The big biscuit

Its official The Big Biscuit is open and has big biscuits.  Food is rather down home with generous servings and a rather good lunch menu.  Give it a try.

It was just Ada and I for Thanksgiving so we went to The Mango Tree for their special menu.  It was great food and I think a lot of people had the same idea as they had to turn away 50+ people.

Windward East is still the most active complex with 5 active listings.  There is now another townhome up front on the market for $225,900.  That makes one at $230,000 and this one, they are still pushing the price limit as these 2 units are priced at the point at the height  of the market.  Prices are coming back but not this quickly.

The 1st floor unit that has the extra room and upgraded is still on the market and priced at $229,900.  This unit has the same square footage as the townhomes but you can walk out your back door to the beach and have a view.

Unit 305 is still on the market and also has the extra room with 1482 square feet, upgraded, fantastic views and a 2 car garage.  Priced at $339,000, this may be a little high but could be a very good buy.  You can comp it to unit 207 with closed for $325,000.

Sorry I have been so inactive but I had a little accident but I will be back on the course next week.

Jim Bagwell 

"Well butter my butt and call me a biscuit"

unknown in Carolina

Coming to Cocoa Beach, I assume this will be a home style restaurant.  It is located in the old Rum Runners restaurant.  Rum Runners used to be one of my favorite places with great fish sandwiches, it was never the same when it changed owners.

We would like to welcome our newest agent Celeste Van Ewyk.  Celeste is a Cocoa Beach resident and will prove to be a great addition.

Celeste has already ran into a phenomenon that every Real Estate agent will run into at one time or another and if you haven't already experienced this, you certainly will. 

The phenomenon is as follows; You get a new listing and you put it on the market after you have gone over the CMA with the seller and you list it at the top of price range.  You quickly receive an offer that is very fair and if they wouldn't pay cash it probably wouldn't appraise.  Since it happens so quickly the seller thinks "I should have listed it for more money".  I guess this is human nature but what it really is that the inventory is at a all time low so there are buyers waiting on a particular property to come on the market in a certain complex or neighborhood.  Once a property appears then they quickly make a offer.  When this happens the wisest thing to do is count your blessings and your money.  When a agent has a listing on the market they never want to sell for a price below market value.  Not only is it bad for your reputation it is bad for your commission.

The same thing happens with buyers when a seller takes their first offer without countering, they think I should have offered less.  I recently represented a couple who purchased a home in Melbourne.  We did a CMA and offered $2000 less than list price, $2500 in closing cost assistance from the seller.  We came to an agreement and when we did then the buyer thought they should have offered less even though the property appraised at our price not including closing cost assistance.

Stay thirsty my friend!

Jim Bagwell

 

GOOD FAITH

Picture inside the Linville Caverns, NC.  Deserters of the civil war used this cave as shelter.

GOOD FAITH; denotes sincere, honest intention or belief, regardless of the outcome of an action.
Good faith in real estate is most often called escrow deposit.  This is the initial deposit made into a escrow account to show the buyer's good faith in going through with a transaction.  Legally there is no actual requirement for this to happen to make a legal contract however most buyers wouldn't accept a contract with no show of a good faith deposit.

More and more real estate companies don't maintain escrow accounts in order to reduce paperwork and liability.  In this case the escrow deposit is made to the title company that is closing the transaction.  99% of the time there is no dispute about the release of escrow when a deal doesn't work out for a closing.

The 1% of time is why Walker Bagwell Properties still maintains an escrow account.  When the buyer and seller are demanding release of escrow and the title company is holding escrow, the only recourse is litigation which can be expensive to both parties.

When a dispute of escrow release occurs and the real estate company is holding the escrow then we issue a EDO (escrow dispute order) to FREC (Florida real estate commission).  FREC then looks at both sides and all paperwork involved in the transaction.  FREC then issues an EDO that instructs the real estate company how the release of escrow should be handled and who should be paid the escrow.  This process doesn't cost either party any money and there will be several lawyers review the transaction.    

Sometimes reducing liability doesn't serve the client.

A full service real estate company!

Jim Bagwell

"I tore my mind on a jagged sky"

"I just dropped in to see what condition my condition was in"  Kenny Rogers  He must be the biggest success moving from rock to country and who can forget Seinfeld's Kenny Rogers chicken episode.

A lot of activity continues in Windward East, in addition to the side unit 610 being under contract, this is the 2/2 listed at $269,000.  The 302 unit is now under contract, this is a 1/1 direct ocean unit and had a list price of $189,000.  I don't expect either to sell at list price so we will see when they close.  There is a new listing also in Windward East #309 which is a 2/2 unit with 1521 sq ft.  There is a good view to the SE.  The unit is priced at $299,900 which is a little high.

Almost every day I have a agent come in to ask about taking a listing that is overpriced.  My response is always the same, "the seller has the final say on list price".  I do however ask the agent to keep their comparative market analysis after showing it to the seller.  It is very true if the seller is not a hurry to sell or does not need to sell, you can put the unit out at an inflated price and wait for offers but it is also true you will get more showings if you are priced within 10% of the market value.  It always comes down to the true market value is what a buyer will pay for the property.

Jim Bagwell  

"Heaven on earth with an onion slice"

I'm just a cheeseburger in Paradise"  Jimmy Buffett  My wife and both partners don't eat meat so I feel bad every time I eat a cheeseburger, just kidding!

Speaking of cheeseburger in paradise, I came across this listing that is a detached townhome on it's own lot with a 2 car garage.  The home is listed at $799,000 and has 3 bedrooms 2 1/2 baths with a 2nd story deck with great views.  Property has .19 acre direct ocean and is located at Adams and the ocean in Cape Canaveral.

Windward East unit 302 is now under contract along with 610, if priced they sell.

Shutdown
.
With the government shut down we are dealing with some creative mortgages but nothing critical so far but will get worse.  In order to get verification from IRS, it is not available at the present time but we have found some ways around this.  At least congress is still getting paid however the average congressman makes $3300 weekly compared to the average American making an average of $800 weekly.

Jim Bagwell

"Mountain Mama"

"Take me Home, country roads"  John Denver

Picture is of the Sphinx rock on Grandfather mountain.  Ada and I took a little road trip to Blowing Rock, NC.  It was a great time.  I decided to try new things for dinner so one night I had SC flash fried oysters and the next night I tried my first bison.  They both were delicious.   If you find yourself in Blowing rock try the Gamekeeper restaurant, I give it 5 stars.

In the complexes we have talked about, the inventory is now next to nothing.

Windrush;  no active listings.

2100 Towers; One active listing and that is the penthouse that started out at $1,200,000 and is now at $899,000.  More realistic but may not be low enough.

The Diplomat;  One active listing in the front buildings priced at $129,900.  This one is priced correctly.

Windward East;  3 active listings remain, the 1/1 on the 3rd floor priced at $189,000, this is direct ocean so the price is not far off or is at least worth a offer.  1st floor that is a foreclosure and priced at $249,900.  This unit has 1482 sq ft and features 2 bedrooms 2 baths with the extra room.  The townhome in the front is still priced at $230,000, this unit is still not priced competitively compared to the ocean view buildings.

Jim Bagwell

"It's just he gambles so much"

"And you know that it's wrong" 
"Waiting for an alibi"  Thin Lizzy

This picture is of a listing one of our agents has in South Cocoa Beach.  Truly one of a kind property.  The property features an oceanfront home with 3 bedrooms 3 baths and has been totally renovated with granite, gas range and storm rated doors and windows.  At the roadside of the property are five 1 bedroom 1 bath apartments with long term tenants and one 2 bedroom 1 bath with all the upgrades with deck and ocean views.  Listed at $1,295,000 it presents all types of possibilities.

It is a busy time in Windward East!

There is a foreclosure on the 1st floor listed at $249,900 and has been upgraded with a office/family room.  There is also a 6th floor listing that is a 2/2 needs a little updating and a list price of $269,900.  Also now there is a front townhome listed at $230,000.  This unit features 2 bedrooms 2 1/2 baths with square footage of 1450', this is going to be a hard one to comp since ocean view units have closed for less.

Jim Bagwell