"Bye Bye Birdie"

Endeavor's last flight, kind of sad.

We do have a couple of new listings in our complexes.

2100 Towers  3rd floor 2 bedroom 2 bath unit with 1400 square feet.  Listed at $168,500.
Of our 4 complexes 2100 has probably had the most foreclosures which does affect the property value.

We have a new listing in Windward East on the 4th floor.  This unit is one in from the oceanfront with southern views.  2 bedrooms 2 baths with 1316 square feet, list price of $245,000.

Air show this weekend, traffic will be crazy with drivers and pedestrians.  Enjoy the show and be careful.

Jim Bagwell

CONDO FOR SALE INVENTORY DOWN OVER 40%

I have attached a chart from our MLS to show what we have been talking about with reduced amount of condos for sale.  Single family homes are also down in inventory but not as much.

The picture above is of a unit for sale in South Cocoa Beach.  The unit is in the Champenae complex, 3 bedrooms 3 baths with 2256 square feet, fireplace and 2 car garage under the building.  The unit is priced at $479,000 and it is impressive that the agents and owners are very forthcoming about the reason for pricing.  The monthly fees are $975 which is due to an active lawsuit against the builder.  The fees are normally $799.  It seems they have had problems with the roof and windows, the roof has been replaced in 2011.  The complex was constructed in 2000.  This is not an unusual situation with recently built condos and we know of several other buildings that have had the same problems.  Naturally only cash offers accepted since there can't be a mortgage with a pending lawsuit.

attached inventory charts.

Stay thirsty my friends

Jim Bagwell

"We have an opportunity for everyone in the world"

"to have access to all the world's information.  This has never before been possible.  Why is ubiquitous information so profound?  It's a tremendous equalizer.  Information is power."

The reason I use the quote above is the Windward East unit 604 closed for $252,000.  This unit is a 2 bedroom 2 bath unit that is not in bad shape with beautiful views of the ocean.  This is the unit we have talked about that had agent remarks that the foreign owner can't sell to an investor.  This is just not true and guaranteed caused the foreign owner to leave thousands on the table because of the agent.  One of our partners has a slogan that says "The agent does make a difference"  never so true.  Any owner can sell to anyone.  Tax drives our country and all you have to do is follow the rules.

Windward East 110 sold for $195,000.  This unit is a 2 bedroom 2 bath unit with 1418 square feet.  No view but a good transaction for buyer and seller.

Excuse my frustration.

Jim Bagwell

"Don't wanna be a bum"

"You better chew gum"
"The pump don't work"
"Cause the vandals took the handles"
Subterranean Homesick Blues   Bob Dylan 

Our barrier island

Update

In our 4 complexes there are now 6 active listings.  1 in The Diplomat, 1 in Windrush, 1 in Windward East and 3 in 2100.  Priced from $168,500 to $249,000.

We have 5 under contract.  3 in Windward East and 2 in Windrush.

Insurance

I don't think we had any damage from the storm that came through in our condos but some homes had some damage from storm bursts during the storm.  Some insurance companies have denied claims due to hurricane deductible.  The insurance commission has notified all companies that 98% of Florida didn't have a hurricane, we had a tropical storm and the hurricane deductible doesn't apply.  They do try their best not to pay.

Enjoy a hot dog for labor day!

Jim Bagwell