Hard Hearted Hannah's

If you have never spent any time in Savannah, I would highly recommend a weekend there. It is a great place to spend St. Patrick’s day. The picture is of the Chart House Restaurant. As you can see they go to great lengths to preserve all their buildings. The only time new construction happens is when a building burns or other disasters. Ada and I used to love to spend the weekend there and visit Hard Hearted Hannah’s which was a Blues and Jazz club and wouldn’t you know it, it burned and is now a hotel. Anyway that is my commercial for Savannah.




As you can imagine being a condo owner I get tired of reporting that Windrush sold for $265,000 and Windward East for $250,000 so a little positive news. A unit in Windward East direct ocean 2nd floor, 2 bedrooms 2 baths was listed for 134 days for $328,000 sold for $304,500. That doesn’t sound like much but it is a positive. We have all showed this unit and it is a rather nice unit.



Hang in there and if anyone wants to go to party Friday it is at our office starting at 5pm until. We are located at 100 N. Orlando av. Across from Quiet Flight surf shop.



Thanks



Jim Bagwell

Pirates in Savannah

Ada and I spent a few days in Savannah & Charlotte to visit a few of our old haunts. The picture is a view from our hotel in Savannah. The ship was built for a couple in Brazil and then transported to Savannah for rigging, they didn't have the funds to finish it so the city bought it and is now open for tours. How cool would it be to have your own pirate ship.

Nothing much has happened in our complexes since the last post.

There is another new front unit in The Diplomat listed at $149,000. This is a little high for the comps but we wish them luck.

To the south of us in 2100 Towers, a foreclosure was sold for $172,000, listed at $179,900. This was a 2 bedroom 2 bath unit with 1400 sq ft. This unit sold after being on tleh market for 29 days.

A little advice on selling your property.

"Some things never change" Like the 3 most important aspects to selling property.

1. Price
2. Location
3. Ease of showing & condition of property

Now in today's internet market the most important thing is pictures. Even in rentals we are now doing visual tours. How can you put a rental on the market that has a beautiful ocean view and you don't even show it on the web. Talk to your agent and insist on a lot of pictures, now pictures of the shuttle and Mickey Mouse are not necessary since everyone has seen these and you are not selling or renting either one.

I hope eneryone enjoyed their turkey day!

Jim Bagwell

Blowing in the wind

"Bob Dylan" For a blustery day in Cocoa Beach but still no snow

As I was doing my usual research on market stats for the week there have been 3 condos sold this week in our area.

Number one on the list is a Windrush 3rd floor direct ocean, 3 bedrooms 2 baths, 1495sq ft listed at $328,000 and sold for $265,000. This was a smoking deal as unit had hurricane sliders and fully furnished.

Number two is a unit in Rock Pointe, this is a riverfront complex, unit is on the 5th floor direct river, 2 bedrooms 2 baths with 1351 sq ft listed at $194,000 and sold for $165,000.

Number three is a foreclosure in Atlantic Gardens 2 bedrooms 1 bath, 815 sq ft, listed at $47,520 and sold for $45,800.

Good news is the 1st time home buyer tax credit has been extended until May of 2010 with additional benefits for the existing homeowner, I believe this will continue to aid the Real Estate market.

All is well when you live in Cocoa Beach.

Jim Bagwell

We're so sorry

Picture is from Cocoa Beach air show

I must apologize since a comment was posted on the blog before the last and I failed to notice. The comment was “I heard there was a 2/2 Windward East sold for $250,000”

If you remember I had reported the side unit on the 3rd floor that closed for $285,000 but more recently there was a 2/2 direct ocean unit on the 5th floor that closed for $250,000. This was a very good move on the investor’s part regardless of how much updating you would have to do. I will say in my opinion there was money left on the table by the seller but I am sure it was a quick sale. I fully understand why people choose not to use Real Estate agents in order to avoid commission. I am fully confident on the service our company provides clients so I usually don’t get defensive over for sale by owners. In fact we do quite a few of comparative market analysis at no charge to the owner.

New Happenings

The Diplomat

The other oceanfront townhome is now on the market priced at $499,000. This unit has 2520 sq ft with 3 bedrooms and 3 baths. This means both the oceanfront townhomes are on the market, the other is priced at $599,900.

A smaller 1st floor unit on the ocean is listed at $229,000. These units have 900 sq ft with 2 bedrooms and 2 baths.

Another front unit is also on the market, needs updating but priced at $117,900. Remember the front units have 750 sq ft with 2 bedrooms and 1 bath. This is a 1st floor unit.

Hope this helps and usually I am very good at responding to comments but somehow missed the last one.

Jim Bagwell

Back in the saddle

It has certainly been awhile since my last post. We have been very busy making a living. Foreclosures and short sales are still driving the market. I know the Florida Today reported today that the sale of existing homes in Brevard dropped for the 4th month in a row but we are still doing better than 2008. The mean sold price of homes are now at the 2002 level. You really can’t relate the mean price reported to the beach side since we are generally higher in property value than the mainland.

In our 3 complexes there are 3 new listings.

Another front building in The Diplomat listed at $137,900. This unit has been totally remodeled.

Also in The Diplomat one of the townhomes direct ocean has been listed at $599,900. These townhomes have 2520 sq ft with 3 bedrooms and 2 baths.

In Windward East we have listed a top floor 1 bedroom unit at $229,000. These are big for 1 bedroom 1 bath condos with 902 sq ft and the view is incredible.

Since the last post there have been 27 condos sold in Cocoa Beach & Cape Canaveral area. Some interesting facts are that one of these sold in The Mark after 1176 days on the market and one sold in The Crescent Beach Club with not a full day on the market and with multiple offers. The Crescent Beach Club was on the 7th floor, 3/2, 1804 sq ft listed and sold for $325,000.

Only 3 newer units sold with 1 in The Meridian and 2 in Michelina, price of these units started at $499,900 in the Michelina to $725,000 in The Meridian.

I will do my best to stay more current.

Jim Bagwell

"Hot August Nights"

Neil Diamond & Florida
Picture is of the canal on one of our MI listings

It has been an eventful August so far in the Real Estate Market especially the condo market.
In the business we have all been moaning about the large condo inventory for the last 2 years. We get a lot of calls looking for large 3/2 direct ocean condos and at the present time the inventory of this type of condo is extremely limited. There is the Windrush on the 3rd floor 3/2 with new hurricane sliders priced at $329,000; I am surprised it is still available.

So far in August the following condos of interest have closed:

Palmas De Majorca, 3/2 2150 sq ft originally listed at $609,000, on the market for 2 years, closed for $400,000.

The Meridian, built in 2007, 3/2 2180 sq ft on the 3rd floor, on the market 1 year, original price $789,900, closed at $575,000.

Crescent Beach Club, 3/2 2278 sq ft on the 5th floor, on the market for 48 days listed at $499,900, closed for $425,000.

Constellation, 3/2 2419 sq ft on the 5th floor, on the market for 5 days, multiple offers, listed at $425,000 closed for $395,000.

Perlas Del Mar, this is a townhome built in 2006, the pre-construction prices of these townhomes were $299,900 with some flips in the mid 300’s. The townhome has 2350 sq ft, 2 car garage, built in vacum and upgrades everywhere. This one was a foreclosure that was listed at $175,725 and closed for $165,000, on the market for 10 days.

If you have an ocean front condo on the market, I believe the market will coming to you just be aggressive.

Thanks for your time.

Jim Bagwell

"Summer time and the living is easy"

This picture was taken behind one of our listings at Harbor Isles down on S. Brevard av. The boardwalk is about 1300’ long and manatees are always under the boardwalk. The boat is off ramp road park where a lot of people kayak.

If you are out and about please check out one of our Windward East neighbor’s art display at the Cocoa Beach library. The artist is Jeanne Weaver and the oil paintings are fantastic and some of them were done right out back of Windward East.

Not much new going on in our complexes market, there is a new 2 bedroom 2 bath unit in the front building of Windrush. This unit is a 2nd floor unit with 1240 sq ft and is fully furnished. The rental term at Windrush is 1 month like Windward East; this unit is priced at $135,000 so it is now in competition with The Diplomat.

The market has definitely changed this year and the inventory of ocean front condos has diminished significantly. If the unit is priced at market value then this is a great time to sell. One of agents has a cash buyer and can’t find any condo in the price range.

I think I confused some of you with my comments about the buyer backing out on one contract and buying in Windward East. The original contract was in a complex up on Ridgewood Av., this complex is operating with a loan with no reserves. Our Windward East association is in good shape as far as I know. We do have a short sale listing in a complex that also has no reserve’s this makes it very difficult since you have to find a cash buyer because not many lenders will finance a unit in a complex with no reserves.

Have a good week!

Jim Bagwell