Real Estate is like a box of Chocalate?

Almost everyone knows that most things in Real Estate are not as true as they used to be in the recent past. Change is always inevitable and usually some good will come from change.

One of the truths that still remain is that the worst house in the best neighborhood will still draw interest. One example of this is the foreclosure in Cocoa Beach that recently closed for more than the listing price. This home is located on Andros Av in a very desirable neighborhood. It was listed at $399,900 and received multiple offers ,our company had one of the offers. It closed for $419,700. This home needs a ton of work but could still have built in equity.

Another home that has gotten my attention is a Suntree home built in 1986. It is also a foreclosure and is the worst house in the best neighborhood. This home has over 2400 sq ft, pool, 2 car garage, 3 bedrooms, 3 ½ baths and sits on a lake with .26 acre lot. I am sure it needs a lot of work and it is also frame construction so a detailed inspection would be imperative to see if it is worth the price but this is definitely a possibility as it is priced at $170,000.

A Merritt Island home that is not a foreclosure or a short sale is in Villa De Palmas Sykes Cove subdivision. This is a great smaller neighborhood of homes with some located on the water and some not on the water. This one is not on the water but is priced to sell. It was built in 1995 and is concrete construction. It has over 2100 sq ft, solar heated pool, 3 bedrooms, 2 baths, 2 car garage and all the bells and whistles. This home is priced at $229,900. I believe the appraisal should be more that the purchase price.

The good deals are becoming more and more prevalent both in single family homes and condos. The sellers who are not in the position of foreclosure or short sales do realize that in order to complete they have to price accordingly. For the sake of argument lets assume that we have another 8 months of market decline. If this is the truth which I really don’t know it to be then you need to do the comps and get the property at a price that would be of value 8 months from now. That seems rather easy, however there are some properties that are priced to sell at a year from now so if you low ball you will lose the property i.e. the Cocoa Beach foreclosure.

Bottom line is to find an agent that is knowledgeable and aggressive and has their buyer’s best interest at heart without the commission being the most important part of the transaction.