Tuesday, April 24, 2012

Brevard County, Florida Homes For Sale–The Most Expensive Homes Sold in Brevard County, 2012

Of the 1,837 of single family homes sold in Brevard County, Florida in 2012 (through April 24), only nine single family homes sold for more than a million dollars.  (The highest priced condo sold in Brevard County this year was only $750,000.)

One would think that these high dollar homes would be located in one general area but that is not the case with some "beach side," some on "the island," (Merritt Island) and others on the “mainland” (Viera, Suntree)

The highest sale price so far this year was $3,100,000 for a home in Viera’s gated Wyndham at Duran golf course community.  This 8,080 sq.ft. new construction custom built home features five bedrooms, six full baths, another 3 half baths and a 4 car garage.  And, lets not forget the pool, covered lanai, game room, home theater, marble floors (builder Christopher Burton is known for quality!).

The remaining homes on the list had selling prices between $1,050,000 and $1,250,000.

These other eight homes are located in places like Lansing Island which had two properties on the list, Indian Harbour Beach, Melbourne Beach, Suntree (Baytree Golf Course), and Merritt Island.

The largest home among the nine sold is located on Merritt Island.  It is a 9,614 sq.ft. “cottage” on almost three acres fronting on the Indian River.  As for room count it has six bedrooms, four full baths, three half baths, a pool and a four car garage.

These homes are not typical of the market in Brevard County, Florida though where the average selling price in March 2012 was just above $142,000! 

For information on homes for sale in Brevard County, Florida email me or give me a call directly at 321-693-3850.

How to Use Comparable Sales to Price Your Home - By: Carl Vogel

How to Use Comparable Sales to Price Your Home

Published: August 5, 2010
Before you put your home up for sale, use the right comparable sales to find the perfect price.
Knowing how much homes similar to yours, called comparable sales (or in real estate lingo, comps), sold for gives you the best idea of the current estimated value of your home. The trick is finding sales that closely match yours.

What makes a good comparable sale?

Your best comparable sale is the same model as your house in the same subdivision—and it closed escrow last week. If you can’t find that, here are other factors that count:

Location: The closer to your house the better, but don’t just use any comparable sale within a mile radius. A good comparable sale is a house in your neighborhood, your subdivision, on the same type of street as your house, and in your school district.

Home type: Try to find comparable sales that are like your home in style, construction material, square footage, number of bedrooms and baths, basement (having one and whether it’s finished), finishes, and yard size.

Amenities and upgrades: Is the kitchen new? Does the comparable sale house have full A/C? Is there crown molding, a deck, or a pool? Does your community have the same amenities (pool, workout room, walking trails, etc.) and homeowners association fees?

Date of sale: You may want to use a comparable sale from two years ago when the market was high, but that won’t fly. Most buyers use government-guaranteed mortgages, and those lending programs say comparable sales can be no older than 90 days.

Sales sweeteners: Did the comparable-sale sellers give the buyers downpayment assistance, closing costs, or a free television? You have to reduce the value of any comparable sale to account for any deal sweeteners.

Agents can help adjust price based on insider insights

Even if you live in a subdivision, your home will always be different from your neighbors'. Evaluating those differences—like the fact that your home has one more bedroom than the comparables or a basement office—is one of the ways real estate agents add value.

An active agent has been inside a lot of homes in your neighborhood and knows all sorts of details about comparable sales. She has read the comments the selling agent put into the MLS, seen the ugly wallpaper, and heard what other REALTORS®, lenders, closing agents, and appraisers said about the comparable sale.

More ways to pick a home listing price

If you’re still having trouble picking out a listing price for your home, look at the current competition. Ask your real estate agent to be honest about your home and the other homes on the market (and then listen to her without taking the criticism personally).

Next, put your comparable sales into two piles: more expensive and less expensive. What makes your home more valuable than the cheaper comparable sales and less valuable than the pricier comparable sales?

Are foreclosures and short sales comparables?

If one or more of your comparable sales was a foreclosed home or a short sale (a home that sold for less money than the owners owed on the mortgage), ask your real estate agent how to treat those comps.
A foreclosed home is usually in poor condition because owners who can’t pay their mortgage can’t afford to pay for upkeep. Your home is in great shape, so the foreclosure should be priced lower than your home.

Short sales are typically in good condition, although they are still distressed sales. The owners usually have to sell because they’re divorcing, or their employer is moving them to Kansas.
How much short sales are discounted from their market value varies among local markets. The average short-sale home in Omaha in recent years was discounted by 8.5%, according to a University of Nebraska at Omaha study. In suburban Washington, D.C., sellers typically discount short-sale homes by 3% to 5% to get them quickly sold, real estate agents report. In other markets, sellers price short sales the same as other homes in the neighborhood.

So you have to rely on your REALTOR’s® knowledge of the local market to use a short sale as a comparable sale.

More from HouseLogic

What You Must Know About Home Appraisals

6 Reasons to Reduce Your Home Price

Other web resources

What’s the Value of a View? Research from Texas Christian University
Carl Vogel, a freelance writer and former editor of The Neighborhood Works magazine, lives in a home in Chicago that is not typical of those nearby, so he appreciates a savvy comp.

 “Visit HouseLogic.com for more articles like this. Reprinted from HouseLogic.com with permission of the NATIONAL ASSOCIATION OF REALTORS®."


Friday, April 20, 2012

Should You Sell Tenant Occupied Properties? – Think twice....

Your tenants are wonderful people I am sure… the salt of the earth....... Until you decide to sell the home they are leasing from you.

This is based solely on my observation in the local Brevard County, Florida area over the past seven or eight years.

If you see something often enough you start believing it.

However being an optimist I continue to show (or try to show) tenant occupied properties that meet my buyer’s criteria.

There are lots of times I get in if I am persistent enough.

In Florida owners with a written lease sell their property subject to the terms of the lease.

So a sale does not necessarily mean a property will become owner occupied.  Some, like the buyer I was working with this week, are simply investors.

After all, buying a home with a good tenant already in place is an investor's dream!

Some free advice for investor owners here.

If you are planning on selling your tenant occupied investment property
  • Please communicate with your tenant.  
  • Explain to tenants the terms of the lease and how selling will impact them.
  • Explain to tenants that you will do all you can recommend they stay if buyer turns out to be an investor.
Help yourself and your real estate agent by getting your tenants on board your team

What is wrong with maybe a bit of an incentive to facilitate showings?

If you are considering buying or selling investment property in Brevard County, Florida, let me assist you, please.


Thursday, April 19, 2012

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

March 2012


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

Friday, April 6, 2012

Brevard County Florida Real Estate Information - Given the chance your home can sell itself!

I am a Realtor®.  My job is to provide professional service to facilitate the sale or purchase of real estate.

I do not sell homes or condos as I believe a house sells itself.

It is my job to work with you to make sure the right buyer sees your home and pays as close as possible the desired price.  (Call me to discuss how I achieve this.)

It is our job to make your home appealing from the front yard to the back porch.

It is our job to prepare your interior to maximize your home's strengths.

And once the right buyer comes along it is my job to make sure the transaction gets closed.

When you are ready to sell your Brevard County, Florida home, call me. I want to work with you!

Thursday, April 5, 2012

The Brevard County Florida Real Estate Market–How did we get here? Where are we going?

The Brevard County Florida Real Estate Market.... How did we get where we are? 

Let's see... There were zero down loans, no documentation loans, stated income loans, creative lending, multiple buyer offers, short sales, auctions, flippers (everyone was an investor!) and more.  Over the past eight plus years we have seen it all.

How did we get here?  In four words - a lack of discipline.

The real estate market was much like a class room where the teacher (discipline, good order) had an emergency.

Any of us who has ever been in school will know what often happens when the substitute teacher comes in.... The class goes wild.  The class loses focus and direction.

Well, the teacher is back.

Prices have stabilized.  And the students are listening to reason.  Just as a lack of discipline got us into the mess, focusing on discipline will get us out of it!

The market is slowly turning.  Buyers, using local knowledgeable Realtors and lenders, are finding deals in the market place.

We know where we are going but some are like the child in the backseat asking....

“When are we going to get there?”

I don't know the month or year but I do know....
 When we begin to look at our home as an investment in quality of life and not a money making tool we will be well on our way.
If the time is right for you to buy a home in Brevard County, Florida, please contact me if I can assist in any way.