Does anyone know why the Essex House condos in Cocoa Beach are so cheap. Are they coop or is the land leased or in a bad crime area...thank you

Asked by Ldi, Bergen County, NJ Wed Oct 20, 2010

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12
Debra Derman, Agent, Rockledge, FL
Wed Sep 26, 2012
Essex House! Ah yes! Have you ever gone on a "day cruise" and need a place to park your things and maybe sleep a nite or two? Want to be able to walk to the grocery, drug store, outside cafe's, meet some folks at a relaxing tropical bar, eat some good seafood rubbing elbows with some tourists just in for the week or weekend. This is that place. Not fancy...not big...but in the thick of the tourist draw area 520 and the infamous Ron Jon's surf shop, and lest not forget Highway AIA (I dream of Jeannie and astronauts parading up and down in convertibles during the Apollo mission).

I'm a lifelong resident of the area, since 1958. It depends on your pocket book, how far you to need to stretch out in your living experiences each day, and how involved you like to be with "businesses" close at hand. You need a bicycle or walk or a scooter and you can stay entertained quite easily in that area.

Not the taj-mahal. Hence the prices. How can I help you look for what you want in the ideal beach getaway or investment? Contact me: dderman@digital.net
References available.
0 votes
Susan Quinn, Agent, Cocoa Beach, FL
Tue Jun 26, 2012
For the most part Essex House are very small efficiencies and one bedrooms. Tiny!
0 votes
World Leading…, , Dallas County, TX
Fri Apr 27, 2012
Beware: if you are looking for investment opportunities, look elsewhere than real estate, especially in FL. Trust me, I know well what I am talking about. I accurately predicted the entire economic collapse down to the last detail including that Fannie Mae and Freddie Mac would be bailed out, all in a book written in late 2006....so it's safe to say I know what I am talking about. The real estate market is going to take many many years to recover and the recovery process will be VERY slow. And for many parts of Florida it will be more painful due to the limited economy.
0 votes
Joe Ross, Agent, Cocoa, FL
Mon Apr 23, 2012
As many others mentioned, they are very old and small and have had virtually no updates. They are cozy but they're in a high traffic area surrounded by restaurants.
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Richard Lemon, Agent, Merritt Island, FL
Fri Nov 18, 2011
They are just old and run down. Cocoa Beach is not at all an area of crime, it's actually pretty quiet. and the land is not coop or leased. it is also very closed in. dark hallways etc. not a very desirable floor plan, but the area is great very cental, on the direct Banana river and walking distance to the beach. Call me at 321-288-5506 or email me at rlemon@pytharealty.com if you would like a lot more info on Cocoa Beach and surrounding area. Thank you.
0 votes
Koala Fan, Home Owner, Cocoa Beach, FL
Mon Nov 7, 2011
They are very transient, you never know who your neighbor is going to be week to week.
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Jane Kiser, , Cocoa Beach, FL
Thu Dec 30, 2010
Great little places for a weekend in Cocoa Beach! Older condos, but on the river, & close to all amenities
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Tom Priester, Agent, Tequesta, FL
Thu Oct 21, 2010
Ldi,

While Cocoa Beach is a bit further north than my market area (too cold for me) many condominiums have experienced huge price reductions throughout the state. Perhaps the main reason is many developments cannot be financed so the market is limited to investors and owner occupants paying cash. Through this entire mess the real funny thing is that, in my humble opinion, today's best investments are in southern Florida real estate.

I am constantly working both with investors and those looking for a cost effective home. In fact, I just finished submitting a contract for a condominium in Palm Beach Gardens that should return a very nice 7.9% cash on cash return to my client. And that is before the tax benefits and future appreciation figured in. With a planned hold of 4 to 5 years these deals have the ability to return solid double digit annualized profits. These are units that sold for in excess of $200,000 during "real estate mania" and now are going for a small fraction of that.

I do fairly thorough pro-formas for each of my investors on properties they are contemplating and if you would like to see the numbers in black and white please feel free to contact me at your convenience. Best of luck with your search and if I can be of any assistance in helping you identify and meet your goals just let me know.


Always at Your Service,


Tom Priester e-PRO
"Results Driven Real Estate"

Keller Williams Realty
561 308-1075
tom@tompriester.com
Web Reference:  http://www.tompriester.com
0 votes
Ldi, , Bergen County, NJ
Thu Oct 21, 2010
Thank you for your answers...Does anyone know when the lease is up on these condos?
0 votes
Kelly Johnson, Agent, Cape Canaveral, FL
Wed Oct 20, 2010
Their old and small, but if your looking for a place to come for the weekend it could be a fun place your close to everything. the beach is a couple blocks away and the condo is right on the river. Visit my web site at http://www.spacecoastfreehomeinfo.com to see a the latest deals. Kelly Johnson
0 votes
Kelly Johnson, Agent, Cape Canaveral, FL
Wed Oct 20, 2010
Their old and small, but if your looking for a place to come for the weekend it could be a fun place your close to everything. the beach is a couple blocks away and the condo is right on the river. Visit my web site at http://www.spacecoastfreehomeinfo.com to see a the latest deals. Kelly Johnson
0 votes
Mark Clancey, , Cocoa Beach, FL
Wed Oct 20, 2010
Ldi,

The Essex House units do not include the land, only the improvements according to the tax records on the two units that are listed for sale. Plus, they are pretty old, the project having been built in 1965.

If you're looking for good deals in the Cocoa Beach area, I can help you. Give me a call, or email me tomorrow. Would be happy to work with you.

Thanks,
Mark

Mark Clancey, Realtor®
Coldwell Banker Cocoa Beach Realty
5675 N. Atlantic Ave., Ste 102
Cocoa Beach, FL 32931
(321) 288-5805 Cell
(321) 783-4300 Office
(321) 784-2100 Fax
0 votes
Wrong. I own there and the land is included.
Flag Fri Oct 18, 2013
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