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