"I would never make her sad"

"I've got a heart full of soul" The Yardbirds
Not many people remember that the Yardbirds featured Eric Clapton, Jimmy Page and Jeff Beck. All 3 in the rock and roll hall of fame twice.

Boat races are coming back!

Importance of a buyers’ agent


A lot of potential buyers think the best way to find a property is to call all the listing agents. This method is actually not very effective. All agents in Florida are now presumed to be transaction brokers unless the buyer signs a single agent disclosure. Beside this fact it is very intensive for the buyer to search all the sites and if they are searching realtor.com or homes.com these sites are not updated often and sometimes not at all. If you call or meet with one agent that you think you can work with as your agent then he or she can set up an automated search which will notify you of any new listings that meet your criteria. He or she can then show you all listings.

I mentioned the Mystic Vista condo that our buyer got for $190,000. The unit is on the top floor with ocean views and has 2010 sq ft. There is now a Mystic Vista on the market that is on the 3rd floor and 1686 sq ft and the view is to the west priced at $229,000. May be overpriced but negotiate using info that you now possess.

For the brave there are 2 foreclosures on the market in South Beach keys condos. They both are priced at $239,900, one has 2425 sq ft and the other has 2611 sq ft. To me the biggest drawback to me is the lack of parking. There is virtually no visitor parking. The complex is on the Banana River with boat slips, 1st come 1st serve and it is U-shaped with a pool in the middle.

Nothing new in our complexes, I do have a buyer for a unit in the front buildings in The Diplomat. If you have one you are thinking of selling or someone you know then have them call me.

Thanks Jim Bagwell

"If you don't learn to laugh at trouble"

"You won't have anything to laugh at when you're old"
Will Rogers

Picture is of our listing in Ocean Sands in Indialantic. This condo is a SE corner with 3 bedrooms 2 baths and 1811 sq ft. Price of $279,000 and that is priced to sell!

In our 4 complexes, nothing new in the past week, there are still 10 active listings and 3 under contract. This is the smallest number of listings in a long time hopefully this is good for the seller.

It has been a busy week in other complexes on the beach. There have been 10 closings this past week however 4 were the complex behich Florida Seafood I told you about earlier and the same buyer bought all 4. The buyer will make money on this purchase.

There are also a couple of new listings that are interesting. First a new short sale in Ocean Pines, 4th floor unit with great views 2 bedrooms 2 baths and priced at $250,000. There is also a river unit in Bayside that is also a short sale and it has 2030 sq ft with 3 bedrooms and 2 baths. Priced at $164,900. This could be a good buy. There are also a couple in the weekly or daily complexes which are good deals for the investor but getting harder to finance.

Enjoy the day and think about the outer banks.

Jim Bagwell

"He stabbed the moment in the back"

"with the round thumbtack"
"that held up the list of things he gotta do" Jack Johnson his lyrics sound a lot like Dylan or Simon.

Picture is of a Mystic Vista that our buyer picked up for $190,000, the unit has over 2000 sq ft with 3 bedrooms 2 baths and is now for rent at $1900 a month.

FYI, lenders are asking for more information about condo associations than ever before. It is very important that associations are proactive in gathering this information prior to the request. The lenders will ask for such things as number of units, how many owners are full time or investors, amount of reserves, insurance certificate, number of foreclosures, number of short sales, number of delinquent owner fees and assessments upcoming. We came very close to losing a deal because a professional management company couldn’t quite come up with this information and the buyer was going to lose his mortgage rate lock. It is a tremendous advantage to owners that units in their complex can be sold with a mortgage; there are many complexes that now can’t be financed which is a hit on property values.

The Diplomat

The only thing new in our complexes is the foreclosure in The Diplomat is under contract, list price was $96,500. This is the easiest complex to comp now as there have been 4 sales this year with an average sale price of $92,250 and an average days on the market of 15.5 days.

There is a new listing in Canaveral Sands that is a 1st floor unit with 2 bedrooms 2 baths, 1222 sq. ft., good ocean views and a list price of $189,900.

On the river, there is now a listing in Harbor Isles that is direct Banana River with 2 bedrooms 2 baths and a list price of $169,900. This complex has all the amenities including 3 pools, tennis courts, clubhouse and workout room.

Jim Bagwell

"If you are going through hell keep going"

Winston Churchill I believe he knew of what he spoke

I know you don't need me to tell you that our property values are still dropping. What you may not know is Brevard county is looking for revenue so they are proposing raising our tax millage rate and the assessed value of your property. If this goes through you could be paying up to 17.5% more on your tax bill next year. Public hearings are set for 9/13 and 9/27 for the citizens to voice their opinions.

Still nothing new in our complexes. Interesting to note, we closed a Mystic Vista short sale that is on the top floor with ocean views. This unit has 2010 sq. ft. and 3 bedrooms 2 baths and closed for $190,000 or $95 per sq. ft. Another Mystic Vista short sale was closed by another company that was also on the top floor. This unit has 1686 sq.ft. and 3 bedrooms 2 baths. This one sold for $170,000 or $101 per sq. ft. Get yourself a buyers agent!

There is a foreclosure in Cape Winds on the market that is a 1 bedroom 2 bath unit and priced at $97,500. Cape Winds is still a popular buy for the investor since there are no rental restrictions so a lot of these units are still selling.

Have a good one

Jim Bagwell

"I don't need an invitation"

"If you've got a game of chance" Easy Money Billy Joel

THE PROMISE OF EASY MONEY HAS HURT A LOT OF PEOPLE NOT ONLY IN COCOA BEACH BUT ALL OVER THE NATION.

The picture is of the Enclave in Cocoa Beach. This complex was built by Enclave Three Hundred LLC at the worst time possible. They were originally listed over a million and several closed for $945,000. We are closing one today for $490,000. The unit has 3463 sq. ft., 4 bedrooms 3 baths,3 car garage,pool,private elevator and top line appliances. This is called a private home since it is not connected but the separation is minimal. There is only one left on the market with a list price of $549,900.

In our complexes there are 3 under contract with 2 in 2100 and 1 in Windrush. That only leaves 11 active listings in Windward,Windrush,The Diplomat and 2100.

The shortage of inventory is actually lower in single family homes than condos.

Thank you
Jim Bagwell

"I like to take her out to dinner"

"I like a movie now and then but I love this bar" Toby Kieth

In that same vein I love our company. It is so nice not to have to worry about your agents doing the right thing since they always do. If we don't know the answer we know where to get the answer. I truly believe we have saved our clients thousands of dollars over the years by knowing the market and knowing how to negotiate. Just a thought!


In our complexes there are only 13 active listings in all 4 complexes. This could be a great time to sell your unit because of the inventory shortage.

There is an interesting concept in the works in Cocoa Beach. If you have noticed the condo complex behind the Florida Seafood Restaurant that is still vacant. The complex was originally built as a shared ownership complex which is very popular in resort cities. This did not work out so they are now selling them as condos. There are quite a few on the market with similar prices. There is one on the top floor with 2531 sq. ft. and 3 bedrooms and 3 baths. The complex has all the amenities including boat dock, pool and hot tub. The master has a jetted tub. The thing is you have to finish the unit on the inside. The estimates are between $20-$30 a sq. ft. So for around $300,000 you could have a brand new unit on the top floor with great river views. Wow!

Thanks
Jim Bagwell