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Monday, April 30, 2012

Viera, Florida Residential Real Estate Activity April 2012– Short sales and foreclosures are not as common place as many believe

As April 2012 ends here are the early residential sales numbers for Brevard County, Florida's very popular Viera area.  These numbers will change a little as end of the month closings gets added but should not change significantly.

What is currently for sale in the Viera, Florida area.
  • Active Single Family Homes for sale – 223
  • Active Single Family Homes not in Viera 55+ Communities – 119 [Most of the active listings in Viera’s 55+ community are in the Indian River Colony Club development.]
  • Active Short Sale Single Family Homes not in Viera 55+ Communities – 18
  • Active Foreclosure Single Family Homes not in Viera 55+ Communities - 3
April 2012 Single Family Home Sales in Viera (as of 04/30/12)
  • Single Family Homes Sold – 38
  • Single Family Homes Sold not in 55+ communities – 25
  • Single Family Homes Sold in 55+ communities – 13
  • Single Family Homes Sold short sales – 8
  • Single Family Homes Sold foreclosure – 0
  • Average Selling Price Single Family Homes – $195,082
  • Average List Price Single Family Homes  – $205,158
  • List/Sell Ratio – 95%
The one thing that looks to be pretty clear from these Viera sales numbers is that short sales and foreclosures are not as common place as many believe - at least in Brevard County's popular Viera communities!

For information on homes for sale in Viera, send me an email or give me a call at 321-693-3850.

April 2012 Residential Sales Brevard County, Florida –2 out of 3 homes sold is a Standard Fair Market Sale

Interest in short sales and foreclosures (distressed properties) seems to always be present whenever I talk to someone considering buying a home in Brevard County, Florida.

The seemingly omnipresent expectation of great deals in foreclosures often puzzles me.  This segment of the housing market does offer very attractive prices.  Still, you get what you pay for! 

Perfect or almost perfect does not usually show up in the distressed market and if it does it moves fast!  Still, single family homes in Brevard County are priced very attractively.

As of April 30 there are 2,195 single family homes for sale in Brevard County, Florida.  Of these homes for sale 55% (1,199) are priced below $200,000. These include 386 short sales and 120 foreclosures which represent only 42% of the single family home availability.

As for price point, the majority of distressed homes on the market are listed below the $100,000 price (233 short sales, 82 foreclosures).

Are buyers primarily concentrating on the short sales and foreclosures?

On this last day of April 2012 about two of every three homes sold in Brevard County, Florida this month has been standard fair market sale.

For information on buying or selling a home in Brevard County, Florida, call me at 321-693-3850 or email me.




Home Buyer Tips - Your Offer is More Than the Price…

I have read several articles recently about real estate multiple offer situations.  I am sure sellers are hoping this signals a shifting real estate market in Brevard County, Florida.

A multiple offer situation is usually brought about when a very attractive listing hits the market and buyers recognize the value or it may just be luck like when a reasonably priced property gets the attention of more than one serious buyer.

Either way several offers may arrive simultaneously!

And the winner will be the one with the highest price, right?  Wrong!

Prospective home buyers often do not realize an offer is more than the price. 

When a seller hears an offer is on the table the first question is about price.  While price is likely the most important consideration other things may influence a seller's decision on whether to accept the offer, reject the offer or counter the offer.

These "other things" can be important especially if there is more than one offer on the table.

Some of these other things include
  • Closing date. The longer the time between contract and closing, the greater the chance things may fall apart.
  • Financing.  An offer that is dependent on the buyer getting financing may be less desirable than a similar cash offer (cash talks).
  • "As Is" offers.  An "as is" offer may be more attractive to a seller than one in which there is an included request for possible repairs.  Of course even "as is" buyers will most often have the recommended property inspection. 
  • Type of financing.  Depending on the property some kinds of financing add additional seller expenses.  In a buyer's market most sellers are not going to make it an issue - usually.  Of course if a property has big issues like AC/Heat, roof leak, plumbing problems, the FHA or VA appraisal may be a hurdle that could create challenges.
  • Personal property requests.  This is the case where a buyer will want the seller to throw in the washer and dryer or the huge flat screen and sound system in the family room.
As a buyer or seller it is good to be aware of the potential leverage you may (or may not) have as you approach a transaction.

When it comes to offers to purchase real estate it doesn't matter what you ask for as long as you are willing to accept the response regardless.

Sunday, April 29, 2012

Buying a car….Why I hate the process.


I went out looking for a new/almost new car this weekend.  I went out about ten days ago as well.

I am going to buy a new car because I need one otherwise I would not subject myself to the process.

So, I do not have to be sold.

As a Realtor® I believe a house will sell itself.   All I have to do is show the prospective buyer homes that meet their criteria and price range.  And then they decide without any manipulative trick questions.

Similarly I believe a car will sell itself.  

I have yet to find my ideal car dealership where they let you sit in the car, look it over closely and, if there is interest, then ask for help.   This is similar to my 3G approach to holding an open house (Greet, Give relevant information, Go away until needed). 

I did not find the right car last week nor this weekend. 

Hopefully next weekend I will find the right car......



 


The real estate market in Brevard County Florida is very attractive at this time.  If you are considering buying a house, let me know.   If you are considering selling your home, send me an email for a free market analysis. 

Friday, April 27, 2012

Selling Your Home - Low Ball Offers: A possibility, beginning or waste of time?

With the decreasing inventory in the Brevard County, Florida real estate market my guess is we will eventually start seeing fewer low ball offers.  Actually it has been a while since I have seen anything that was less than 90% of list price.

Still sellers should be prepared for a potential low ball offer.

Sellers receiving a lower than expected offer could get angry and respond with simply a "take your fishing pole and find another hole to fish in."

Or a seller could respond in such a way as to send a signal.    The signal may be a counter offer at equal to or just below the asking price.  Or the signal may be a few percentage points less than the listing price.  Either way, this approach could be a "we can talk" signal.

Or a seller may just reject the offer completely.  This is the take your fishing elsewhere.  Of course it is up to the offering side to interpret the meaning of the response.

Still I see an offer, even a lower than hoped for offer, as a possibility, a beginning and not a waste of time.

But, ultimately it is the seller who makes the final interpretation - not a real estate agent.  I believe it was Laurence Peter, best known for publishing The Peter Principle, who said something like 

“The man who says he is willing to meet you halfway is usually a poor judge of distance.”   
 
Call me when you are ready to sell your Viera, Suntree or Central Brevard County, Florida home!
 

Brevard County, Florida Homes For Sale - Are you a qualified buyer?

Brevard County, Florida Homes For Sale - Are you a qualified buyer?

The market is shifting in Brevard County.  Prices are down, interest rates are still low, rents are rising, inventory is shrinking - all ingredients for people to consider buying a home!

Before you run out and start looking at homes though answer his question - "Are you a qualified buyer?"  

On occasion I will receive phone calls from people standing outside a home with one of my signs in the front yard.  Sometimes they want to see it right now.

I appreciate the calls but I always ask questions- qualifying questions.

My initial query includes two key questions.
  1. Are you working with another real estate agent? 
  2. Have you been pre-qualified for a mortgage and, if so, how much?
  3. I ask other questions about their familiarity with the area, information on their needs and wants, etc.but these are asked only if the answer to question number one is no.....
These questions all have a purpose - to enable us to get off on the right foot in an orderly fashion.
Buyer qualification is important for several reasons.

As a buyer, why would you waste your time looking at something you could not afford?  If that is your purpose then I suggest you visit the local Parade of Homes which is held twice a year.

From a seller perspective the real reason is they want serious offers from serious buyers.  Because the process of showing a home to prospective buyers can be so disruptive sellers want their homes shown to people who are real potential buyers.

And, most importantly, sellers want buyers who have evidence of an ability to purchase.

What type of evidence?
  • If you are a cash buyer, proof of funds in the way of a letter from your bank or investment company.
  • If you are going to get financing then, at a minimum, a pre-approval letter from the bank or other lender. This is not the same as a pre-qualification letter which means about nothing!
  • And, the ability to provide a reasonably attractive escrow payment (good faith down payment) when your offer is accepted. What is reasonable? That will depend on the property. 
 If you are new to the home buying process check out Buying a house…In Six Easy Steps!

If you are considering buying or selling a home in Viera, Suntree or Rockledge, Florida call (or email) me to discuss how I can work with you.


Home Buyer Tips - Sometimes neighborhoods are like people - flawed but overall good.


In the movie the late 1980s  movie called The Burbs there was a street named Mayfield Place.  This movie was a comedic story of paranoia about new neighbors starring Tom Hanks.


The Burbs illustrates one of the greatest obstacles to finding the perfect home....the neighbors!

I have never been on a listing appointment in Viera, Suntree or any part of Brevard County, Florida where the seller has said anything negative about the neighbors or the neighborhood.

It seems like the local area is nothing but massive square miles of perfection.  No wonder it is so easy to sell homes in Brevard County, Florida!

There is likely not too many perfect neighborhood with perfect neighbors.

What are some of the things a buyer can do?
We all have our flaws.  Most are little things that, luckily for us, most people overlook and see the big picture - our positives.

Sometimes neighborhoods are like people - flawed but overall good.

By the way, although Brevard County, Florida does not have a Mayfield Place, I am sure it does!

When you are ready to buy or sell a house in Brevard County, Florida, please let me assist you!




Thursday, April 26, 2012

Brevard County Florida Homes For Sale - Is your Florida Real Estate Agent Keeping in Touch with You?

You are thinking about selling your Viera, Florida home.

You talk with a local real estate agent.  You decide the time is not right – just yet.  Fast forward months…. Now it is the time to sell.

You call the real estate agent’s office but they are no longer there. Hmmm....

What do you do?
  • You could ask where the agent works now. 
  • You could take out the business card they gave you earlier. (You kept it, right?)
  • You could check your emails for their information
  • They could Google the real estate agent's name and go from there.   For example, Gary Waters real state agent.
  • You could take an appointment with whomever happens to be available when you call "the office."
What should you do?

The choices presented above require varying degrees of effort.  The choice one takes will depend greatly on the level of trust and confidence the caller had developed with the original real estate agent.

Real estate transactions (whether buying or selling) is about relationships.   It is about working with one you can trust.

A real estate agent (or any sales oriented professional) should make it a priority to stay in touch with every contact because eventually they may will come calling.

I witnessed this first hand yesterday.  Another broker in the office took the call and the appointment.

Keep in touch with your real estate agent.

Keep in touch with your customers.  I just sent out my e-newsletter this morning.....











Florida Homes For Sale–If searching for a home to buy in Orlando, take a look at Brevard County, Florida

I just read an article on Realtor.com that listed the top ten housing markets searched in March 2012.

I noticed there were a couple of Florida areas in the top ten – especially Orlando at number 10.

I suggest anyone considering buying a home in Florida, especially near Orlando, consider the the Melbourne, Florida area.

Melbourne (Brevard County, Florida) is number 50 on the list of most searched housing markets as well!

After all, Orlando has a median list price of homes for sale of $155,000 while  Brevard County has a median list price in March was $138,000!

Sure Orlando has Disney World and the other theme parks but they don’t have the beaches and water front offerings of Brevard County.

And if one really wants to go to Orlando it is easy enough…less than an hour from most parts of Brevard County!  Brevard County is less congested and, in my opinion, offers a slower pace of life….

When you are ready to buy that vacation home or just slow down, consider Brevard County, Florida.

Call me for information on moving to Brevard County, Florida!



Wednesday, April 25, 2012

Selling Your Brevard County, Florida Home – Why Did Your Listing Expire?

One of my recent posts “Selling Your Brevard County, Florida Home - When the paint on the sign has faded, it may signal a problem” dove tails nicely with this post which is about expired listings in Brevard County, Florida.

Why do listings expire before they have a contract?

Most often it is a single issue – price!

On a recent day I sampled the expired listings in the Brevard Realtor MLS system.

On that particular day the average days on the market for the expired listings was 190 days.  I know from experience many real estate agents go for the six month listing agreement.  It looks as if these fit that description as well.  [Ask me about my 45 listing with a no penalty cancellation for any reason.]

I checked the original list prices as well as price changes for these listings.  The results did not surprise me.
The average number of price changes for these expired listings was less than one price change over the entire listing period (0.9 changes each).

Unbelievable!

I have a simple rule called the 30-10-1 rule.   Every one of these listings trounced all over that rule.

Certainly part of the problem could have been ease of showing but I really doubt that would be a six month problem as given an attractive price buyers are willing to jump through a hoop if necessary.

Still the obvious problem here is price.  To succeed you must set your price by  pricing for condition, location, competition.

My guess is the sign out front may have been faded as well!

If you have your Viera, Suntree, Rockledge or Merritt Island home for sale and it is about to expire – stop.


Do not just re-list with your real estate agent unless there is some plan for change.

And if you are considering a change in Realtors, call me (or email me) to see how I would do things differently.


Seller Real Property Disclosures–Even little old ladies have been known to lie!

A seller never wants to be accused of hiding anything from buyers.  One step toward this goal is to disclose and document!

As a buyer you should never completely rely on statements made by sellers.  After all, seller property disclosures are only as good as the seller's memory, attention to detail and willingness to be open and honest.

Does one buy a used car based solely on the seller's word?  "Sure it runs fine....!"  A little old may have driven it to church on Sunday but even little old ladies have been known to misrepresent!

In Florida seller disclosure forms are not required.   Still, any buyer working with a Florida real estate agent will almost certainly ask the seller for a signed disclosure form.

It may be more of a way for a real estate agent to cover themselves more than anything else.  As a seller it can be your way of protecting yourself if something comes up later.

As a buyer requesting the disclosure form is the first step in the due diligence process. {I am not an attorney so this not legal advice.]  We all have heard the phrase caveat emptor - buyer beware.

What a buyer considers necessary is up to the individual.  Some of the common areas of concern and sources of information include..
  • seller property disclosure, 
  • home inspection, 
  • signed receipt for association documents for review, 
  • completed market analysis, 
  • new survey, 
  • appraisals by lender, 
  • review of association financial documents, 
  • speaking to neighbors, 
  • checking with the local police and/or sexual offender database, 
  • visiting nearby schools, 
  • checking for open building permits,
  • termite inspections, etc... 
Investigate, seek answers, ask questions and when you are comfortable with your results, go forward.


Tuesday, April 24, 2012

Buying a Florida Home - Is it time?

Buyer activity is heating up in the Florida real estate market as shrinking inventory, low interest rates and increasing rental demand make considering the purchase of a home a good idea right now.

If you are considering buying a home in Florida call me if I can assistance in any way.  

Here are some articles I have written over the past year that you may find helpful. 

1.  Never a perfect time to buy a home


2.  Home Buyer Tip – Having a Realtor® Du Jour is not the way to go!


3.  Home Buyer Tip - If it is not "permanent" then don’t scratch it from your list just yet...


4.  Association Restrictions - Know what they are before buying...


5.  Home Buyer Tips - Numbers that matter when buying a home....


6.  Florida Homes For Sale - Under Contract is Not Sold



 

Selling Your Brevard County, Florida Home–So what if your kitchen counter is laminate?

One thing I have found through my years as Florida real estate agent.  I have never met a seller who said “my house is a piece of crap and I just want it sold!

Sellers are almost always quick to exhort the excellent qualities of their home and praise their neighborhood, schools, medical facilities, atmosphere....!

And, when they decide to sell they want to make sure their real estate agent uses all those positives in all marketing material.

And they want the list price to reflect all those wonderful characteristics.

But before they sell they need to step back and take an unbiased non-emotional look at their home.

Is the paint too personalized?  Is the wallpaper really that appealing?  Will the 20 year old kitchen with original appliances appeal to new buyers?  What about the old laminate counters?  (At a certain price point most buyers expect solid surface, granite, silestone, etc.) Have I neglected the landscaping or exterior paint?  Well, you get the picture, I am sure.

I am not suggesting any seller go out and pour a ton of money into a home they are getting ready to sell.

I am only saying home owners who intend to sell must accept what is good for them may not be appealing to a buyer at any price.

Still, some things do help sell (and for more money).

When you are ready to sell, get an unbiased opinion of your home.   Ask your real estate agent.  Better yet, have a professional home stager come by and give you a check up.  And if your home is more than a few years old consider a pre-listing home inspection.

Selling your home will be a much easier process if the "home work" is done before the listing goes active.

If you are considering selling your Brevard County, Florida home call me to discuss the process and how I can assist!





Monday, April 23, 2012

Brevard County Florida Real Estate Market - Low Ball Offers…You don’t come around much anymore!

Low ball offers, you know the dream of getting something for pennies on the dollar, used to be fairly common.

That was then…when there were way more sellers than buyers, when foreclosures and short sales were the dominant listings on the market.

Now things are a little bit different in the Brevard County, Florida real estate market.

Today there are 672 active single family homes on the market in Brevard County that are designated as short sales or foreclosures.  That sounds like a lot but it represents only about 28% of the 2,400+ active listings.

The above is only active listings.

The real story is what about the homes that are selling?

So far there have been 376 residential listings sold in Brevard County through April 22, 2012.   Of these residential proeprties sold about two out of every three properties sold is a standard sale.

And so far this month  short sales are selling for 96% of list price and foreclosures 99% of list price.

As for standard sales….92% of list price.

Based on the above it sure looks like low ball offers are not as common these days - or at least accepted by sellers.


Heritage Isle - Condos For Sale in Viera’s 55+ Community (Market Report April 2012)

Heritage Isle, Viera (Melbourne), Florida’s premier 55+ community offers residents several dwelling style choices.

Some prefer the single family detached homes (1,600 - 3,000+ sq. ft.) while others are drawn to the smaller patio style/villa homes and still others, the Terrace at Heritage Isle condos.

The Terrace at Heritage Isle condos overlook the Duran Golf Club and are conveniently located near Heritage Isle's 21,000 square foot club house, pools, and tennis courts.

Best of all, Heritage Isle is within close proximity of the new Viera Hospital, The Avenues at Viera shopping, restaurants and much more - no wonder Viera is among the most popular areas to live in Brevard County, Florida!

As of today there are 8 active condo listings priced from $90,000 to $135,000.  Although all are two bedroom two bath units they are available in several floor plans from 1,194 to 1,408 square feet.

Recent activity in the Heritage Isle condo market seems to be picking up (in 2012) as there have been five units go under contract since mid- February (three in the past few weeks).

If a 55+ active lifestyle community in Florida is on your list, regardless of much house or condo you desire, Heritage Isle offers it!

For information on homes for sale in Heritage Isle, condos and single family homes, call me at 321-693-3850 or email me.



Brevard County, Florida Homes for Sale - Has Phillips Landing in Rockledge turned the real estate corner?

I received a call this week about homes for sale in Phillips Landing in Rockledge, Florida.  The caller was asking about short sales or foreclosures.

The short answer – no short sales or foreclosures on the market in Phillips Landing.

Back in November of last year I posted on this blog Phillips Landing in Rockledge Florida–No Distressed Homes on the Market–finally! Market Report November 2011 Phillips Landing Subdivision .

The story continues.

The last investor owned home in Phillips Landing sold in February 2012.  Since then the only home sold was a new construction inventory home which sold for $175,000 last week.  Currently there is another new construction home under contract.

And for listings in Phillips Landing…currently there are five homes listed for sale.

All are new construction “to be built” homes listed ay $169,900 to $229,900.  Build time according to the builder is about four months if everything cooperates (read weather!).

For information on homes for sale in Phillips Landing or if you are considering selling your Phillips Landing home, call me at 321-693-3850. 

By the way, there is no model home in Phillips Landing so let me get the information for you!




Sunday, April 22, 2012

Brevard County, Florida Real Estate - Are Short Sales Closing Any Faster?

The short sale approval process varies greatly transaction to transaction.  There are so many factors that impact the approval process it is hard to tell a buyer when to expect an answer from the lender on their offer.

Some of the things that are of the buyer's hands (requiring patience) include things like -
  • how quickly the seller provides the supporting documentation to the lender, 
  • the lender workload, 
  • how many loans are involved, 
  • the appraisal process (most often a BPO which is a market analysis by a non-involved real estate agent), 
  • the negotiation between seller and lender, 
  • the inspection (although most are sold as is) and 
  • who knows what else may come up along the way!
So, is the approval process getting shorter?  

Let's compare the period of April 1 - April 20, 2011 to the same period this year for Brevard County, Florida residential short sale closings.
  • 2011 - 83 transactions closed with an average days on market of 209 days 
  • 2012 - 71 transaction closeted with an average days on market of 147 days
So is the process from listing to closing short sales getting better?   It looks that way on the surface.

Maybe this is a reflection of better preparation by sellers and their real estate agents.  Maybe this is a reflection of the lenders getting better at the process as well or the process getting simplified!  Federal mortgage backer Freddie Mac completed 45,623 short sales in 2011, a 140% increase over the 2009 number.

Either way things should get better soon as Fannie Mae and Freddie Mac announced this time lines that will require decisions within 60 days.  Further, anything over thirty days will require weekly updates.

So should you buy a short sale?  It all depends on your time table and flexibility!

If you are considering buying or selling a short sale in Viera, Suntree or Rockledge, Florida, call me at 321-693-3850 or email me if I can help!


Saturday, April 21, 2012

Selling Your Viera Florida Home - When the paint on the sign has faded, it may signal a problem

I make it a point to always look at the real estate signs on properties – especially in my neighborhood.

While walking my dog yesterday afternoon I noticed the sign on a property around the corner from my house.  The real estate agent’s for sale sign has been up for as long as I can remember.

The thing I noticed this day most about the sign was not the Brevard County real estate company name or the real estate agent’s name but rather it was how faded the print had become over time.

After all, the sun, wind and rain here can be pretty rough on paint or ink. 

I am not sure what is going on with the property. I do know it has not sold.

If you have your Brevard County, Florida home for sale and there is a sign out front, take notice. Although most people find homes to look at via the Internet, many still drive around. 

And when the paint on the sign has faded, it may signal a problem – perhaps with price.

If you are considering selling your Brevard County, Florida home, give me a call. Let’s talk about how I can work with you to get it done!




Selling Your Brevard County, Florida Home - It is a team effort!

While speaking with another real estate agent a couple of days ago he mentioned about having been critiqued pretty harshly by one of his sellers about his advertising photos and narrative comments he entered in the MLS system .

After he spent a little time explaining the limitations of the narrative space within the MLS system as well as the other places (web sites, blogs, mailings) he had included further descriptions, they were  convinced to let home get back to work marketing their Viera home (marketing is a verb not a noun.  It is a doing thing).

I understood where they were coming from as most sellers want to be involved in the process.  Sellers should be in involved in the process - considerably at the start and then step back a bit and let the process begin.

After interviewing and hiring their real estate agent they are heavily involved in the process of selling their home including preparation, staging, cleaning, and coordination efforts to schedule showings to meet showing requests.

Once the offer is successfully negotiated their cooperation in getting to the closing table is vital. 

Selling your home is a team effort.

And, as with any successful team, knowing and doing your part is critical to success.

When you are ready to sell your Viera, Suntree and Rockledge, Florida home, call me at 321-693-3850 or email me.






Friday, April 20, 2012

Rockledge Golf Course Town House–Great Opportunity for Investor! $64,900

We had a buyer but it looks like they got cold feet (from Canada so maybe it is cool up there!).

Located at 1244 Admiralty Boulevard in Rockledge Florida this 2 bedroom 2.5 bath 2 car garage town home is located directly on the ninth fairway of Rockledge Florida’s Turtle Creek Golf Course.

With association dues of only $60 (Lawn service) this $64,900 price can only be described one way…very attractive!  

Near Viera, excellent schools, several golf courses, 45 minutes to Orlando, 20 minutes to beaches. Priced to sell "as is".

This short sale town home does have an issue with the back wall.  An engineering estimate for repairs is around $15,000.  Of course, any buyer would want to have their own contractor take a look and give them an estimate. 

Anyway, this unit will not last long so if a Florida golf course home is in your plans, call me at 321-693-3850 or email me!



Thursday, April 19, 2012

March 2012 Monthly Indicators for Residential Real Estate Activity–Melbourne Florida Realtors

March 2012
March MAAR Snapshot
Data as of April 12, 2012. All data from the Brevard Multiple Listing service. Provided by Florida Realtors®.  Powered by 10K Research and Marketing.

Sunday, April 15, 2012

Brevard County Florida Real Estate – How much does a 3 or 4 bedroom 2 bath 2 car garage home cost?

The answer is…it depends on...
  • location,  
  • who built the home 
  • seller circumstances 
  • age of construction 
  • condition of property 
  • and a few other factors as well.

To illustrate the “depends” response, look at these examples I found today on the Brevard County Realtor® MLS site…
  1. In Palm Bay (south Brevard County) a 1,900 sq.f.t under air 3 bedroom 2 bath 2 car garage home built in 2006 described as  "Newer home with great bones & layout but in need of appliances, flooring, AC unit and some electrical repairs."  The price - $74,000
  2. Also in Palm Bay a 1,920 sq.ft. 3/2/2 built in 2005 that  "Needs TLC cosmetics and floor coverings."  The price - $84,5000
  3. In Titusville (north Brevard County) a 3/2/2 with1902 sq.ft. built in 2002.  The price - $108,000
  4. In the Eau Gallie area of Melbourne a 3/2/2 with 1925 sq.ft. built in 2006.  The price - $125,0000
  5. Near Florida Institute of Technology (FIT) in Melbourne a 4/2/2 with 1911 sq.ft. built in 2004. The price - $134,900
  6. In Auburn Lakes subdivision in Viera a 2003 built 4/2/2/ with 1,911 sq.ft. The price - $169,900 
  7. In Phillips Landing subdivision in Rockledge a 3/2/2 with 1908 sq.ft. new construction to be built The price - $175,900
  8. Finally in Herons Landing in Viera a 3/2/2/  with 1914 sq.ft. built in 2002 described as "Custom Salgar Pool Home with Office/Den"  The price –$425,000
The above homes range in price from $74,000 to $425,000.  That is quite the difference and it is largely based on location, condition, who built the home and whether it is a short sale or standard fair market sale.

Brevard County is geographically a long county from north to south – almost 80 miles.  The prices can vary greatly at the extremes as well as along the coast line.

If you are thinking about moving to Brevard County I would be glad to send you listings or set up a search so you receive listings that meet your search needs automatically, just let me know.




Is this the time to buy a home? Is there a future in home ownership?

If Fannie Mae is to be believed then 2012 may be the year to buy a home according to a consumer survey from March 2012.  It seems more Americans expect an increase in rental prices and home purchase prices in 2012.

On the surface I believe optimism has to be there among consumers...otherwise folks would be tempted to just give up.
prices down
Because results like these are always lagging the Brevard County real estate market will bottom long before you realize the bottom has come and gone.

Residential inventory is down in Brevard County.  Rental inventory is down with rising demand and prices.  Interest rates are still low.

So maybe this is the time to buy a home.  Maybe this is the time to consider buying residential rental properties.

Or maybe not…only you know your circumstances.

If you have decided to consider buying a new home in Brevard County, Florida – let me help you.

It has been a long haul from the ridiculous price escalation and easy mortgages…..back to a future in home ownership, a reality.

Saturday, April 14, 2012

Selling Your Home as a Short Sale - Even a short sale must still pass the inspection (usually)

Short sales can be a challenge whether you are the buyer or seller.  Most short sales are sold "as is" which means no repairs will be made by the seller in the event problems arise before closing (more on this later!).

Sometimes short sales seemingly take forever to get an approval from the lender.  But when the approval does arrive sellers should expect the buyers to have a property inspection done before proceeding.

And after the inspection, if the buyer is getting a loan, there will be an appraisal.   If it is an FHA appraisal there will be checks on major systems - sort of a mini inspection.  The FHA appraisal (as with all appraisals) are in place to protect the borrower (and lender).

Now back to the "as is" contract, short sales and inspections....

If the inspection reveals issues with major systems like air conditioning not functioning or a leaking roof, or leaky pipe the seller should expect to resolve the issue one way or another in order for the appraisal to pass.   Exactly how the remedy is reached is between the parties involved in the transaction.

Even if the appraisal reveals no issues the selling price (loan amount)  must still be supported by comparable sales.

Above where I stated "Most short sales are sold "as is" which means no repairs will be made by the seller"  there may be some wiggle room.  Sellers may still make repairs (especially if they are inexpensive) in order to get the short sale done.   The "as is" in a foreclosure contract is much more firm.

After all, if the hardship that caused the short sale will be relieved by a little repair,  then why not?

If you are facing a hardship and a short sale may be a consideration, please give me a call or send me an email.





Friday, April 13, 2012

Condos for Sale at The Ventura at Turtle Creek in Rockledge, Florida: The Over–Under $100,000 Difference

The difference in whether a unit goes under contract in Ventura at Turtle Creek condos in Rockledge Florida is the $100,000 price point....

Currently there are three condo units listed for sale at the $99,999 to $119,900.

The $99,999 price was just dropped today from $107,800. 

Were they reading my mind?

The three condo units under contract are priced below $100,000…specifically $64,900 to $99,700!  All three are short sales.

This is a lesson to be learned by owners who are selling as a standard saleyou have to compete with the short sales in your neighborhood.  That is reality.

Six condo units in the Ventura at Turtle Creek complex have sold in the past five months.  Five were short sales selling for $75,000 to $95,000.  The other standard sale was for $110,500.

Here is a little background on the Ventura at Turtle Creek from one of my many posts on this blog.

 The Ventura at Turtle Creek in Rockledge offers gated condo living at attractive prices in a central location convenient to Orlando, the beaches, major transportation routes and more!Of course, golf in a given considering the complex is next door to Turtle Creek Golf course- a challenging par 72 wooded course! All Ventura at Turtle Creek condo units come with either a detached one car garage or carport with storage. Constructed between 2006 and 2008, these units are located in four story concrete buildings with elevators.With a playground, exercise room, and community pool for residents to enjoy, and convenient schools, shopping and medical facilities, The Ventura at Turtle Creek should be a consideration if you are moving to the Rockledge area.These units are great for second home buyers as it is only about 45 minutes to Orlando International Airport.
For information on buying or selling a condo in Brevard County, Florida, including ocean front and golf course condos, call me at 321-693-3850 or email me.
 


 

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