"You're as cold as ice"

Compliments of Journey

I actually saw ice in our Windward East parking lot during the cold snap. When I told a client in Pennsylvania about this he suggested I call the National Guard, I think he was being sarcastic.

I have decided to add 2100 Towers to our newsletter since they are our neighbor to the south and a unique building. 2100 Towers is a lobby access building and each unit has a lot of glass making for very nice views.

2100 Towers

There are currently 3 active listings in 2100.

1. 3rd floor 1600 sq ft 2 bedrooms 2 baths, this unit is listed at $249,900 with an original list price of $499,000 and has been on the market for about 4 years.
2. 12th floor 1600 sp ft 2 bedrooms 2 baths, this unit is listed at $399,900 and has been on the market for almost a year. This unit is a SW unit.
3. 5th floor unit 1600 sq ft 2 bedrooms 2 baths, this unit is listed at $420,000 with an original list price of $450,000 and has been on the market a little more than a year. This is a SE unit with great views.

There have been 2 units sold during the last 6 months. These were interior units with 1400 sq ft and side views, features 2 bedrooms and 2 baths.

1. Original list price of $199,900 and sold for $165,000, this unit is on the 1st floor and was on the market for 95 days.
2. Foreclosure listing was listed at $179,900 and sold for $172,000. This unit is on the 6th floor 2 bedrooms 2 baths and was on the market for 29 days.

The Diplomat

No new listings since the last post and no sales.

Windrush

There are 2 new listings since the last post.

1. This unit is on the 3rd floor with side views features 1271 sq ft with 2 bedrooms 2 baths. The unit is listed at $289,900 and has been on the market for 9 days.
2. This unit is on the 5th floor with direct ocean views features 1271 sq ft with 2 bedrooms 2 baths. The unit is listed at $310,000 and has been on the market for 5 days. I don’t believe this one will last long before being sold.

Windward East

One new listing since last post.

1. Side view unit on the 6th floor features sandollar plan with 1416 sq ft and 2 bedrooms 2 baths. Unit is listed at $299,900 and is priced for the market.

Hope this is helpful to all and we are glad our winter is back to being a Florida winter.

Thanks
Jim Bagwell

"Mr Taxman"

If you own a condo which you use as a rental property, make sure you are getting credit for all your deductions including condo fees, consult your accountant.

I hope everyone is ready for the holidays.




We are still slow in our 3 complexes, one new unit in Windrush, side unit 2/2 on the 2nd floor list price $259,500. The unit in Windward East on the 4th floor has been reduced from $425,000 to $399,500, this is also 2/2 but direct ocean.



The unit in Windrush is one of those MLS entry only listings; this is where the seller pays an upfront fee to have the listing in MLS. They are not represented by a listing agent and should have signed a no representation disclosure.



There have been 7 sales of condos in the beach area since out last post.



If you look carefully at the market results, it makes perfect sense even though we tend to overanalyze.



A unit in Golden Gate in Cape Canaveral closed at $27,400. This is a 1/1 with 480 sq ft; these units are renting for around $500-600 per month. You could keep positive cash flow and hope for a return of the market.



A unit in The Seaport closed for $95,000, these were selling in the $200,000’s a short time ago. It is a very popular rental place for people who are here on a short time basis. Cash flow is not there as they are renting now for around $1000-1200 per month. This is a gamble on the market.



A unit in The Meridian closed for $758,000. This was a developer model and showed great. It has 2440 sq ft with 3 bedrooms 3 baths. The Meridian has the best pool, clubhouse and exercise room on the beach. This unit was on the market for a long time at $994,000.



You always have to look at the individual for the reason and reaction.



Have a great holiday!



Jim Bagwell

You can't spell Charlotte without BOA!

The picture is the Omni hotel where Ada and I stayed in Charlotte NC. It is in the Bank Of America square, the building in the reflection is Bank of America corporate center with walk overs connecting a city block.

Not a lot new going on in our complexes during the past week.




One of the Diplomat oceanfront units is under contract. This is one that was priced at $220,000 reduced from $375,000. It went under contract 12/05/2009, I think this was a good buy.



On another note, not many of you are probably aware of Harbor Isles on the river around S. 6th street. The complex sits on 25 acres with a river boardwalk that is 3 blocks long, 3 pools, 2 are heated, tennis courts, clubhouse, exercise room and boat/RV storage. During the past 2 years there have been 16 units sold and I am happy to say we have participated in 11 of these.



If you have a friend or relative who is thinking about joining us in Cocoa Beach, we have just listed a ground floor 3 bedroom 2 bath unit on the lake. You would have to gut it and start over but priced at $155,900 it should be doable. One of the best features is the unit has 2 deeded 1 car private garages.

Good Holidays

Jim Bagwell

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