What is currently going on with the real estate market in Brevard? (Palm Bay: renting, mortgage)

[Nypafl4u]

Originally Posted by redshoe

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.

I agree with a lot if what you bring up. I experienced many of your types of challenges with structure, hidden damage, or poor drainage back at the bottom of the market in 2010- 2012. I passed on several houses after having them inspected. Back then, there were so many sellers and few buyers with prices irresistibly low (like 1/3 of today). There were so many homes available that you could just pass and move on to the next one. Or buy so cheap that is worth the risk.
Once things picked up, prices climbed so fast and demand took off again. Higher interests will slow things down as will the reality check of the super high asking prices. Historically we will be due for a correction, I just don't think it will be too bad. But I feel for you as a buyer. It's tough and times are a bit strange right now. Patience may prove to be on your side if you are flexible and well informed in the markets offerings. Just remember seasonal swings and their influence on pricing, regardless of interest rates.

[Gypsy3n8]

@redshoe - we too are looking in the area and disappointed in the offerings for condos and the prices for them. We have expanded our search to Port St. John through Palm Bay on the mainland because the prices are far more reasonable. We are also in no hurry since I have 6 years before I can retire, but DH really wants a place to get out of this crappy weather. If we found the right place, we can jump on it, but I would prefer to wait until the market correction. Even our realtor is saying that it will move to a buyers market in the next 2 years or so. We shall see.

[Nypafl4u]

Originally Posted by Gypsy3n8

@redshoe - we too are looking in the area and disappointed in the offerings for condos and the prices for them. We have expanded our search to Port St. John through Palm Bay on the mainland because the prices are far more reasonable. We are also in no hurry since I have 6 years before I can retire, but DH really wants a place to get out of this crappy weather. If we found the right place, we can jump on it, but I would prefer to wait until the market correction. Even our realtor is saying that it will move to a buyers market in the next 2 years or so. We shall see.

Buyers market sooner than too years in my opinion. Prices are dropping now. Put some interested houses on a Zillow saved list and watch how they do. Most of mine drop month after month, then sell when they hit a more normal price point. Those that price in the stratosphere will not sell, I believe.

[Gypsy3n8]

Originally Posted by Nypafl4u

Buyers market sooner than too years in my opinion. Prices are dropping now. Put some interested houses on a Zillow saved list and watch how they do. Most of mine drop month after month, then sell when they hit a more normal price point. Those that price in the stratosphere will not sell, I believe.

That's good to hear. We just had a major storm come through, lost dozens of large tree branches, and were without power for almost 11 hours. He is so done with this cold weather!

[Nypafl4u]

Just got back from a 5 day trip to Brevard. The weather was great and the hotels were filled with travelers from all over he world. Restaurants were also doing well, it seemed to me, at least from my usual favorites. Retail stores, on the other hand, we're not so busy. Cocoa Village had some browsing and a few positives from shop owners, as did downtown Melbourne, but still it seemed a bit quiet considering the volume of visitors in town.
Talking to my realtor friends, they all seem optimistic that things will pick up more after the holidays in January. My feel is that the leveling has taken place with sales (not including beachside Cocoa Beach that remains hot if priced reasonably). Rental properties are prevelant as that $1,000- $1,300 sweet spot leaves higher priced rentals sitting vacant. Not easy for the landlords that bought more recently as they will never cover their expenses with that price point. With 2019 a day away, it will be interesting to see where we go from here.
I can say, visiting this time of year, reconfirms my love for the area, weather and desire to eventually move down from the colder NE. It was tough leaving sunny and 80 degrees to come back to 37.

[SadieCountryGirl1]

I am worried about the cancer issue how can they fix that?

[Tool Shed]

It looks like Florida real estate is poised to be hit harder than anywhere in the country based on dramatic inventory builds in nearly all metro areas. I didn’t know it was this bad. Check the video.

https://youtu.be/McIScYSgBlc

[SadieCountryGirl1]

Can anything be done about the cancer situation or not?

[Nypafl4u]

Originally Posted by SadieCountryGirl1

Can anything be done about the cancer situation or not?

I am not sure what can be done at this point. From what I understand, at least in Merritt Island, there has been no contamination in the drinking water (or ground water at this point). I heard the ground water used for watering lawns in some areas like Cape Canaveral had shown some chemical levels, so it was advised not to walk barefoot on any of the park lawns and such. I do not know what has been done since. I don't think this effected the sales of most property in Brevard.
I also believe there is a different thread that covers that topic more thoroughly. Perhaps you should look into it there and reach out to the correct water company for the area you are most interested in. It is scary stuff but the realtors I talk with don't seem too concerned (and they all have families living here so it would be a personal interest to them).

[1insider]

Originally Posted by Tool Shed

It looks like Florida real estate is poised to be hit harder than anywhere in the country based on dramatic inventory builds in nearly all metro areas. I didn’t know it was this bad. Check the video.

https://youtu.be/McIScYSgBlc

I wish we'd get more inventory in Cocoa Beach and Cape Canaveral. We've been stuck at super low levels for years. There is a lot more demand than supply. To quantify that imbalance, there is only a 17 week supply of condo units in the two cities as of Jan. 2, 2019.