Mid February update

Tuesday, 23 February 2010



Today is February 23rd and 16 MLS-listed condos have closed in Cocoa Beach and Cape Canaveral in the month according to the Cocoa Beach MLS. Five single family homes have closed, at prices from $100,000 for a small Cape Canaveral cottage to $360,000 for a remodeled canal home with pool in Cocoa Beach. Highest condo sale so far was $900,000 for a new, 3 bedroom, 3.5 bath, 3000 sq. ft. 5th floor corner in south Cocoa Beach. No other condo sales recorded for more than $345,000 in the month. Sales of note included the following:

Short sale Magnolia Bay 3/3 for $300,000. Sold new in 2007 for $589,900.

Never lived-in Garden Bay 3/3 closed for $285,000. Was offered in 2007 for $550,000.

Short Sale Beach Club condo conversion in Cape Canaveral, a tiny 1/1 that sold newly remodeled in 2005 for $94,000. Closed this time as a short sale for $22,500.

Remodeled 2nd floor SE corner 3/2 Coral Sands in south Cocoa Beach sold for $345,000.

6th floor direct ocean Waters Edge 2/2 in south Cocoa Beach closed for $270,000.

Prices notched up slightly at Portside Villas with a 2/2 short sale closing for $88,000. This unit sold new in 2006 for $234,900.

And for some unknown reason, Rock Pointe on the river in Cocoa Beach was on fire with 4 closed sales so far in February at prices from $175,000 for a lakefront 2/2 to $300,000 for a big, direct Banana River 3/2 end unit.

The MLS is showing 113 condos as under contract with contingencies this morning with 71 of those short sales. New listings have been slower than is normal for this time of year, so, our inventory is still shrinking as sales continue to exceed new listings.

The recent prolonged cold snap appears to be over with temps back into the 70s and the snowbirds here in force and exerting their influence. Tee times are mandatory if one hopes to play a round at the Cocoa Beach Country Club and getting to the free coffee at the Publix grocery store is an even more difficult task, one I would not recommend for the weak or faint-hearted. Reports of scattered cobia south of here are starting to filter in, so, if you'd like to catch one of these very tasty fish, be ready for some of the most enjoyable fishing of the year as the water temps push up towards 70 degrees. Keep your eyes peeled for right whales which were also being spotted off our beaches last week.

Feel free to email me if you have questions or comments about Cocoa Beach or real estate.

"In the long run the pessimist may be proved right, but the optimist has a better time on the trip."
_____Daniel Reardon