The number of ground units other than condos for sale is less than 300. Home buyers seem to think that every unit is or should be for sale at distressed prices. This is not the reality of the Cocoa Beach Real Estate market. Cocoa Beach is located about one hour away from Orlando Florida. The low prices of even the recent past market have all but disappeared. The prices of condos have reached bottom several months ago and sales in those price points are not happening. Real estate prices are not expected to head back in that direction and home buyers should realize that the prices of today may be as good as they will get for a long time.
The number of condominium units for sale in June 2012 was 280 and this number was down from 560 units in June of 2010. The number of distressed condo sales in June 2012 is 55 percent and that is significant.
All of the numbers are more favorable than 2010 and are not anywhere near the highs of 2010. They indicate that while closing prices are rising a bit in a few places, the low inventory indicates that the law of supply and demand is at work. Distressed property listings are not a force in the market as they once were.
Developer foreclosures have all but dried up. This is due to the performance of today’s economy and is not restricted to Central Florida.
The Cocoa Beach FL Rental Property is very competitive where it is allowed. Many condos have deed restrictions prohibiting rentals and communities. The people seeking rental property are far greater in number than in previous years. For those who have previously purchased a condo in the Cocoa Beach area at an even better price may find it attractive to rent. Owning a Cocoa Beach FL Rental Property can make the cost of ownership higher than expected do to today’s economy. There are still many great deals to be found if you take the time to look around. The fees and the storm insurance can be outrageously priced which means that obtaining a positive cash flow in a competitive market will not be easy.
For those considering buying a condo or single family home in the Cocoa Beach Real Estate market now is the time. You may pay more than you would have six months or a year ago. In time the economy will rebound and the property you purchase today will be a worthwhile investment for you and your family.
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