ocean 2 bedrooms 2 baths and upgraded that we were watching to see the sale price closed for $300,000, it was listed at the time of sale for $310,000. I think this is a win, win for buyer and seller. It was on the market for 76 days.

The 1st floor that I mentioned earlier which is a 3 bedrooms 2 baths has been reduced to $287,500 from $299,000.

A new listing in the front buildings of The Diplomat was listed at $144,900. That now puts the price range of the front buildings between $110,000 and $144,900.

Windward East has a new listing on the 5th floor which is a 3 bedroom 2 bath unit with a 2 car garage listed at $349,900.

The 2 bedroom 2 bath unit on the 6th floor has been reduced to $279,900.

The 2 bedroom 2 bath unit on the 7th floor is still active and listed at $229,000 as a short sale. This is a good view on a side unit on the top floor. Once an offer is received then the negotiation starts with the lender and then the agent can tell if they are priced too high or too low, I would guess too low. This is the first short sale in Windward East.

For information there is a bank liquidation sale going now in the Ocean Club condo complex on Hayes Ave. If you are searching on a public site you will see it says ocean front but it really is not. Some units have ocean views but the building sits back about ½ block from the ocean. One just sold for $465,000 4th floor 3 bedrooms 2 baths with 2914 sq ft. underground parking. There are still 3 active priced from $439,000 2759 sq ft to $849,000 for a penthouse with 4 bedrooms 3 ½ baths 4565 sq ft.



Thanks

Jim Bagwell

"You can't always get what you want"

"But if you try real hard, sometime you can get what you need"  The Stones of course 
Windrush

This is what we used to call a sign listing.  With a condo and no sign it is now called a call listing.  The agent is a very intelligent and successful agent.  This listing can't appraise so they are looking for a cash buyer that just can't live without a 3 bedroom 2 bath SE corner unit on the 2nd floor listed at $485,000.  Some agent will always take a listing like this, the reasoning is if they don't, someone else will take it.

Windward East

Good news is that if someone shows the Windrush they will also show the top floor Windward East with 200 less sq ft and a price difference of $156,000.

2100 Towers

Nothing under contract but some price reductions.

The Diplomat

The unit that we have been watching that was under contract has closed at $190,000.  It was listed at $214,900 on the market for 116 days.

It is very interesting that 5 units on the ocean has sold in the past year.  The sold prices have ran from $190,000 to $259,000. 

Now back in the day, one of my favorite clients made a cash offer on a oceanfront unit that I delivered at 7pm on a Friday night $1000 over the list price and they didn't get it.

Change won't always do you good!

Jim Bagwell

Pic is from the aftermath of the Shuttle launch

"All reformers, however strict their social conscience,

live in houses just as big as they can pay for"  Logan Piersall Smith

I was thinking the other day while writing that most people would think that I blog as a realtor not realizing other people’s positions.


The truth of the matter is that most days we give advice to people about short selling their properties and or facing foreclosure. We purchased our condo in Windward East at the peak of the market and then gutted it from the drywall. We then replaced everything new including walls, floors, plumbing, paint and appliances. If we had the unit appraised today I am sure it would appraise at $100,000 less than what we have in it. Pragmatically speaking we should be considering a short sale or even foreclosure. The Brevard county Real Estate market will be one of the last in Florida to come back because of the job loss of KSC and because we grew property values at one of the highest rates in the state. For one of the 1st times in recent years direct ocean condos have fallen to below $200 a sq ft.

The fact of the matter is we love Cocoa Beach and we love where we live so we are going to ride it out and take our lumps.

Windrush

Talk about a dichotomy!

A 2 bedroom 2 bath unit with a side view north has been reduced to $227,000. This unit is on the 2nd floor with a 1 car garage.

A 2 bedroom 2 bath unit in the front building, no view on the 2nd floor with stairs and no garage listed at $209,000.

Hang in there and a change will do you good.

Jim Bagwell

"For what it is worth"

There's battle lines being drawn
Nobody's right if everybody's wrong
Buffalo Springfield

There have been 13 units sold in our 4 complexes in the past calendar year.




2100 Towers had four units sell.

1150 sq ft unit 1 bedroom 2 baths direct ocean 11th floor was listed at $199,900 and sold at $165,000 in 11 days. Closed 6/12/09



1400 sq ft unit 2 bedrooms 2 baths side unit 1st floor was listed at $179,500 and sold at $165,000 in 95 days. Closed 7/1/09



1400 sq ft unit 2 bedrooms 2 baths side unit 6th floor was listed at $179,900 and sold at $172,000 in 29 days. Closed 11/20/09



1400 sq ft unit 2 bedrooms 2 baths direct unit 8th floor was listed at $249,900 and sold at $215,000 in 72 days. Closed 04/30/09



The Diplomat had four units sell.

750 sq ft unit 2 bedrooms 1 bath front bldg unit 1st floor was listed at $125,000 and sold at $112,000 in 119 days. Closed 10/1/09



900 sq ft unit 2 bedrooms 2 baths direct ocean 1st floor was listed at $219,900 and sold at $210,000 in 114 days. Closed 6/30/09



900 sq ft unit 2 bedrooms 2 baths direct ocean 1st floor was listed at $259,900 and sold at $215,000 in 537 days, original listed at $349,900. Closed 3/31/09



900 sq ft unit 2 bedrooms 2 baths direct ocean 2nd floor was listed at $289,800 and sold at $259,000 in 25 days. Closed 3/27/09



Windrush had 2 units sell

1240 sq ft unit 2 bedrooms 2 baths front bldg 2nd floor was listed at $135,000 and sold at $135,000 in 27 days. Closed 10/09/09



1495 sq ft unit 3 bedrooms 2 baths direct ocean 3rd floor was listed at $328,000 and sold at $265,000 in 199 days. Closed 11/5/09

Windward East had 3 units sell

1394 sq ft unit 2 bedrooms 2 baths direct ocean not listed in MLS but sold for $250,000. Closed 8/11/09



1316 sq ft unit 2bedrooms 2 baths side unit listed at $299,900 and sold for $285,000 in 146 days. Closed 5/11/09



1394 sq ft unit 2 bedrooms 2 baths direct ocean listed at $328,000 and sold for $304,500 in 134 days, original list price $329,000. Closed 11/30/09

Now don’t panic most posts are short and to the point this is a yearly recap, kind of like the state of the union but different .



It is interesting to note that the sale prices indicate we have reached the point of being under $200 per sq ft on direct ocean units. That is a point we haven’t been at in a very long time.



Hit them long and straight.



Jim Bagwell

Cocoa Beach

What a country!!!

We will use this post to recap what has happened and what is happening in our complexes.


As of 03/27/10 there are 20 active listings in our 4 complexes, there is also one oceanfront in The Diplomat under contract with a list price of $214,900 and one Windrush direct ocean under contract listed at $310,000 this is the one that I mentioned it was surprising that it is still active.


The Diplomat

There are 5 in the front buildings listed from $116,000 to $144,500. The average days on the market for these 5 listings is 281 days, keep in mind almost all of these have been reduced in price.


2100 Towers


There are currently 4 active listings on the market. This complex has the most widely spread price range. There is an interior unit with 1200 sq ft 2/2 priced at $224,900. There are 3 end units with 1600 sq ft priced from $239,900 all the way to $420,000. Now keep in mind that the floors range also from the 3rd floor to the 12th floor.



Windrush


There are 5 active listings on the market priced from $227,000 to $299,000. All but one are side units with the 1st floor unit being direct ocean and priced at $299,000 with 3 bedrooms 2 baths.



Windward east

There are 4 active units on the market priced from $229,000 to $329,000. 2 of these are priced at $229,000 1 is a 1/1 on the top floor and 1 is a top floor short sale side unit. (Short sale means the bank agrees to accept less than what the mortgage amount is at the time of sale. You usually have to have an offer to start negotiation with the bank and this unit may be priced too low just to get the process started.) The other is a 2/2 side unit for $299,900 and the other is a top floor 2/2 sandollar at $329,000.



The next post will be all that have sold in the past year.



If you find this information interesting or helpful just send me an email at walkerbagwell@aol.com and it will be sent to you each time it is posted. This is only to inform you not to sell you. “Knowledge is Power”



Thank you



Jim Bagwell

"I want the easy, easy money"

"Easy money, I could get lucky"  Billy Joel



We have talked about the process before but I was asked by a member of the association the other day why agents take listings that are obviously overpriced when all the expense for selling the property falls on the agent.




This is called volume listing and there is technically nothing wrong with the process either legally or ethically. The way the listing agent is thinking is that I will get phone calls on the listing and may be able to sell the buyer another listing that is priced accordingly and in the meantime I can get feedback from other agents that states the unit is overpriced, this way you can list at an unreasonable price but work to reduce the listing price, this will assure that it is not your fault it is the market. The way this usually happens is when the listing agent receives a call; they ask what the sellers need to get out of the property. Now when they get this number they do several different things. The most common is to fabricate the comparative market analysis; you can do this by using actives instead of sold comparables. If it hasn’t sold it is not a comparable. Just because there is a 1600 sq ft direct ocean unit on the market for 539 days for $499,000 does not make this a comparable. The easiest way is to say lets try it at this price for 30 days and if we don’t get activity, we will reduce the price.



In my humble opinion it makes you feel much better as a real estate professional to present a comparative market analysis with sold properties and state the market indicates this is what we can expect the range of offers will be concentrated. There is absolutely nothing wrong with saying that we will list at your price and watch the activity.



I am not Italian so when I cook pasta I just keep throwing it against the fridge to see what sticks (volume listing); the problem is you need to work for the seller when you are the listing agent with no false expectations to either party.



Peace out



Jim Bagwell

"Every year is getting shorter"

"never seem to find the time"  Pink Floyd

I was doing my morning search on the market and came across a new listing at the Crossway in Cocoa Beach.  If you are not familiar with Crossway it is the half circle complex on Ocean Beach Blvd.  Rumor has it that the original astronauts stayed there as well as in the Mark condo.  This unit is a short sale, 1st floor listed at $164,900, started out at $190,000 and not a short sale.  I showed a lot of these units just a few years back, what struck me was the fact that  in 2006 a unit on the 4th floor, same plan, better view and was updated listed at $310,000 and sold for $255,000.  This is a 4 year tract of the Real Estate market in Cocoa Beach.  Respect today, forget yesterday and look forward to next week.

There is a new listing at 2100 Towers on the 2nd floor overlooking pool and ocean.  The unit has been updated with 1200 sq ft, 2 bedrooms, 2 baths listed at $224,900.

Have a good one.

Jim Bagwell   

"Hot time in the city"

Do you know we haven't had a 80 degree as yet in 2010, this is embarrasing for Fla.

The Diplomat :  A 2/1 front building  listed at $116,000.  This is at the point where it is doable, if you use the condo for 3 months a year and get aggressive with marketing this could be a buy.  You can go on Vacation rentals for 90 days for $99, you will get a lot of hits.

Windrush :  Corner unit on the north corner, 3 bedrooms 2 baths and listed at $299,000 on the 1st floor.  This will get some looks.

The Diplomat : 1st floor ocean front unit is under contract, listed at $214,900, I will let you know when I know what the sale price closes for if and when it does close.

Thank you

Jim Bagwell

"Doctor, doctor give me the news"

Compliments of Robert Palmer

Not many people equate property values to the ability to sell the property. In reality that is what makes property value. When it is impossible to obtain a mortgage on a condo then the seller is reduced to two options find a cash buyer or a buyer that can obtain private money mortgage.


This is where the health of your condo association comes into play. Mainline lenders today look at reserves, insurance, financials, number of foreclosures and short sales, number of delinquent & late condo dues. I can only speak 1st hand about Windward East and in our case we have no problems of any kind and have obtained mortgages recently, the same I can say about Windrush in that we have obtained mortgages in that complex as well in the past year. I have not heard any negative comments on The Diplomat or 2100 so I would assume they are in pretty good shape as well. We are working very hard to bring back property value in Cocoa Beach for very selfish reasons and the associations are a great place to start.


Example 1: We have a 2 bedroom 2 bath unit listed in Cape Canaveral that is a short sale. This unit has a south view of the ocean on the 3rd floor that will never change. We had an agreement from the bank to sell at $166,000 and the buyer backed out because of the health of the association.

Example 2: We have a 3 bedroom 2 bath SE corner unit in Indialantic direct views listed at $299,000 with over 1800 sq ft. The association is partially funded as far as reserves go and now have an upcoming assessment of $30,000 balcony restoration coming up, not to mention a unit was just foreclosed. Now we have to find a cash buyer.

Good news is that a California mortgage company is thinking about entering the Florida market with relaxed restrictions on condo associations. They are already operating in California in the condo market.

We do have a new listing in Windward East located on the top floor, 2 bedrooms 2 baths with a sand dollar floor plan. Listed at $329,000, this unit definitely has possibilities.

Get involved with your association, it will make a difference.  If you click on the top right link it will take you to our web site then you can go to listings, find the sunrise picture and see the visual tour of the new listing.

Jim Bagwell

"I feel its raining all over the world"

The late great Otis Redding!

Unfortunately no closings since our last post.


Remember I told you that I am including 2100 towers because I think it is a unique property. We have also talked about chasing the market.

2100 Towers

Unit on the 3rd floor with south views and 1600 sq ft, 2 br and 2 baths. Unit has been on the market for 4 years, started over $500,000 and is now listed at $239,900. If it had been reasonably priced it would have closed a long time ago and much money saved in taxes, condo fees and other carrying costs. It is entirely up to the owner on pricing but it is up to the realtor to give the owner a chance to sell.

Unit on the SE corner with good views has been on the market for 1 ½ years. Originally priced at $450,000 and is now at $420,000. Unit also is 1600 sq ft 2 br 2 baths on the 5th floor. It also comes fully furnished.

Now for the unique, a unit on the 12th floor with 1600 sq ft 2 br and 2 baths. Hollywood designer put his touch on this unit and even features a hidden dance floor. Priced at $395,000 so come on and dust off the Donna Summer albums and hit the dance floor.


Windrush

The unit on the 5th floor with direct views is still there. 2 br 2 baths 1271 sq ft, I am surprised there is not an offer on the table as yet. It may not sell for the list price of $310,000 but it will sell if the owner wants to sell it.

Unit with a north view is also still there and priced at $299,900. It is upgraded and is on the 5th floor with 2 bedrooms 2 baths and 1271 sq ft.


The Diplomat

Chasing the market, unit has been on the market for 2 years originally priced at $162,000 now priced at $121,900. You can’t chase the market you have to be the market.

Thanks for your time and stay dry.


Next week we are going to talk on the health of your association.

This picture is compliments of my dear perverted friend in Auburn NY or should I say cabin fever affected, it is a shuttle launch picture from Ponte Verde on the west coast.

Jim Bagwell

I am sick of winter

Sorry it has been so long for a post but we have been busy surviving. We have been working on a proposal to become the local listing agent for HUD homes. It is a government proposal so it was rather intensive, I will let you know how it goes.

I realize you all know this since we live in this state of flux with the Real Estate market but I will share this with you anyway.

A synopsis of the market.

Park Place condo which is located direct ocean next to Coconuts, people either love or hate this location since it is party central. There are no rental restrictions on this complex. This makes it popular for investors. This is a timeline for a 2 bedroom 2 bath unit in Park Place.

08/2004 unit sold for $422,000
12/2005 unit sold for $379,000
12/2009 unit sold for $250,000

Like it or not this is where we are!

There is a new listing at Windrush, unit is direct ocean with 2 bedrooms 2 baths on the 5th floor and listed at $299,900.

Another front unit in The diplomat is listed at $135,000, this seems to be the price of choice.

The unit at Windrush that is MLS entry only is still there at $259,500, side view with 1336 sq ft. There is still only one crappy picture which makes me embarrassed for the real estate profession.

Try to stay warm and hit them straight and long every chance you get.

Jim Bagwell

"You're as cold as ice"

Compliments of Journey

I actually saw ice in our Windward East parking lot during the cold snap. When I told a client in Pennsylvania about this he suggested I call the National Guard, I think he was being sarcastic.

I have decided to add 2100 Towers to our newsletter since they are our neighbor to the south and a unique building. 2100 Towers is a lobby access building and each unit has a lot of glass making for very nice views.

2100 Towers

There are currently 3 active listings in 2100.

1. 3rd floor 1600 sq ft 2 bedrooms 2 baths, this unit is listed at $249,900 with an original list price of $499,000 and has been on the market for about 4 years.
2. 12th floor 1600 sp ft 2 bedrooms 2 baths, this unit is listed at $399,900 and has been on the market for almost a year. This unit is a SW unit.
3. 5th floor unit 1600 sq ft 2 bedrooms 2 baths, this unit is listed at $420,000 with an original list price of $450,000 and has been on the market a little more than a year. This is a SE unit with great views.

There have been 2 units sold during the last 6 months. These were interior units with 1400 sq ft and side views, features 2 bedrooms and 2 baths.

1. Original list price of $199,900 and sold for $165,000, this unit is on the 1st floor and was on the market for 95 days.
2. Foreclosure listing was listed at $179,900 and sold for $172,000. This unit is on the 6th floor 2 bedrooms 2 baths and was on the market for 29 days.

The Diplomat

No new listings since the last post and no sales.

Windrush

There are 2 new listings since the last post.

1. This unit is on the 3rd floor with side views features 1271 sq ft with 2 bedrooms 2 baths. The unit is listed at $289,900 and has been on the market for 9 days.
2. This unit is on the 5th floor with direct ocean views features 1271 sq ft with 2 bedrooms 2 baths. The unit is listed at $310,000 and has been on the market for 5 days. I don’t believe this one will last long before being sold.

Windward East

One new listing since last post.

1. Side view unit on the 6th floor features sandollar plan with 1416 sq ft and 2 bedrooms 2 baths. Unit is listed at $299,900 and is priced for the market.

Hope this is helpful to all and we are glad our winter is back to being a Florida winter.

Thanks
Jim Bagwell