"When written in Chinese,"

" the word "crisis" is composed of two characters.  One represents danger and the other represents opportunity."  John F. Kennedy

These are some pictures of the new listing I have been referring to in previous blogs.  This property is a triplex that was converted from a quadplex.  The owners have been using the 2nd floor as a 2nd home.  The property can easily be converted back to a quadplex for rental purposes.  Being in the county the best use may be to make this into a weekly rental.  The property consists 100.35' on the ocean and 160' deep.  Even with the building being on the north edge of property there is room to add another structure.  The property is priced at $965,000.

Click below to see visual tour;


 http://www.visualtour.com/show.asp?t=3145083&prt=10003
Jim Bagwell

"And I can still hear my old hound dog barking"

"Chasin' down a hoodoo there."  CCR

This is becoming a common sight on the canals of Cocoa Beach with the older homes being totally taken down or gutted.
The listing we talked about last blog is still not official but should be soon, I will keep you posted.

We talk about CMA's quite a bit but I don't think people know what we are really talking about.  Comparative Market Analysis (CMA), to have a meaningful CMA the agent should try to compare apples to apples.  I always try to stay within a 6 month time frame since last year is last year and the market changes daily.  You should try your best to keep within 10% of square footage and within 5 year period of the date built.  Don't compare waterfront to non-waterfront even though we have had appraisers try to do this and then we have to appeal.  Don't compare riverfront to oceanfront even though we have had appraisers try to use this. 

In the end CMA's when done the right way are one of our most important tools and I try to use this for both buyers and sellers.  In fact it works better when used for your buyer because it gives the buyer a feeling of what other buyers have paid for similar listings.

Bottom line is like one of our clients told me the other day "as we both know the market value is what someone will pay"  Sound advice!

Jim Bagwell 

"Maybe Im just like my father 2 bold".

When Doves Cry  Prince

With the 45' vertical restriction in Cocoa Beach, this is the proposed plan for new condo development.  If approved this will be very exciting with top of the line everything and fantastic views.

Real Estate News

With our dysfunctional federal government, there are all kinds of plans in place but one that is interesting.  A lot of cities have developed a plan to claim homes under eminent domain when homes reach foreclosure state.  Most cities have dropped this plan but Richmond Calif. is holding onto the plan.  HUD has followed with the legal statement that FHA will not be responsible for insurance on homes that are claimed by eminent domain.  I don't think this will hold up to legal process.

According to the Wall Street Journal home prices have risen 12% during the last year.  According to Goldman Sachs the increase will continue but at a less brisk pace because the homes are now at fair value.  They also say the foreclosures are drying up, I really can't agree with this last statement since I believe we will see the next stage of foreclosures later this year especially in economically challenged areas.

Jim Bagwell 

Opportunity knocks

No new listings that would grab my attention.

If you have ever dreamed of living on a beautiful beach while collecting your income from your own rental properties.

In all probability we will be putting on a very unique property on the ocean.  There is already a income property on the property with room to add more.  It would be very possible to live in one of the units and collect weekly income on the other 3 while you develop the property with additional units, by my calculations the property would be paid for in 10 years or less.

When it is solid I will share the listing with you.

Please stay tuned as this won't last long.

Jim Bagwell 

"Oh God said to Abraham "kill me a son"

"Abe say, "man you must be puttin' me on"  Highway 61 revisited, Bob Dylan

We usually talk about Condos but the inventory of waterfront homes on the beachside is actually at a lower point than waterfront condos.  As of this writing there are only 26 waterfront homes in Cocoa Beach/Cape Canaveral, this includes ocean, river and canal front homes.   Usually the most sought after homes are canal homes priced between $300K to $500K, these usually go quickly and multiple offers are becoming common.  This is a great time for the seller and the buyers have to be ready to buy.

For those of you who saw the President's last speech, you probably heard him mention the dissolution of Fannie Mae and Freddie Mac.  This, if passed, will take about 5 years to take place and a lot of people think this is a good thing.  I am on the fence about it for the reason that when completed it will require lenders finding investors to buy these mortgages.  Now as we know this can be a risky investment but with a better chance to make money than to lose.  At the present time about 75% of all mortgages are owned by Fannie Mae or Freddie Mac.

Good news for Florida is so far this year about 50% of all properties sold have been cash sales.

We will hope for the best.

Jim Bagwell

"Good day Sunshine"

"I need to laugh when the sun is out"  The Beatles

Great news!!!  Windward East 406 has closed for $300,000 after 3 years on the market.  Now that is perseverance!  After $25K in upgrades this will be a killer unit with great views.

We would like to welcome Celeste Van Ewyk as a new agent.  Celeste is working in the office for awhile until she learns more about the business.  We also have 2 couples who are in the process of taking the state test in order to join our company.

Unlike a lot of brokers I like new agents.  Especially the ones who really want to try to learn and help their clients, friends and family.  Some agents when they achieve a degree of success develop a huge ego.  I have actually heard agents say they will not allow their buyers to pay more than a certain price.  Now really,  that is not a agent's call to make especially on foreclosures.  We are now entering the market where multiple offers are common and sometimes the market will tick up and leave this agent behind.  Some buyers find the home that is just right for them and in that case the agent should show the buyer comps but the final say is for the buyer.

Stay thirsty my friends

Jim Bagwell

"I've lived a life that's full"

"I traveled each and every highway"
"And more, much more than this"
"I did it my way"
Old blue eyes

You have to thank each sunrise.

Each day I hear real estate agents talking to prospective buyers and urging them to pull the trigger.  You hear this property won't last long so you have to act fast!  This property is a no brainer, you can't lose!

For most people real estate purchases are some of the largest purchases in their lifetime and should not be an impulse purchase.  Now if you find a Iphone on sale, go ahead and buy it, but when you are looking at a 30 year mortgage then be sure.

I had my favorite broker once tell Ada and I that he couldn't believe that we were successful with our laid back attitude.  It is not so much laid back as it is that we don't want to add extra pressure to a stressful situation.

I am proud to say that we are still around and rather successful.  The key is that we are facilitators in the transaction.  We are here to find you an acceptable property whether it be your primary residence or an investment.  We will give you comparable sales, opinion on price, protection on any offers and year's of experience.  You will not hear one of us say you can't lose because you always can lose but we will put you in a transaction that will make the success rate very high.

Don't be pressured in a sale or purchase.

Jim Bagwell   

Trials and Tribulations

of a Real Estate agent!

Picture, heading out of the port on Miss Cape Canaveral.  A very wet day with only baby fish but had fun with my son and grandkids.

The deal we talked about with the law and ordinance insurance fiasco was solved.  The buyer went to an independent mortgage broker who says he can get it done.  Sometimes the large lenders are not the answer, just like Real Estate companies.

45' vertical restriction in Cocoa Beach.

Now I know there is a large faction of people in this city who want the city to just remain the same and this restriction certainly makes it possible to do that.  With the lack of inventory there is a new condo development in the planning stages for Cocoa Beach.  It is appearing to be a very west coast contemporary style building that will be very attractive with 4 floors.  I personally like the key west style of buildings but with this restriction it is almost impossible to build a building with this design with the vertical and density restrictions.  It becomes cost prohibitive to be very creative.  The height restriction incudes even the parapets if there are any which with a 4 floor building there can't be any.    Sometimes we are our own worst enemy, or as a friend of mine always says "we have met the enemy and it is us".

Jim Bagwell