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Saturday, July 07, 2012

Sunset Bay Condos in Merritt Island Florida–Short Sales and Foreclosures still dominate market

Sunset Bay condos in Merritt Island remains a cash buyer, distressed property market in July 2012.

Sunset Bay condos in Merritt Island, Florida is ideally located on the Indian River in Brevard County, Florida.   Sunset Bay is a 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.  Association dues are just over $200 a month for one bedroom units and in the $400/month range for larger units. 

Of the six active listings in Sunset Bay only one is a standard fair market listing.  Although not the largest property, this standard sale listing is the highest priced by about $10,000!

Ten thousand dollars does not sound like a significant difference but considering the other prices range from $38,500 to $59,900 does make the difference rather large!

Active listings in Sunset Bay range from the smallest one bedroom one bath unit (489 sq.ft.) listed at $38,500 to the highest priced unit at $69,900 (962 sq.ft.).   There are three 2 bedroom 2 bath units priced between $50,000 and $59,900.

Currently there are four units in Sunset Bay under contract.  They are all short sales and are awaiting lender approval.

During June 2012 there were four units sold in Sunset Bay.  Three of these were foreclosures and the other was a short sale.  The unit number, sq.ft. under air, and selling price for properties sold in June 2012 included:
  • Unit 219 – 489 sq.ft. 1BR/1BA, $28,000
  • Unit 413 – 541 sq.ft. 1BR/1BA $35,000
  • Unit 118 – 1,155 sq.ft. 2BR/2BA, $50,000
  • Unit 807 – 1,155 sq.ft.2BR/2BA, $51,500
For information on condos for sale in Merritt Island and Cocoa Beach, Florida, give me a call at 321-693-3850 or email me.

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