July sales

Tuesday, 7 August 2012
Condo sales in Cocoa Beach and Cape Canaveral slowed significantly in July. After 68 closed sales in May and 62 in June we finished July with only 37 MLS-listed condos and townhomes closed in the month. Single family homes were stronger with 13 closed, two in Cape Canaveral and eleven in Cocoa Beach. Of the 50 total closed residential sales, 12 (24%) were distressed, ten short sales and two foreclosures. There are 286 condos and townhomes for sale this morning and 43 single family homes. There are two foreclosure homes for sale and zero short sales or 5% of the total distressed. There are 18 short sale condos and 21 foreclosures making distressed condos 14% of the total for sale condo inventory.

Sales of note included;

Two Meridian direct ocean units, both 2nd floor. One was an interior 3/2 with 2072 square feet that sold for $580,000. It sold new in 2007 for $672,900. The other was a corner 3/3 with 2487 square feet that closed for $700,000 after just 5 days on the market. It sold new in 2009 for $735,000.

The last unsold unit in the Ocean Paradise building in south Cocoa Beach. This was the 2nd floor NE corner, 3/3 with 2444 square feet and a 2 car garage. Sold for $507,500. If memory serves me right they were asking close to a million for this pre-construction.

Another south Cocoa Beach complex, Magnolia Bay direct Banana River 3rd floor corner 3/3 with 2552 square feet and a 2 car garage closed for $435,000.

Again in south Cocoa Beach, a very nicely remodeled Constellation 2nd floor direct ocean 3/2 with 2126 square feet and a 1 car garage closed for $365,000. This one had been on and off the market for six years beginning at $975,000. When the price finally got down to $380,000 in June they had an accepted contract in 15 days. There's a lesson here.

A Royale Towers B building direct ocean 2nd floor Sand Dollar 2/2 with one car garage sold for $280,000.

A fully furnished "A" building Stonewood direct ocean 4th floor 3/2 with 1588 square feet and one car garage closed for $275,000. The "A" building is the one on the right that looks over the pool to the ocean.

A foreclosed Solana Shores side ocean view 3/2 with 1921 square feet and a one car garage sold for $257,500 after eight days on the market. It had previously been offered as a short sale at steadily dropping prices from $314,000 to $289,000 for over a year without any takers.

Another Royale Towers direct ocean A building 6th floor Sand Dollar 2/2 closed as a short sale for $250,000. It last sold for a shocking $510,000 in 2005 by an owner who doubled his money in three years. Ah, those were the days. This particular contract was taken out in the first right of refusal process by another RT owner.

A tastefully remodeled and fully furnished 3rd floor direct ocean Wellington 2/2 in downtown Cocoa Beach closed for $250,000. It had 1049 square feet and no garage.

Another unit in the resurrected riverfront building behind Sunset Cafe (don't know if they've decide on a name for this condo) sold for $238,000. It was a 3rd floor 3/3 with 2084 square feet and a one car garage.

Yet another Royale Towers unit, this one in the south facing C building closed for $220,000. It was a remodeled and fully furnished 3rd floor 2/2 with 1256 square feet and a one car garage.

Another 3rd floor Wellington, this one the SE corner 2/2 with 1139 square feet and open parking closed for $199,900 after 25 days on the market.

Three units closed in July in the weekly rental Chateau by the Sea next to the Cocoa Beach Pier. Two were ground floor 2/2 units, one a direct east facing with 910 square feet that closed for $190,000 and the other a south facing with 844 square feet that closed for $153,000. A third floor south facing 2/2 with 910 square feet closed for $173,000. All were fully furnished and none had a garage. Of note here is that two of these contracts were taken away from the original buyers by another owner in the first right of refusal process.

A very nicely remodeled ground floor direct Banana River Waters Edge West in south Cocoa Beach closed for $215,000 fully furnished. It was a 3/2 with 1445 square feet and a one car garage.

A fourth floor furnished canalfront Commodore 2/2 NW corner with 1234 square feet and one car garage closed for $175,000.

A top (5th) floor Puerto del Rio sold as a short sale for $173,000 after just four days on the market. It sold new in 2007 for $390,000. It is a 3/2 with 1852 square feet and a full 180 degree wrap balcony and one car garage.

A first floor direct ocean Canaveral Sands 2/2 with 1222 square feet and a one car garage sold for $171,500 after being on the market since early in 2009.

An eleven year old Minutemen Villas 4/4 townhouse on the Cocoa Beach golf course sold for $150,000.It had 1564 square feet and a 2 car garage.

A direct ocean 2 bedroom 1.5 bath North Triton Arms with 1088 square feet in downtown Cocoa Beach closed for $145,000 after 11 days on the market.

A 6 year old Oak Park townhome with 4 bedrooms, 2.5 baths and a 2 car garage closed as a short sale for $140,000. It sold new for $349,900 in 2006.

A south ocean view 2nd floor Siesta del Mar short sale finally closed for $130,000. It has been for sale since January 2008 and has had multiple buyers with accepted contracts along the way but for various reasons, mainly the bank's slow pace, they all walked.A buyer finally went the distance and after waiting just five months this time was able to close. I'm sure the neighbors are relieved.

Somebody got a smoking deal on a short sale 6 year old, 2nd floor Portside Villas 2/2. Closed for $80,000. It has cathedral ceilings and 1211 square feet. No garage. Sold new in 2006 for $224,900.

Two 672 square foot 1/1 units at Starbeach in Cape Canaveral closed for $40,000 and $43,000.

A foreclosed Cape Shores 2nd floor 2/2 with 1038 square feet sold for $62,900. No garage.

Five canalfront single family Cocoa Beach homes closed in the month at prices between $299,000 for a short sale with tiny waterfront on Indian Creek needing work to a remodeled 4/2.5 on Jamaica with pool, boat dock and tiki bar that closed for $365,000. Lowest single family sale was $135,000 for 1404 square feet needing a lot of work. Several nice non-waterfront homes closed between $165,000 and $215,000.

With the tight inventory most good listings that are priced anywhere within reasonable range are selling quickly. If you're looking, get your criteria as defined as possible and be prepared to move quickly when a good one appears. If you plan to buy with a mortgage, talk to your lender before you begin the search. Be aware that at least one of the biggest mortgage lenders is failing to meet deadlines at an alarming rate. Local lender is almost always better than an out of state lender even if that out-of-stater it is your brother in law. Also, be aware that first right of refusal is being exercised a lot recently especially in a few certain complexes. Your buyer's agent, if he's good, will know which complexes I'm talking about. If you need a good buyer's agent call me. Buzz words today: shade, breeze and liquid refreshment.

"Fertile's the word."  ___Matthew McConaughey (expecting his third child)