How high up can Satellite Beach house prices go? (Orlando: real estate, oceanfront)

[Florida Paul]

A 4/2, 2,300 S/F house, no pool, a block away from the beach, has gone up for 499k in Satty Beach. Already contingent. Listed Saturday. Real estate is getting real crazy. How high do you think these prices can get beachside? At some point, the land will be worth more than the houses that are on it, then the real money comes in and starts knocking down houses and building McMansions......

[Nypafl4u]

It will keep going up as long as there is demand. How high, I can't say. But in a free market, supply and demand will always dictate that. Eventually, interest rates will go up, the pandemic will end, and the economy will shift. It always does. Then you will see a likely reversal in prices.

[Gypsy3n8]

I've been watching the market too, and in Cocoa Beach a fixer upper with no ceilings and in need of serious work just sold for $265k.


https://www.realtor.com/realestatean...1_M58466-80294


We have 3 years before we move down to our condo permanently, and we're seriously considering upgrading to a townhome with garage, if there is anything left in our price range by then!

[logybogy]

Bad publicity in recent years about cancer and the water quality in the area scared away some buyers and kept prices in check but at the end of the day oceanfront property is hot.

Frankly, $500k for a single family house across the street would be an absolute steal anywhere in South or southwest Florida.

[barnabyapp]

It is crazy how much prices have risen even in the last six months. It’s basic supply and demand though. There are half as many homes on the market today as a year ago, which has driven up prices. If things ever get back to normal, supply will increase, but, barring an economic collapse, prices won’t drop much because sellers will be unwilling to sell for less than their neighbors unless forced to do so (e.g., a job transfer).

[gatorlyn]

You referring to the house near Wicked Pineapple? The "---Woods" neighborhood is in an excellent location. I think a lot of people with money sitting in the bank are no longer thinking twice about pulling the trigger on a beachside home. I think the pandemic made people realize that as money increases, time decreases.

[WestRiverTraveler]

My grandparents old house on Poinsetta increased 20% in the last year and $120K since they sold it in 2015. Crazy.

[VinceTheExplorer]

Originally Posted by WestRiverTraveler

My grandparents old house on Poinsetta increased 20% in the last year and $120K since they sold it in 2015. Crazy.

Home prices will reach an unsustainable level then again retreat once the pandemic passes and everyone comes down from their panic mode of buying up everything from toilet paper to suburban and rural housing.

Our home here in the mountains of Tennessee has appreciated nearly 100% just in the 10 months that we’ve owned it (on paper based on demand). Purchased it at a steal a month pre-covid and realtors have since been knocking on our door asking us to sell due to our location and neighborhood. Not going anywhere as we love our home ... but with the right (aka ridiculous) offer you just never know.

Same with the raw acreage property we own in Suntree. A couple dropped out of contract shortly before covid hit. We then received multiple over list price offers on it as the summer approached (a few looking in / from the nearby Satellite Beach area).

We’ve since taken it off the market and will probably hold onto it though the summer, or end up putting a rental home on it eventually. Time will tell.

[Gypsy3n8]

VinceTheExplorer, we jumped into the covid buying surge and listed our home on 3 acres in semi-rural SW PA in late July. It took a couple weeks since it was a unique property, but we solid it for almost 3 times what we bought it for 20 years ago. Granted we put a LOT of work in the property, upgraded the kitchen, finished the basement, put on a gorgeous addition, and added another 640 sf under roof to the already 1600 sf garage. We are now renting (driving DH buggy to be paying rent) for the next 3 years until I can retire and we move to the Cocoa Beach condo full time.


I do hope the prices come back down to earth by then since we may consider upgrading to a townhome with garage or even a SFH on Merritt Island if we feel too confined in the condo.

[Florida Paul]

A 4/3, 2,880 Sq foot with a pool on Norwood Ave just went contingent in a day I think. Asking price..........$649,000. Whoa!

https://www.realtor.com/realestatean...7_M60714-68459