The thought of buying a condo sounds crazy, right?? What if I were to say that 2025 could be the best opportunity to buy a condo in Cocoa Beach & Cape Canaveral? We have more inventory on the market than I have ever seen, currently 350+. Sales have practically stopped, averaging 33 sales per month the last 6 months. We have over a 12 month supply of condos available. It’s taking on average 106 days to sell. With this much inventory available, taking this long to sell, there are opportunities.
Everything I just mentioned, are the actual numbers. We have an * for the sales data because the new condo in downtown Cocoa Beach, The Surf, has started to close on the units. 21 condos sold between $975K-$2.2M in the last 6 months. I am removing this data because the original list-to-sales price, and the $32M in closed volume skews the data. All of the data & numbers were pulled from the Space Coast Association MLS between September 1, 2024, to February 28, 2025. Active data was pulled on March 23, 2025.
We had 161 condo sales the last 6 months (not including the 21 at the Surf). Average days on market: 88 days. The longest time to sell was 327 days, with 36 taking 150+ days to sell.
The biggest price difference was a sales price of $165K off the original listing price. The average condo sale had condos selling $34K under list price. The biggest percentage reduction was 46.49%, with the average reduction of 8.44% from the original list price.
There are 352 active condos on the market. The average days on market for the active inventory condos is 104 days. There is a condo that has been on the market for 841 days. 21 condos have been on the market for over 300 days. The median days on market is 70.
There have been price adjustments on the active condos, as much as $351K (granted it’s a $3M+ listing, so not quite a 10% drop). The highest percentage drop is 24.86%. There are also a few that have raised their prices. A condo in Stonewood raised its price by $30K. 149 condos haven’t changed their list price.
You need to be aware of the monthly association fee on the condos you are interested in. Right now, the condo fee can be anywhere from $1600 per month on the high end to $275 per month. Most of them are between $600-$900 per month.
Something I do not have easy access to, which is important information, is the special assessments. I have seen in the private agent remarks mentions of a couple grand to $80K the last few years. You have to do your research on any condo you are considering purchasing. More on this shortly.
If you are buying a condo, here in Cocoa Beach, along the A1A corridor, somewhere in Brevard County, or anywhere in Florida, here are the 5 things you need to know
Review the condo docs. Florida Statute 718.503 gives you 3 business days to review the following if you request these docs. If you do not want to review the condo docs, hire a real estate attorney to review them for you.
I like to pay attention to the restrictions so I know what I can or cannot do in a condo complex. Specifically the rent restrictions, the pet restrictions, and the vehicle restrictions. It is also a good idea to see what the condo is responsible for maintaining (are you or the association responsible for the windows, sliding glass doors, and front door?)
Read the budget. Not just the most recent year-to-date budget, try and get last year’s financials to see if they were good stewards with the money. The budget will also confirm what is included in the association fee (do you see cable, internet, water/sewer, etc). Look at the line items.
Ask for the milestone reserve study to see how much money is set aside for the maintenance items (roof, parking lot, painting, pool, etc). Every condo is required to have a reserve study completed and a plan to have these items funded by December 31, 2024.
Ask to see the last 12 months of the condo minutes. You can learn a lot about a condominium association by reviewing the minutes. This will let you know if there is a special assessment being done or talks of an assessment in the near future.
If you are considering a condo that is 3 stories or higher, they are required to have a milestone integrity inspection completed IF the condo is 30 years or older (or if located within 3 miles of the coast then its 25 years old) Any condo along A1A, on the east side of Merritt Island, and some sections of the mainland along the Indian River are within 3 miles. In Cocoa Beach, there are over 6500 condo units, 5963 are at least 25 years old. They are to be completed every 10 years. The purpose of the milestone inspection is to access the integrity of the buildings and to ensure they are safe for occupancy.
Hopefully, any condo you are interested in has the Phase 1 inspections done and do not need the Phase 2. A phase 2 integrity inspection is very invasive and will mean that the condo will need some type of concrete work. This work is expensive, it is messy, it is loud, and it takes a while to complete. Even if you can negotiate this cost into your offer or purchase price, you will be dealing with the complex while the work is being completed. If the work involves the walkways, you might not be able to stay at the condo while they replace them.
So, what do you think, is now the right time to buy a condo? Questions about the Cocoa Beach area? 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.
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