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We finally saw some activity in our complexes. A new listing in 2100 Towers, 5th floor direct ocean with 2 bedrooms 2 baths and 1400 square feet. List price of $239,900.
Windrush, the listing on the 2nd floor direct ocean with 2 bedrooms 2 baths and 1444 square feet has gone under contract. This unit was a sand dollar floor plan, completely renovated with a list price of $299,000.
Windward East, unit 604 finally went under contract after 707 days on the market. The list price was $272,000 when the contract was received. This unit is a 2 bedroom 2 bath with 1240 square feet and direct ocean. This is the unit that under agent remarks said "Foreign seller cannot sell to investor". You can sell to an investor if you follow the rules of FIRPTA.
To understand our inventory decline
There are 92 oceanfront condos on the market in Cocoa Beach. So far this year there have been 93 oceanfront condos sold.
Single family homes are even worse as there are 36 homes on the market in Cocoa Beach. So far this year there have been 68 homes sold in Cocoa Beach.
Enjoy the weekend!
Jim Bagwell
2 comments:
What does FIRPTA stand for?
Sorry Steve, I missed your comment. FIRPTA or FIRPA is a tax law pertaining to foreign investors owning property in the US. If they sell and don't have a tax id then we are required to hold 30% of their sale proceeds until tax is paid. It also applys to rent income.
Jim
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