What is currently going on with the real estate market in Brevard? (Coral Springs: tenants, contractor)

[Gypsy3n8]

NYPAFL4U, good luck with the condo unit. DH grumbles a lot about our selling the house here in PA in 2020 and paying rent these last 2+ years, but it has enabled us to get situated in the Palm Coast house. I'm just over 12 months out from retirement, and the house is there ready and waiting for me. DH will most likely be there most of next year, especially since our son graduates college in early May and will be going down and looking for a job.

[Nypafl4u]

Thanks for your well wishes. Have not gotten any offers and we did just lower it $25k. I am considering a kitchen renovation or possibly re-rent it as that market is still strong. The cold weekend here is not helping things too.
Happy Holidays to all!

[Nypafl4u]

Another month with my condo for sale and we get just a few looks here and there. No one wants to make an offer and I even listed it back for rent as well, which has gotten a little interest. It is very cautious out there. I see homes in my Merritt Island neighborhood and they sit as well, with price reductions ever few weeks. The correction is upon us and interest rates are not going down anytime soon, so housing prices are falling.

[1insider]

Originally Posted by Nypafl4u

Another month with my condo for sale and we get just a few looks here and there. No one wants to make an offer and I even listed it back for rent as well, which has gotten a little interest. It is very cautious out there. I see homes in my Merritt Island neighborhood and they sit as well, with price reductions ever few weeks. The correction is upon us and interest rates are not going down anytime soon, so housing prices are falling.

Contract activity on condos in Cocoa Beach and Cape Canaveral has been pretty slow so far this January. Meanwhile the inventory of condos for sale has more than tripled since the same time last year. There's still a lot of older listings priced at last year's levels and, for most condos, buyers aren't having it. Of the closed units so far in January, two thirds sold in less than 30 days on market, at or very near original asking price which tells me that the new listings that are pricing realistically are picking off the majority of active buyers. Older listings that aren't adapting their pricing to the new reality will continue to stagnate.

Wait until complexes start doing their new inspections and structural reserve studies this year. There will be a seismic shift in condo prices in response. I could be wrong but I wouldn't risk tens of thousands of dollars to prove me wrong.

[Nypafl4u]

Thankfully, we just had our building inspection completed in January and nothing major was found. We have been lucky to have an in-house person working every few weeks to correct any issues with stucco, rebar repair and such as they appear. So being on top of it for the last 10 years has really helped us. But there will always be something that comes up. We replaced the elevators three years ago, we are resurfacing the pool now and know the fire extinguisher pump will eventually need replacing at some cost, but we feel good to know, the worst case repairs are behind us. I am realistic and see what direct facing oceanfront units are selling for. Knowing the structure is sound, leads me to consider just renting it out at this point and hold for the next cycle. But I am swayed easily if an offer comes my way.

[1insider]

Originally Posted by Nypafl4u

Thankfully, we just had our building inspection completed in January and nothing major was found. We have been lucky to have an in-house person working every few weeks to correct any issues with stucco, rebar repair and such as they appear. So being on top of it for the last 10 years has really helped us. But there will always be something that comes up. We replaced the elevators three years ago, we are resurfacing the pool now and know the fire extinguisher pump will eventually need replacing at some cost, but we feel good to know, the worst case repairs are behind us. I am realistic and see what direct facing oceanfront units are selling for. Knowing the structure is sound, leads me to consider just renting it out at this point and hold for the next cycle. But I am swayed easily if an offer comes my way.

Appreciate the update. Has your association started on the structural reserve study yet? I haven't heard of any who have done theirs yet. Please keep us updated on the process as it sounds like your association is being more proactive than the rest. If your inspection was the one that's automatically submitted to local government and was clean enough to not trigger the secondary inspection you are golden. I would include that info to any prospective buyer as it's a huge positive and is something none of your competition can provide.

Condos who have done and passed their initial inspection without triggering a second will be more desirable to buyers than similar units in buildings with unknown inspection outcomes. The uncertainty of delayed inspections will start to affect buyers later this year and next year and will make a lot of units undesirable.

[Nypafl4u]

I will keep an eye on the next steps. I was not aware of a 2nd inspection possibility, so glad we got passed that I believe. I think we are still waiting on the structural reserve study. So many rules and items to check off.

[Gypsy3n8]

NYPAFL4U, I hope something comes up soon for you, whether a rental or sale. Seems like DH and I really did get out at the right time. We closed the condo sale exactly one year ago from last week. I see there are 2 one bedroom units in my former complex for sale at around the price we got for our 2 bedroom. The updated, remodeled one is under contract, the other is sitting and has had a $7k price drop over the last month.



The sister complex across the street has 2 two bedroom units for sale at close to $300k. Both are under contract now, but have been on for a month. Our unit needed updating - from paint and carpet to some minor repairs around the master bath shower, so I think we got a good price.

[Nypafl4u]

I just removed it form sale to give the rental side a better shot before my next approach. I realized that a unit is listed for sale and then you try to list it for rent, only the first listing will show up on sites like Zillow. As soon as i had my realtor take the listing down, my rental listing was posted.

[Gypsy3n8]

Fingers crossed for you NYPAFL4U!