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Tuesday, August 16, 2011

Buying the Biggest Home in the Neighborhood - Is it worth it?

I know there will be those who disagree with me premise – biggest is not best!  Let me re-phrase this - highest priced” is not best.

While reviewing homes for sale or recently sold in Rockledge, Florida’s Ashwood Lakes and Ventana neighborhoods several things stood out pretty clearly.

But the characteristic that stood out the most was,  Ashwood Lakes and Ventana remain, in August 2011,  neighborhoods primarily driven by distressed sales.   Of the four active listings, two are short sales and two are over-priced (for the neighborhood) listings.

To further illustrate the distressed nature of the Ventana and Ashwood Lakes neighborhood  (I treat these subdivisions as one as they border each other and share community amenities – pool, tennis, basketball facilities), six of the nine properties under contract at this time are short sales.

It is only my opinion but when two-thirds of the contracts are short sales, the neighborhood is a distressed market.

And in this case like many other distressed neighborhoods in the Viera and Suntree areas, the most expensive home on the market may not be the best purchase!

At $329,900 in Ventana the priciest is likely not the most prudent buy when nine of the homes under contract or active are under $170,000.

So, although the largest and most expensive home is nice (3,800 sq.ft., pool, on pond, nice location),  I have always believed,
   it is always better to buy near a neighborhood’s mid-point as it pertains to price and size.
As with every position there is an opposing viewpoint.  Still, the only home that has sold in Ventana or Ashwood Lakes in August 2011 (we are only at the middle of the month) sold for $125,000.

Let me say though I do wish the sellers much luck and, if they sell for a high price, it would be good indicator of a major shift in the Brevard County, Florida housing market!

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