Home Buying in Cocoa Beach>Question Details

Georgia Sage, Home Buyer in Cocoa Beach, FL

Why are so many properties in Palm Bay up for sale and so inexpensive?

Asked by Georgia Sage, Cocoa Beach, FL Tue Jun 26, 2012

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5
high crime, just use the zip code, and ask Google, crime statistics using that zip code.
0 votes Thank Flag Link Mon Nov 19, 2012
As a lifelong resident of Brevard County since 1958, and my parents before that I can agree with most of the replies given below. Corporations and development of large land tracts began around the 1980's but the utilities (well water vs. city water for drinking) limited the type of housing development that went with that. When the city of Cocoa (mainland) did not entertain Harris Corporation as a major employer, Palm Bay did. Modest home developments began in earnest in a fast and furious pace. Utilities and road management are not up to par of some other (commute) disctance to Palm Bay hence the property values and quality of housing varies greatly from other communities. I grew up in Melbourne and now reside in Cape Canaveral on the coast. One side of my relatives prefer the sprawl that Palm Bay offered and remained gainfully employed in that area after their Air Force service. Another side of my family went further north in the county to be more accessible to all that this wonderful area of Florida has to offer, and be a short 20 to 30 minute drive either way. In this area, "We have some SPACE for you, and we're not just talking moon walks!" If I can be a further historian for you, or assist you in your search contact me, D. Derman, Broker-Assc., CRS, GRI, ABR Realtor Surfside Properties and Management 321-863-7350 or dderman@digital.net
0 votes Thank Flag Link Wed Sep 26, 2012
Area was over built back in the 2005-2006 "Boom" in addition that area has the most vacant land for new homes and growth.New homes and resale home were sold to buyers who actually did not qualify to buy. Resulting in many foreclosures and short sales. Prices are now stabilized back to pre 2004 prices. It's about supply and demand. Fortunately these properties are being bought by qualified buyers and investors. The inventory is way below what we saw a few years ago. We will see a moderate increase in property values and home prices in Palm Bay and Melbourne. Now is certainly the time to buy, I see many cash buyers, investors and first time home buyers as well as empty nesters buying now. Many multiple offer situations on homes for sale, which we haven't seen in years. We are heading into a sellers market in the next year or so. There are many nice homes in Palm Bay at great prices. If you are on the fence, it's time to get off and buy now, as soon as the demand grows past what we have in our supply, prices will head up. I would be a good choice if your'e looking for an experienced and knowledgeable Realtor.
0 votes Thank Flag Link Sat Aug 25, 2012
Palm Bay is one of our larger communities in Brevard County. Before the rise in the market you could buy single family homes in a reasonable price range and it is now reasonable again.
0 votes Thank Flag Link Tue Jun 26, 2012
A lot is due to the demographics. Also a lot of the homes are under well water as opposed to city utilities. The palm bay area in my opinion needs a lot of refurbishing which keeps home values lower as opposed to other parts of the county. There are still some parts of palm bay with higher home values around bayside lakes in bridgewater. I hope this answer helps. Feel free to email me with questions. Michaeljanikc21@yahoo. Com
0 votes Thank Flag Link Tue Jun 26, 2012
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