The First “CONDO FLIP” of 2008?
I never really thought the word “condo flip” would come out of my mouth this early in 2008. The “deals” are out there and even more buyers are starting to purchase them. But “flipping” a condo a month later for a profit?
This just happened to a popular condo complex in Cape Canaveral. Solana Lake is a gated community situated on 22 acres of paradise with private beach access. This 2nd floor 2 bedroom 2 bath 1698 sq. ft. unit was reduced to $195,000 on 12/18/07. Immediately there were many offers and closed for $195,100 on 1/31/08.
This condo, with a wonderful lake and pool view, was listed for $259,900 on 2/4/08. Today it is under contract. I can not mention the actual purchase price but both seller and buyer are happy. And who wouldn’t be? The seller made a quick profit in today’s real estate market and the buyer is getting a fabulous Solana Lake condo for a great price.
Currently there are 3 pending sales in Solana Lake and a unit on the 3rd floor was just reduced to $259,900.
So like I mentioned, the deals are out there and I am seeing more buyers starting to jump back in. Recent MLS statistics indicate a positive 17% drop in MLS listed condos in Cape Canaveral and Cocoa Beach since May of 2006. Less inventory means less to choose from…