September Newsletter
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Blog
Cocoa Beach Real Estate is BACK!
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Apartment bargains once dominated the housing market, but those bargains have slowly faded away. As vacancies decrease and rents rise, renters are finding fewer deals.
Just wanted to pass along an article from Florida Today in regards to our current real estate market.
Cocoa Beach Real Estate – Market Report
Cocoa Beach Real Estate Sales and the Cobia fishing are both HOT right now – don’t delay or they will both be gone!
Cocoa Beach Real Estate Report 3rd quarter 2010
In general, sales are still up while listing inventory is down. According to Brevard MLS, single-family homes sold in Cape Canaveral and Cocoa Beach increased 45% over last year. Condo sales were up over 12% while condos listed over $250,000 were down 13.6%.
Looking at these numbers indicated things are not so bad beach side.
So is now the time to buy Florida Real Estate? I wish I had the magical crystal ball to tell you but usually a good time to buy is when prices are way down from their peek. For instance, take a look at the Pier Resort Condos Cocoa Beach across from the world famous Cocoa Beach Pier. We just listed a top floor 3 bedroom 3 bath 1900 sq. ft condo for $219,000. The owner paid $460,000 in 2007.
Over at the Ocean Club Condo Cocoa Beach a 3 bedroom 2 bath 2,759 sq. ft condo originally sold in August of 2007 for $799,900. 34 months later this condo sold for $425,000 which represents a $11,000 drop per month in value.
So you decide if now is the right time to buy.
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Find Florida Real Estate Deals With Some Help
7 Steps To Take Before You Buy A Florida Home
By: G. M. Filisko
Published 2010-02-10 11:24:53
By doing your homework before you buy, you’ll feel more content about your new home.
Follow these steps to ensure your home search is fun and productive.
Most potential homebuyers are a smidge daunted by the fact that they’re about to agree to a hefty mortgage that they’ll be paying for the next few decades. The best way to relieve that anxiety is to be confident you’re purchasing the best home at a price you can afford with the most favorable financing. These seven steps will help you make smart decisions about your biggest purchase.
1. Decide how much home you can afford
Generally, you can afford a home priced 2 to 3 times your gross income. Remember to consider costs every homeowner must cover: property taxes, insurance, maintenance, utilities, and community association fees, if applicable, as well as costs specific to your family, such as day care if you plan to have children.
2. Develop your home wish list
Be honest about which features you must have and which you’d like to have. Handicap accessibility for an aging parent or special needs child is a must. Granite countertops and stainless steel appliances are in the bonus category. Come up with your top-five must-haves and top-five wants to help you focus your search and make a logical, rather than emotional, choice when home shopping.
3. Select where you want to live
Make a list of your top-five community priorities, such as commute time, schools, and recreational facilities. Ask your REALTOR® to help you identify three to four target neighborhoods based on your priorities.
4. Start saving
Have you saved enough money to qualify for a mortgage and cover your downpayment? Ideally, you should have 20% of the purchase price set aside for a downpayment, but some lenders allow as little as 5% down. A small downpayment preserves your savings for emergencies.
However, the lower your downpayment, the higher the loan amount you’ll need to qualify for, and if you still qualify, the higher your monthly payment. Your downpayment size can also influence your interest rate and the type of loan you can get.
Finally, if your downpayment is less than 20%, you’ll be required to purchase private mortgage insurance. Depending on the size of your loan, PMI can add hundreds to your monthly payment. Check with your state and local government for mortgage and downpayment assistance programs for first-time buyers.
5. Ask about all the costs before you sign
A downpayment is just one homebuying cost. Your REALTOR® can tell you what other costs buyers commonly pay in your area-including home inspections, attorneys’ fees, and transfer fees of 2% to 7% of the home price. Tally up the extras you’ll also want to buy after you move-in, such as window coverings and patio furniture for your new yard.
6. Get your credit in order
A credit report details your borrowing history, including any late payments and bad debts, and typically includes a credit score. Lenders lean heavily on your credit report and credit score in determining whether, how much, and at what interest rate to lend for a home. Most require a minimum credit score of 620 for a home mortgage.
You’re entitled to free copies of your credit reports annually from the major credit bureaus:Equifax, Experian, and TransUnion. Order and then pore over them to ensure the information is accurate, and try to correct any errors before you buy. If your credit score isn’t up to snuff, the easiest ways to improve it are to pay every bill on time and pay down high credit card debt.
7. Get prequalified
Meet with a lender to get a prequalification letter that says how much house you’re qualified to buy. Start gathering the paperwork your lender says it needs. Most want to see W-2 forms verifying your employment and income, copies of pay stubs, and two to four months of banking statements.
If you’re self-employed, you’ll need your current profit and loss statement, a current balance sheet, and personal and business income tax returns for the previous two years.
Consider your financing options. The longer the loan, the smaller your monthly payment. Fixed-rate mortgages offer payment certainty; an adjustable-rate mortgage offers a lower monthly payment. However, an adjustable-rate mortgage may adjust dramatically. Be sure to calculate your affordability at both the lowest and highest possible ARM rate.
Merritt Island Condo For Sale at Island Pointe
Short Sale, Owner’s Loss is your gain! THIS UNIT IS BRAND NEW, NEVER LIVED IN, 3 bedroom 2 bath and was the Developer Model, so the nice custom window treatments stay and lots of extra upgrades to include Granite counter tops, lots of tile, storm shutters/door and more. Enjoy the DIRECT INDIAN RIVER VIEWS and the amenities this elite community has to offer, i.e., Clubhouse with a Kitchen and Social Room, Full Gym and Sauna, two pools, tennis, walking trails along the waterway and so much more.
RE/MAX: Canada’s ‘Most Trusted Brand’ in Real Estate
RE/MAX is Canada’s “most trusted brand in real estate,” according to a new survey by Reader’s Digest Canada.
More than 1,500 consumers indicated their favorites in 28 brand categories, and this year’s survey was the first to include real estate. Joining RE/MAX on the list were top brands such as Apple, Holiday Inn, Kellogg’s and Campbell’s. See all the 2010 winning brands.
The survey revealed that RE/MAX Associates are five times more “trusted” than the second most trusted brand.
“Our Associates should be proud and honored to receive the confidence of Canadian consumers,” says Elton Ash, Regional Executive Vice President for RE/MAX of Western Canada.?”It’s an inspiring merit that the best trained and most experienced agents have received for providing valuable assistance to so many families.”
Here’s how Reader’s Digest explains the survey process:
“Questions were divided up among three sections including trusted Canadian personalities, trusted Canadian professions and industries, and finally Trusted Brands. In this last section, the survey focused specifically on: which brands you trust the most in 28 different brand categories, drivers of brand reputation and impact of the trusted brand seal.”
Florida Paradise – Living in Cocoa Beach
Want to own a piece of Florida Paradise? Contact RE/MAX Elite’s McCoy-Freeman Group 321-693-1694 or visit www.FloridaBeachHomesAndCondos.com for professional help today.
My wife and I shot this video from 10th Street in Cocoa Beach during a relaxing afternoon.
Florida Condo Sales Up
Florida Realtors have reported a 63 percent increase of statewide existing condo sales in March compared to the previous year?s sales figure. Statewide year-to-year comparison shows 7,148 units sold in March 2010 compared to 4,387 sold the same time last year.
Even though the statewide median sales price was $96,000, down from the year-ago figure, it represented a 5.1 percent increase from February?s median price.
Locally, in March 2010, 110 condos were sold in Brevard County compared to 94 in March of last year.
The Ocean Club Cocoa Beach, Three Fountains of Viera and Villa Vista in Cocoa Beach were among a few complexes that had multiple closings in March.? The units in these complexes dropped their original asking prices.
In fact, Ocean Club Cocoa Beach, dropped over 60 percent since the summer of 2007.? Unit #303, a 2654 sq. ft. 3 bedroom 2 bath condo with a partial view of the Atlantic Ocean was $734,900 just sold for $325,000.
Recently The Great Florida Bank of Coral Gables took possession of Ocean Club, reduced the asking prices and also changed the rental restrictions to 1 week minimum.? Plus the fact that it was advertised as ?Bank Ordered Liquidation Sale? brought a lot of buyer interest as well.
“I have a lot of buyers that contact me asking only for Bank Owned or Short Sale properties” says Jennifer McCoy of RE/MAX Elite. “The truth is that there are other deals out there that are not a distressed sale.”
With the increase in sales means good news for Florida. Many out-of-town buyers are back to take advantage of the lower prices and to own a piece of Florida paradise.
Bobby Freeman, CDPE
McCoy-Freeman Group
#1 RE/MAX TEAM in BREVARD COUNTY
RE/MAX ELITE
321-693-1694 Bobby Freeman
www.FloridaBeachHomesAndCondos.com
www.BrevardRealtyConnection.com
www.CocoaBeachCondoGallery.com
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