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Friday, April 21, 2017

Brevard County, Florida - Condo Market Summary March 2017

Brevard County Townhouse/Condo market summary for March 2017 compared to March 2016:
  • Closed Sales - down -0.4% for March 2017 with 254 units closed compared to 255 in March 2016 with an increase in cash sales of 4.1% compared to March 2016.
  • New Pending Sales - up 12.2% 
  • New Listings - decreased -4.2%.
  • Median Sales Price for Townhomes/Condos - increased 8.7% to $150,000 compared to a year ago which was $138,000.
  • Months Supply of Inventory - down -10% to 3.6 months compared to 4 months in March 2016.
  • Traditional Sales - up 7% with a median sales price of $150,000.
  • Foreclosure/REO Sales - down -55%, with a median sales price of $137,000.
  • Short Sale Closings are down -100%, as there were no sales in March of 2017.
Questions about buying or selling a home in Florida?  Call or text me at 321-693-3850. 


Brevard County, Florida - Residential Market Summary March 2017

Brevard County Residential Report for March 2017 compared to March 2016 as provided by the Space Coast Association of Realtors:
  • Closed Sales - increased 0.3% for March 2017 with 909 units closed was 909 compared to 906 in March 2016
  • Cash Sales - decreased -12.2% compared to March 2016.
  • New Pending Sales - down -3.6% 
  • New Listings -  up 9.6%.
  • Median Sales Price for Brevard Single Family homes - up 10.9% to $194,000 compared to a year ago which was $175,000.
  • Months Supply of Inventory - down -7.4% at 2.5 months compared to 2.7 months in March 2016.
  • Traditional Sales - increased 7.5% with a median sales price of $195,000.
  • Foreclosure/REO Sales - down -51.5% with a median sales price of $163,000.
  • Short Sale Closings - down -50% with a median sales price of $250,000. 
Questions about buying or selling a home in Florida?  Call or text me at 321-693-3850. 

Tuesday, April 18, 2017

Why You Need Your Own Real Estate Agent When Buying a House in Florida

Here is what I call a lucky break when shopping for a home in Florida...."I called the listing agent.... but they did not call back."

Why were the prospective home buyers lucky?   Because the listing agent (person with sign out front) works for the seller.  In the case of a builder/new development, the person staffing the model home represents the builder/developer.

In Florida there is no such thing as dual representation.

A real estate agent can not represent both parties to a transaction.  However, in Florida an agent can "represent the transaction" without giving undivided loyalty to either side.  Still, who does not want their side represented by their own agent?

When representing the transaction in Florida agents are considered transaction brokers.
Per Florida Statutes a transaction broker "provides a limited form of representation to a buyer, a seller, or both in a real estate transaction but does not represent either in a fiduciary capacity or as a single agent. The duties of the real estate licensee in this limited form of representation include the following:
(a) Dealing honestly and fairly;
(b) Accounting for all funds;
(c) Using skill, care, and diligence in the transaction;
(d) Disclosing all known facts that materially affect the value of residential real property and are not readily observable to the buyer;
(e) Presenting all offers and counteroffers in a timely manner, unless a party has previously directed the licensee otherwise in writing;
Limited confidentiality, unless waived in writing by a party. This limited confidentiality will prevent disclosure that the seller will accept a price less than the asking or listed price, that the buyer will pay a price greater than the price submitted in a written offer, of the motivation of any party for selling or buying property, that a seller or buyer will agree to financing terms other than those offered, or of any other information requested by a party to remain confidential; and
(g) Any additional duties that are mutually agreed to with a party."

The above is copied directly from the link.  I am not a lawyer.

The highest level of representation in Florida is called single agency, the lowest level, no brokerage relationship (basically be honest, fair, disclose facts and account for all funds entrusted).

So, at a minimum, a buyer should have their own real estate agent who either represents them as a single agent or transaction agent.

With either of these arrangements the buyer has an advocate for them and not just an advocate for the transaction.  Or even less, no representation whatsoever.

Besides, the buyer's real estate agent is paid by the seller whether a resale or new construction.

I don't believe you can fully support one side if you are committed to the other side as well.

Ready to buy a home in Melbourne, Florida?  Call or text me at 321-693-3850 for more information, ask a question or to let me be your Florida Realtor.

Thursday, April 13, 2017

Indian River Colony Club in Viera (Melbourne, Florida) - Market Update April 2017

Indian River Colony Club, one of three gated 55+ communities located in central Florida's planned unit development of Viera (just north of Melbourne, FL), offers homeowners a lifestyle unmatched in the local area.

IRCC was founded in 1986 as a not-for-profit corporation as a retirement destination for military offers. Over the the years since its inception, Indian River Colony Club has evolved into a more inclusive retirement community with membership expanded to all former military and 20% non-military veterans.  

All homes are individually owned with no rental properties allowed so residents know their neighbors are permanent.

Indian River Colony Club is:
  • The IRCC corporation is debt free;
  • Amenities are owned by residents including golf course, club house, multi-use buildings, pro shop, tennis courts, swimming pool and more; 
  • Home prices are less than those in other Viera 55+ communities (Heritage Isle, Grand Isle);
  • The Board of Directors, elected by the residents, determine fees and provide oversight for all activities within the gates including the professional onsite management;
  • Household maintenance (more specifics below) are covered by the monthly maintenance fee;
  • Typical of style
  • Monthly fee also covers club membership, amenities, full time on site security including 24 hour guard monitored entry, security cameras at all entrances, visitor management as well as security patrols inside community.
What will you find at Indian River Colony Club in Viera?
  • Multiple housing options. There are eighteen floor plans including two new plans for 2016 (Trenton 3BR/2BA/2 Car Garage/Cart Garage, 1,735 sq.ft.), (Augusta, 3BR/3BA/2 Car Garage/Cart Garage, 2,111 sq.ft.), a half duplex floor plan, and fifteen others with square footage ranging from just over 1,000 sq.ft. to about 3,000 sq.ft. under air.
  • Activity groups and clubs.  More than 40 of them including: Art, Bridge, Bowling, Bingo, Chorus, Ham Radio, Crafts, Investment, IRCC Foundation, Masons, Yoga, Tennis, Line dancing, Step & Stretch, Computer Club, Players Theater Group, Aquatics and more. Green space, wildlife and lakes (28) with houses spread throughout the 453 acre community. 
  • Secure environment.  Gated entry manned 24 hours with security which also patrols the community.
  • RV and boat storage area.  There are even four spaces for guest hookups.
  • Colony Hall which is a state of the newly renovated facility which offers the perfect setting for special occasions (available for public rental as well). There is a bridal room, dance floor, full stage, chapel and more.
  • At Ease Club. Executive chef, staffed for dining and private parties.
  • Tennis courts (3), Bocce, shuffleboard.
  • 3,000 sq.ft. heated swimming pool.
  • Fitness center.
  • Professional staff and management who know the residents and go above and beyond to help them (repeating what I have heard residents say!) 18 hole par 72 golf course with pro shop, 2 practice putting greens and practice bunkers.
  • Involved homeowners.   Residents own this debt free community and take their responsibility as owners serious.
  • Private country club.  Indian River Colony Club is an exclusive private country club with membership comprised only of 100% home owners!
  • Repairs, routine and urgent service repairs (leaks, AC, plumbing) only a phone call away with maintenance staff on duty 10 hours a day (on call for emergencies).
  • Housekeeping and pool service programs also available. 
What is currently for sale at Indian River Colony Club?

Currently twenty three active listings in the Indian River Colony Club gated 55+ community.   List prices range from $125,000 to $268,000.  All of these listings are standard sales except for one short sale (lowest list price).

Eighteen listings are priced at $190,000 or less.  Most are three or four bedroom constructed early 1990s.  Average list prices are in the $170,000 range.

What has recently sold in Indian River Colony Club?

Over the past six months there have been twenty six homes sold in Indian River Colony Club.  Selling prices ranged from $115,000 to $268,000.  All of these sales were standard sales.

More recent sales in IRCC (from March 1, 2017) includes these five properties:
  • 1533 Tippicanoe Court - 1996 built 1,879 sq.ft. 3 bedroom 2 bath 2 car garage sold for $147,500
  • 1561 Independence venue - 1992 built 1,560 sq.ft. 2 bedroom 2 bath 2 car garage sold for $152,500
  • 1506 Chesapeake Court - 1994 built 1,729 sq.ft. 3 bedroom 2 bath 2 car garage sold for $170,000
  • 955 Mayflower Avenue - 1989 built 2,126 sq.ft. 4 bedroom 2 bath 2 car garage sold for $255,000
  • 1767 Independence Avenue - 1994 built 2,234 sq.ft. 3 bedroom 2 bath 2 car garage sold for $185,000
For information on Indian River Colony Club in Viera, Florida call or text me at 321-693-3850.
Gary L Waters
Florida Licensed Real Estate Broker
LT MSC USN (retired)

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Wednesday, April 12, 2017

Summer Lakes in Viera, Florida - Market Report - Million Dollar Executive Homes For Sale

Summer Lakes in Viera (Rockledge, Florida zip code 32955) is an exclusive gated community featuring executive homes (3,000- 8,000 sq.ft. under air) with tremendous appeal to the most discriminating executive buyer.  
These homes all the amenities one would expect in a custom built feature rich dwelling from the tile roof to the front door to the pool deck and summer kitchen! 

What is currently for sale in Summer Lakes in Viera, Florida?

Currently there are seven homes for sale in the gated, very exclusive Summer Lakes community in Viera, Florida.   Listing prices for this community range from a low $950,000 to almost $1.55 million.

These homes are all huge with living space ranging form 4,193 sq.ft. under air to 4,858 sq.ft.  Bedroom count ranges from 4 to 6 and bathrooms from 3.5 to 5.  As one with expect in this price range they all have a private in ground pool!  All but one offers a three car garage! 

By the way these homes are all older by Viera standards (built in 2005-2007) where there is continued new construction and development.

What has recently sold in Summer Lakes in Viera, Florida?

Over the past six months there have been five homes sold in Summer Lakes.  Selling prices were fairly consistent within a range of $1,032,000 and $1,165,000.  All of these sales were fair market sales.

Since March 1, 2017 there have been two homes sold in Summer Lakes.  These included:
  • 4427 Reseda Way - Located on a .9 acre waterfront lot this 2006 built home offered four bedrooms four bathrooms and and a four car garage under 4,171 sq.ft. (total 6,262 sq.ft.)  This home sold for $1,050,000 on March 15, 2017.
  • 3103 Bellwind Circle - On just over one acre, this lake front home with 4,415 sq.ft. under air offered four bedrooms and four and a half bathrooms as well as a pool, fireplace and a three car garage. This home sold for $1,165,000 on March 3, 3017.
Above sales information retrieved from Brevard MLS system.

For information on buying an executive home in Brevard County, Florida's premier planned unit development Viera, call or text me at 321-693-3850.   

Viera offers whatever a buyer is seeking with homes priced from the mid $200,000s to a million plus!  

There are several other gated subdivisions in Viera offering executive homes including some direct golf course properties... call me!

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