Beach Areas of Brevard - real estate prices seem low what's the catch? (Miami: oceanfront)

[logybogy]

Compared to southeast and southwest Florida, real estate prices seem very reasonable for condos / houses on the barrier islands near the beach in Brevard? I'm seeing a good number of single family houses within walking distance to the beach under $300k and $400k. This is unheard of in most parts of Florida.

What's the catch? From what I can gather the housing stock appears older, but that can be rehabbed. Are there other hidden problems? Trouble insuring the older properties? Flood Insurance? Although looking at elevations on google earth, there appear to be large swaths on the islands that are over 10feet and shouldn't require flood insurance.

Is there are "bad element" living there after the NASA / economic collapse? Just curious since we'd like to move to an affordable beach community someday within walking distance to the beach and most of the state is unaffordable. Brevard looks like one of the last spots we could possibly afford to do it.

[Nypafl4u]

Main reasons in my opinion are the general economy of the area with the fact that the houses are mostly built in the late 50's to early 70's during the NASA Space Race era. You have mostly smaller (under 2,000 sq. feet) homes that can be fixed up nicely, but may not have the 12 foot ceilings, split bedrooms, or open floor plans (unless already major work was done inside).

The price points are what attracted me to Brevard over areas like West Palm, Ft. Lauderdale or Miami (plus the much quieter neighborhoods with great schools to boot). In reference to price, had you looked back in late 2011 and 2012, you could have picked up a 1300 sq. foot non-renovated 3 bed/2 bath home for around $99K that was a couple of blocks from the ocean in Satellite Beach. Now it's hard to find a fixer upper in the same area for under $175K. The nicer ones are going for upper 200's to 300's now.

Melbourne Beach has always been a bit higher, as the lots are larger (quarter acre vs. .18) and somewhat newer as you go south of 192. I don't think the schools or neighborhoods themselves are any better, but that's an opinion. Indialantic is nice too, north of 192 as you move into Satellite. Then up to Cocoa Beach where there is a mix of older beach bungalows (now full time homes), that still can be found relatively cheap (sub $200K) up to the really expensive ones depending on location, size and condition.

I prefer the Cocoa Beach area for the beaches in my opinion. But it's best for you to take a ride to the various areas and note the streets, houses (and condition of yards), property size and beaches every five to ten blocks. Spend a couple of days and nights driving around as I would recommend anyone doing, in any neighborhood you are considering, to help narrow down what you like. I don't think there is really a "bad" area in any of the beach sections from Cocoa Beach down to Melbourne Beach.

[ExIslander]

Besides what Nypafl4u said, Brevard has more beachside property relative to the area's population than you'll find most other places (at least on this side of the state and certainly south of here). Demand for beachside is still high, as you'll see comparing prices relative to the same kind of properties on the mainland, but there's enough supply to keep prices from getting ridiculous.

[jghorton]

We lived in Satellite Beach (Brevard County) between 1983 to 2010. By the time we moved there, about 85% of the available residential lots had already been built-on. Since then, most of that housing has simply aged, which has not served to drive prices up. --- There were very few oceanfront condos until 1998-2004 when developers overbuilt every available oceanfront lot. We moved into one in 2002 when the market was starting to heat-up and, for the next 5-6 years enjoyed double-digit annual value increases that were largely fueled by flipper/speculators. Then the bubble burst and a ton of these F/S's lost their shirts and left behind a large amount of overbuilt condo inventory, that local demand could simply not absorb. Over the last 1-2 years, I've noticed that Condo prices are starting back-up, as boomers discover this quiet, small-town barrier island.

Still, there are some excellent bargains in the area for folks who are looking for a Condo, or willing to buy and renovate an older home.

[Nypafl4u]

Originally Posted by jghorton

Still, there are some excellent bargains in the area for folks who are looking for a Condo, or willing to buy and renovate an older home.

True, but they are getting harder and harder to find. Now with the next wave of Snowbirds, I can bet that not only will inventory tighten up more, but prices will rise too. I see the flippers back in full swing. It will be interesting to see how prices move (and how fast).