The number of vacant homes due to short sales and foreclosures is increasing in Melbourne, Florida. So, the Melbourne City Council has approved a new registration program for mortgage holders. The city council believes that this will make it easier to contact the correct party should there be a code compliance complaint at the property.
Some of these abandoned properties are found in disrepair, with lawns that are overgrown. Some have broken windows, algae filled pools, or various other problems.
The City council has applied to the Florida Department of Community Affairs. They are hoping for a nearly $2 million grant for a Neighborhood Stabilization Program. The money will be used to buy and rehabilitate distressed properties. The properties will then be resold and rented.
This article is authored by
Sandy Shores Realtor, Melbourne FL Real Estate
Brevard County Real Estate & Investing
Palm Bay Florida Real Estate News
I buy, sell, rent, own and manage Brevard County real estate.
One of my buyers wanted to try out investing and could not believe how the neighborhood went downhill. There were almost all short sales and abandoned homes...in California...after the gold rush...they would be called ghost towns.
I hope it works out. That's horrible if all those houses have to sit vacant and unattended.
Hi Monika, Unfortunately many found themselves in a difficult situation. Investing is definitely not for the weak at heart.
Donna, In our area fortunately we are finding that the market is brisk. We have alot of buyers today that are scooping up some great deals. Like you said, just hope the really rough ones don't linger too long.