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Saturday, November 12, 2011

Three Fountains of Viera Condos–Short Sales Dominate Market - Investor potential in Viera condos

Located off I-95 in Viera (north Melbourne, Florida) is the gated Three Fountains of Viera condo condo complex.

Three Fountains of Viera offers residents the amenities many seek in a newer condo community such as fitness center, heated spa, pool, wireless Internet connection in the pool area, entertainment areas, a private direct gate to the neighboring Avenues Viera shopping mall and more.

In an ideal central Brevard County location near golf courses such as Duran Golf Course,  excellent restaurants, parks, the new Viera Hospital, a professional baseball stadium (Washington Nationals Spring training site) and much more.

I have heard it said  the condo market is the first to decline and the last to recover  That may be the truth if you look at Three Fountains prices!

Buyers were paying lots of money for these one, two and three bedroom condo units when it was built in 2005 – the mid $200,000s and more.  Now, these units are not quite selling for that much - and its good for those who want to buy a condo in Viera!

The reality is over the past few months there have been four units sold – two were short sales and two were foreclosures!

The units sold included
  • 6411 Borasco Dr unit 217 – a 1,157 sq.ft. 2/2 short sale for $71,000
  • 6461 Borasco Dr unit 2801 – a 1,157 sq.ft. 2/2 short sale for $67,000
  • 6461 Borasco Dr unit 2806 – 1 1,157 sq.ft. 2/2 foreclosure selling $68,000
  • 6431 Borasco Dr unit 2304 – a 598 sq.ft. 1/1 foreclosure selling for $45,000
Currently there are six units on the market. Two units are priced way above market at $164,900 and $209,500 – obviously not serious about selling!

The other four units for sale are all short sales and foreclosures.  Two are 1BR/1Ba units (a foreclosure and a short sale) priced at $51,700 and $48,000.  There is a 2BR/2Ba short sale at $72,500 and a 3BR/2Ba listed at $120,000 (both short sales).  Also one must keep in mind the monthly dues - currently about $295 a month.

There are four units under contract at this time as well all short sales.

I am not sure about the availability of financing in this particular unit as there are a lot of distress sales and rental properties so this needs to be checked with the lender involved as it varies based on the type of mortgage being obtained.

For investors looking for rental properties this complex deserves a look, for sure.  After all,  it is newer (less maintenance), located in an ideal area in the most popular area of central Brevard County - Viera.  Finally, it is not beach side so less insurance I would think.

Right now there are 12 active rental listings in Three Fountains.   It looks like 2/2s are listing around $1,000-$1,100 and the 1/1 units are about $675-$700 per month for annual leases.

If you are considering buying or selling in Viera and Suntree, call me first!  If you prefer, send me an email.

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