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Sunday, September 24, 2017

Pine Creek 55+ Community Melbourne, FL - Homes For Sale September 2017

Won't Last at $198,000!
Currently there are three homes for sale in the gated Pine Creek subdivision.  The highly desirable Pine Creek community is located just off Eber Road and only a short drive from major shopping ares as well as easy access to I-95 and US1.   

List prices of homes for sale in this gated 55+ community range from $198,000 to $265,000.   All three units were built in the 2002-2004 time frame.  Square footage for these listings run from 1,335 to 1,992 sq.ft. under air.

The two highest priced units are both 3 bedroom 2 bath 2 car garage while the third property for sale is listed fro sale by Waters Realty of Brevard.  

This home is located at 3613 Osceola Drive and is a two bedroom two bath two car garage 2003 built home with 1,335 sq.ft. under air.   Don't let the sq.ft. scare you as the open design and high ceilings give the impression of much more space.

What has recently sold in Pine Creek?   

Recent sales in Pine Creek ranged in price from $232,000 to $262,400.  These properties were all between 1,785 sq.ft. and 2,161 sq.ft. and built between 2003 and 2005.  All three of these standard sales were closed during the month of June 2017.

This home's location within the community is a big positive because it is close to the club house and community pool (across street about 200 ft away!)   With association fees at $500 a quarter the lawn maintenance and exterior maintenance is included [REVIEW HOA DOCUMENTS TO VERIFY WHAT IS COVERED BY DUES].

Call or text me at 321-693-3850  for information on this home or any homes in the Melbourne area.

Wednesday, September 20, 2017

Brevard County, Florida Residential and Condo Market Summary August 2017

Presented below is a summary of the Brevard County, Florida real estate markets for August 2017 compared to the market one year ago as provided by the Florida Realtors.   
The first report summarizes the single family home market for August 2017:
  • Closed Sales - up 9.3% for August 2017  with 961 units closed compared to 879 in August 2016.
  • New Pending Sales - increased 2.3% in August 2017 vs last year.
  • New Listings - up 6.4%.
  • Median Sales Price for Brevard Single Family homes -  up 14.1% to $222,500 compared to a year ago which was $195,000.
  • Months Supply of Inventory - up 8% to 2.7 months an increase from 2.5 months in 2016.
  • Traditional Sales - increased 12.1% with a median sales price of $225,000
  • Foreclosure/REO Sales - down 26% with a median sales price of $127,300.
  • Short Sale Closings - also are down 33.3% with a median sales price of $225,000. 
Now for a quick recap of the Brevard County townhouse and condo market for August 2017:
  • Closed Sales - down 7.0% for August 2017  with 240 units closed compared to 258 in August 2016.
  • New Pending Sales - down 0.4% and New Listings are up 24.2%.
  • Median Sales Price for Townhomes/Condos - dropped 0.6% to $153,125 compared to a year ago which was $154,000.
  • Months Supply of Inventory - no change.  It was 3.4 months in August 2016 and August 2017.
  • Traditional Sales - down 5% with a median sales price of $153,125.
  • Foreclosure/REO Sales - decreased 42.9% with a median sales price of $145,000. 
  • Short Sale Closings - increased 204.4% with a median sales price of $342,250 in August 2017.

Why Would a Realtor Use a Zillow "Zestimate" to Market a Property?

I ran across a listing in the Brevard MLS this morning that referred to the "Zestimate" in the marketing narrative.   With a little research I found the Zillow "Zestimate" for that particular home was about $40,000 or so less than the listing price (approximately 18% of list price).  

My guess is the real estate agent included the statement/reference so prospective buyers would understand the Zillow value did not reflect the current property condition.

Over the years I have worked with a few buyers who wanted to base their decision solely on the Zillow value and not the market.  

I can remember several buyers who wanted to offer "XXXX dollars" because that is what Zillow said the property is worth.  Their problem, like many others prospective buyers, is a misunderstanding of the Zillow Zestimate and its real use.

What is a Zestimate"  According to Zillow it is...
"The Zestimate® home valuation is Zillow's estimated market value, computed using a proprietary formula. It is not an appraisal. It is a starting point in determining a home's value. The Zestimate is calculated from public and user-submitted data, taking into account special features, location, and market conditions"
But how accurate is a Zillow Zestimate?   Zillow tells the public on its website to use the Zestmate as a "starting point."  It further states consumers should consider
Zillow does provide a chart that identifies accuracy estimates.  

For example the chart below does show that about 80% of Brevard County estimated values are within 20% of the sale price.  Put another way it also says that almost 20% of the Zestimated values are more than 20% off.  If you are a seller are you willing to accept a value that may be as much as 20% wrong?
So beyond a curiosity value what is to be gained by "using a Zestimate?  Even Zillow says call a real estate agent.  I would refine that to call a local knowledgeable real estate agent.

In my opinion a real estate agent who deals with buyers and sellers in the area where your home is located is quite different and better than some "proprietary formula!

Thinking about selling you Viera, Florida home?  Call or text me at 321-693-3850 for a free, no obligation market analysis where real time data, local knowledge and a site visit (if desired)  can be used to calculate an opinion of value that is usable in today's Brevard County market.

This is not one of those anti-Zillow posts!  

My real estate listings show up on Zillow because it is a web site where consumers go as a starting point.  But my listings do not necessarily, if ever, fall in line with a Zillow Zestimate.

Monday, September 18, 2017

Your Home Warranty and Hurricane Repairs

I received a call from a homeowner this morning asking if they had a home warranty.  I knew where they were coming from since it has only been about a week since Hurricane Irma paid a visit upon us.

As far as the transaction on their home purchase there was no warranty purchased.  Of course, a home owner can go out a purchase a warranty pretty much anytime.  Still, the home warranty is not something to address hurricane damage.

A home warranty is a service contract that provides for repair or replacement of your system components that fail due to standard wear and tear or age

Homeowner insurance is the primary route to deal with hurricane damage.  Still, another type of insurance is likely needed if there is water damage - flood insurance.

So what should a home owner do right now?   Take photos, document losses and call your insurance representative.

Here is a link to the Florida Division of Emergency Management Disaster website for additional information on post-disaster recovery.

Thursday, September 14, 2017

Thinking of Selling Your Post Hurricane Irma Florida House?

Getting a home ready for the market has always required attention to detail and preparation but  the process of selling your Florida home could be a little more challenging in this immediate post Hurricane Irma period.

There are major systems which impact sale-ability as well as finance-ability  These include the roof, air conditioning, plumbing and electrical systems.

For anyone in the affected areas the question of roof integrity must be answered first.

Of course for the immediate future the roofing industry may be busy addressing the more serious roofing problems.  If that is the case - wait.    Still do what can be done to prevent or mitigate the impact of potential MOLD.

Do not become a victim of an unlicensed, unscrupulous "contractor."

While tragedy and difficult times brings out the best in most there are plenty of others who prey on the victims.

While the time to list a Florida home for sale may not be right now this is the time to focus on the little issues.  Address landscape issues.  Work on cleanliness.  Consider the little things like paint schemes, traffic patterns, clutter and the like.

If your home is already on the market and no apparent damage has been sustained, consider having a pre-sale inspection done and make the report available for prospective buyers. 

Furthermore, once a clean bill of health is provided, consider offering a home warranty to reassure prospective buyers at least a little!

If there has been major structural issues, take the time to contact your mortgage lender.  During these post storm recovery periods many lenders order property inspections as well.  So if someone is taking a photograph of your home it could be a lender check.

I was fortunate.  I evacuated for about four days and only lost the contents of my refrigerator and freezer.   Its the many others who are suffering now that need our prayers and help.

Consider a donation to the Red Cross, Salvation Army or other worthy disaster relief organizations.  Do not forget those recovering from Hurricane Harvey as well!

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