Parsing May

Tuesday, 5 June 2012
A reminder from 2004 hurricane season
The numbers are in and May was another record setting month for residential sales in Cocoa Beach and Cape Canaveral. According to the Cocoa Beach MLS there were 14 single family home sales in the month, all but two in Cocoa Beach. The highest priced Cape Canaveral sale was a small 3/2 in decent condition a few blocks from the beach that sold for $172,000. Prices ranged from $130,000 for  a small 3/2 fixer-upper on West Volusia to $1.25 MM for a direct ocean 5/4 beauty with 3800 square feet in south Cocoa Beach. Eight of the fourteen closed for cash.

There have been only two months in which 60 or more MLS listed condos closed in our two cities since June of 2006, first in August 2011 and again in May of 2012. There have been 61 unit sales recorded as of this morning. As always, that number will likely increase as snoozing listing agents get off their behinds and close their listings. Twenty of the sales were for less than $100,000 and only six for $300,000 or more. The only condo to sell for more than $360,000 was the entire 4th floor Riomar in south Cocoa Beach. This 3008 square foot unit recorded for $675,000 but there were non-cash concessions that indicated the actual selling price as over $700,000.

Bayport in Cape Canaveral contributed four of the sales at blowout prices as low as $73 per square foot for a six year old 3/2 unit.

Magnolia Bay sold two more 2nd floor luxury units at very aggressive prices. Remaining inventory there is getting slim.

A Perlas del Mar luxury townhome in Cape Canaveral that sold new in 2007 for $450,000 closed as a short sale for exactly one third the original price. Stupid cheap at $64 per square foot. Try building one for that.

The last of the developer foreclosures at Mystic Vistas closed for $195,000. There are currently only three listings in the complex, lowest asking price $299,900.

Of the 61 closed sales in May, five were short sales and eight were foreclosures. Two thirds sold for cash. One by-product of the robust sales is a rapidly declining inventory. There are but 49 single family home listings in the two cities this morning. One is a short sale and there are zero foreclosures.

There are 289 active condo and townhome listings. Twenty are short sales and twenty are foreclosures. Of these forty distressed listings only one is direct ocean, a ground floor 3/2 in Cape Canaveral asking $249,900. Pickings are slim.

“How did you go bankrupt?
Two ways. Gradually, then suddenly.”
_______Ernest Hemingway