That is exactly what the Brevard County, Florida housing market did about seven or eight years ago.
Homes were pretty much built wherever they could be placed. In some areas, like Palm Bay, homes were being built faster than the infrastructure to support the residents.
The tax money was flowing in as home prices (and property values) continued to climb.
And then it stopped.
Now in Brevard County, Florida there are homes for sale at some very low prices. In some ares like Palm Bay you will find almost 60% of the homes sold in August 2012 were foreclosures / short sales.
So the reason for low prices is sprawl, right? Nope.
The reason for the low prices is simple….location. Sprawl was just builders meeting demands of the frantic buying public!
This is one of the takeaways from the recent housing collapse.
Think about the location today because someone else will when you are ready to sell!One lesson that will be likely be with in our minds for a long time.
When you're ready to buy or sell a house or condo in Brevard County, Florida, call me at 321-693-3850 or email me.