What is currently going on with the real estate market in Brevard? (Palm Bay: sales, rentals) - Brevard County - Florida (FL) -Space Coast: Palm Bay, Melbourne, Titusville area - Page 2 - City-Data Forum

BrevardREALTOR · 10-23-2018, 07:59 AM

County-wide statistics indicate the market is leveling off, although we are still at inventory levels that are considered a seller's market.
Of coarse, the market is different from city to city and even neighborhood to neighborhood.
I don't work a lot with rentals, but they do seem to be staying on the market longer than they were a few months ago, even beachside.

BrevardREALTOR · 10-23-2018, 08:08 AM

@lulupalooza Where you want to invest depends on what your investment strategy is.
Are you looking for likely appreciation, cash flow or both?

Beachside and water front real estate tend to have more appreciation, but it's never a guarantee. The cash flow can be negative to low in today's market climate. Every now and then a good deal comes along where you can get decent cash flow.

You can get some great cash flow in areas of Cocoa and Palm Bay, but generally the appreciation isn't as great.

Personally, I'm looking for solid rentals in stable neighborhoods of Melbourne & West Melbourne with decent schools as a requirement. This is partly geographic and partly to balance the cash flow and appreciation.

lulupalooza · 10-30-2018, 04:48 PM

This seems to be the trend everywhere in speaking with other agents around the country. I do have a question and hopefully a local can tell me. I will be inheriting my grandmother's house eventually. It is in the Indianhead neighborhood, Osage Ave area in Melbourne. What can anyone tell me about the area? Is it good/safe? Right now it is a rental, but I am thinking of making it a second home. Or should I just keep it as an investment and look to maybe buy a home in a different area. I don't know the area well, so it's hard to make an informed decision.

Nypafl4u · 11-01-2018, 04:35 AM

A few things I have noticed from my small sample of 30 or so "saved" properties on Zillow. In the last week, 2 went Pending in Merritt Island, 2 also went in Pending in Cocoa Beach and one was taken off the for sale market and changed to for rent in Cocoa Beach. Things maybe are moving a bit more as we get colder here. My rental agent says calls for showings have nearly tripled in the last week or so. Still not off the hook busy, but better. Reductions in asking prices have also been noticeable, as have more new listings both for sale and rent.

1insider · 11-01-2018, 07:52 AM

Quote:

Originally Posted by Nypafl4u

A few things I have noticed from my small sample of 30 or so "saved" properties on Zillow. In the last week, 2 went Pending in Merritt Island, 2 also went in Pending in Cocoa Beach and one was taken off the for sale market and changed to for rent in Cocoa Beach. Things maybe are moving a bit more as we get colder here. My rental agent says calls for showings have nearly tripled in the last week or so. Still not off the hook busy, but better. Reductions in asking prices have also been noticeable, as have more new listings both for sale and rent.

For sale inventory in Cocoa Beach and Cape Canaveral is virtually unchanged for the last three years. I wish we'd get more supply but that is unfortunately not happening.

1insider · 11-06-2018, 05:38 AM

Quote:

Originally Posted by whutchubawdyabout

Practically everything in FL is now overpriced by no less than 25%.

Especially delicious Natalie's orange juice.

chopchop0 · 11-06-2018, 01:17 PM

Quote:

Originally Posted by whutchubawdyabout

Practically everything in FL is now overpriced by no less than 25%.

Which means it was overpriced by 30-40% 1-2 years ago. Enjoy the sale

Nypafl4u · 11-10-2018, 08:03 PM

Well my canal front home finally rented out this weekend. It took nealy four months on the market and two price reductions. I believe it was more of the season as my rental agent has been showing quite a bit more these last several weeks in most of Brevard. Rentals in the the sub $1300 range are in high demand, with Palm Bay particularly hot right now.
I see the slowing in NY for sure starting to happen. People are realizing they can't ask what they want and lowering their prices or sitting with no sale.

redshoe · 11-14-2018, 12:51 PM

I'm a home buyer (still) after two home purchases failed in Brevard and I'll tell you my experience as I'm house hunting.

1st house failed because it appraised 37 grand under what we agreed upon and seller said she wasn't going to "give her house away" even though she stood to make easily 150,000 more than she paid for it but I understood and I wasn't going to overpay what the market said it was worth having been burned bad on the last home purchase at the crash. So we walked and she eventually sold for 10 grand above the appraisal. House was a beauty and I was happy she found a buyer.

2 House 2 on Merritt was also a beauty but slab leak discovered during inspection and absent owners refused to fix it so we walked. They eventually had to fix it to put it back on the market and it turned into a huge disaster with mold under all the flooring and walls. They asked us if we wanted to buy it again after it was all repaired but we knew we would have to disclose that it had a slab leak and mold to future buyers so we walked and it ended up selling for 5 grand less than our offer.

At this point we are out inspection, septic inspections and pool inspections on the houses and feeling disappointed. We look at close to 50 houses so far. Some should be condemned. I've seen roaches the size of a toy poodle and shocked that people don't even bother to clean or stage and yet want 170 per sq foot. Yikes.

Honestly, the cancer scare freaks me out and we ruled out Sat Beach. Merritt kind of worries me due to flooding. Like the new Egrets Landing community on the northern end but I know that area did have problems with water during the last big hurricane and I would like a non HOA area that still looks good. Hate seeing 4 cars parked on the lawn when I pull up to a home.

Like Canaveral groves due to lot sizes, like Windover Farms in southern Titusville because of lots and wooded area but I know they also had some flooding. I wish I could have a home that had a view of a canal and action without being right on top of my neighbor. Lot size of 10,000 sq feet and above is perfect but I don't know where you find that without hitting the 500,000 and above homes.

I was hoping to find area where you could walk to a downtown for coffee or food and the historic Cocoa area is adorable but housing around there is junk or very expensive high rise condos and we have kids and a dog so a yard is needed.

Rumors of another rate hike in December has people rushing to buy a home if they really need to right now vs buyers like me who are wanting to make a smart home purchase and not get burned again like the last time. This is going to be my forever home and I need to make sure I do it right and not panic buy.

Buyers are scared with all the talk and articles about housing starting to crumble in Cali and Seattle and working it's way here. I know people flock to affordable parts of the country and that drives up prices for locals (Austin, Iowa, Tn)

I think the economy and the massive amounts of student loan dept contributes to making people gun shy about buying right now. That being said, sellers have lost their minds on some of these fantasy prices. Oh I see you bought this house in 2017 but now want 80,000 more and the house is exactly the same as when you bought it???? Really crappy flips with crazy pricing too.

deboinair · 11-14-2018, 06:42 PM

It's the interest rates. It's ridiculous how they are going up. I think the prices are way too high in this area right now also. Those two things scream price drops on house. I'm impatient so I'm closing on a starter house and will rent it out. I'll take advantage when these prices drop.