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Wednesday, March 22, 2017

Brevard County, Florida Residential Real Estate Market Report February 2017

Brevard County Residential Report for February 2017 compared to February 2016:
  • Closed Sales - down -5.1% for February 2017 with 649 closings compared to 684 in February 2016
  • Cash sales - decreased in -16% compared to February 2016.
  • New Pending Sales - down  -9.3%.
  • New Listings - down -10.5%.
  • Median Sales Price for Brevard Single Family homes - up 24.2% to $205,000 compared to a year ago which was $165,000.
  • Months Supply of Inventory - down -16.7% at 2.5 months compared to 3 months in February 2016.
  • Traditional Sales - up 3.7% with a median sales price of $210,000.
  • Foreclosure/REO Sales - down -65.2% with a median sales price of $154,900.
  • Short Sale Closings - up 12.5% with a median sales price of $118,000.

Monday, March 20, 2017

Homes For Sale in Viera, Florida - Name Your Price, Name Your Size (March 2017)

Viera, the planned unit development located just north of Melbourne, Florida is one of the most popular areas of Brevard County for folks relocating to Florida.   Not surprisingly it is also one of the more expensive areas of the county to purchase a home aside from direct ocean front and river front properties.

So what types of housing is for sale in Viera, Florida?

A quick review of the homes for sale in Viera as listed in the Brevard MLS system today (March 20, 2017) shows there are one hundred forty seven active listings.

Of these 147 listings 57 are located within 55+ communities (Grand Isle, Heritage Isle and Indian River Colony Club).

Outside of the 55+ communities, the 90 listings are:
  • Listed with prices ranging from $197,000 to $1,700,000.
  • All standard sales - not a single foreclosure active in MLS.
  • Only one listing is under $200,000. The next lowest priced listing is $220,000.
  • Median list price is $450,000.
  • Median year built is 2007 (range 1991 to 2017).
  • Over half of the active listings are inside gated communities.
  • Home size varies from 1,400 sq.ft. under air (3 bedroom 2 bath 2 car garage)  to almost 6,300 sq.ft. (5 bedroom 4.5 bath 3 car garage).
  • Median sq ft under air is 2,743 sq.ft.
  • 11 of the listings are priced above $1,000,000
  • 12 lowest priced listings are on the east side of I-95. The newest development in Viera is west of Interstate 95. 
For information on homes for sale in Viera, Florida, call or text me at 321-693-3850.

Best Home Buying Strategy Can Still Fail

The Brevard County, Florida real estate market is a seller's market. Buyers are competing with each other for move in ready properties.   In this environment it is critical prospective buyers approach the home buying process with a well mapped strategy in order to have the advantage over competitors.

What is a well mapped strategy?  It begins with identification of requirements.  Note requirements are not the same as "wants" which are a plus but not a "must have" feature.

A buyers requirements may include things like:

  • the real target area (if not the specific neighborhood at least a general area). 
  • the real budget - not some pre-approved up to maximum amount but what you really are comfortable with spending. 
  • the mandatory "must have" characteristics have been identified. 
  • the time frame will determine whether short sales are a consideration.
  • if condition is a factor (move in ready or if you are willing you do some cosmetic repairs).
The above requirements is not all-inclusive as each buyer is different and will have their own list.
With a clear understanding of the requirements it will not take long to identify the target property.  Once identified the competition favors the best prepared buyer.

What makes for the best offer?  I tell buyers that the best offer is a reasonable price, fewest contingencies, verifiable documentation and realistic time-line.

But sometimes the best offer never gets considered.   

Why?  Because a buyer must be committed to moving as soon as a house is found.  For example this past weekend I showed buyers two houses.  Both met all the requirements.  On Sunday the decision had been made.

But it was a bust!   

Why?  Because both acceptable properties were already under contract!

The Brevard County market is one where the median days on market is about 30 days.  That means good houses at a reasonable price move much quicker.  Both of these houses were on the market for less than a week.

The best home buying strategy in the world will still fail if the decision making process is delayed... paralysis by analysis.

Ready to buy a house in Viera, Florida?  Call or text me today at 321-693-3850.

Tuesday, March 14, 2017

Grand Isle in Viera - 55+ Community Viera, Florida - Market Report March 2017

There are three 55+ communities in the planned unit development of Viera - Indian River Colony Club, Grand Isle and Heritage Isle. 

While all of these 55+ communities share some traits in common there are differences between the 55+ communities of Viera.  In my opinion, each of these are different and has their own personality.  The differences in some cases are subtle, but they do exist.

Still, if one is looking for a Florida 55+ community, one is probably just right for anyone looking at Florida retirement communities.

This post provides a market report for the gated Grand Isle community for March 2017. 
What is for sale in Grand Isle in Viera?

Currently there are five homes for sale in Grand Isle.  List prices in Grand Isle range from $245,000 to $339,900.   Median list price is $274,900.  All of these homes, built in the 2000-2004 period, are standard sales.   

All but the lowest priced listing offer 2,011 to 2,470 sq.ft. under air. There are also four other homes under contract awaiting closing.   The list prices at Grand Isle are consistent with the homes offered at Heritage Isle, Viera's other premier 55+ gated community.

What has recently sold in Grand Isle in Viera?

Over the past six months there have been eight homes sold in Grand Isle.  Sale prices ranged from $249,900 to $330,000.  The median sales price for all of these standard sales was $267,500.

Since February 1, 2017 there have been four homes sold in Grand Isle.  The last two sales (within the past two weeks) included:
  • 1495 Boca Rio Drive - 1,781 sq.ft. 2004 built three bedroom two bathroom two car garage home sold for $270,000.
  • 1605 Boca Rio Drive - 2,032 sq. ft. 2004 built three bedroom two bathroom two car garage home sold for $317,000.
 Here are a few more articles about Viera's 55+ communities...
For information on 55+ communities in Viera, Florida, call or text me at 321-693-3850.

If you are looking to buy a home in Brevard County, Florida, read this first.....

Brevard County, Florida offers whatever type of living one seeks.  From ocean and river front, golf course communities, rural settings to whatever.

And each of those location types comes at a price.  Of all the factors that weigh on the price of a house location is key.  Location can't be changed.

In terms of real estate there really are four distinct geographical areas in Brevard County.  

The northern areas are less densely populated with more rural options.  At the southern extreme of the county the population is most dense (Palm Bay area) with prices being more affordable.

The closer one gets to the water, the higher the price.  This includes "the island" better known as Merritt Island.  I like to tell folks that if there is a causeway to be crossed there will be a higher price to pay.

The higher one goes up (as in condo), the higher the price.  Golf course living is a bit more expensive than rural living. 

Some schools are more desirable than others, thus more demand (higher price).

This last one brings me to a recent customer's dilemma.  They had a budget of $XXX,XXX.  Not a problem as there are plenty of homes in that price range.

But they also had a specific school assignment area that was not acceptable to them.

In this particular case the budget and school assignment areas are incompatible.   The major decision now is to look beyond the school, change budget or continue to rent.

School quality (whether real, perceived or mythical) puts pressure on the price. 

If you are considering a move to Brevard County, here are some links that may prove helpful with your research.

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