Melbourne Real Estate News, Brevard County FL Real Estate by Sandy Shores REALTOR®

According to the Melbourne Association of REALTORS here in Brevard County Florida,  Real Estate Statistics for July 2009 are as follows:

For single family residential units:

There were 570 new listings.

This is a decrease of 22.87% from July 2008 of 739 new listings.

Year to date in 2009 there have been 4113 new listings.

Year to date in 2008 there were 5608 new listings.

There were 347 sold listings.

This is a 13.40% increase from July 2008 of 289 sold listings.

Year to date in 2009 there are 2144 listings sold.

Year to date in 2008 there were 1877 listings sold.

The average sale price in July 2009 was $164,496.

This is a 10.77% decrease from July 2008 of $184,357.

Average days on the market for July 2009 were 100 days.

This is a 10.71% decrease from July 2008 of 112 days.

For all properties, including single family residential, condo and townhouse:

There were 845 new listings.

There were 410 sold listings.

Average sales price was $160,671.

Average days on the market = 111

Types of financing used:

115 conventional financing

165 cash

 92 FHA

 26 VA

  6 Owner financing

This article is authored by

Sandy Shores REALTOR®, Melbourne/Palm Bay FL Real Estate

Brevard County Real Estate & Investing

I also buy, sell, rent, own and manage Investment Property.

Hurricane season is upon us. And some homeowners haven't spoken to their insurance agent in years, nor have they updated their coverage!

Do you have enough coverage on your home?

This is an important question at this time of year for the southeastern part of the country.  Hurricane season began June 1 and ends November 30.

The tropics have been busy this past week with 3 named storms.

The cost to rebuild has increased over the years and the insurance company typcially determines how much coverage you should need based on this figure.  But what if you haven't spoken to your insurance agent in years?

Does your policy cover flooding? Or do you have a separate flood policy?

Does your policy cover mold and mildew?

Does your current insurance policy adequately cover the belongings in your home?

All of these questions are so important at this time of year. 

If there is a named storm within specific demographic boundaries your insurance company cannot issue a policy nor can they make any changes to an existing policy.  Here in Brevard County Florida the box is at 70 degrees longitude and 33 degrees latitude. In Florida this includes any storm in the Gulf of Mexico. This can include a named tropical storm or a named hurricane, either one.  This precaution is in place so people cannot call their insurance companies when a hurricane is upon them.

Yesterday, there were about 3 hours that the insurance companies could not bind or change insurance coverage for their customers because of hurricane Claudette in the Gulf.

Most companies will allow you to make a coverage change midterm in your policy. But, typically they will not allow you to make another change again until your policy anniversary date.

And remember, it takes 30 days for a flood insurance policy to go into effect. And changes to a flood policy take 30 days.

Don’t wait, call your insurance agent today to be sure your property is adequately covered this hurricane season. Some people found they didn't have the coverage they needed in years past.

NOTE: These pictures were taken this morning of Hurricane Bill. Bill's projected path currently pulls it off to the North and well away from land.

This article is authored by

Sandy Shores REALTOR®, Melbourne/Palm Bay FL Real Estate

Brevard County Real Estate & Investing

I also buy, sell, rent, own and manage Investment Property.

Forbes has determined that these metro areas boast gains in real estate sales over 2008:

1. Miami, Ft. Lauderdale, Florida
2. Lincoln, Nebraska
3. Colorado Springs, Colorado
4. Salem, Oregon
5. San Luis Obispo, California
6. Bremerton, Washington
7. Denver, Colorado
8. Redding, California
9. Santa Barbara, California.
10. San Jose, California

It's not surprising that 4 of these areas are located in California. In placing the Miami/Ft. Lauderdale area at the top of the list, this certainly covers a very large portion of South Florida.

This article is authored by

Sandy Shores REALTOR®, Melbourne/Palm Bay FL Real Estate

Brevard County Real Estate & Investing

I also buy, sell, rent, own and manage Investment Property.

The Gym has just opened here in Melbourne Florida.  It’s owner Spero Tshontikidis has a true passion for what he does.

His gift is in giving back to his community. He works with kids and coaches them on powerlifting: squats, deadlifting and bench press.  Tshontikidis’ philosophy is to keep them happy, healthy and busy and it keeps them off the streets.

He opened The Gym, a warehouse, where families can come with their kids to lift weights and exercise. Family comes first to Tshontikidis.  Both of his teenage sons work with him at The Gym.

Tshontikidis is the founder of RAW United Powerlifters. It is a federation of young men and women from across the US that have one thing in common…their love for lifting.  Lifters range from 10 to 75 years old. He has frequent meets where all the lifters congregate to compete in powerlifting with no drugs, no alcohol, and a love for the Lord.  

The Gym is located at 2300 Avocado Ave, Suite E, Melbourne FL.  321-505-1194

Or email Spero at rawunited@cflrr.com

Their hours are Monday through Friday 4:30 AM to 7:30 PM. Saturday 8:00 AM to 2:00 PM

Visit the website at www.rawunited.org

This article is authored by

Sandy Shores REALTOR®, Melbourne/Palm Bay FL Real Estate

Brevard County Real Estate & Investing

I also buy, sell, rent, own and manage Investment Property.

I received the phone call yesterday. The buyer was calling from up North. She has been watching the real estate market and has decided that Brevard County would be a great place to invest in some real estate. She's right, it is a great time to buy in Florida.

I asked her what she was looking for. She indicated that she would like a 3 or 4 bedroom, 2 to 3 bath, 2 car garage, situated on at least half an acre.  She would like 1800+ feet of living and minor repairs needed, preferably none.  I told her that I would be more than happy to see what I could find.

"What's your price range?" I asked.

"$25,000. I don't want to pay anymore than $25,000 for a property."

"25,000?," I asked. I was certain I misunderstood.

"I will not pay anymore than $25,000 for a property," she responded.

Hmmmmmmm.....

When you find one of those, let me know, because I'll buy one too!

This article is authored by

Sandy Shores REALTOR®, Melbourne/Palm Bay FL Real Estate

Brevard County Real Estate & Investing

I also buy, sell, rent, own and manage Investment Property.

Well, it seems that many of the short sale and bank foreclosure 'players' are out in full force these days. And, many are making up the rules of the game as they go.  They are trying whatever they can to 'win' the 'bid' on many of these bargain priced properties.

So, often in today's market we find ourselves in multiple offer situations, particularly on properties priced below the $130,000 mark. And, the offers run the gamut of reasonable to outrageous.

We list a short sale property at $128,950 and the offers start coming in.  The house is in great condition

Here's what the offers look like:

>The first offer is a VA buyer, contingent on satisfactory inspections and financing. The buyer will be moving into the property and the offer is $124,000. The buyer's preapproval letter is attached. The other agent tells me they LOVE this beautiful home.

>The second offer is an investor getting a conventional mortgage.  The offer is $118,000.  AS IS and waiving inspections. There is no approval letter attached.  I call the agent for a preapproval letter.  "Which property is it?" she asks. "What do you mean, which property is it?"  "Well the buyer has made offers on 5 properties." I give her the address.  The agent sends the prepproval letter over. I call her back, "You indicated that he has made offers on 6 properties, does he have preapprovals for all 6 of the houses? What if he gets all 6 properties, can he qualify for them all?" I ask. "No, the prepproval is for one house, he can't buy more than one." What?

>The third offer is an FHA buyer, contingent on inspecctions and financing.  His offer is $126,000.  He will be moving into the property. His preapproval letter is attached.

>The fourth offer is cash from an investor at $112,000.  No inspections.  No proof of funds. I call for the proof of funds letter. "Well, I'm not sure he has one." "What do you mean?"  "Well, let me check." One day, two days, three days go by.  I call again, "Do you have a proof of funds letter for me?" I ask.  "Well, he only has $25000."  "But your offer is cash," I remind her. "I know, but he'll be getting a mortgage."  "Well, it's not a cash offer. I recommend that if you want your offer seriously considered by the short sale lender you structure it properly. " I said.  I follow up several times and find out he's having problems qualifying. What?

>The fifth offer is an investor with conventional financing at $121,000. The offer is contingent on inspections and appraisals.  The offer is accompanied by a preapproval letter. In the special clauses section of the contract, it states that 'The buyer has made multiple offers on multiple properties.  Should he deem it necessary, he has the right at anytime to withdraw from any or all of the offers or contracts that he chooses.' What?

>The sixth offer comes in about 3 weeks after the other offers have been received.  The buyer's agent has never contacted me by telephone.  His buyer has not seen the house.  The buyer is making a cash offer of $89,000. It comes over in an email, with no cover letter. The offer is contingent on the buyer seeing the property. I email the other agent and ask for a proof of funds letter. No response. I ask again. No response.  I call on the phone and ask again, 5 days later I receive a typewritten letter (no formal statement of funds) indicating that the buyer's uncle will be funding the transaction and he has the money in his account to cover it. His uncle?  His uncle isn't on the contract. The contract isn't assignable. And, apparently the buyer isn't on the account they say that the uncle has. I call the other agent and indicate that I'd like to talk to him. No response. I call again. No response.  I never heard back or was able to get in touch with this agent. Ugh!

All offers were submitted to the short sale lender. I just try to make sure all offers go over with the necessary supporting documents to give every buyer a fair chance at the property.

Today, there seems to be no rhyme or reason to the types of offers we are receiving. Some are not on the up and up. Some are throwing out multiple offers on multiple properties without being able to purchase more than one house. Some are masking their offers as cash for better negotiating power, only later to 'change' their mind and switch the offer to financing.

The short sale process can be long and tedious.  And some of these ridiculous, bogus offers are bogging down the system.  Not to mention that many of these offers are making it difficult for "Joe" homeowner to buy a home to move his family into.

This home previously closed and sold numerous months ago. The figures were changed to protect any parties involved.

This article is authored by

Sandy Shores REALTOR®, Melbourne/Palm Bay FL Real Estate

Brevard County Real Estate & Investing

I also buy, sell, rent, own and manage Investment Property.

The Satellite High School Marching Band and the Scorpionettes will be having a car wash today.

It will be from 9:00 - 12:00.

It is located at the Taco Beall at the corner of Scorpion Ct and Highway A1A in Satellite Beach.

The band is asking for donations to wash each vehicle.

The proceeds will help curb operating costs for the band.

Come on over and bring that car, van or truck that needs a wash today.

This article is authored by

Sandy Shores REALTOR®, Melbourne/Palm Bay FL Real Estate

Brevard County Real Estate & Investing

I also buy, sell, rent, own and manage Investment Property.

"Ninety-nine percent of the failures come from people who have the habit of making EXCUSES"

George Washington Carver

Have you ever gone somewhere and someone told you,

'Well, we've always done it that way'? or

'I don't have enough time.'

'Well, it's just what I do.'

'We do it this way because we have to.'

"I didn't know I was supposed to do it.'

'It's the store's policy.'

'We've never done it any other way.'

'I can't help it, it's just the way I am.'

'There's nothing I can do about it.'

'I never figured out how to do it.'

'It's just too hard.'

And have you ever gotten tired of hearing all of those excuses?

Remember,"No one ever excused his way to success,"

Dave Del Dotto

This article is authored by

Sandy Shores REALTOR®, Melbourne/Palm Bay FL Real Estate

Brevard County Real Estate & Investing

I also buy, sell, rent, own and manage Investment Property.

It's the middle of August. and First Time Homebuyers have until the end of November to close on a home in order to remain eligible for the $8,000 First Time Homebuyers Tax Credit.

Is there enough time to find a house and close by then?

The answer probably depends on who the buyer is purchasing the property from. If the purchase is through an individual seller, then there may not be any problem in meeting the deadline.

However, it may be different when considering a short sale or foreclosure.

Agents are asking the same question.  And, one may not really know exactly how long the short sale process may take. We have seen short sales close in 2 months, and we have seen others take 6 months or more. It's really hard to determine upfront.  The situation varies based on each individual transaction and often times by the lender involved in the short sale. 

So, what is a First Time Homebuyer to do when interested in buying a short sale or a foreclosure?

This article is authored by

Sandy Shores REALTOR®, Melbourne/Palm Bay FL Real Estate

Brevard County Real Estate & Investing

I also buy, sell, rent, own and manage Investment Property.