"A wise man will make more opportunities than he finds"

Francois Bacon

A lot of people haven't heard of the FHA program that is called a 203K. This is a situation when you are purchasing a house that needs a lot of work. You can get a deal done on the house for an acceptable price and then you can get a contractor in to give you estimates for the work to be done and this can include upgrades like granite, stainless and most other upgrades. You then tell your lender that you want this much money in the 203K. The extra money is held in escrow and you take construction draws as you do the work. You have 6 months to complete the repairs and you can defer payments until you are finished at that time they will reappraise the property and your mortgage payments will begin at that time.

A perfect home for this mortgage would have been a canal front home in Cocoa Beach with a pool that was listed at $169,000. If you put a $100,000 in this home it would be a beautiful home with a pool on the canal for $269,000 or about $50,000 under market value. Unfortunately this home is now under contract.

Peace out Friends!

Jim Bagwell

"He bag production he got walrus gumboot"

"He got one sideboard he got spinal cracker He got feet down below his knee" The Beatles Now what could that mean?

Milford point on Merritt Island


Since our last post there have been 17 new listings on the water in Merritt Island and beachside. These are priced from $188,900 to $859,900. The most interesting home is the one at $859,900. This home has been on the market since 2009 and the owners are now on their 3rd realtor. It has been priced from $750,000 all the way to $1,400,000. There is a home with a pool on the property plus what is called an historical cottage. The home sits on .71 acre on the river but all other homes around it are on normal sized lots. It just might be the price not the realtor that needs to change.

During this same time frame there have been 19 waterfront homes sold. These homes range in price from $139,000 to $565,000.

This is why the waterfront home inventory in this area is shrinking which is a good thing for the seller. It is getting to be more and more difficult to find the right home for our buyers.

If you have been contemplating selling your home, this could be a very good time to sell. Call your realtor for a comparative market analysis.

Jim Bagwell

" I would rather laugh with the sinners than cry with the Saints"

"sinners are much more fun" Billy Joel

Picture is a view of the Banana River from the Constellation condos


The single family home market still is rather exciting these days to say the least. On the beach area our inventory is still shrinking with waterfront homes that are priced right are closing rather quickly.

In the last 2 weeks we have had 2 canal front homes close in Cocoa Beach. The 1st was priced at $214,000 as a foreclosure, closed in one month for $214,000. This home was small with 1356 sq. ft. but does have a pool and of course needs cosmetics.

The 2nd home had 1521 sq. ft. and was move in condition. This home was listed at $269,900 and sold for $254,000; this home was on the market for 2 months. As you can see this is why our inventory is shrinking.

A couple of new listings are worth taking a look at as in my opinion could be good buys.

The 1st is in the Snug Harbor section of Cocoa Beach. The home is a short sale and needs a lot of work but priced at $279,000. This home is on a canal with 1764 sq. ft. and sits on .36 of an acre so there is room to expand or put in a pool. The 2nd is in the river Isles section in Cocoa Beach. This home has 1772 sq. ft. on a canal priced at $324,900. The home has been upgraded so you could move right in and enjoy the life.

With lower prices and the mortgage rate being the lowest in history, this has proven to a good time for the serious seller and the buyer.

Jim Bagwell

Milford Point

Picture is of Milford Point on Merritt Island,taken from the Florida Biplane that you see over the beach, if you haven't taken the tour you should try it.

There were 3 new listings that came on the market that caught my eye.

The first one is on Cocoa Beach that has been totally renovated. It is considered waterfront in that it is on the end of a canal. You would have to clear away growth in order to take advantage of the water and the backyard area needs some work. The home is a 3 bedroom 2 bath with 2 car garage and located near the downtown area. Priced at $329,900, I showed it this week and it shows well, however it is still overpriced.

The second is on a canal in the Diana Shores area of Merritt Island. The home has good water and features 4 bedrooms 2 baths and a pool. Home is priced to sell at $220,000.

The 3rd is an estate on south Merritt Island priced at $999,900. The home was built in 2005 and sits on 3.87 acres on a lake with Indian River access. The features a 3 car garage, pool, 4 bedrooms 5 full baths and 2 half baths. The home has 4149 square feet.

Thanks
Jim Bagwell

"Boom, right to the moon Alice"

A very pretty delta launch, pic taken from our office.

So far in September the only waterfront home that has sold was in Satellite Beach. The home has 1974 sq. ft. and features 3 bedrooms and 2 baths. The home is on the canal and sold for $310,000.
There are some new listings that have caught my eye.

A bank owned home on Merritt Island located on the east side of N. Banana river dr. That means a shot to the locks with no low bridges. Home was built in 2008 and features 4 bedrooms 3 baths with 2582 sq. ft. The list price is $368,000 and I don’t think it will last long.

A home has come on the market and is also on Merritt Island. This home is in Waterway Manor and features 2125 sq. ft. with 4 bedrooms 2 baths and a pool. Almost everything in the home is newer. All this and priced at $329,900.

If you are looking for a project then this is the home for you. The home is located in Cocoa Beach on a canal. The home has 1452 sq. ft., 3 bedrooms 1 ½ baths and a price of $210,000. The home has no A/C, the roof also leaks so we would have work on that price.

It is getting to be tricky pricing homes. It seems there is almost weekly changes.

Get outside and enjoy this weather.

Jim Bagwell

"The only liberty an inferior man really cherishes is the liberty to quit work,"

"stretch out in the sun, and scratch himself" H.L. Mencken HAPPY LABOR DAY!

120 Holiday is back on the market. This is a 4 bedroom 2 bath home in a great location. Priced at $220,000!

Increasing trend, the trend now is for builders who own lots to list the property with a new home being built. The latest is a home in north Merritt Island that is in Royal Paddock, this is a gated community. The home will sit on a 1 acre lot on a lake. The home will feature 3049 sq. ft. with 4 bedrooms and 3 baths. List price is $429,900, add a pool and you are good to go.

There is a new listing in south Merritt Island that is located in South Merritt Estates. The home features 4 bedrooms 2 baths with 2804 sq. ft. and a pool. All this sits on a 1/2 acre lot and priced at $254,900. This is a nice home for the price.

Enjoy the weekend!

Jim Bagwell

Indian burial mounds

There are some that believe all the burial mounds we have in our area help steer hurricanes away from our area. I am just saying!

Picture is canal view of a listing we have on Yawl.

Not much new going on with waterfront listings on the beach this week.

On Merritt Island however it was a another brisk week. Six closings on waterfront homes. Those of interest,first we closed one on Elm Hurst which was a short sale that was on the market for 3 years. This home has 3 bedrooms 2 baths with 1612 sq ft and closed for $95,000, now that is tenacity. Second is a home at Indian Bay that was also a short sale. The home features 3197 sq ft and closed for $222,000.

There were also 6 new waterfront listings. Of interest are one on Alabama st. This home is a foreclosure but on the canal. Home is small with only 1138 sq ft but it priced at $99,000. The other is on Central Ave. this home is also on the canal with 1768 sq ft and 2 car garage. This home is priced at $219,000.

If you are thinking of making a offer on a home then a good tip is to get an insurance quote when making the offer. Some of the insurance companies have really jacked up their rates.

Enjoy the day!

Jim Bagwell