"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