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Thursday, November 17, 2011

Bayhill subdivision in Viera East– Market Activity November 2011

Bayhill subdivision in Viera (north Melbourne, Florida) is an older development (by Viera standards) with most homes having been built around 2000-2002.  Buyers considering purchase of newer homes are more likely going to look to the developments in Viera west of I-95.

At mid-November 2011 most of the homes on the market in Bayhill are four bedroom two bath homes with 1902 sq.ft. under air (six of the nine active or pending homes).   Bayhill is a zero lot line subdivision with most of the lots being in the .13 acre area –pretty small if you are looking for separation from your neighbors!

The layout of the Bayhill subdvisiion is such that there is quite a bit of variation.  Some homes are located along Deercroft Drive and back directly to the sound wall blocking the six-lane interstate 95 noise.

Some are located along Bayhill Drive which is the main entry and busiest street in the neighborhood.  Then some others are located on interior street like Caledonia or Talamore Lane where the traffic is less busy as well as the noise much less. 

Currently there are three active listings in Bayhill priced from $140,000 to $167,400.  With five listings under contract (four are short sales) homes are selling within Bayhill.

Selling prices in Bayhill (based on the last two sales in Bayhill) looks to be in the $145,000 area.  In September, 2395 Bayhill Drive – a 1,902 sq.ft. 4/2/2 sold for $149,000 in less than four months.  A 3/2/2/ with 1,600 sq.ft. located on the pond at 1431 Talamore sold in October 2011 for $145,000.  Obviously the price was right as this was on the market as a standard/fair market sale and moved in only 16 days!

About half of the sales in Bayhill so far this year have been short sales or foreclosures (6 of 15).

Still, most homes selling in Bayhill have been standard sales – contrary to the belief that most homes selling these days in Viera are short sales!  Average selling price so far this year is approximately $137,000 with 58 DOM being the average (short sale average selling price is $123,000).

Average selling price for non-distressed properties is $147,313 with DOM at 22 – motivated sellers!

For information on homes for sale in Viera, contact me!

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