If you are starting your research because this is the year you are buying a condo, you are in the right place. Besides introducing you to the condo market in Cocoa Beach, at the end of this article we will go over 3 warning signs to look out for when buying a condo that could save you thousands of dollars.
There are over 31,000 condos in Brevard County. Most of the condos can be found somewhere along the A1A corridor in our beach communities. There are over 6500 condos in Cocoa Beach and almost 5000 condos in Cape Canaveral…more than 30% of the condos on the Space Coast can be found between Port Canaveral and Patrick Space Force Base.
You also have the largest variety of condos in the Cocoa Beach area. Direct ocean front. Direct riverfront. On a canal. Dry lot. There are low-rise, mid-rise, and high-rise condos. There are tiny efficiency condos that are only 192 SqFt and there are absolute luxurious penthouse condos over 5000 SqFt. There are pet-friendly condos and condos that do not allow pets at all. There are AirBnB-friendly condos. Some condos will allow one-month, or 3 month rentals. Some have 6-month or 1-year minimum rentals, and some condos do not allow rentals at all. There are smaller condo complexes that have under 12 condos and there are massive 100+ unit condos too. There can be a variety of parking options too. Open parking, assigned spots, carport, or covered parking. Private garage. Shared Garage. Under building parking.
So what kind of condo do you want? Here are some questions I typically ask to get the information I will need to help you find the right condo:
How many bedrooms and bathrooms?
How much space do you need? (Square footage)
Do you have pets or plan to have pets? (What is the size & how many)
Do you plan on renting the property? (even if you do not, its still good to know)
Do you need a garage?
Do you need a pool?
Would you like to have other amenities? (tennis courts, racquetball, basketball, workout facilities, etc)
The low-rise condos. These are one or two-story buildings, so no elevators if you are on the 2nd floor. These are some of the older condos in Cocoa Beach and Cape Canaveral that were built in the 1950s and 1960s. They tend to be smaller condos too. Efficiency, one, and two-bedroom condos between 200SqFt to 1000SqFt. Most of these do not have laundry in the condo. There might be laundry facilities on the property.
There are exceptions…Captain Cove has 1300-1800 SqFt condos…Some of the larger complexes that were built in the 1970s and 1980s like Costa Del Sol, Windward East, and Windrush have big buildings on the water that also have 2-story buildings with 2 or 3-bedroom condos that are 1200-1500 sqft.
The mid-rise condos are 3 to 9 stories in height. We have a lot of mid-rise condos. Most of the 3 story buildings have elevators, just be aware that some are walk-ups. All of the 4-9 story buildings have elevators. If you want a new condo, construction is finishing up on the Surf in downtown Cocoa Beach, or a newer/newish condo that was built in the last 20 years, it will be a midrise building. The city of Cocoa Beach implemented height restrictions on any new construction in the 1990s after Stonewood & Xanadu were built because they didn’t want our little beach town to turn into what was happening in other beach communities…The locals didn’t want to turn into South Florida and become “Boca-Fide” Right now, the maximum height allowed to be built in Cocoa Beach is 75’
We do have 5 high-rise condos in Cocoa Beach. Las Palmas is 10 stories. Coral Seas is 11 stories. 2100 is 13 stories. Xanadu is 15 stories. Stonewood is 16 stories. Not only is this the tallest building in Cocoa Beach, but it is also the tallest condo in Brevard County. Technically, Stonewood, Xanadu, & 2100 are one floor higher according to the elevators because they do not have a 13th floor….
That’s an overview of the different types and styles of condos available…it is time to figure out which one is right for you. Remember the qualifying questions I asked earlier (number of bedrooms & baths, do you have pets, etc) There are a few other important questions…
Do you want to be on the ocean or just near the ocean?
Is it important to be able to peak at the ocean?
Is a side view of the ocean OK?
Do you want to see the ocean from every room?
Do you just want to be close to the ocean & beach? Just know this…the widest point in Cocoa Beach or Cape Canaveral will put you just over a mile from the beach. Most of Cocoa Beach and Cape Canaveral is less than a ½ mile. So, if you are not in an oceanfront complex, you will probably be 4 to 5 blocks away from the ocean.
The other important question is the price you want to stay within and your monthly budget. In the last 2 years (January 2022 through December 2023) we had 1,119 condos sold in Cocoa Beach and Cape Canaveral between $75K and $2M. The average price was $412K. The median price was $365K. 10% of the sales were under $200K. 28 sales were over $1M.
The other part of the budget you need to keep in mind is the monthly condo fees. These fees cover insurance, lawn care, building maintenance, common area maintenance, water/sewer, and sometimes cable & internet. Just so you know, because of the cost of insurance, these fees have been going up for the last 18-24 months. In the past, even though association fees varied; it was pretty common to see a fee under $400 per month. Now, it is rare to see one under $400… the new norm is $500 to $800 per month.
Another factor that will affect the association fee and overall cost of owning a condo are due to changes in our Florida Laws. By 2025, a condo association is supposed to be fully funded. Condos will need to have a Mitigation Reserve Study to see what they will need to replace the long-term maintenance items (the roof, painting the building, resurfacing the parking lot, etc) So that when the roof needs to be replaced in 12 years, the money is there for the work. Some condos have put the minimum amount possible into these reserve items and hoped they had enough or planned on doing assessments to cover the cost of these items. This is no longer an option with the new law going into effect. Condo fees could be going up to make certain these items are funded. Another option condo associations are looking into will be assessments to fill the reserve funding. OR they will do a combination of raising the budget to support the reserve amount and doing an assessment…It will depend on the association and how the owners vote to bring the reserve funds to where they need to be.
The other changes in our Florida Laws with condos are the required inspections on buildings 25 years or older to confirm the buildings are safe & sound. Phase 1 of the Mitigation Study is to see if there are visible signs the integrity of the building is failing. If they see any visual issues (cracks, spalling of the concrete, expanding rebar, etc) a Phase 2 Mitigation Study could be required which will mean concrete work & restoration is needed…which usually means assessments are coming. It could be a $12K-$15K assessment…it could be $20K-$30K assessments…it could be $50K+ in assessments…it is tough to say without these Mitigation Studies being completed.
If you plan on getting a loan, you should know that Fannie Mae’s guidelines for a loan have been changing with condominiums. Besides their usual requirements of looking at the financials, master insurance policy, and having a condo questionnaire to see the overall health of the association that includes delinquencies in monthly dues and owner/tenant occupancy ratios. They are also asking for copies of the last 6 months of minutes from the condominium meetings, the reserve studies, and the mitigation study. They are looking closely at everything. If there is mention of a repair in the minutes, they want to know it has been corrected. It is making it a little more challenging for a loan to go through on a condo purchase.
So, is it a great time to buy a condo? I know that there are more condos for you to choose from today than we have seen in years. We are getting close to the highest level of condos on the market for the Cocoa Beach area (266 in March 2019) All indications are the condo inventory will continue to grow over the next 6 to 12 months.
We are also seeing fewer condos selling today than we have seen in the past. We averaged 28 sales in the last quarter of 2023, which is significantly lower than what we have seen in the last 5 years.
The month’s supply of condos available is over a 9-month supply, which is a solid buyers market. It is taking longer for condos to sell too. All this will help you during negotiations on a condo in the new year.
Do you want more information on a specific condo?
Do you have questions about the next step in buying a condo?
We should talk. You can call or text Eric Larkin with Real Broker, LLC 321.795.1854, or leave a comment below.
Eric Larkin is a Broker Associate with Real Broker, LLC. He lives, works, and plays in the Cocoa Beach area. If you have questions about moving or relocating to Cocoa Beach and the Space Coast, let me know! I get calls, texts, direct messages & comments on my posts every day about the real estate market and things that are happening in Cocoa Beach and the Space Coast that I love answering. Ask me your questions on moving, relocating here, or anything about the community. I am here to help. I have been helping buyers and sellers with their real estate needs since becoming a real estate agent in 2003. My focus is always on helping, answering your questions, and doing everything possible to make certain you have a smooth transaction from beginning to end.
Planning a move or have questions about our area? Eric Larkin with Real Broker, LLC can help! Schedule a call here https://www.ericlarkin.com/schedule-a-call
OR leave your info here and I will call you https://www.ericlarkin.com/contact-form
Cocoa Beach Insider 