"Bye Bye Birdie"

Endeavor's last flight, kind of sad.

We do have a couple of new listings in our complexes.

2100 Towers  3rd floor 2 bedroom 2 bath unit with 1400 square feet.  Listed at $168,500.
Of our 4 complexes 2100 has probably had the most foreclosures which does affect the property value.

We have a new listing in Windward East on the 4th floor.  This unit is one in from the oceanfront with southern views.  2 bedrooms 2 baths with 1316 square feet, list price of $245,000.

Air show this weekend, traffic will be crazy with drivers and pedestrians.  Enjoy the show and be careful.

Jim Bagwell

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

"We have an opportunity for everyone in the world"

"to have access to all the world's information.  This has never before been possible.  Why is ubiquitous information so profound?  It's a tremendous equalizer.  Information is power."

The reason I use the quote above is the Windward East unit 604 closed for $252,000.  This unit is a 2 bedroom 2 bath unit that is not in bad shape with beautiful views of the ocean.  This is the unit we have talked about that had agent remarks that the foreign owner can't sell to an investor.  This is just not true and guaranteed caused the foreign owner to leave thousands on the table because of the agent.  One of our partners has a slogan that says "The agent does make a difference"  never so true.  Any owner can sell to anyone.  Tax drives our country and all you have to do is follow the rules.

Windward East 110 sold for $195,000.  This unit is a 2 bedroom 2 bath unit with 1418 square feet.  No view but a good transaction for buyer and seller.

Excuse my frustration.

Jim Bagwell

"Don't wanna be a bum"

"You better chew gum"
"The pump don't work"
"Cause the vandals took the handles"
Subterranean Homesick Blues   Bob Dylan 

Our barrier island

Update

In our 4 complexes there are now 6 active listings.  1 in The Diplomat, 1 in Windrush, 1 in Windward East and 3 in 2100.  Priced from $168,500 to $249,000.

We have 5 under contract.  3 in Windward East and 2 in Windrush.

Insurance

I don't think we had any damage from the storm that came through in our condos but some homes had some damage from storm bursts during the storm.  Some insurance companies have denied claims due to hurricane deductible.  The insurance commission has notified all companies that 98% of Florida didn't have a hurricane, we had a tropical storm and the hurricane deductible doesn't apply.  They do try their best not to pay.

Enjoy a hot dog for labor day!

Jim Bagwell

"Average U.S. rates on fixed mortgages have risen"

"for a fourth straight week,remaining slightly above record lows.  (3.66%) can you imagine rates have risen to 3.66% Wow

Picture is balcony view from our new listing in Windward East 208.

This unit is in great shape and shows very well.  AC new in 2009, new electric shutters and upgrades on the floor and bathrooms.  2 bedrooms 2 baths 1316 square feet, unit located one in from oceanfront building and priced at $249,000.

STATE OF THE MARKET

Almost every Real Estate site states that home sales remain steady and prices have risen slightly.  What is not taken into consideration is the fact that Real Estate is very location driven.  What is happening in Kentucky has very little to do with what is happening in Florida.  Believe it or not what is happening in Cocoa has nothing to do with what is happening in Cocoa Beach.

At the present time there are 93 active oceanfront listings in Cocoa Beach.  As of 08/27/12 there have been 105 oceanfront condo listings sold in Cocoa Beach.  If we had our usual supply of listings in Cocoa Beach, we could be in a full blown recovery.

Good day to stay home and sleep in Cocoa Beach.

Jim Bagwell  
  

"You say what's mine is mine"

"And what's yours is mine too"
"Now you've got more than you can spend"  Ben Harper if you like Jack Johnson then you would like Ben Harper

Summer is usually our slow season but lately things have been hopping in Cocoa Beach.

In addition to the Windward East unit 604 being under contract.

4 more condos have gone under contract in our 4 complexes in the month of Aug.
2 in Windrush with list prices of $299,000 and $345,000 and 2 in Windward with list prices of $209,000 and $345,000.

End units are still the most sought after properties since there are so few left on the market.

There are presently 2 active units in 2100 priced at $189,000 and $239,900.
One oceanfront Diplomat priced at $249,000.
One in Windrush priced at $169,000, fully furnished front villa.
One in Windward East priced at $325,000.

We will have another end unit on the market in the next couple of days.  This unit has newer AC, newer shutters, very well maintained with very good southern views of the ocean.   Act quickly!

Jim Bagwell

"Come out Virginia, don't let me wait"

"You Catholic girls start much too late"  Billy Joel

Picture is from the balcony of Windward East 207.  This was a new listing, the unit is a SE corner unit with 3 bedrooms 2 baths and over 1700 sq ft.  This unit was listed at $349,000 and is now under contract.

2100 Towers, a listing that is back on the market.  A corner unit with 1600 sq ft.  This unit has a wrap around balcony and is listed at $189,500.

New Scam

With all the public information available it is hard to keep up with the scams.  I know you all have discovered you are a prince or princess from Nigeria and claim millions  A new one that is well thought out is one in which someone closes on a property and has to wait on their warranty deed.  Your deed will be mailed to you but could take 30 days to receive.  Some misguided individual is sending letters to the new owners from Tallahassee or D.C. of course and states that you need to send them around $80 and they will send you the deed.  Please don't pay any money to these people, the title company requests your deed but it will take some time for you to receive it.

Have a good one!

Jim Bagwell