"There's a hole in the world tonight"

"there's a cloud of fear and sorrow"
"Don't let there be a hole in the world tomorrow"
Courtesy of The Eagles!

My wife and I stayed up late the other night watching Eagle's dvd's. We both said wow that sounds like the world today.

Prices of all properties are definitely showing the state of the market and the economy. I still have people asking me if we are at the bottom of the market in Real Estate. I still have the same opinion of the market that I have had for the past 2 years. Some homes and condos are at the bottom of the market if you priced them a year from now. What I mean by that is there are seller’s who are overextended and need relief. Some of these people have owned the property for a significant number of years but the other aspects of the economy makes it necessary to sell assets. These are generally the best buys without having to go to the short sale or foreclosure process.

This week I am going to concentrate on Merritt Island since I have been showing waterfront homes there this week. One note to remember about listings that I have learned is that if the property is on the water but there are no pictures of the water then the water is limited at best or the agent didn’t want to go outside.

Merritt Island 10/24/08

Some bottom priced canal homes with boat access either docks, boat lifts or even a boat house.

In Diana Shores which is a nice middle class neighborhood. A 4 bedroom 2 bath home on the canal with dock priced at $269,000.A 4 bedroom 2 bath home on the canal priced at $324,000 and another 4 bedroom 2 baths with 2 car garage and renovations have been completed and priced at $289,000.

There is also a home directly on the Banana River priced at $609,900. This home has over 2700 sq ft, 3 car garage and sits on .41 acre.

Best buy non-waterfront is located in a gated community in north Merritt Island. This home is a short sale. It was built in 2003 and contains 0ver 3300 sq ft, 3 car garage, great pool and convenient to everything. Priced at $299,900, keep in mind on short sales you can’t be in a hurry to close but it can be worth the wait.

Next week we will concentrate on Suntree/Viera.

Thanks for your support!

Jim Bagwell