August breakdown

Sunday, 9 September 2012
One of the smaller waves on Sept. 8, 2012 in south Cocoa Beach
A total of 54 MLS listed condos and townhomes closed in the month of August in Cocoa Beach and Cape Canaveral. Prices ranged from a high of $800,000 for a huge top floor Ocean Club 4 bedroom 4.5 bath beauty with 20' ceilings and 4565 square feet to $25,500 for a 1 bedroom, 1 bath Jeannie by the Sea with 396 square feet. Fifteen units sold for $100,000 or less and five closed for $300,000 or greater. Fourteen of the condos were direct ocean and sold in a range of $140 to $278 per square foot. Those who use dollars per square foot to justify offers or asking prices take note. Comps need to be very similar in size and condition to have any validity when the market has this kind of range of selling ratios.

Of the 54 sold units, 16 were distressed, five foreclosures and eleven short sales. That's a higher percentage than exists in the "for sale" inventory because of the number of previously contracted units. The current level of distressed condo inventory in the two cities is at 14%. Without the nine bank-owned units at the Pier Resort the ratio is 10%. There are a total of 272 condo and townhome units for sale this morning, right at the record low number reached a few months ago. The same sparse conditions exist in the single family home market with a measly 49 actively for sale on the Cocoa Beach and Cape Canaveral MLS. Only one of those is distressed, a nine year old 4 bedroom, 3 bath home on the water in Cocoa Beach with a suggested price of $419,900.

This has been a week of excellent surf. We got our first pulse from Tropical Storm Leslie last weekend and it built through the week with some help from Hurricane Michael until the crescendo yesterday when waves were double-overhead plus in south Cocoa Beach with perfect conditions. It's still there as I write this, although smaller, and expected to be fun for a few more days. There are a lot of happy, tired residents today in this lucky little beach town.

"You'd be surprised how little you can live off if you're willing to sacrifice anything that makes life enjoyable." ___Unknown