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Thursday, October 14, 2010

Sunset Bay Condos in Merritt Island Florida - Foreclosures and Short Sales Abound

Sunset Bay condos in Merritt Island, Florida is ideally located on the Indian River in Brevard County, Florida. This gated complex, built in 1986, has its own riverfront dock with water access, a huge pool, fitness center, clubhouse, hot tub, tennis courts and more.  And with association dues just over $200 a month offers some attractive prices for condo ownership in Florida! 

But the real estate market has not been kind to Sunset Bay condo owners.  Here is what is going on with the Sunset Bay real estate market.

As of today there are 26 active listings in the Brevard MLS system.  Of the 26 condos for sale in Sunset Bay, there are 23 short sales.  The remaining three units for sale in Sunset Bay are foreclosures (bank owned).

The prices for these active condos range from $20,900 to $65,000.  Most of the one bedroom units are 480-700 sq ft and are priced below $32,000. Two bedroom two bath units are in the mid-30s to about $45,000 for units under 900 sq ft.  Since I am not the listing agent I am not identifying any specific units but can email you any information you desire.

During September 2010 there were four condo units sold in Sunset Bay.  Three of these were foreclosures selling for $21,000 to $32,250.  The lone standard sale was 1,010 sq ft 2 bedroom 2 bath unit that sold for $34,000.

There are 10 units under contract awaiting closings: 9 short sales and 1 foreclosure.  Although I do not have the specific information on the percentage that are owner occupied, etc, my guess is that these units are probably not eligible for financing.  If you have the cash, Sunset Bay may just offer a great opportunity for investors!

For information on condos for sale in Merritt Island and Cocoa Beach, send me an email or call me directly at 321-693-3850.

Gary L. Waters PLLC, Florida licensed real estate agent, Century 21 Baytree Realty, Rockledge, Florida serving Florida's Space Coast including the cities and communities of Melbourne, Viera, Rockledge, Suntree, Merritt Island, Cocoa Beach and the surrounding region.

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