"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