Happy Valentine Week

Valentine week update

Hope all is well with everyone and we appreciate all your comments and suggestions.

If you are looking for a bigger home on the water, we may have one more possibility. A home on a very nice canal in a very nice neighborhood has been reduced $100,000. It is now listed at $699,900, this home started out at $890,000. The home that was a foreclosure one street over will sell for around $550,000 but needed a lot of work. This home appears to be well maintained with around 3500 sq ft, great pool, covered boat house, new a/c’s, 5 bedrooms, 3 baths, etc. If you could get this home for around the mid $600,000 range it would be a better deal than the foreclosure.

This week’s summary

There were 7 closings this week in the Cape Canaveral and Cocoa Beach area. None of the sales really got my attention as a real deal. Please keep in mind that to get a really good deal you have to do your research and validate your offer. We usually take a day at least, to formulate the right approach to submit the contract and cover letter to the listing agent and hopefully they will share the package with the seller. We have at least 2 closings next week that are very impressive and I will share these when they close.

Buyer’s market?

Regardless of what you hear from large Real Estate Corps and organizations like FAR, NAR and the Mortgage Broker associations; we are still in a buyer’s market and will be all year. In my opinion 2008 will be a better year than 2007 because of reduction in sale prices. I feel that 2009 will be a better year for the sellers but only if they stay realistic about the price of the property. In the Cocoa Beach area we are seeing new condo complex’s being reduced by $100,000 per unit, reason for the reduction is obvious. They were totally unrealistic in the pricing of the units and in my humble opinion they still are overpriced. It is not the buyer’s problem that the developers paid too much for the land and the builders paid too much for the construction. For an inexperienced developer I believe you should start small while you learn the market.

Stay in touch and we will share more info later.

Jim Bagwell