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Brevard County Space Coast: Palm Bay, Melbourne, Titusville area
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Old 09-02-2013, 10:03 AM
 
Location: NJ
46 posts, read 74,746 times
Reputation: 24

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my wife and i are looking to move to fl.we are looking for a small house with 3 bed 1.5 bath and a small lot.we are looking for a place were its not going to take us broke with all kinds of insurance,flood,hurricane,sink hole,and what ever fl has.the reason i mention this is because thats all i ever hear about from people when i talk about moving to fl.im just guessing that my best bet would be west of 95.(true?)we are on a fixed budget being retired.are there any nice areas that have homes in the low 100,000 range.we would also like to stay out of a retirement community,and a gated community.also can someone tell me how the banks run there foreclosures in fl.i know up here in nj the banks wont budge on price and thats why we have so many homes that have been empty for years.also how are the melbourne palm bay areas for what i am looking for.
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Old 11-29-2013, 06:39 AM
 
12 posts, read 14,852 times
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Kind of in the same boat as my wife and I are now exploring Brevard County. Fixed incomes and looking for an afforadble 3/2 in a safe area preferably close to the ocean. I was born and lived in Miami-Dade till the mid-80's. I tried to recapture that time by looking for homes in my old neighborhood back in late 2010-2011. What I can tell you from my experience, is that back then... yes there were tons of REO's but banks were holding firm on their pricing. For example, I found a great house that was absolutely trashed in the neighborhood I wanted and the bank held firm at 160K asking price. I'm still torn today as to whether I should have just gone for it considering the appreciation the last couple of years. But remember this, patience is a virtue and FL leads the way in boom and bust cycles. It will happen again, only a matter of time.
If you ask most hard-core southern floridians, they will tell you to head up to Broward, North etc. They are probably doing the same which is why you tend to see ridiculous asking prices for there homes, which in no way meet (nor ever will) the economic climate in South Florida. The fake glitz and glam of Miami only serves to disguise the truth..Rampant crime, home seizures, joblessness, etc.
Sorry I got off track, but I guess my point is, if people are willing to hold on to their homes for some sucker to come along (which can happen) and buy an overinflated POS because it's in a "desirable" area then the banks pretty much follow the same pattern and visa-versa. Wait for the buyers market to return in 2015-2016 and we may even be neighbors. lol
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Old 11-29-2013, 08:37 AM
 
Location: Indialantic
27 posts, read 46,419 times
Reputation: 18
There are Monday nice homes in the Melbourne/Palm Bay Area to choose from in the low 100s. I would recommend you take a drive through and see if you like
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Old 11-29-2013, 07:12 PM
 
Location: Florida -
9,864 posts, read 12,415,382 times
Reputation: 20506
Quote:
Originally Posted by scottschuetz View Post
There are Monday nice homes in the Melbourne/Palm Bay Area to choose from in the low 100s. I would recommend you take a drive through and see if you like
There are many homes in the low 100's in these areas. There are also many homes in the $300, 400, 500K -plus ranges throughout the greater Melbourne/Beach areas. The perception that the banks are being intransigent or that sellers are looking for 'suckers' because they will not sell homes in the $200-$300K range for close to $100K ... are out of touch w/reality

If one waits on the sidelines, current homes in the $100K range will likely be worth $150-$200K and owners of those homes may then be considered unreasonable for being willing to sell them in the $100K range. The Florida market is driven by the Florida market, not the NJ or other northern markets.

Last edited by jghorton; 11-29-2013 at 07:27 PM..
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Old 11-30-2013, 05:40 AM
 
12 posts, read 14,852 times
Reputation: 21
I agree Jg to an extent. Because one seems to at all times fail to recognize poor economic climate. Specificly in FL but in the country as a whole. This house of cards cannot stand forever. You are either house rich and cash poor or visa versa. So when your house at 100K today being 150K tommorow doesn't mean people (or banks rather) will see you as 150K investment. Scary thought but it is happening everywhere. And yes, I would consider a "sucker" when one offers an escape to a family to now make a nest in their former nightmare and overpays for it. I guess it comes down to one's own personal methodology, but with myself...especially in these terrible times...obamacare, enttiltments, a weak dollar..etc. It's all about extreme and diciplined capital preservation.

Looks like olddude fell asleep on his own thread. lol
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Old 12-03-2013, 10:26 PM
 
Location: Long Island
1,041 posts, read 1,049,445 times
Reputation: 863
There are houses in the $100,000 or under range in the Melbourne and Palm Bay area. It really boils down to size, condition, neighborhood specific to better schools, and newness of house. People mention Viera and I would also consider Merritt Island a little further north. Definitely drive through the neighborhood at various times of the day and week to see what your comfort level is.

As far as price cycles, there has been a steady increase over the last several years, but there are still some very good deals out there. Again it depends on how much you want to repair or modernize. Investors are still grabbing the best ones, making the repairs and flipping for top dollars in the neighborhood. Time of year also plays into pricing. We are getting into "Snowbird" and worldwide vacationers heading to Fl. This historically pushes prices up as inventory diminishes between Jan. and June. Once summer is in full swing prices tend to retreat somewhat. I believe you will see some of the best prices of the year right now.

I should have a 3/2, 1,300 sq. ft. in NW, Palm Bay for sale (under $90K) or for rent ($900) in about two months if interested.
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