Look for Properties with the Right Things Wrong

Look for Properties with the Right Things WrongI had an appointment to meet an investor at a bank owned property that had just come on the market.  As I waited for my buyer to arrive, there was a parade of potential buyers and Realtors looking through the house. I suppose the enticement was the very low advertised price. The house was a bank owned property and it needed considerable work. There was a poorly constructed addition at the back of the house and there was rotten wood all the way around. The outside stucco was unprofessionally done and was riddled with stair step cracks. One corner of the house was sagging. When we got inside we saw that the house needed to be gutted. The roof was leaking in various places and the ceilings were sagging.  There was no kitchen or bathroom and no flooring. It needed a new electric panel and appeared to need new wiring.  The inside and outside a/c units were missing. It was apparent that there were more issues than met the eye in this dilapidated old house. We agreed that it looked like a Pandora’s Box of problems.

In buying investment property consider a house with the right things wrong with it. The wrong house at the wrong price can be a buyer’s nightmare.  An investor putting his hard earned dollars and his sweat equity into a property should be able to build in some equity of his own. In real estate you make your money when you buy. In figuring purchase price, renovation costs, plus an additional cushion for unforeseen problems and the unprofessional workmanship throughout this particular house, it was a loss. The true value was in the land. In researching further we found no surrounding properties in the neighborhood or on the street to add value on this house after the cost of a renovation. And, the fact remained that when completed, the house would still only be a 2 bedroom, 1 bath.

Some investors may be enticed by a property with a price that seems too good to be true, but leave it for someone else. A bad investment can waste time and drain a pocket book of hard earned money. Look for properties with the right things wrong.

Deer Lakes, Melbourne Pool Home on the Lake Sold

Deer Lakes, Melbourne Pool Home on the Lake SoldCongratulations, Jeannine on the sale of your gorgeous Deer Lakes pool home in Melbourne with soaring views of the lake. The breathtaking sunsets are my favorite!

I hope that when I am 85 years old, I am as sharp, direct and energetic as you are. You are amazing!

Thank you for hiring me to sell your home.

NAR Says Nearly Half of Homes Sold in 30 Days

NAR Says Nearly Half of Homes Sold in 30 Days

The National Association of Realtors indicates that 45% of homes listed for sale across the country sold within 30 days on the market.

The survey indicates that houses in Florida sold within 46 to 60 days.*

In May 2015, homes were on the market for an average of 40 days.  This is the shortest market time since May 2011.

The homes that sold in 30 days were in Colorado, Texas, Washington, Idaho and Kansas.

The homes that took the longest to sell were in Alabama, West Virginia, Mississippi and Arkansas at 90 or more days on the market.

*This seems interesting to me, as we are seeing buyers flocking to homes at certain price points the first few days on the market.  And, often we are in multiple offer situations. When priced right, homes here are gone in the first week. 

HGTV Dream House 2016 in Merritt Island Brevard County FL

HGTV Dream Home 2016 here in Merritt Island, Brevard County FLHGTV has announced their 2016 Dream Home Location.

They will be bringing their architects, construction crews, producers and cameras to renovate a Merritt Island Home here in Brevard County, Florida. I have to say that the HGTV ad for Florida’s Space Coast highlighted so many aspects of our area beautifully.

What a gorgeous place that we live in!

Get off the Couch and Go Look at That House

Get off the Couch and Look at that HouseWe’ve become a society that loves surfing the internet. It has streamlined our lives. We depend on it for so many conveniences, today. So, in shopping for a home, surfing the internet is great! Or is it?

When looking at houses on the internet, buyers are making judgments based on the pictures included with the listing. If the picture quality is poor, often these houses are overlooked, only to sit on the market for an endless number of months, growing stagnant. Many buyers don’t want to look at them. On the other hand, some pictures highlight the home’s best features. They leave out the details about the unfinished work that needs to be done or the room that is falling down in the back.

Three times in the past 2 days I have had buyers say, ‘This house looks nothing like the pictures advertising it online.’  Is that good or bad? Does it look better or worse than the pictures advertising it? In one case, the buyer indicated that they were glad they looked at the house, because it was so much nicer than the poor quality pictures representing it online. On the other hand, one house had unfinished flooring, garbage strewn about and miscellaneous pieces of furniture that look forgotten. The floors were filthy. It turned the buyer off. A day’s work could have turned that house into a shiny penny and helped secure a buyer quickly. However, this buyer wasn’t interested in seeing past that. ‘What else is wrong that I can’t see?’ she asked. It was a valid question. She’s looking for a well-loved house that feels warm and cozy when she walks in.

Today, home buyers are searching online for houses for sale. They often zip through the listings, and send them to the junk bin because they don’t like the pictures. It’s unfortunate, because shopping for a house requires a buyer to go out and see the house. The majority of the time, a buyer chooses a house based on the how he likes the neighborhood and surrounding areas when he drives through. His sense of smell is engaged and he listens with his ears to see if it’s a peaceful, quiet area. All of the senses kick in when looking for a house to buy. How does it feel to him?

So, the next time you see a house online that looks like it suits your wants, needs, price point and the area that you want to be in, grab that lender pre approval letter and call your local Realtor, who is representing  you in the buying process. Ask them if the house will qualify for the type of financing you will be getting. Then, get off the couch and go out and look at that house. See it with your own eyes. Don’t let it be the one that got away.

Chelsea Park Rockledge 32955 Real Estate Market Report

Chelsea Park Rockledge located just off of Barnes Blvd in Rockledge in Brevard County FL is a lovely, deed restricted community of approximately 350 well appointed homes built between 1996 and 2007. It is situated between US1 and Murrell Road, just west of Murrell.

Chelsea Park Rockledge 32955 Real Estate Market Watch Report, Brevard County FL by Sandy Shores Broker Associate

Chelsea Park, Rockledge is conveniently located minutes to shopping, dining, churches and schools. Publix grocery store is within walking distance. Access to I-95, US 1 and Murrell Road are within minutes.  Patrick Air Force Base and the beaches are approximately 15 minutes away.  The Melbourne Airport is about a 20 minute drive, with the Orlando International Airport being about 40 minutes away. World Famous Ron Jon’s Surf Shop in Cocoa Beach and Port Canaveral Cruise ships are a drive up the beach. Orlando is conveniently situated just about 50-60 minutes from Rockledge, where you’ll find the 4 Disney Theme Parks – Magic Kingdom, MGM Studios, Epcot and Animal Kingdom.  Other theme parks include Wet N’ Wild, Sea World,  Islands of Adventure and so many more.

Chelsea Homes built the homes, which are primarily situated on .20 to .23 acre lots.  A few properties boast .38 to .44 acre lots.  Square footages range from 1606 to 3979 square feet of living. Many homes have 2 car garages with a number of them boasting 3 car attached garages.  There are single and two story houses in the neighborhood.

Chelsea Park association fees are approximately $275 per year per house. This covers maintenance of the common grounds and the park.

The neighborhood boasts a well manicured, wooded park and picnic area.  It’s a great place to spend an afternoon. relax in the gazebo or play a game of basketball at the basketball courts.

Chelsea Park, Rockledge 32955 Real Estate Market Watch Report

There are currently five houses for sale in Chelsea Park, Rockledge 32955 with list prices from $179,000 to $379,000. Living square footages range from 1800 to 3406 square feet. Two of these five houses for sale have a private pool. Four of these are standard listings (non distressed properties, like a short sale or foreclosure). The 4 bedroom, 2 bath house with 2108 living sq. feet, listed at $179,900 is a bank foreclosure.

There are seven houses in Chelsea Park, Rockledge under contract for sale. They range from a 4 bedroom, 2 bath auction home at $207,900 to a 5 bedroom, 4 bath pool home at $359,000.  The other is a short sale.  There is one bank foreclosure, one auction property and 5 standard listings).

To date there have been three houses sold in Chelsea Park, Rockledge 32955 in 2015.  All three are standard listings (non distressed sales: not foreclosures or short sales). Sale prices ranged from $217,000 to $225,000. Both houses were for a 3 bedroom, 2 bath with 2108 square feet of living.

There were seventeen houses sold in Chelsea Park, Rockledge 32955 in 2014. Sales prices ranged from $179,900 for a 3 bedroom, 2 bath bank owned house to $310,000 for a 4 bedroom, 3 bath pool home. Four of these were bank owned properties and 13 were standard listings. The average sales price of houses sold was $261,164. The average days that houses were on the market were 70.

There were 12 houses that sold in Chelsea Park, Rockledge in 2013. Sales prices ranged from a 3 bedroom, 2 bath at 1586 square feet of living at $155,000 to a 4 bedroom, 3 bath at 2820 square feet at  $285,000.  Three were short sales.  One was a bank foreclosure.   The average sales prices was $231,830.  The average days on the market was 62. (Note: I did not include a short sale that was on the market for 415 days.)

There were sixteen homes sold in Chelsea Park, Rockledge in 2012. The sales prices ranged from $140,000 to $359,900. Three of these homes were short sales.  Two were bank foreclosures.  And four were short sales.  The other ten were standard listings, sold by traditional sellers (no short sale or foreclosure). Six of the sixteen houses sold have pools. The average sales price is $220,462 with an average square footage of 2691 feet. The average days on the market was 95.  I did not include the $140K short sale that sat on the market for 560 days, as I didn’t want to throw the figures off.

Chelsea Park, Rockledge 32955 Real Estate Market Watch Report,  Brevard County FL

In 2011, there were seventeen home sales ranging from $144,000 to $275,000 with 1850 square feet of living to 3483 square feet of living.  Nine of the homes were standard listings. Five of the homes that sold were short sales. And three were bank owned properties. The average sales price was $194,429. The average days on the market were 102.

From 2011 to 2013 the average days on the market for Chelsea Park changed from 102 to 68. The average sales price increased from $194,429 in 2011, to $220,462 in 2012 to $240,166.

View Chelsea Park on the map.