Not a bad March day in Cocoa Beach!

Things you need to know

Because of the drop in prices we have all been showing new never lived in condos at distressed prices. As a buyer there are certain things you need to pay close attention to when preparing a offer on new condos.

I do believe that my partners and I have showed every new condo on the market on Cocoa Beach/Cape Canaveral. There are some very good buys in some very nice buildings, there are also some on the other end of the stick.

Even when buying new, always get a thorough inspection. I am not a builder but there are certain things you can't skimp on when building on the beach such as exterior doors,sliders,windows and outside fixtures. I showed a unit the other day that is new construction but the stairwell door is rusted shut. All these doors should be replaced immediately since it is a fire escape. If you have ever bought a new construction of any kind you will remember how the punch list wasn't quite as important once you have closed on the property, I believe it is called motivation.

There are situations where the amount of people who have closed are very limited. This makes you wonder what may happen to this kind of complex, someone is paying the everyday expenses and the carrying costs. Be very afraid if there are 100 units available and only 10 have closed and no owner lives in the complex. It could be that you would pay new construction price but the other 90 may go to the bank.

This may sound depressing but the deals are there you just have to be diligent and have someone who will do their research on each and every unit. We do have a very well known developer who has built very nice complexes in our area for a very long time. They never lower prices to their credit in order to protect the owners, they do offer incentives like decorator allowances etc.

Hang in there and there is a deal for you!

Jim Bagwell