Cocoa Beach, Good Morning!

Cocoa Beach , Good morning !

In our Sunday morning paper real estate section we had a guest columnist. I have a lot of respect for this broker and she is very successful at what she does. To paraphrase, she thinks that our market in Brevard County has reached the equalization point or that property prices are such that low offers will no longer work. I would love to believe this theory but it is just too much of a generalization. Certainly there are homes and sellers who have reached their bottom price. Some sellers are bringing significant money to the closing table; there is only so much money to bring to the table so these people are at the bottom. There are many more properties still at 2005 prices and if they don’t negotiate then they will not sell the property. You still have to have a very active agent to explain to you as a buyer that each property and each seller are in very different circumstances.

State of the Market

At the present time there are 6,394 single family homes on the market in Brevard County. 64% of these are priced between $100-300,000. During the past year there have been 4977 homes sold in Brevard County. 76% of these sold between $100-300,000. In the condo market there are presently 2772 condo/town homes on the market. 54% of these are priced between $100-300,000. During the past year there have been 1237 condo/town homes sold, 65% of these priced between $100-300,000.

Buyer’s Market

This period we are in is still very much a buyer’s market. The market may be moving toward equalization but it is not there as yet. To give you some examples of what I am speaking of consider the following:

Recently there was a direct river home sold for $450,000. This home is a 4 bedroom 2 bath home that definitely needs updated but it sits on .33 acre with great views of the islands in Cocoa Beach. This home was listed at $599,900 and sold for $450,000.

A luxury condo on the intracoastal waterway, the Indian River, over 2200 sq ft, this unit was purchased in 2005 for $543,900 it is now under contract with a list price of $375,000.

Buyer’s market, I think so!

It could be the time to make a offer on your dream!