"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