Merritt Island canal homes

Merritt Island Canal homes

We did find one thing that is not exactly shocking but it did narrow our search. There is only one canal home on Merritt Island that is priced under $300,000 and offers 2000 sq ft. That one is a short sale; the water is not that good and it needs work. The home is priced at $249,999.

Now when we reached $300,000 to the mid 300’s we found good sized homes and some are in good shape. If you price your listings by sq ft dollar, this makes perfect sense.

Our listing at 1745 Basin st. has been reduced to $369,000. The best part about this home is that it has been renovated from the studs out to paint including wiring and plumbing. This is a benefit that you will only find in a couple of homes on the canals unless they have been torn down and built new but then of course you will pay a premium at new home prices.

If you would like to see pictures of this home, just email me at walkerbagwell@aol.com and I will email you the link.


Thank you

Jim Bagwell

"We're so sorry uncle Albert"

You got to love the Beatles!


I did receive a negative reply from my last post on contracting out short sales. I can only assume it was from one of my Realtor peers. For the record I am not questioning anyone’s sincerity or ethics in this practice. My point is that the short sale process almost always turns out to be a very personal and emotional transaction for the seller. The most important part of the transaction is the initial meeting between the seller and the listing agent. The listing agent must at that time offer all alternatives to the seller and inform the seller what is expected of them to complete the transaction. Although foreclosure, bankrupts and short sales are much more common than most of us have ever seen, it still is a bitter pill to swallow. There are many of us that have never been in financial situations that we see at the present time and this makes for a very stressful time for everyone. This is the only reason I personally feel that contracting out short sales is not the most efficient method to handle the transaction but if the listing agent is totally uncomfortable or unwilling to put in the hours necessary for this type transaction then definitely find someone to help you and bring them in from the onset of the transaction. I hope this clarifies my position and I apologize if I offended anyone.

We are in the process of showing canal homes in Merritt Island that can be purchased around or under the $300,000 range. I will share our showings on the next post.

Jim Bagwell

"Its been a hard day's night"

Recently I have seen agents advertise to other agents to handle short sales for a fee. Obviously experience is not a prerequisite since I have seen that some of the people offering have never completed a short sale. There are many agents that would never have considered being involved in the process because it is so time intensive with no guarantee of commission. Now that it is evident that there are so many short sales on the market that it is unrealistic to exclude these properties and still serve their buyers, they are coming around to the facts of the market.

With a small company of 18 agents, we are now in negotiation of 12 short sale contracts. This requires a staff and commitment from the entire team to bring these offers to fruition. It seems rather corny but it does bring a bit of satisfaction to get people out of a tight spot and on the other hand get buyers with patience a very good deal in a down market. We have seen more satisfaction from sellers who got the 3000 lb gorilla off their back than we have seen in good times with sellers walking with a couple of 100 grand.

I was looking to show some of my favorite listings that are priced right but the numbers are staggering. If you are looking to live on the water or not on the water then there is a price for you.

If it is a short sale just remember to be patient and keep looking once you have put in an offer on a short sale. Remember if you don’t have approval from the lender you are not committed.