"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

Change will do you good!

Hope all is well with everyone is well in this heat and humidity. I was talking to a retired guy in Harbor Isles this morning that is from Connecticut, he has lived here for 16 years and said he loves it compared to the alternative.

We have had some changes in our complexes which is always good.

The townhome at Windward East is down to $215,000. They are still in competition with the Beach Winds town homes that are selling in the $150,000’s. Sad but true!

There is only one Diplomat oceanfront left on the market priced at $249,900. This should get some looks.

There are now a lot of front units in the Diplomat priced in the $120,000’s & $130,000’s. If buyers are waiting for the bottom this could be it.

The Windward East 4th floor unit direct ocean has been reduced from $425,000 to $399,900.

To let everyone in on a little secret, the last sale in Windward East which one of our agents facilitated was sold because of the financial condition of the association. The buyers had an accepted contract on another unit (which I won’t name) until they reviewed the condo docs. The association is operating with a loan, which means if we “God forbid” have another storm then the association is in dire straits. Don’t hesitate to ask for budgets and financial sheets when making purchases!

Peace out

Jim Bagwell

Cocoa Beach fireworks

 
 
 
 

Excuse the photo, the beach was packed and I thought the fireworks were great.

Nothing new has happened in our complexes since the last post but I wanted to share something that I don't usually use this blog for this reason.

One of our friends who is also one of our agents has a home that he built a few years back and has been on the market ever since. This is a large 2 story home on Bayshore rd in Snug Harbor. The home has all the upgrades and sits on Edwards Bay. This is a protected bay off the Banana River.

The home is in the early stages of foreclosure so we are negotiating with the lenders to try to head this off with a buyer. The last price was $890,000 but I think it will sell for less.

If you know of anyone who is in the market for a good buy on a waterfront home, please let them know about this home.

The other pictures are the home on Bayshore.

Thank you
Jim Bagwell

Captiva

Picture from a trip Ada and I took to Captiva Island for a couple of days. This is the 5th highest rated par 3 course in the world. I have never had a ocean wave break on the golf cart before, if you get a chance give it a try.


Not much activity in our complexes since the last post.

There are 2 new listings in Windward East with both being direct ocean. The first is a 2/2 with 1394 sq ft. It is a second floor unit fully furnished and priced at $329,000.

The next one is a 2/2 on the 4th floor with 1394 sq ft and priced at $425,000 unfurnished.

For those of you who have been in Cocoa beach for awhile, one of our agents just listed a Palmas De Majorca. This was the site of the old Desperado's Mexican Restaurant. At the time Ada and I lived at Stonewood and loved to walk down to Desperado's for dinner and listen to the entertainment, they had the hottest jalapenos I have ever tried in the area. This unit is a 3/2 with 1800 sq ft direct and priced at $438,888.

Thanks
Jim Bagwell

Baby Boomers

picture from a listing at the Wavecrest in South Cocoa Beach.


Let’s face it our music was the best. Ada and I went to the “Classic Concert” over at the Hard Rock and it was a group covering Beatle music with the Orlando orchestra. I could not believe how many young people were there and knew all the words to all the songs. If you get a chance, check out this series. They actually did 4 encores until they ran out of songs.

2009 update

For those of you are following this is the update for the 1st half of 2009.

Active listings:

The Diplomat front buildings, there are still 9 active priced from $125,000 to $164,900.
The Diplomat ocean front building there is one unit on the 3rd floor priced at $274,900.

Windrush has 2 side view units, 1 is a 2/2 priced at $269,900 and 1 3/2 priced at $299,900. 1 direct view is a 3/2 priced at $329,000

Windward East has 1 townhome priced at $215,000 fully furnished and 1 side unit on the 6th floor 2/2 priced at $329,900.

Sold in 2009

The Diplomat, 1 front unit has sold listed at $149,900 and sold for $139,900 and 2 ocean units sold 1 listed at $259,900 and sold for $215,000 on the 1st floor and 1 listed at $289,800 and sold for $259,000.

Windward East has had 1 sale side unit listed at $299,900 and sold for $285,000, this unit was on the 3rd floor and was a 2/2.

Hope this helps to keep you informed and if you ever need info on the rest of Cocoa Beach just drop an email.

Jim Bagwell

"The times they are a changing"

Photo courtesy of Don Hoover since my camera failed. This may have been the last shuttle piggyback we get the chance to see.

The market is still busy since the prices are still falling. The 1st quarter of 2009was the biggest drop since the downturn began, this has in turn made Brevard County property undervalued by 19.2%. Condo financing is still a challenge but can still be accomplished. I think we have seen the last of mortgages on complexes without reserves.

I think all of our complexes still look fantastic especially with the palm tree trimming. We are fortunate to live where we live.

In The Diplomat the oceanfront on the 3rd floor has been reduced to $274,900, this unit will probably sell now.

In Windrush there are 2 side view units that are good buys. The 1st is a 2 bedroom 2 bath unit on the second floor and remodeled for $269,900 and the 2nd is a 3 bedroom 2 bath unit on the 3rd floor, furnished and priced at $299,900.

The market will come back so don't panic just enjoy the beach!

Jim Bagwell