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Sunday, November 23, 2014

Brevard County, Florida Townhouse/Condo Sales Report for October 2014

Brevard County, Florida Townhouse/Condo Sales Report for October 2014 compared to October 2013: 
  • Closed Sales up 3.4% for October 2014, with a increase in cash sales of 1.4% compared to October 2013. 
  • New Pending Sales down -26.2% New Listings are up 5.0%.
  • Median Sales Price for Townhouses/Condos up 27.5% to $130,000.
  • Median Days on the Market up 53.8.0% to 60 days vs. October 2013 39 days.
  • Months Supply of Inventory down -34.5% to 3.8 months compared to October 2013 5.7 months.   
  • Traditional Sales up 19.4% with a median sales price of $145,000.
  • Foreclosure/REO Sales down -32.1% with a median sales price of $47,250.
  • Short Sale Closings down -22.2% with a median sale price of $165,000.
Above information provided by Space Coast Association of Realtors®.

Saturday, November 22, 2014

Brevard County Residential Report for October 2014: Inventory down, prices up.

The Brevard County Residential Sales Report for October 2014 compared to October 2013 is presented below as provided by the Space Coast Realtors.
The most telling statistic in my opinion is not that the median sales price is up but rather the months supply of inventory is down to three months. 
  • Closed Sales are up 17.1% for October 2014 the number of units closed was 851 compared to 727 in October 2013.  Also an increase in cash sales by 16.8% compared to October 2013.
  • New Pending Sales are down -29.2% and New Listings are up 3.4%.
  • Median Sales Price for Brevard County Single Family Homes are up 19.2% to $143,000 compared to a year ago, which was $120,000. 
  • Median Days on the Markeare down -10.3%, which is 35 days compared to 39 in October 2013.
  • Months Supply of Inventory is down -33.3% to 3.0 months compared to 4.5 months in October 2013. 
  • Traditional Sales are up 35.1%, with a median sales price of $161,700.
  • Foreclosure/REO Sales are down -2.9%, with a median sales price of $86,050.
  • Short Sale Closings are down -44.8%, with a median sale price of $145,000.

Thursday, November 20, 2014

Monday, November 17, 2014

Negotiating The Real Estate Deal - The Key Point.

There are many components to the negotiation process when it comes to buying or selling a house.  Many of these components play a supporting role to the major star of the negotiation process.

What are the supporting components?

  • List Price.  This price is most often not much more than the X dollars off  MSRP in a car dealer's advertisement.  Most sellers settle for less than this price.
  • Condition.  The property's state of repair or disrepair impacts whether a buyer is willing to make some repairs.  If they are looking for move in then this moves up the hierarchy of supporting cast.
  • Comparables.  What has sold recently is a key supporter (especially for a buyer).
  • Substitutes.  This is the competition. What other properties are on the market that could fill the same need based on location, price, condition.
  • Financial restrictions.  Sellers have financial restrictions.  These may be based on the mortgage payoff or need for a certain amount of proceeds.   On the other hand, the buyer may have the restrictions of a mortgage limit or maximum price.
  • Time.  Sometimes the time line for a move (or even a pending foreclosure).
  • Motivation.  Whether buyer or seller, in order for a deal to be struck, it is most essential that the motivation of the buyer and the motivation of the seller reach agreement

All the above items play an important role in the real estate negotiation.

And the key point when it comes to negotiating the real estate deal can be any of the aboveIt all depends on the circumstances of the sale.

Ready to buy a home in Viera or Melbourne, Florida?  Call me at 321-693-3850 or send me an email.

Both Images courtesy of Stuart Miles at

Wednesday, November 12, 2014

Home Seller Tips: Sitting and Waiting is not a Selling Strategy

I received a call earlier this week from someone who already had a home for sale in Viera, Florida.  I explained to the caller that she had a real estate agent so she needed to communicate concerns with them.

She understood the reason why I could not intrude on her seller - agent relationship.

She did indicate that she may call me when her current listing expires.

Now here are a few items I did not say during the short call.

Just waiting until a listing expires is not a good strategy if a property is just sitting.

Most sellers have a timeline to sell their home.  Waiting does not support this.  Days on the market without a contract usually incurs additional costs.  These costs include the usual things like mortgage, insurance, association fees and the like but also includes the cost of a potentially lower price.  A home on the market an excessive number of days generally makes buyers wonder what is wrong.

Sellers, if your home is just sitting, there is a problem (or several).   These may include such things as preparation, pricing, presentation, accommodation or whatever. 

Sitting and waiting for the listing to expire is not a good strategy.

When I list your Viera, Florida home for sale there is no sitting and waiting.  We either get results or you are FREE to call on another Realtor and show me the door.

Call me at 321-693-3850 to discuss how I can work for you.  Ask me for your free market analysis.

Thursday, November 06, 2014

Viera Florida 55+ Communities Market Repor: Heritage Isle and Grand Isle - October 2014

Grand Isle and Heritage Isle are two of Viera, Florida's most popular 55+ communities.  For anyone considering a move to a Florida 55+ community, these two should be on your list.

Both are gated and have superb facilities (club house, pool, tennis, fitness centers, etc) as well as provide exterior maintenance and lawn care.  Another plus is they are relatively new with the oldest homes in any of these developments having been built in the early 2000s.  Heritage Isle has current new construction for sale (last phase).

Here is a summary of the recent sales in Heritage Isle and Grand Isle as well as a look at what is presently on the market.

Currently there are 12 single family detached homes for sale in Heritage Isle.  List prices for these single family units range from $209,900 to $429,900.   There are two homes priced above the $400K mark but these are not the norm for homes for sale in Heritage Isle.

Five of these listings are priced between $235,000 and $249,900 which is the most common range for homes for sale in Heritage Isle.

Since October 1, 2014 there have been six properties sold in Heritage Isle.  All of these sales were standard fair market sales with selling prices ranging from $155,000 to $270,000. Three of these sales were smaller patio style villas  which are typically two bedroom two bath with a one car garage (155-179,000 sale price).   Single family sales ranged from $224,900 and $270,000.

There are currently three homes for sale in Grand Isle with list prices between $215,000 and $290,000.   The size of these homes for sale in Grand Isle range form Sq ft ranges from 1,545 to 2,170 square feet under air (built 2000 to 2003).  The two lower priced units are two bedroom two bath homes while the other is a three bedroom two bath home with a three car garage.

There were only two homes sold in Grand Isle in October 2014.   Selling prices were $216,800 and $278,000.  Both of these homes were built in 2004 and had between 1992 and 2025 sq ft. under air.  The higher priced home was located on preserve and lake.

If you are interested in a 55+ community in Florida, Grand Isle and Heritage Isle both deserve your consideration.

Wednesday, November 05, 2014

Home Buyer Tips: Look Beyond The Mortgage Pre-Approval.

You have made the decision to buy a home...great!  Like all well prepared buyers one of your first steps will be to find a local mortgage lender to prepare a mortgage pre-approval letter.

This meeting with your mortgage lender allows you to discuss the various types of mortgages, down payments, mortgage insurance requirements, loan process - all reasons to deal with a local mortgage expert.

With your mortgage pre-approval lined up it is time to select your real estate agent.

One of your early conversations with your Realtor® will be to discuss what that mortgage pre-approval amount represents - the maximum you could pay for a home - not the amount you should pay.

Consider how much is required to purchase a home that meets your needs.   Through a process of question and answers your real estate agent will help you identify your needs (the "must haves" like location, size, age, school assignment area, etc).

With a mortgage pre-approval in hand and requirements identified it is now time to consider the total cost of home ownership beyond the mortgage principal.

Because of its long term financial implications buyers should always keep their budget at the forefront of any decision including the "other costs." 

What are some of these other expenses?
  • Homeowner Insurance
  • Homeowner association fees
  • Taxes
  • Special assessments
  • Flood Insurance (if required) 
  • Maintenance and upkeep 
  • Commute times/expense for work or school
Buying a home is a great step.  Care should be exercised throughout the process.  There really is more to life than making a mortgage payment!

Considering buying a home in Viera, Florida?  Call me at 321-693-3850 if I can assist.  Need some local mortgage lenders?  I will be happy to provide some local contacts my customers have worked with in the past.

Monday, November 03, 2014

Home Buyer Tips: It is YOUR ASSOCIATION on the day of closing!

It seems every buyer has an opinion on homeowner associations (HOA).  Some want the rules to make sure things stay pretty much the way the neighborhood looks today.  Some want the freedom to do as they please.

Someone told me long ago that homeowner associations exist to enforce conformity - appearance, landscape, if you can rent, facilities use, vehicles allowed, pets allowed, etc.

The purpose of this post is not to debate the merits of associations but rather to serve as a reminder to home buyers to take the existence of an association serious while performing your due diligence before your closing.
  • Read the association documents.  
  • Review the financial statements.   
  • Discuss issues and concerns with board members and future neighbors.   
  • Review meeting minutes, if possible.  
  • Read the articles of incorporation and by laws, etc.  
  • Pay particular attention to any restrictions on the use of your home.   
  • Know the cost as in current monthly fees and what is included.
  • Find out about any pending special assessments.
Do whatever you must to feel comfortable about the association including consulting an attorney, if desired (I am not an attorney).    

Know the rules before buying in a deed restricted community.  As a homeowner, on the day of closing, it is your association. 

If you are considering buying a home in Viera, Florida give me a call at 321-693-3850 or send me an email if you have any questions.

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