Relocating to the Space Coast; Where should I buy a house? (Melbourne: bank owned, foreclosures)

[Killian6]

Hey everyone,
I'm in the military, married, have two boys (ages: 8/10) and was recently notified we are transferring to Patrick AFB/Melbourne. This will be my last move since I will be retiring in 3 years and I would greatly appreciate any suggestions on where to settle down in the area. I've heard Viera (East/West?) and Merritt Island (North/South?) are nice but other than that I've heard anything else. I will be looking for homes in the price range up to approx. $350k and good schools are a must. Any information would be greatly appreciated.

[CARYNBRIT]

Vierra and Merrit Island are your best bet. The schools are really good in Vierra (and it gets alot of funding).
That price range will get you a fantastic house as the areas really been hit with foreclosures etc (due to the mass layoffs at the space center amongst other things.)

[Killian6]

CARYNBRIT, I noticed there is a East and West side of Viera, is there any positives or negatives to either? Also, is Viera's housing market plummeting, stabilized or increasing? I was stationed in California two years ago and would of paid a healthy price if I would have bought then even though the realtors were saying it was the greatest time to buy (I'm not joking). Anyhow, I know the latter question might be in the weeds but any info would be appreciated.

[kyle19125]

If you want easy commutes to Patrick AFB (4 miles) you should consider Satellite Beach. The community has a large number of active duty residents (unlike Viera and Merritt Island) and it has the best schools in the area with all of it's schools (elementary through high school) being "A" rated by the state and scores of "10" from Great Schools.

Satellite Beach Schools - Satellite Beach Florida School Ratings - Public and Private
//www.city-data.com/city/Satell...h-Florida.html
Satellite Beach

[CARYNBRIT]

Killian6.
Honestly can say im not sure about the difference between the east/west.
Prices there hit their bottom a while ago i heard,and they arent on the way up yet. (We still talk to our friends there).
ha ha ha i hear you on Ca. .thats where we are right now (moved out here a year ago from FL)and they went down alot compared to a few years ago. I spend alot of time laughing about the house prices and condtion of them now and compared to the rest of the states,they are still too high (as it the c.o l)
We are moving to NC in a few weeks time.

Kyle mentioned Sat Beach,i hadnt even thought of that..!

[namomof3]

if I were in your shoes-- I'd stay beachside! Schools are great through HS, Beaches are great all the time! After that I'd choose Viera (but get a home with a pool!)

[KatieBlue]

Let us know what you decide when you get out there! My husband is Air Force, retiring in 3 years as well. We are hoping for a transfer there. Viera, online, seems like a very nice community. I wondered how far from everything, beaches etc, it is however. We would be looking in the same price range and have two kids as well. Good luck and congrats on your almost retirement!

[debclark]

Take a look at the beach cities to the south of the base: Satellite Beach, Indian Harbour Beach, Indialantic and Melbourne Beach. Great schools, a short drive to the base, and houses available in your price range. Plus you can walk to the beach from just about anywhere in those cities. It's very family friendly.

The housing stock Beachside is older than in Viera (anywhere from the 1960s to today) and we don't have the shopping malls and chain stores that Viera does. It all depends on the lifestyle you are looking for.

I haven't heard great things about Merritt Island schools.

[MartinEden99]

Originally Posted by Killian6

Also, is Viera's housing market plummeting, stabilized or increasing? I was stationed in California two years ago and would of paid a healthy price if I would have bought then even though the realtors were saying it was the greatest time to buy (I'm not joking).

Realtors will always tell you its the best time to buy. And in a way, they aren't really lying since every day you wait is technically "the best time to buy"...the problem is tomorrow is always slightly better.

I don't live in Brevard any more but I do continue following house values as I would like to get back some day. I am certainly not a professional here...so please take this for what it is...just some guy on a message board's thoughts.

Values are definitely going down less y-o-y & mostly m-o-m(though months can be more volatile)...but they do appear to have a little room to move downward as there is a LOT of inventory still in reserves. Now...having said that, the areas you are likely looking in will not be the areas where the majority of the reserve inventory(i.e. foreclosures) will come from so buying in the higher end areas with the best schools is probably not a bad buy at this time...though you may lose 10% in value(1-3years) before gaining 5-10% eventually(5+years). You mentioned $350k as your budget...and if that is VERY comfortable for you, great...but you can certainly find very nice areas for much less...$150-250k will get you a LOT of house in this area these days.

General rule of thumb...$300k will get you the nicest homes in higher end neighborhoods, or the modest homes in the wealthy neighborhoods. Lots of in between these as well but just a guideline. Hope your move goes well.

[Killian6]

Update....started off focused on Viera/West of I-95. Was hoping to see a 2500+ Sq/Ft home with a pool below 300k, sadly we saw homes in the range but without a pool. Additionally, was informed by realtor that VA will not cover adding a pool to an existing home or new construction. Was told they all can escrow money for the pool when using a conventional loan, but not VA or FHA. The pool would be built after closing in this case. Did see a Bank Owned home (3500 Sq/Ft with pool) and it was exactly what we were looking for go under contract for 265k. Really makes me question the price tags of the other homes. The Viera/West of I-95 is incredibly appealing (new, schools, close to shopping, parks, I-95) but if I cant get what I want I may have to venture across the highway.