What is currently going on with the real estate market in Brevard? (Palm Bay: spring break, rental)

[hpotterfan77]

I'm currently in CT but planning a move to Brevard between November of this year and April of next year (I'm looking at you NYpafl4u!! I haven't forgotten about you these last couple of years...lol). I'm a mortgage underwriter up here and I can tell you that the market up here is going through much the same. With rates going up, mortgage applications are down. It's usually fairly cyclical up here given our colder weather and the holiday and picks up again around late February or early March however prices have plateaued and appraisals are coming in slightly lower again. I think the overall economic outlook is also down as well.

[Nypafl4u]

Very interesting times with a lot of uncertainty in many regions around the country. Jobs are high, unemployment low. Stock market can't be trusted in my opinion with crazy volatility. The Fed seems bent on raising rates but that seems to be up for debate. That leads to confusion, doubt and potentially caution on large purchases like a house. So we get dips and stagnation in some markets.
Yes, Cocoa Beach has low inventory with high demand, but also sellers asking rediculously high pricing, so the properties sit until a more realistic price is accepted.
No one knows for sure what will happen, but caution is in the air in many areas. I try to stay optimistic. I also say move to where you will be happy, not necessarily for investment. If prices fall after you buy, so what, as long as you love it and the area, it really doesn't matter if you plan on staying.
Hpotterfan77, I appreciate your contact. We will talk when the time is right.

[Nypafl4u]

Just got back from a week long stay in Cocoa Beach. Did the open house circuit and was invited to nice brokers open house in Merrit Islan displaying a new River front offering coming to market. It seems activities and sales have improved over the last several months with the high season hitting now. Prices have come down in Merritt Island and that seems to be a good value right now. Renovated, move in homes move the quickest. Ones that need work have dropped down and can allow your custom refinishing if your finances alliow.
The ones that don't move, tend to be priced too high for what they are.
Cocoa Beach is hot and inventory light, so don't expect any bargains there.
Did not investigate further south in Melbourne and Palm Bay. Nor Viera or Suntree as my interests don't bring me there as much.
The weather was amazing (low to mid 80's daily with a comfortable ocean breeze). The beach in the North section was not crowded, but restaurants were and a wait for a table was common. Got to try a half day fishing trip out of the Port on a Party Boat. We all caught Red Snappers but had to through them back in, regardless of size as there is a ban in this area of Florida (politics for sure as there were plenty out there bighting). Sorry to have to leave back to the cold northeast of NY.

[hpotterfan77]

Originally Posted by Nypafl4u

Just got back from a week long stay in Cocoa Beach. Did the open house circuit and was invited to nice brokers open house in Merrit Islan displaying a new River front offering coming to market. It seems activities and sales have improved over the last several months with the high season hitting now. Prices have come down in Merritt Island and that seems to be a good value right now. Renovated, move in homes move the quickest. Ones that need work have dropped down and can allow your custom refinishing if your finances alliow.
The ones that don't move, tend to be priced too high for what they are.
Cocoa Beach is hot and inventory light, so don't expect any bargains there.
Did not investigate further south in Melbourne and Palm Bay. Nor Viera or Suntree as my interests don't bring me there as much.
The weather was amazing (low to mid 80's daily with a comfortable ocean breeze). The beach in the North section was not crowded, but restaurants were and a wait for a table was common. Got to try a half day fishing trip out of the Port on a Party Boat. We all caught Red Snappers but had to through them back in, regardless of size as there is a ban in this area of Florida (politics for sure as there were plenty out there bighting). Sorry to have to leave back to the cold northeast of NY.

Not gonna lie....jealous to no end that you got to escape for a week...lol The only think keeping me going during the weekend up here is the thought that I may have only one more winter...though I may actually be able to go sooner than I am anticipating. Keeping an eye on the job market down there for sure but jealous either way.

[Nypafl4u]

Since my wife took on a teachers aid job this last year, for the first time we can travel when school is out. In her old retail job that was difficult. So getting away now was a treat for us. Yes the job market is the main thing holding us back from moving. I have several mortgages now and I don't feel confident we can carry that load on a Florida income. But visiting this time iof the year, really makes one think...maybe it is time to take the plunge and give it a try.
Back at work today with high stress and rainy, windy and cold weather just reenforced my feelings even more to think about moving.

[1insider]

Originally Posted by Nypafl4u

Just got back from a week long stay in Cocoa Beach.
Cocoa Beach is hot and inventory light, so don't expect any bargains there.

The weather was amazing (low to mid 80's daily with a comfortable ocean breeze). The beach in the North section was not crowded, but restaurants were and a wait for a table was common. Got to try a half day fishing trip out of the Port on a Party Boat. We all caught Red Snappers but had to through them back in, regardless of size as there is a ban in this area of Florida (politics for sure as there were plenty out there bighting). Sorry to have to leave back to the cold northeast of NY.

I just ran the numbers for Cocoa Beach and Cape Canaveral yesterday and was a little surprised to see that our inventory has increased by over 50% from this time last year and sales are slower by a third. Competition for listings from the several hundred agents working this small market has agents listing properties at whatever crazy price the sellers want, anything to get the listing. Problem is, fewer people are willing to buy at these levels.

[Gypsy3n8]

Originally Posted by Nypafl4u

Just got back from a week long stay in Cocoa Beach. Did the open house circuit and was invited to nice brokers open house in Merrit Islan displaying a new River front offering coming to market. It seems activities and sales have improved over the last several months with the high season hitting now. Prices have come down in Merritt Island and that seems to be a good value right now. Renovated, move in homes move the quickest. Ones that need work have dropped down and can allow your custom refinishing if your finances alliow.
The ones that don't move, tend to be priced too high for what they are.
Cocoa Beach is hot and inventory light, so don't expect any bargains there.
Did not investigate further south in Melbourne and Palm Bay. Nor Viera or Suntree as my interests don't bring me there as much.
The weather was amazing (low to mid 80's daily with a comfortable ocean breeze). The beach in the North section was not crowded, but restaurants were and a wait for a table was common. Got to try a half day fishing trip out of the Port on a Party Boat. We all caught Red Snappers but had to through them back in, regardless of size as there is a ban in this area of Florida (politics for sure as there were plenty out there bighting). Sorry to have to leave back to the cold northeast of NY.

We did too! It was an absolutely perfect week. We met with our realtor and looked at 6 different complexes....and took the leap! We close on 4/2/19. And then came back here to a wind storm that has knocked out our electricity for the last 50 hours and counting....


Although it is earlier than we wanted, we couldn't pass up the deal. There are still some out there, especially when FIRPTA comes into play. We had no intention of renting our future retirement home anyway, so had no problem signing the affidavit, but it seriously limited the buyers interested in the unit we bought. They had at least 1 contract fall through and it had been sitting on the market for 100 days when we looked at it.


We got it for $15k - $20k less than comparable units in the same complex, and all furnishings convey. It was too good to walk away from.

[Nypafl4u]

Congratulations Gypsy3n8! Good for you. Keep us updated with the closing and move.
Feel free to DM me with the complex you chose.

[lio45]

Originally Posted by Nypafl4u

Prices have come down in Merritt Island

Really? Haven't seen that. But they've stopped climbing, for sure.

When I started buying real estate in that area, I came within a hair of buying on Merritt Island at least three different times (in the end, we decided to concentrate in Cocoa and Rockledge; I'm only keeping an eye on MI these years), and I can tell you, all three of those properties are now conservatively valued at several times what I could've gotten them for.

(Can't complain though, since the relative gains have been pretty similar on the mainland.)

[Nypafl4u]

Originally Posted by lio45

Really? Haven't seen that. But they've stopped climbing, for sure.

When I started buying real estate in that area, I came within a hair of buying on Merritt Island at least three different times (in the end, we decided to concentrate in Cocoa and Rockledge; I'm only keeping an eye on MI these years), and I can tell you, all three of those properties are now conservatively valued at several times what I could've gotten them for.

(Can't complain though, since the relative gains have been pretty similar on the mainland.)

Prices only started dropping last summer. If you track from more than a year ago, you would see crazy high pricing throughout Brevard. What I have noticed on the ones I more recently watched, are drops. Anywhere from $10,000 to $50,000 over an eight month period. That also meant longer times on market. I think now, prices are a bit more realistic in Merrit Island, for non-waterfront. You can find some for under $200k that are livable. Many in the $229k range now fixed up. These were going for mid to upper $200's last spring. But if you looked two or three years ago, it would still be higher now, as it should, given a healthier economy.