Thoughts on Melbourne/West Melbourne? (Palm Bay, University: for sale, to rent, houses)

[KJW5021]

I'm interested in a cute little subdivision called Whisperwoods. There have been a few houses for sale over the years; it is a small neighborhood and well-maintained.

I have two small concerns:
1. Resale-we do not plan on holding this house forever due to the nature of our jobs and are afraid to be stuck like so many are right now
2. Schools-we have no children, but this neighborhood is *just* barely inside University Elementary and Stone Middle School's borders. We don't have kids but are afraid future families would not buy something that is districted for Stone considering the homes are about 160-170k average there.

Honest thoughts on this neighborhood?

[PreciousDays]

You are wise. Your concerns are very on target

[MartinEden99]

Originally Posted by PreciousDays

You are wise. Your concerns are very on target

+1

Given your statement on your jobs...you should not consider buying in ANY neighborhood unless the cost of the house is easily something you could dispose of & requires no financing. Considering most people who have "jobs" (i.e. not independently wealthy) require some level of financing...I would think you should be renting for the foreseeable future unless you are ok with eating AT LEAST 20-25% of the price of that home.

Just selling the home will cost you 10-12% alone in realtor fees & closing costs which will likely include the buyer's as its a tough market to sell in...not to mention another 10-15% in potential deflation of the house if the market does not improve. And considering the schools you mentioned...you may not find a buyer with interest at all.

[Rabflmom]

Originally Posted by KJW5021

I'm interested in a cute little subdivision called Whisperwoods. There have been a few houses for sale over the years; it is a small neighborhood and well-maintained.

I have two small concerns:
1. Resale-we do not plan on holding this house forever due to the nature of our jobs and are afraid to be stuck like so many are right now
2. Schools-we have no children, but this neighborhood is *just* barely inside University Elementary and Stone Middle School's borders. We don't have kids but are afraid future families would not buy something that is districted for Stone considering the homes are about 160-170k average there.

Honest thoughts on this neighborhood?

That is a nice little sub division.

As for buying...how long do you think you will be living in the house. Paying $12000 or more a year to rent a 3 bedroom in a nicer area of homes for 10 years does add up to owning nothing.

As for the school districts. It has not seemed to keep buyers away from that neighborhood in the past. There are other options for schools besides University and Stone like church schools, private schools, charter schools and even using school choice and driving kids to any school not closed to transfers. I am not that familiar with University but there are several good neighborhoods of newer homes located near FIT and Dairy Road . The couple of teachers that I know that work there are excellent. My sons went to Stone and Palm Bay High and graduated with honors with high ACT/SAT scores then went on to college and made the Collegiate National Honor Society so they did just fine.

[kyle19125]

Originally Posted by Rabflmom

That is a nice little sub division.

As for buying...how long do you think you will be living in the house. Paying $12000 or more a year to rent a 3 bedroom in a nicer area of homes for 10 years does add up to owning nothing.

As for the school districts. It has not seemed to keep buyers away from that neighborhood in the past. There are other options for schools besides University and Stone like church schools, private schools, charter schools and even using school choice and driving kids to any school not closed to transfers. I am not that familiar with University but there are several good neighborhoods of newer homes located near FIT and Dairy Road . The couple of teachers that I know that work there are excellent. My sons went to Stone and Palm Bay High and graduated with honors with high ACT/SAT scores then went on to college and made the Collegiate National Honor Society so they did just fine.

^^^ I agree. The ratio to buy vs. rent moves into favorable for buying after the 5 year mark in most cases. Most agree that the market here has bottomed out and the aging US population in the colder climates that's retiring/downsizing over the next decade or so will be looking for retirement homes in Florida just as it's been the case for the past generation or two. While schools are important for some it's not the case for everyone. If it's a stable, established neighborhood with well kept homes (and few if any renters) it sounds like a good buy.