Going for the gold

Saturday, 28 July 2012
Thunderstorm over the Cocoa Beach golf course
Multiple offers have become the new normal in our market. I submitted an offer on a short sale Cocoa Beach canal home last week. There were 12 offers in the first five days with $10,000 above asking not being enough to win. Of four houses I planned to show yesterday two had contracts between Thursday and Friday, one of those receiving three offers. A third of the condos closed so far this month in Cocoa Beach and Cape Canaveral and almost half of the single family homes were on the market less than a month before going under contract. A couple of things are contributing to this. There seem to be a lot of buyers who were waiting for prices to bottom or stabilize who have now begun actively offering on properties. Add that increased demand to the depleted supply and, Voila, multiple offers on any new offering that's priced right.

Another shift in activity is increasing numbers of condo sales in the higher price range. In the first three months of the year 19 condos closed for more than $300,000. Since April 1 we've seen 29 closed units over $300,000 with eight of those over $500,000. Meridian has been a large part of that activity with seven units selling in 2012, all over $520,000. Other active luxury buildings in 2012 include Constellation and Villa Verde with five sold units each and Magnolia Bay with twelve.

This morning there are a total of 291 MLS-listed condos and townhomes for sale in the two cities and a mere 47 single family homes. Those looking for a river or canal home in Cocoa Beach have but 21 from which to choose. Lowest price for a livable waterfront home is $261,000 for a tiny 3/2 with a view of commercial property across the canal. Of the total residential inventory (condos and homes) 12% are either short sales or a foreclosures. That number was 56% two years ago.

We experienced a pleasant weather phenomenon yesterday, one that happens every so often in the summer. After a few days of west winds the warm surface water near the beach is pushed offshore and the cold water underneath moves in to take its place. The result for us is natural air conditioning as soon as the sea breeze kicks in. While the rest of the state and country was sweltering we were enjoying a cool breeze in the low 80s off the ocean under beautiful blue skies. The photo at the top was from last week, another normal weather pattern for us in the summer, afternoon thunderstorms. Eight more days until lobster season.

"Stay thirsty my friends." __The most interesting man in the world