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Friday, October 15, 2010

Cypress Cove Condos in Suntree - Another "Distressed" Condo Community in Brevard County, Florida

Yesterday I wrote about the Sunset Bay condo community in Merritt Island, Florida which seems to be a hot spot for foreclosures and short sales.  This morning I was looking over the properties at the Suntree (Melbourne, Florida) Cypress Cove condo community.

Although not a gated condo community like Sunset Bay, Cypress Cove offers owners either one, two or three bedroom floor plans with the square footage ranging from about 750 to almost 1,300 sq ft.  Some units are available with detached single garages although most parking is open.

Cypress Cove, built in 1990, offers a fitness center, tennis courts, community pool, playground and more.  With shopping withing walking distance and public transportation stops convenient, and excellent schools (and Brevard Community College) nearby, Cypress Cove deserves a look if you are considering a Viera or Suntree condo community especially with the opportunities presented by short sales!

Sales in the Cypress Cove complex have been dominated by short sales and foreclosures recently.  Since June 1, 2010, there have been nine properties sold.  Of these, five were foreclosures and three were short sales.  Selling prices ranged from $34,650 to $61,000.

Currently there are 14 properties under contract awaiting closing (or approval of offers).  Of these 14 properties eight are short sales and four are foreclosures.

Is there light at the end of the tunnel for Cypress Cove?  I am not sure but the only two active listings are "standard sales!"

For information on condos for sale in Suntree and Viera, call me directly at 321-693-3850 or email me.  I will be happy to email you listings that fit your needs!

Gary L. Waters PLLC, Florida licensed real estate agent, Century 21 Baytree Realty, Rockledge, Florida, serving buyers and sellers in Brevard County's most popular communities.

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