Family from CT looking to buy in Cocoa Beach, need your help (Cape Canaveral: foreclosed)

[dougandbeth]

Hi everyone,

Thanks for all your input in advance. We are a family of four, myself, my wife and two sons ages 7 and 5. We are in our late 30's and looking into buying a condo in Cocoa Beach / Cape Canaveral.

This condo will be used by us 3-4 weeks out of the year and also buying this would be an investment for our future. We would also like to potentially rent it out for 3-6 months out of the year in the event we had to.

Schools are not the most important because we will not be permantly relocating there until retirement posssibly.

We are looking for something with a community pool, kid friendly and that we can walk to the beach and restaurants, shopping, etc.

Are there complexes that you would recommend? or stay away from?

Thank you so much!

[haker53]

In my opinion Cocoa Beach is a nicer area. Do you want to buy on the beach side or river side. Condos along Ocean Beach Blvd are nice and many are within walking distance to some area restaurants, Ron Jon's etc. In addition there are nice condos along North Atlantic Ave south of SR 520 either on ocean or river. The schools are good in the Cocoa Beach area. Other factors to consider are amount of reserves held by condo association along with number of foreclosed ( I.e. not paying monthly association fees) units as that can be a detriment to selling, upkeep, etc. Condos also have varying rental restrictions.....from as little as weekly to as much as 6 month minimums. This is important if you decide to rent the unit but also if you decide to move permanently. My condo association is 6 months which really limits renters to yearly leases and reduces the flux of constant renters in and out but also harder to use if constantly rented for the year. I have seen condos from as little as $75000 (older studios) to as much as $750000 (3500-4000 sq ft penthouse type units). Other considerations are floor (higher floors usually more expensive) and also elevator (some 2-3 story condos have only stairs which make things difficult as we age). You will also want to review the association fees as they vary from complex to complex. Direct ocean front units seem to take more abuse due to constant salt spray and may have possibility of larger assessments and/or monthly fees. Ask what assessments have been levied and any possible upcoming assessments. If you need more specifics let me know I would be glad to help.