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Friday, August 30, 2013

Heritage Isle in Viera, Florida - Market Trend in Premier Brevard County, Florida 55+ Community (August 2013)

Heritage Isle in Viera, Florida - Market Trends in Premier Brevard County, Florida 55+ Community  (August 2013)

As I head out this morning to show Viera's premier 55+ community to some prospective buyers from out of state I did a quick review of the market in Heritage Isle as of this morning.

Here is what I found out about homes sold in Heritage Isle for the months of July and August 2013.  There have been 13 properties sold since July  1, 2013.

Of the sold properties there were two patio style homes (villas) that sold for $140,000 and $150,000.  There is one currently on the market, a short sale, listed at $135,000.  These are typically two bedroom two bath one car garage homes with about 12-1,400 sq. ft. under air conditioning.

During July and August there were six three bedroom two bath two car garage single family homes sold with a median sale price of about $200,000.  The median sale price of the four bedroom three bath three car garage homes sold was about $280,000.

Currently there are twenty active listings in Heritage Isle.  This includes:
  • Four condo units, all 2 bedroom/2 bath listed from $117,900 to $134,900 (median listing price is $131,000, two are short sales).
  • One patio style 2 bedroom/2bath listed at 135,000 (short sale).
  • Fifteen single family homes listed from $146,500 to $399,900.  This is somewhat misleading  as fourteen of these are priced below $259,900.  There are three foreclosures among these listings with a median list price of $224,900.
For information on homes for sale in Heritage Isle, including new construction, give me a call at 321-693-3850 or email me.

Saturday, August 24, 2013

Pricing your home to sell in a rising market...

I had someone tell me recently they had to list their home way above the market because prices were rising.  

I understood the intent but not the strategy.

Pricing a home at the higher end of the competition in a rising market is a reasonable strategy.   However, pricing way above the market means a seller should expect to sit and wait for the market to catch up.

Pricing way above the market may result in prospective buyers are buying the competition.   In the interim the interest rates could go up meaning the replacement home costs may be higher as well.

Anyway, back to the pricing issue.

While it is possible to sell too low I do not believe one can price too low.   The reason, of course, is a home owner does not have to accept any offer.

Pricing your home to sell in any market is a personal decision that should based on objectives, time line, and the circumstances of the sale (quick sale, retirement, illness, short sale).

Your Realtor® can advise but only you can set the price - list and sell.  

Friday, August 23, 2013

Putting the cart before the horse could cost you money.... The real estate closing process

Is there a logical order to the real estate closing process?   Just as there is a logical order to the home buying process (getting it under contract), there is also an orderly process from the contract to the closing table.  By the way the home buying process usually starts with a lot of questions.

This may seem to some like one of those which came first, the chicken or the egg questions but which comes first the property inspection or the appraisal?

What about the survey?  When does a buyer get a survey done?

Logic says get the inspection done to make sure you still want the property.  After all, the inspection is your "get out of jail free" card," right?   As a buyer, make sure you understand the property inspection report and if you feel the need for an additional evaluation by an expert (roofer, AC company, etc), get it done right away.

More importantly, why pay for an appraisal or a survey if you are not going through with the purchase?

As a home buyer the key to the real estate process is to get a good knowledgeable local real estate agent to steer you through the process all the way to the closing table.

Friday, August 16, 2013

Viera, Florida Homes For Sale - 5390 Somerville Drive Pool Home $200,000 ****SOLD***

Just Listed!  
Viera, Florida Homes For Sale
 5390 Somerville Drive Pool Home
3 Bedroom 2 Bath 2 Car Garage 
1,998 Sq Ft under air 
Built in 2002

Thursday, August 15, 2013

Somerville in Viera, Florida - A Market Report August 2013

The Viera subdivision of Somerville is located within the Villages of Viera East.  Located near Ralph Williams Elementary School and The Viera East Golf Course, Somerville is just one community with the planned unit development of Viera East [Google map here.]

With nearby tennis courts, volleyball courts, playground areas, parks  and bikes trails, Viera East naturally promotes an active lifestyle.  Residents within Viera East neighborhoods will find easy access to The Avenues Shopping Center, plenty of restaurants, the Brevard Zoo, the new Viera Hospital, and much more.

Travel time to Orlando by car is about 45 minutes and the beaches are about 15 minutes away.  For military retirees, the Patrick Air Force Base is nearby as well offering services like commissary, pharmacy, golf, and more.

Here is a quick market report for Somerville for the month of August 2013. 

Although not new most of the homes were built between 2001 and 2003.   Three of the last five sales since February 1, 2013 have been standard sales.  This is further evidence of the Brevard market turning to a seller's market with decreased inventory and rising prices.

The standard (fair market) sales prices ranged from $199,900 to $241,500.  There are three homes under contract at this time as well with all going under contract since July 12th.

Currently there are two active listings in Somerville subdivision with list prices at $210,000 and $219,700.

Later today there will be one more listing in Somerville subdivision. 

A head's up...three bedrooms two baths two car garage on pond for $200,000 list price Oh, and it has a screen enclosed pool as well!  Check back later!

Wednesday, August 14, 2013

55+ Developments in Brevard County, Florida

All 55+ communities are not alike.  In Brevard County I am aware of about a dozen age restricted communities.

I am most familiar with three of the 55+ communities located in central Brevard County:  Heritage Isle (the largest and newest), Grand Isle and Indian River Colony Club (IRCC).

All three of these communities offer their residents many of the same things such as a gated community in a central location, convenient to shopping, restaurants, medical facilities, clubhouse with pool, etc.

But they are not the same.  Some of the differences in the 55+ communities include...
  • While all three are gated, two have manned entry gates 24 hours a day - IRCC and Heritage Isle.
  • One has its own golf course - IRCC.
  • One has primarily former military officers among ts owners - IRCC.
  • One is older with mostly wood frame and stucco construction - IRCC.
  • Monthly fees differ significantly from a few hundreds per month to upwards of $800 a month. 
The last point above is one that often gets the most attention from prospective buyers.

Why do the fees vary so much?   Primarily because of two main reasons. 

First, IRCC residents own all that lies within their gates including the club house, golf course, etc.

Secondly, IRCC offers maintenance free living while the others require the owners maintain their own homes except for landscaping and routine painting.

Here are a few articles on Viera's 55+ communities.  Some were written a couple of years ago but the information is still relevant.
For information on homes for sale in the Brevard County, Florida 55+ communities, send me an email or give me a call.

Tuesday, August 13, 2013

How much home will $300,000 buy in Viera, Florida in 2013?

I had an inquiry over the weekend by someone considering relocating to Viera, Florida.  They have a budget of $300,000 and wanted to know how much home $300,000 will buy in Viera, Florida?

Keeping in mind the market is changing I reviewed some of the recent sales in Viera.  Here are a few of the sales I shared with him.

The four homes listed below are located in the Viera area and closed in June and July 2013.  By the way, the mailing addresses for homes in Viera, Florida are located in both Rockledge and Melbourne.
  • 4304 Carswell Ct, Rockledge - A 2,090 sq ft  3 bedroom 2 bath 2 car garage golf course home built in 2000 sold for $295,000.
  • 5487 Indigo Crossing Drive, Rockledge - A 2,364 sq ft 2005 built 3 bedroom 2 bath 2 car garage pool home on a pond in Indigo Crossing subdivision (Viera west of I-95), 2005  sold for $301,500.
  • 1346 Donegal Dr, Melbourne - Located in the gated  Capron Ridge development just off Viera Blvd,  this 2007 2,745 sq ft built 4 bedroom 3 bath 2 car garage pool home  sold for $299,000.
  • 1816 Donegal Dr,  Melbourne - Also in Capron Ridge subdivision, this 2012 built 3 bedroom 2.5 bath 3 car garage  home with 1857 sq ft under air  sold for $305,000.
 For information on homes for sale in Viera, Florida call me at 321-693-3850 or email me.

Monday, August 12, 2013

Sunday, August 11, 2013

Brevard County, Florida Home Prices - Where are home prices headed during the last half of 2013?

Where are the single family home prices headed in Brevard County, Florida during the second half of 2013? 

Here is a quick comparison of July 2013 and July 2012 single family detached homes sales in Brevard County, Florida based on average sales price only.

This very simple chart will illustrate twp important points about Brevard County, Florida real estate:
  1. Location makes a difference.
  2. Average sales price is climbing.


Thursday, August 08, 2013

Getting your house ready for the market... Create "Wow!" not "I remember when!"

As much as we would like to think most of us do not keep our homes in ready to sell condition.  Very few homes need no preparation before placement on the market.

I read this morning about how an investor asked a home staging professional about just putting some furniture in a home they had for sale.

While it is pretty much accepted by most real estate professionals that it is easier to sell a home with furniture than an empty house sometimes there is more needed than just furniture.

Sellers NEED to create a positive "wow" when buyers walk in and not a "I remember when..." mindset!

Does your home need some updating before you place it on the market?

A little updating can do so much for your house.   And it does not need to be expensive updating like…

  • some neutral paint to replace your high personalized colors (or wallpaper), 
  • new carpeting instead of that shag,
  • counter tops – silestone, quartz, granite, solid surface are expected today instead of old worn laminate,
  • appliances - newer, energy efficient.
Focus on the two rooms which matter most to  buyers - bathrooms and kitchens.  The secret to selling your house is minding the Ps and Qs.

Putting furniture in a house that otherwise needs some preparation is like the old saying about putting lipstick on a pig.    If a home is more than a few years old I suggest sellers also consider a pre-listing home inspection?

Ready to place your Viera or Rockledge home?  Call me for a free consultation.  I can be reached at 321-693-3850 or email.

Wednesday, August 07, 2013

Home Buyer Tip - How did the seller read your mind?

Are you being surveilled?   Today it is common for homes to have security systems, especially newer construction.

Some homes have "standard" security systems and others have video camera surveillance.  The technology exists for an owner to set up a system and watch remotely what goes on in their homes.  Some have this video surveillance capability in every room.

Over the past ten years I recall only one home in Rockledge, Florida that had cameras seemingly every place.  Who knows how many I have been in and not noticed?

Some home buyers may ask why I am writing about a surveillance system on a blog about buying and selling homes?

Because of the old saying...loose lips sink ships.

I do not fault any homeowner for seeking to provide security for their home.  It is for that reason I urge all buyers to not make purchase terms or other comments when viewing a home that has a security system.  Who knows if we are being being recorded?  

While there is likely nothing nefarious about this I prefer buyers not reveal how high they are willing to go on a house when there is a chance the seller will also hear.

After all, you would not leave a note that says  
"Loved your house, making an offer and willing to go as high as XXX,XXX dollars!

Thursday, August 01, 2013

Florida Homes For Sale...pennies on the dollar?

A few years ago it was a pretty common expectation of anyone thinking of buying a home in Florida that the values had fallen so much homes were selling for pennies on the dollar.

But the market has shifted and prices are rising.

Still, I can't believe I continue getting inquiries about buying houses for pennies on the dollar in Florida.

But for the first time in years I think I have an answer for these "49ers" seeking the elusive pennies on the dollar bargains?

I heard there were some really cheap homes in...Detroit.

But not in Brevard County, Florida in August 2013!

Ready to buy a Florida home for a realistic, yet very reasonable, price?  Call me at 321-693-3850.

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