Real Estate Excitement ?

It doesn’t take a whole lot to make us Real Estate people excited these days. We had a very much improved 1st quarter compared to the last couple of 1st year quarters. That being said it is still very much a buyer’s market and the price reductions are showing it to be true.

I have been attempting to assist a reporter on some research on the condo market which has been much more distressed than the single family home market. The results are interesting if you are into that sort of thing. I have to try to keep my finger on the pulse of the market so I do this sort of thing continually.

Please keep in mind that averages are just that averages. All kind of things affect the averages. You aren’t buying the average property; you are buying the property you desire with the amenities you desire.

Details

During the 1st quarter of 2005 in the Cocoa Beach/Cape Canaveral area there were 58 condos sold in this area. The average sale price was $529,328. Of the sold units 16 were new units which drove the average upward. These units are all oceanfront.

During the 1st quarter of 2007 in the same area there were 30 units sold for an average price of $464,237. Of the sold units 3 were new units which didn’t have a lot of effect on the average. Again all oceanfront.

During the 1st quarter of 2008 in the same area there were 38 units sold for an average sold price of $396,448. Of the sold units there were 4 new units and 1 was a foreclosure which had little effect on the average. Again all oceanfront.

Pick

The condo I mentioned on a previous post is a 2nd floor condo with over 2400 sq ft, totally redecorated with great ocean and river views. It is listed at $489,000, in 2005 there were 3 sales in the complex with an average sale price of $680,667.

I hope I have helped you and not confused you but the point is the prices we are seeing now are a much more true feeling of the market. The most severe price reductions are in the low to medium range priced condos.

At the end of the 1st quarter there were 803 condo town homes active in our area of that number almost 20% were new construction condos with a lot more than that not on MLS.

May the force and a good agent be with you in finding your buy!!!!!!

Jim Bagwell