What is currently going on with the real estate market in Brevard? (Palm Bay: for sale, oceanfront)

[Nypafl4u]

I have been investing in Brevard properties heavily since 2011, post recession. I have rentals in Merrtt Isaland, Cocoa Beach and Palm Bay. I also watch over thirty properties closely on a Zillow list to track pricing and sales of similar properties to my own. I know the late summer and fall months tend to slow down historically in Florida as people settle in post back to school and the snowbirds haven't hit the area yet. But I am seeing not a single of my saved Zillow list sell and most have dropped in price several times. Personally I have a 1700 sq ft canal front 3/2 with screened pool, dock and boat lift with an amazing Banan River view that we have lowered twice now over the last three months, for rent. I am trying to understand if this is something other than "time of year" that I hear my realtor friends and ones I bump into at open houses suggest. I hear the rental market price point has moved down to the $1,300 or less a month range as the sweet spot. Just curious if I am missing something as four months ago, this type of house would have rented in under two weeks.

[Florida Paul]

I have a few houses for sale on my street in Satellite Beach and there is no action on those houses at all. You usually see people driving down the street to check them out and realtors driving by with buyers and going in. Very, very scant, I would say. I think a lot of the houses are over priced for anyone wanting to get in anywhere from 50k to 80k. The ground water situation might be affecting Beachside, but the final results have yet to be determined.

[Libertad06]

Can't imagine beach side cancer talk and now red tide are helping

[Gypsy3n8]

Are these SFH you are talking about? We have been looking at condos in Cape Canaveral and Cocoa Beach for about 6 months now and the ones we like all seem to be contingent or pending within days of being listed.

Although we aren't ready to buy yet - I have 6 more years until I can retire - I am trying to keep an eye on the market.

[gatorlyn]

Same experience. Just from my point of view, looking and tracking the rental listings online, the ones we follow seem to be moving fast. Especially those that lie directly west of the Indian River, Suntree/Viera.

Red tide will eventually go away as soon as the Nor'easter systems arrive and the North start winds blowing.

The beach side cancer is a bigger concern, but maybe more for people who had spent years growing up in the area, or those who plan to stay long term and put down some roots. But I can see how it can turn off some people, even those who just want to rent now and stay only for a year or two.

[Nypafl4u]

With my situation, it is all single family homes. Oceanfront condos, especially direct oceanfront with straight on view, are harder to find and move quickly if priced correctly. The rest are pipe dreams that are marked up to never never land. But if not on the ocean, the housing market has slowed dramatically from what I see. My rental agent swears its just the time of year. I am not completely sold on that yet, but we will see as it gets colder in the northern areas. In NY Metro area it is going down to the 40's later this weekend. This is good news to property sellers and landlords down south.
I am not selling now, but struggling lately with getting and keeping tenants for more than a year or two, even when keeping rent the same. Three years seems to be the limit. Very transient for sure, rental wise in Brevard.

[lulupalooza]

Interested in following the real estate market too. My Dad lives on Indian Harbour Beach, incidentally he has esophageal cancer. Would the beachside cancer affect that area as well, since SB is literally right down the road?

What are some of the areas that you would recommend investing in? I would love to get into some flips and acquire additional rentals. Will be eventually inheriting my grandmothers home.

Are there a lot of military coming to PAFB?

[Nypafl4u]

The market has changed dramatically since 2010 and 2011 when I think it hit rock bottom in this area. Back then, just about every street had at least one foreclosure or short sale, sometimes many. Even flippers didn't do too much because there was little market to sell to. So people like myself bought up properties to fix up and rent out. That worked well for about 5 or 6 years. Since that time, the housing market rose, jobs came back (thanks to the growing space industry as well as a normal growing and healthier economy).
So in my opinion, the last two years had an onslaught of flippers to flip and sell. The pickings are much slimmer now as foreclosures are fewer. But some do exhaust. It takes a lot of patience. I think this area will always be popular and values will rise, but at a slower pace than what we have seen, maybe now 3-5% per year. Of course, oceanfront and beach side tend to do better.
My opinion is always go where you like it and where schools are good. That usually brings in better people and keeps values up. Schools are so important even if you have no kids going to school. Future families will and they will pay more for it.
I like a lot of Merrit Island, Cocoa Beach, Satelite Beach and parts of Palm Bay. Many variables to look into with budget and risk tolerance.

[chopchop0]

Market is trending back down again as interest rates go up.

I think the peak will have been 2015-2017

[lio45]

Interest rates going up are likely to (and are, in many cases, already starting to) soften all markets equally, this phenomenon is much greater than just Brevard.