2008 Recap

I thought we would recap the market for 2008. We will do Merritt Island this blog and next we will do Suntree/Viera.

2008

In all of Merritt Island there were 421 single family homes sold in 2008. The price range ran from low of $47,500 all the way up to $2,800,000. Of these 421 there were 98 of the homes on navigable water be it canals or river. These 98 ran from $153,000 to $2,800,000. You do pay a premium for being on open water.

2005

In order to get a feel of the turn of the market, I went back to 2005. In 2005 there were 719 single family homes sold. The price range started at $65,000 (trailer) up to $2,275,000. Of these 719 homes 175 were on navigable water they were priced from $159,000 up to $2,275,000.

To start off 2009 we have 469 homes active in Merritt Island. The price range runs from $34,900 up to $4,242,500. The higher price is a home that can be built and seems to be an albatross as in one form of another it has been on the market since 2003. Of these listings 166 homes are on navigable water priced from $171,000 up to $4,242,500. When you get in the middle $200K range it is now possible to get a home on the water that you can actually move into and enjoy Florida.

A buy?

It is not often I recommend one of our listings as a buy but we do have a great house at a good price. It was built in 1968 and we all know what you get for a home built in 1968. This one is different since it has been taken down to the bones and put back with everything new including wiring and plumbing. This home shows great with 2324 square ft, 3 bedrooms 2 baths including a work shop on the back of the house for escape. The lot is landscaped to the 10th degree and includes a covered boat lift and dock. It sits on a wide canal with great views. Priced at $389,000 or $168 per sq ft.

Happy new year to everyone!

Jim Bagwell