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Tuesday, February 17, 2015

Sunset Bay Condos in Merritt Island Florida ( Market Update February 2015)

What is for sale in Sunset Bay condominiums in Merritt Island Florida in February 2015?

Currently there are sixteen properties for sale in the gated condo community of Sunset Bay.  Located on the Indian River in Merritt Island, Florida, Sunset Bay, built in 1986, has its own riverfront dock , a huge pool, fitness center, clubhouse, hot tub, tennis courts and more.  Association fees are based on the size of unit with the smaller units having fees just under $200 per month and the largest around $430 a month.

The units for sale in Sunset Bay are priced from $51,000 to a high of $87,900.  This gated complex,  Of the sixteen units for sale as of today, half are one bedroom one bath units while the remainder are either 2/2 or 2/1 units.

Of these units only two are foreclosure properties.  A general breakdown of what is for sale in Sunset Bay is;
  • $50-$60,000 - Four units for sale, one is a foreclosure.
  • $60-$70,000 - Five active listings, all standard sales.
  • $70-$80,000 - Five active listings, all standard sales.
  • $80-$90,000 - Two active listings with on e being a foreclosure.
Although the market has been shifting to favor sellers and prices slowly rising, a review of recent sales in the MLS system shows only three closings in the past six months.  These sales included:
  • Unit 423, a one bedroom one bathroom auction sale sold for $60,9009 on October 1, 2014.  
  • Unit 918, a standard sale with 642 sq.ft. (one bedroom, one bath) sold for $67,000 on November 20, 2014.  
  • Unit 324, a two bedroom two bathroom unit with 1,069 sq.ft. sold for $70,000 on February 5, 2015 as a standard sale.
There are also two units under contract at this time awaiting closing (one is a short sale).

For information on buying or selling a condo or home in Merritt Island, Florida (including Sunset Bay), please give me a call at 321-693-3850 or send me an email.

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