Melbourne Real Estate News, Brevard County Florida by Sandy Shores Melbourne FL Realtor

According to the Melbourne Association of REALTORS® statistics are as follows:

There are:

4847 residential listings for sale

1592 rental listings available

1462 condos for sale

 394 townhouses for sale

 124 income producing properties for sale

2602 vacant parcels for sale

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

There were a total of 921 new listings.

There were 232 sold listings.

Average sales price was $175,414.

Average days on the market were 124.

For January 2010 for single family residential units:

There were 653 new listings.

This is a decrease of 5.64% from January 2009 of 692 new listings.

There were 189 sold listings.

This is an 11.27% decrease from January 2009 of 213 sold listings.

The average sale price in January 2010 was $147,942. 

This is a decrease of 3.69% from January 2009 of $153,613.

Average days on the market were 113, a 5.61% increase from January 2009 of 107 days.

Types of financing used for single family, condos, and townhouses:

 69 conventional financing

131 cash

 41 FHA

  7 VA

  0 Exchanges

  4 Owner financing

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

Brevard County, Florida's Space Coast Real Estate & Investing

I specialize in Residential, Investment & Relocations. 

We have a team of professionals that can help with your Short Sale.

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

Bailey the boxer loves playing in the sprinklers, whenever he gets a chance! 

All rights reserved. Picture taken in Melbourne Florida. Copyright 2010

This photo cannot be reproduced without the express written permission of Sandy Shores, REALTOR.

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

Brevard County, Florida's Space Coast Real Estate & Investing

I specialize in Residential, Investment & Relocations.  We have a team of professionals that can help  with your Short Sale.

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

On my next listing appointment I'm going to wear a suit of armor!

A couple of days ago I went to meet with a seller about marketing her home for sale.  She had a beautiful 3 bedroom, 2 bath, well appointed home in a desirable neighborhood.

I always like to take a little time to get to know the owners.  And, I ask them to take me through the house and tell me as much as they can about it.  This way I can get a feel for the property.

The owner seemed a bit hurried, as she showed me the top of the line amenities she had added to her lovely home.

We sat down to discuss my marketing plan, to sell her property, when she chimed in with, "Well, how much? How much can I get for my house?"

I pushed the marketing materials aside and picked up the market analysis I had performed on the property.  In today's market, realistically the home was worth approximately $189,000. 

When I gave her that figure, I was about to duck, because she looked like she was going to pick up a book and throw it at me!

'Back in 2005, I had a neighbor down the street offer me $350,000 for this house!' she boomed.  'You can't tell me that it's only worth $189,000, today!'

Unfortunately, I don't create the market, I can only interpret it.

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

Brevard County, Florida's Space Coast Real Estate & Investing

I specialize in Residential, Investment & Relocations. 

We have a team of professionals that can help  with your Short Sale.

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

Not something you typically hear, is it?  You don't hear people complaining that they have too much money left after they've paid all of their other bills,  Many don't even have enough to cover their monthly bills, today.

It's so important to watch those pennies.

The other day I was at a convenience store purchasing gas.  My purchase was $44.96.  I gave the cashier $45.00.  I waited.  She chuckled as she was handing me my change, almost as if she were uncomfortable handing me a bunch of pennies. "I have to give you your change."  "That's fine, I like getting my change back.  All those pennies add up."  She proceeded to tell me a story of a clerk that worked in the store for over 5 years.  She said that so often customers never took the time to get, nor wanted their change back from their purchase.  So, he would keep their change.  Over a 5 1/2 year period of time he collected nearly $30,000 in pennies, nickels, dimes and quarters, of other people's money! 

It really does add up.

When I was little my parents taught me to pay myself first.  You pay your your electric bill, water bill, telephone bill, etc. You've got to be sure that you're on that list too,  Everytime I got birthday money or Christmas money, I had to save at least 25% of it, so I could pay myself. As an adult the amount that I've paid myself has varied. My teenagers have learned that anytime they get money they need to save at least 50% of it. They better do that now, because I know that when they get out on their own they'll be lucky to save anything at all, in the beginning. 

Times are tough for so many people today. If you can't pay yourself, look at the ways that you are wasting money.  If you're spending $3 for that gourmet cup of coffee, on your way to work each day that can add up fast. You could be spending $780 a year.  WOW!

For 8 years I had a tenant that used to sign the back of his paycheck and hand it to me each month.  The check was always several dollars more than the rent.  "Hold on, let me get you change.  I owe you money back on this." "Forget it, don't worry about it," he'd say. "Well, I'll apply it to next month's rent."  "No, it's only a couple of bucks. I don't care."  And, often he would complain about not having any money. Every month he tossed away $3 to $5 on rent. At the end of 8 years it amounted to over $450.  

If you're not in a position to save any money, look at the ways that you can stretch your dollar farther.  It's amazing to find the places where we throw our money away.

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

Brevard County, Florida's Space Coast Real Estate & Investing

I specialize in Residential, Investment & Relocations. 

We have a team of professionals that can help  with your Short Sale.

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

Our teens are establishing a new language.  'm dnt 4get 2 pic me u @ 5' (Mom, Don't forget to pick me up at 5:00).  It's called texting. I think it's changing the English language, as we know it.

While we were having lunch, my friend received the text from her 14 year old daughter.  "It's like a new language, isn't it?" she commented.  "It sure is, a language that I am still trying to get used to. I don't know what they're saying sometimes."

The other night I went in to my daughter's room.  She was texting her friend, Cindy.  "What are you doing?" I asked. "Trying to find out if Cindy is coming to my track meet.  I was hanging over her shoulder trying to read the message she had just typed on her Ipod Touch, "h hru sup r u comin 2 c me tomo @ tm tmb"  (Hey, how are you?  What's up?  Are you coming to see me tomorrow at the track meet?  Text me back.) Cindy responded with, "idky mgt c u @ 10 ttyl ily bff" (I don't know, I might see you at 10:00.  Talk to you later. I love you. Best friends forever.)

Is this something kids have adapted to communicate with their friends? A language that only they can understand?   aitr (adult in the room)

It looks like shorthand from days gone by. I remember when I was in high school, we all took shorthand. 

"What does that say?" I asked.  "Oh, come on mom, you don't know?"  "No, I really don't." "Wow, really?"

Wow, really I didn't know. but gwhtlc (glad we had this little chat)

A couple of weeks ago an out of state friend, that I haven't spoken to in months, sent me an e mail, requesting info for a friend of hers moving to the area. I responded with the info, and wrote a lengthy e mail.  She wrote back, 'it was so refreshing getting your e mail. You actually write in English.  I have friends that abbreviate everything. They don't use capital letters, or any punctation marks and it drives me crazy."

Out of curiousity I went online and googled 'texting abbreviations'.  One website gave me 1180 texting abbreviations.  ygtbkm (you've got to be kidding me) I was shocked!  My daughters looked over the list.  "Oh, we don't use these.  I've never heard of most of these,"  My 14 year old chimed in, "we don't use 1/32nd of the abbreviations on that list!" 

Really, 1/32nd of them?  Hmmm, I have to think on that one.

Well, I don't know about you, but I feel like I'm back in college, taking Spanish, learning a whole new language, again.  mego (My eyes glaze over.) Something I've just got to get used to.

I wonder how long it will take. tttt (These things take time.)

Let me know if it's easier for you, than it is for me.

Aight ttfn hag1 (Alright, ta ta for now. Have a good one.)

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

Brevard County, Florida's Space Coast Real Estate & Investing

I specialize in Residential, Investment & Relocations. 

We have a team of professionals that can help  with your Short Sale.

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

As a landlord here in Brevard County Florida, over the past 14 years I have had my fair share of ups and downs.  And, I've made mistakes and learned from those mistakes. 

Often, we have people call us with an interest in investing in real estate.  Real estate investing isn't for everyone.  Some people don't have the disposition to be a landlord.  If it were easy, everyone would be doing it.  

The first property we bought was in 1996, a 1700 square foot home, 4 bedroom, 2 bath.  We kept it rented for 10 years, with the same tenant for 8 years.  But, as property values increased, so did the taxes and insurance.

We sold it, took the money and replaced it with 2 smaller properties.  Houses about half that size.

That house was too big.  We buy smaller houses now.  

We have found that typically, smaller houses rent for more money per square foot than larger houses.

Since the rent tends to be more affordable, there is a more abundant supply of tenants available for smaller houses.

Tenants have a tendency to stay longer in smaller houses, because of the affordability, versus larger more expensive ones.

The mortgage payment, taxes, and insurance are typically less in smaller, well appointed homes.  So, when there is a vacancy, the landlord's holding costs are less.

A small house accomodates less people, than a larger one, so typically there is less wear and tear.

The upkeep, repairs, and maintenance are typically less.  And, when a tenant moves out of a smaller property, typically there aren't as many rooms to paint, or as much cleaning to do as on a larger house.

Be careful, in choosing a property don't go too small, or compromise on the area.  Always buy in an area of well cared for homes.  Otherwise, the landlord may wind up dealing with tenants that can make them wish they never got into the rental business.

Smaller houses typically sell for more money per square foot than larger houses. And, they sell more quickly than larger houses, as there is a larger pool of buyers, including other investors, in the lower price ranges.

In a market downturn, such as the one we've had in Brevard County a smaller house's value will not be as severely affected as a larger house's value.

For us, we have found that smaller houses, in clean neighborhoods with good schools are a better rental investment option than larger houses.

In writing this article, please remember, I live and work in the Melbourne/Palm Bay area of Brevard County Florida.  I am speaking from my experiences in this area.  This information may vary in different parts of the nation.

Statistics indicate that approximately 75% of homeowners have some type of pet.  It could be a dog or a cat, a guinea pig, gerbil, birds or a snake.  There are so many different types of pets. I used to have a friend with a pet pig named Mickey.  Mickey weighed over 300 pounds and lived in the house.

Whatever type of pet you have...we can all agree that often times we treat our animals as if they are part of our family.

But, be aware, not everyone loves your pet as much as you do!

When it comes to selling your home, buyers don't want to be reminded about your sweet little furry critter.

I recently received an email from a buyer that has an interest in purchasing a property that hasn't been ruined by cats, dogs or cigarette smoke. 

There is no bigger turn off when walking through the front door of a home than the "smell" of a pet, ANY pet. 

I have had certain buyers turn on their heel and walk right back out the front door at the slightest hint of a pet smell or at the whiff of cigarette smoke.

So, sellers, be careful that your home is "smell" ready BEFORE that prospective buyer comes to see your house.

Remember: Out of sight, and no smells, means out of mind.

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

Brevard County, Florida's Space Coast Real Estate & Investing

I specialize in Residential, Investment & Relocations. 

We have a team of professionals that can help  with your Short Sale.

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

 .

Here in Brevard we are seeing a growing number of homes for rent.  According to a recent report, in the past 10 years, there have been over 40,000 new homes built in Brevard. Many of those homes currently sit unoccupied.

Property taxes have increased and insurance has increased, but rents have decreased.  People are out of work. We are seeing families moving in together, Grandma and Grandpa, their children and their grandchildren.  People are doing what they can to save money today.

So, what happens when a rental sits on the market for 2, 3 or 4 months empty?  No calls. No tenants.  When the phone does ring one of the first questions I ask is, "how many people will be living in the home?"  The responses come back, "10 or 12."  The house is 3 bedrooms, 2 baths.  That's a tremendous amount of wear and tear on the property.  Where will they all sleep?  And, where will they park their 6 cars?  It can be a difficult situation.

But, what about that tenant that calls on the $800 rental and asks, "Can you drop the rent to $750, that's really the most I am comfortable paying. I am in a position that I could start moving in at the beginning of next week."  The house has been empty for 3 months.  That's 3 months at $800 which is a $2400 loss already.  A $50 decrease in rent is $600 over the period of a year. If you say no, there's no guarantee when the next potential tenant comes along.  Another empty month is another $800 down the drain. In our market, if the tenant meets your qualifications, I say, "do it."   

"But, 2 years ago I was getting $900 for that house, " I hear landlords say.  Unfortunately, that was two years ago.  Things have changed since then.

An empty house is a liability for you and your insurance company. Some companies insist they only be empty for 30 days at most.  Otherswise, they can cancel your policy.  It's tough on the appliances, plumbing, electric for the house to sit empty for any period of time, especially in the cold weather we've been having.  In some areas, vagrants, vandals or people breaking in could become a concern.  

So, don't be the fool when that next tenant comes along and asks if you can drop the rent a little.  Look at the numbers, you're not making anything with the place sitting empty.  

Remember: You never know when the next qualified tenant will come along.

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

Brevard County, Florida's Space Coast Real Estate & Investing

I specialize in Residential, Investment & Relocations. 

We have a team of professionals that can help  with your Short Sale.

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

Insurance: sometimes it seems that it's something that no one wants to talk about. But, when was the last time that you reviewed your insurance policy? 

When was the last time you talked to your insurance agent? I have had homeowners tell me that they haven't spoken to their insurance agent in years.  Oh no!

Does your policy still cover your current needs?  Do you even know what coverage you have? Do you have enough coverage?

Typically, coverage is determined based on the cost to rebuild the property.  Right now in my area we are hearing that it's about $100 a square foot under air to rebuild. And, this is typically the minimum that an insurance company allows you to have.

Does your policy cover flooding?

Or, do you have a separate flood policy?

Does your policy cover mold and mildew?

Do you have adequate coverage on the belongings in your home? 

How much is/are your deductibles? Be careful as some lenders have maximums on how high your deductible can be.

I talk to my insurance agent numerous times a year because of my rental properties. 

If you aren't talking to your  insurance agent at least once a year, than you are not talking to him/her often enough. Make it a point to call him/her each year when you receive your renewal notice.

Do your homework.  Call your insurance agent today!

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

Brevard County, Florida's Space Coast Real Estate & Investing

I specialize in Residential, Investment & Relocations. 

We have a team of professionals that can help  with your Short Sale.

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

Walt Disney World Parks are giving a FREE day away to people that are interested in giving their time back to their community.  If you volunteer at a participating Disney Give a Day organization you can earn 1 day, 1 theme park ticket to the Disneyland® Resort or Walt Disney World® Resort for free.

The promotion ends when one million people volunteer to give a day of their time or on December 15, 2010.  Tickets must be redeemed by that date.

Blackout dates are March 29 through April 8.  And July 4th.

Check the Disney Website to find an approved organization in your area.

What a great way to encourage people to give back to their community!

Give a day. Get a Disney day.

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

Brevard County, Florida's Space Coast Real Estate & Investing

I specialize in Residential, Investment & Relocations. 

We have a team of professionals that can help  with your Short Sale.

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