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Topic Title: First time homebuyer $ ?
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Created On: 03/17/2017 08:35 AM
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 03/29/2017 11:37 AM
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tpapablo

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Joined: 07/25/2003

Everything goes up and down in value. Don't see any major down for us in the near future, however. We have more money coming to NASA, and Blue Origin and Space X starting to ramp up. Then there are all the new and expanding high tech/defense companies. Finally, this is a very desirable place to live that has been "discovered." As dingpatch said, my house would be 7 figures if in California and at least double the current worth if in most other parts of Florida. If you are buying something to live in for a number of years you would be fine.



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 03/29/2017 02:23 PM
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WG

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Originally posted by: dingpatch

IF South Patrick Shores was in Southern California, , , , those old, run down, 1950's houses would be going for 7 figures.


And the salaries would be much bigger too.
People can't afford 7 figure homes on what works pays around here.
 03/29/2017 03:14 PM
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miker

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This area is well above the state average on income. We have a lot of well paying technical jobs here. Not sure what you are talking about tbh.
 03/29/2017 05:56 PM
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miker

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The point being, higher than average salaries for Florida and much much cheaper properties in close beach proximity than most of the rest of Florida. There are some places in the state where the people that work there can't afford to live there, we aren't even close to that yet.
 03/30/2017 04:55 AM
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WG

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I agree that this area pays pretty well (for FL) , because of all of the government spending that flows in, but good tech people can make far more in CA, and the difference makes up for some of the housing cost differential.
Brevard does have a pretty decent salary to COL ratio for techies that want to make stuff for the DOD, its non DOD tech industry is not so hot.

I make what is a pretty good salary for here, but I certainly can't afford a 7 figure home.

Edited: 03/30/2017 at 05:03 AM by WG
 03/30/2017 05:27 AM
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miker

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Comparable tech positions probably pay about 30-35% more on average in California compared to here, more than for some positions, less for other. Of course you have to factor in the state tax too.

It still doesn't even come close to making up for the house cost difference. There is a reason why housing affordability is a massive issue in California.

 03/30/2017 06:11 AM
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WG

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Certainly true in some parts of CA, especially near the water, if you want to buy and not rent.
The primary reason why I am here, and not there
 03/30/2017 06:35 AM
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miker

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Same for me. That and the traffic sucks ass.
 03/30/2017 06:51 AM
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dingpatch

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As I reported in another thread, , , , The local management types at DRS were pretty upset with trying to communicate with the Boeing division they bought in Anaheim in 2001; most key personnel worked 4am to 1pm California time in order to "beat the traffic"! One guy that was going to transfer to Florida told the Melbourne realtor that he'd like to try to live within 35 miles of the plant because of his California based sense of traffic and travel times!!!
 03/30/2017 08:37 AM
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WG

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Orlando is seeming to become a lot like that now.
 03/30/2017 09:38 AM
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miker

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Orlando traffic sucks, but not even remotely close to San Diego through LA.

Our local traffic in Brevard is nothing. So spoiled that I curse if I sit through a light change more than once at 4pm
 04/10/2017 10:33 AM
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Sniper

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There are plenty of houses in South Patrick Shores and south of Ocean Ave in Melbourne Beach that would be prime targets for tear-downs but not at the current prices. The location of both are nice but it tough to justify paying $200-300k for a junk house that you intend on tearing down and rebuilding on the land.
 04/10/2017 10:36 AM
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miker

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If you can get one for <200k without major problems (like foundation/mold/etc) and reasonable square footage, then it would be a good buy imo if you have the money to remodel it.

I would say closer to 200k near the beach and less as you move away.
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