What is currently going on with the real estate market in Brevard?

[Nypafl4u]

Very True 1insider. I am happy to have a tenant paying a fair rent in todays market for my ocean front condo. I also know after seeing our 2024 proposed budget, we spent over $110,000 more in 2023 than what was originally budgeted (mostly from the 30% increase in our master insurance). The board just announced a $2,000 assessment for each unit to cover increased costs for a fire stair case (that went up from original quote) and other needed repairs. The list does not end. We have had more assessments in the last three years than in the previous 10 years combined.
We were fortunate to have had a decent inspection for structure, but know the reserves will need to go up. How high, that is to be seen. We are at $575 now and I am sure this will go up several hundred in the next year. Something will have to break and like you said, it will be some price corrections. Of course, with elections coming in 2024, who knows how the economy and interest rates will play a role on this too.
Who's got the crystal ball to predict for sure? That would be nice thing to have right about now...

[Rabflmom]

An FYI about Palm Bay. Mandatory hook up for sewer and water when it comes to neighborhoods. They will give you a year to comply. Areas close to existing areas probably be the first to get letters. Probably about $10,000-$11000 to get both. Some may be able to hook up free under a grant the city got. I seem to remember first letters will go out next summer sometime.

Hopefully all the new subdivisions will be last to get it because I would really be pissed if I bought a new house with septic system and had to switch the first year.

[teeej]

Originally Posted by 1insider

This (above) appears to have been written by an AI.

As far as the Cocoa Beach and Cape Canaveral real estate market, inventory has gone from 135 condo units for sale in January to 221 units today. Properties are taking longer to sell and price reductions outnumber new contracts and new listings by a wide margin.

The biggest story I'm seeing on the beach is condo fee inflation. Many condos have had to increase fees to cover much higher master policy premiums and only a few have yet done the new structural reserve study which will increase fees again, substantially in many complexes. As the impact of the new, higher fees settles in I think we're going to see a dramatic pullback in condo prices. As monthly fees approach and exceed $1000 a month in many buildings, many buyers are going to be priced out. Combine those higher fees with the increasing supply and the outlook for selling prices ain't too rosy.

I would be happy to be wrong but the basket of negative factors for the condo market suggests to me that prices are headed down much further. How far is anyone's guess but I feel certain that by end of 2024, condos beachside will be selling for much less than those that sold this year. That trend has already begun in a few oceanfront buildings.

So you're saying it will be a good time to buy in a couple years?

[Nypafl4u]

I think it will all be relative. Prices will come down as monthly maintenance prices go up. Interest rates should also go down which may help keep pricing from dropping too far down.