What is currently going on with the real estate market in Brevard? (insurance, appliances)

[lio45]

I was tempted by a fixer-upper canalfront home in MI (locally, that of course never means Michigan) to turn into our permanent second home in Brevard - right now I just live camping-style in whatever's not rented at the time when I go - but I'm kind of worried about sea-level rise for anything that's not on the mainland.

I suppose there are several of you guys who gave this some thought...? What would be your conclusions?

[Nypafl4u]

Sea levels likely will rise. But I don't believe to the point of major loss in the Merritt Island area in my lifetime. Now things could change with a drastic and unforeseen turn of events. But I just don't see it for at least another 50 years, if at all.
I truly believe and trust the human race to come up with a solution before we get to that point in any case. Just my opinion and I am not looking for "the world is coming to end" dreamers to debate with either. Mother Nature has a way of correcting wrongs in the balance of things. Be it storms, earthquakes, fires, volcanoes, sunami, whatever. Push nature too hard and something devastating happens.
But I still think we will be OK by the water. If not, we will move inland. Those are the chances you take and why there is insurance at high premiums for those living by the water.

[Nypafl4u]

Got back from a quick visit last weekend to Cocoa Beack, Merritt Island and Palm Bay. I had the pleasure to see the speed boats displayed in downtown Cocoa Beach which was a lot of fun. Missed the races due to my tight schedule but saw some awesome video. Loud for sure.
I did get to walk through and inspect my properties. Overall, things look good. A few issues here and there. It still kills me to see how some people treat rental properties. Be it scraped walls, chipped tile or just lack of cleanliness, it surprises me every time.
It seems the slow season is upon us again in Merritt Island, now might be a good time to find reduced pricing, post snowbird season. Cocoa Beach has even seen some lowering of the over optimistic wishful asking pricing, but that area still commands top dollar and bargains are harder to find.
Palm Bay was maintaining its values as well. If priced well, properties move quickly.
Still can't beat the mid 80's weather now. Wish I could have stayed longer.

[kmarc]

Buyers and realtors need to put down the crack pipe, but I have a feeling it'll be taken out of their hands come October.

[Nypafl4u]

Had the pleasure of spending the July 4th week in Brevard with my wife. It was not originally planned, but two rental home vacancies with ensuing repairs required us to switch plans and head down there. Did some painting, a lot of cleaning and multiple repairs at both places, so there was little time for any vacation down time. The fireworks at Cocoa Village were awesome. I heard the ones at Port Canaveral were not so good.
Yes it does get very hot in July down here. If you do visit this time of the year stay hydrated and plan on keeping the AC on wherever you go. Low to mid 90's with high humitidity equals less time walking outside. Staying at a beach front Air B and B condo helped as the evening strolls on the beach were refreshing and why such units command top dollar in the market.
I did notice some more movement with my property watch lists. With some prices still lowering in Merritt Island, more properties from my 40 or so I do watch, went pending into contract.
I had two of my own rentals get rented while down there, so there is demand for for properties with pools and in decent shape. The space industry is still growing and bringing in many new inhabitants that need housing.
With continued low interest rates, I feel the steady trend, if priced realistically, will keep the market humming along. New homes are going up in well established areas, another positive sign.

[Nypafl4u]

Presidents week off up north allowed my family to drive back down to Cocoa Beach, Merrit Island and eventually Key West (long drive). The Snowbirds and tourists were present and the weather was perfect (until our last day when it got done to 50 with 20-30 mile per hour wind gusts).
Many of my watched homes on Zillow finally went Pending. The really high asking prices still will sit a long time on the market, unless 100% renovated and has a great location, like waterfront. I did see some bargains that went fast, but needed a lot of work.
The restaurants were all very busy and downtown Cocoa Beach was buzzing. I was sorry to see Barrier Jacks close down after hearing of the owners untimely death. It was one of our favorite places to eat at that we rediscovered on our last few trips. Great place and hope they get new owners that can keep a similar menu with fair prices.
Space X rocket launch was also great to watch last week from the 528 causeway. A nice trip and reinforced my love for the area.

[Gypsy3n8]

@Nypafl4u - so glad you had a great trip down! I can't wait to get back down there. DH is flying down in a couple weeks, but I can't get there until May. But I'll get 2 whole weeks down there then!

[Nypafl4u]

Things were buzzing along at a nice pace, and then came the Corona Virus...with businesses shutting there doors, the beaches emptying of what would have been Spring Breakers, and the tourists leaving the hotels empty, what happens next?
We in NY have shut down as of tonight with the exception of needed medical, grocery, gas and oddly enough, liquor stores. We are working from home. How long before things get somewhere back to normal down here? We up north think it will take several months. I am hoping the warmer weather down south will help eradicate this virus or at least slow it way down. I would love hear what locals are doing and has this created a near complete stoppage in work? I would think not many real estate transactions are happening as well.
Stay safe.

[BrevardREALTOR]

Life feels somewhat like pre-hurricane days. People are trying to carry on with the things that need done but they are distracted by the “what ifs”. People stand in long lines in hopes of being able to grab some toilet paper and grocery stores run out of food like cereal and bread daily.

We’re supposed to limit to groups of 10 max. Since people were still throwing big parties on the beaches & staying for Spring Break they closed down the beach parking to lessen this. The beaches themselves remain open.

Real Estate is still being bought and sold daily. Since Real Estate is considered an essential need by the government it will likely continue. Prices remain strong, with the normal adjustments in homes that have been on the market longer than typical.

Many businesses have closed their doors, but a surprising number remain open. Engineering firms working on top-secret projects cannot have people working from home, so they continue to have them come into work. Restaurants have been limited to carry out or delivery only.

[Nypafl4u]

Sounds a lot like what Is going on here. People are still hoarding toilet paper. You can't find wipes (even baby ones are in tight supply). We are just so much more densely populated that the virus spreads at an alarmingly fast rate. You can order from a restaurant and they give you an approximate time to come in and you wait in your car. Any Dr. is by appointment only with no waiting rooms. Sign in, fill out a clean bill of health form, go back to car and wait to be called. Now the weather has gotten colder and wetter. Not a good combination but maybe will keep people inside more than out and ease the congregating that still seems to happen in some areas. Our real estate market up north has slowed tramendously.