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Topic Title: Housing prices in Brevard?
Topic Summary: Will they ever go down
Created On: 05/31/2018 03:32 PM
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 05/31/2018 03:32 PM
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LouieOnBrixton

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Whats your prediction on the future of the housing market in Brevard County?

asking for a friend

 05/31/2018 04:01 PM
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miker

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Depends on where in Brevard. Certain places I can't see them going back down ever do to high demand and no room to build. Other places.... maybe.
 05/31/2018 07:31 PM
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RegularJoe

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Originally posted by: LouieOnBrixton

Whats your prediction on the future of the housing market in Brevard County?




asking for a friend



Mike from Atlanta? LOL

They probably won't go down for a while, especially with Grumman bringing wealthy Californians to Brevard.

But everything is cyclical, and when interest rates start to go up, housing will coll off a little bit. Beachside not so much.

 05/31/2018 07:32 PM
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dingpatch

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Although, in real-estate circles down south, Brevard is still considered to be "under valued".
 06/01/2018 06:00 AM
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Cole

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I bought my 1958 Cocoa Beach house in the late 90's for under $100k, now it's in the low 300's. A lot on one of the busier roads went for $190k a year ago, the house they built on it sold for over $400k; no view, no yard, no nothing.

But who knows, after the last crash my home's value was cut in half. Oh to have a crystal ball.

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 06/01/2018 06:35 AM
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Plan B

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I'm NO EXPERT AT ALL but am expecting another economic recession within 2 years, so keep your cash liquid until then....

Not sure about you guys, but sounds the same.  SHit's crazy here, St. JOhn's county is growing too fast



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 06/01/2018 08:12 AM
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miker

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Beachside in Brevard is generally way undervalued as compared to the rest of Florida. 1800+ sqft a block from the beach most other places in Florida is a million or more.
 06/01/2018 08:48 AM
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jdbman

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This is Disney's beach. Tourism will continue to grow.
The space coast will become Silicon Valley East.

Prices are a little off due to last years storms.

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 06/01/2018 08:57 AM
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SurferMic

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I think it is right where it should be and will not be going down...Over the last 2 years, 4 houes have sold on my street (approx 100-200 yards to the beach) older homes that were renovated, all sold in the range of 250K to 280K, some with pools some with 4 Bedrooms most built in the 70's.

.

  At the top of the bubble the highest sale on our street was 300K.  Demand I think will prevent another bubble burst and low home prices (I am not an expert!!)...The issue for some new home buyers is Hurricane insurance rising EVERY YEAR...when you combine taxes , Reg liability home ins. and Windstorm Insruance the yearly bill can be as high as what residents in places like NJ pay each year in taxes....Many of my neighbors who own outright just roll the dice and have no windstorm,  On the fence what to do after the bank has been paid, self insure? Sell out?, level the home and build two new ones? or just live in a van down by the river...

If I was not a beach person I would buy just out of the reqired windstorm area (Holopaw?) where Windstorm coverage is not required, have a large tract of land and live on the cheap and commute a few miles ot work.



Edited: 06/01/2018 at 09:15 AM by SurferMic
 06/01/2018 09:26 AM
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Plan B

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Still a bit cheaper than here..... in my neighborhood a basic 3/2 going rate starts at 250 on the low end

Some new (well built) spec homes in the neighborhood are going for upper 300s.  (not as close to the beach as you are) 

It's about at the bubble prices.  I dont see how salaries matchup, but St. Johns county Schools are a big draw (top rated public schools in state I believe) and alot of people are willing to commute to JAX for work (I did for 6 years)... not sure how that will fare with rising fuel prices

 

EDIT:  one thing that has cooled was the sale of SOME older homes.  The massive Matthew flood cooled the jets on selling some flood zone homes, mostly due to insurance reasons as stated above.  If you do due dilligance, they can be grandfathered in, but for those who didnt, taking on a new policy is $$$$



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Edited: 06/01/2018 at 10:03 AM by Plan B
 06/01/2018 11:48 AM
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ww

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St. Johns County has the demographics and schools of a well-off suburban county somewhere from northern Virginia to Massachusetts, without the crushing taxes or home ownership costs.  The county has the highest health insurance rate in Florida, comparable to those places in the northeast.  Flip side, it's low-lying.  Matthew flooding in Jax was shocking.  

Brevsrd has aviation, an unusual concentration of tech, resurgent space, cruise industry, tourist pressure from Orlando (both residents and the Mouse and convention sorts).  Brevard is also not yet a Florida urban hell (everything that makes you not want to drive to Tampa or Miami).

 

 06/01/2018 11:48 AM
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RiddleMe

Posts: 1840
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south patrick here

had cash offer on house 35 over what I paid year and a half ago 

already was updated and just improved landscape and new fence

thing is i didn’t list it

was a realtor with client knocking on door who saw pics from old listing

also been couple of houses on my street listed only one weekend before 

off market with multiple competing offers

 06/01/2018 12:16 PM
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SurferMic

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.



Edited: 06/01/2018 at 12:41 PM by SurferMic
 06/02/2018 11:26 AM
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LouieOnBrixton

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Some good info and perspectives here

 

 06/02/2018 12:33 PM
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Cole

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We have just been upgraded to a flood zone and my homeowners insurance is almost as high as my mortgage payment. I figured I add those to give you a better picture.

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 06/02/2018 12:59 PM
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LouieOnBrixton

Posts: 62
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Originally posted by: Cole We have just been upgraded to a flood zone and my homeowners insurance is almost as high as my mortgage payment. I figured I add those to give you a better picture.

 

Cocoa Beach only or all of beachside?

 06/02/2018 06:00 PM
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Cole

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My area of Cocoa Beach, but I imagine the change of rules include a bunch of places.

I posted the link to the Brevard flood zones, but I'm not sure this one has been updated because my house technically isn't in the zone. The first five feet of my yard and driveway are in a shaded area, but the house isn't. I wonder if flood insurance people barter?

http://gis.brevardcounty.us/flood_map/

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 06/03/2018 07:42 AM
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Plan B

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Originally posted by: ww St. Johns County has the demographics and schools of a well-off suburban county somewhere from northern Virginia to Massachusetts, without the crushing taxes or home ownership costs.  The county has the highest health insurance rate in Florida, comparable to those places in the northeast.  Flip side, it's low-lying.  Matthew flooding in Jax was shocking.  

 

Brevsrd has aviation, an unusual concentration of tech, resurgent space, cruise industry, tourist pressure from Orlando (both residents and the Mouse and convention sorts).  Brevard is also not yet a Florida urban hell (everything that makes you not want to drive to Tampa or Miami).

 

 

 

 

Actually Irma was what flooded JAX (all that rain couldnt leave the St. Johns due to the howling onshores pushing sea water up the river..... St. Augustine took the flooding brunt from MAtthew (including my house ) but yeah, the point stands.

Interesting about the health Ins rates.....

In regards to the flood zones / insurance.  Make sure you get your house grandfathered in to the pre existing flood zone elevation, pre firm (required code at time of construction)

Years ago, shortly after I purchased my house, when my insurance was up for renewal, the rate almost tripled.... I FREAKED ($300 / month for a 1000sq ft block house built in the 70s and had never flooded) because they had my house listed as AE? (can't rember but 2' below current code)....I called the Insurance Co freaking, telling them I may as well leave the doora and windows open next time it rains, and started figuring out some options

WELL.... after alot of research (and help from a guy with St. Johns county and a friend who's an ins agent ) at the time of construction my house was built 1' ABOVE required code, and was the oldest house on the street, and actually there wasnt even a flood designation for my neighborhood at time of construction, so I got it grandfatherd as zone x and got my flood ins back down to $100 / month..... we'll see how that stand after all these recent flooding 'Canes, but after a major claim from Matthew, my rate only went up $100

So if you think your flood designation is going to change, it may pay to do some due dilligence



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:beer;

 06/03/2018 07:44 AM
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Plan B

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double post



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:beer;

 06/03/2018 12:55 PM
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moody

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I was really worried about the damage from the hurricanes affecting housing prices (for those who know me we took a BAD hit from a tornadic cell during IRMA and we're not even beachside - we are now rebuilt better than ever ). I think what's going to happen if we have continued hurricanes is that the houses will continue to be upgraded, and those that have had the improvements (hurricane windows, shutters, etc) will fetch a premium, and that prices will stay up. It kind of defies my expectations - I figured people would just not buy after this, but two houses on my street that were similarly affected were just sold for a premium price after their renovations. As well, beachside seems to continue to be a desirable and undervalued area - if you look at beachside property anywhere else in the US (and I've looked in Maine, NC, and here), we are almost ridiculously low. Does this mean it's not a bubble? I don't know. Prices do seem to have stabilized somewhat off the beach - I kind of keep track of that sort of thing even though I'm not a realtor and I'm not seeing crazy swings. My area is up a bit but when I thought about selling and buying either beachside or down in Grant I saw why - you can't find houses with property but close to amenities and the beach anywhere else. The job market here seems to be pretty decent for tech, as well (although Orlando is doing a lot better - our tech corridor is just exploding as is the city - which is good for my job but bad for the city infrastructure).

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