Good Morning Viera!

We are going to look at an update on what is selling in the Viera area at the present. Viera is one of the most unique areas in Brevard so you have to stay on top of it. Before we do that I want to take you through a typical history of Real Estate in a capsule during a down market.


I met a client in 2002 who was relocating to our area. We found and purchased a 3/2 home on Merritt Island for $175,000, we listed and sold this home for $205,000 in 2004. The client had decided to upgrade so we found and purchased a very nice 2000 sq ft pool home in Viera for $260,000. In 2006 we listed and sold this home for $340,000. So far so good but the client upgraded again with a waterfront home and the market turned on us like a fickle friend. If we can sell this home it will be at a significant loss. Now as you see that the 1st 2 homes were sold at inflated prices. The 3rd will be sold at a deflated price. I know it is very hard to reconcile yourself with this but if you consider your enjoyment of your home while you lived there, mortgage interest write off and previous profits then it could be a wash. If you were of the mind set that the market would never correct and took all value out of the home through refinance then that is where the short sales, foreclosures, sub-prime mess and all the factors that cause a down market have came from today.

Viera update

Since April 1 of this year there have been 93 single family homes sold in the Viera area. Of these homes there were 24 that closed under $200,000. There were also 2 that closed over $1M. Some of the ones that caught my attention are as follows:

2 pool homes sold on the same street as mentioned in the previous paragraph. One sold for $250,000 and the other sold for $255,000. Interestingly 1 of these was listed at $248,800 and sold for $255,000 and the other was listed at $250,000 and sold at $250,000. Now remember that the one sold in 2006 for $340,000. Some homes are priced right with no room for negotiation.

Another home was a short sale with over 2700 sq ft, pool, 3 car garage and all the bells and whistles listed at $465,000 sold for $465,000.

Another short sale listed at $229,900 sold for $230,000. Home has over 2100 sq ft and a 3 car garage. Multiple offers because it was priced right.

A foreclosure with over 1900 sq ft, 2 car garage and built in 2002. Listed at $189,900 sold for $175,500.

Now finally we have a brand new home that contains over 6000 sq ft, 2 story, top of line pool, custom kitchen, 3 car garage. This home showed beautifully and was custom built. Originally listed at $1.79M and sold for $1.4M.

Sorry to be so long but I wanted to show you how many choices there are in this area. You just have to be diligent in finding what suits your needs in home and price.

Next time will be shorter.

Jim Bagwell
walkerbagwell@aol.com
321-213-0615