"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