Are you still looking for a place in New SMyrna Beach

Hi Donna,

I'm sorry to hear that you husband has no work here in Melbourne. Having lived in Melbourne since 1975 I know that market conditions have changed tremendously in the past few years!

During the Real Estate boom in 2005, property values skyrocketed. In a 5 year period of time our property values increased in value by 180%! Home values were reassessed and taxes doubled and tripled. Then, we were visited by several hurricanes, namely Jean & Frances and some areas received considerable damage. Building material prices skyrocketed, but every contractor had more work than they could handle. At the same time, our property insurance rates doubled! Some insurance companies pulled out of Florida. Some owners scrambled, looking for insurance. Insurance companies that were sound, paid out claims and were giving contractors plenty of work.

With the adjustment of taxes, insurance and then owners adjustable rates adjusting up, owners could no longer afford the homes they overpaid for in 2005. Thus, they went up for sale at the artificially overinflated prices they paid for them, and here we are today. We have a surplus of homes available for sale and we are currently going through a market correction here in Melbourne. Home values have adjusted downward. Owners that have not been able to sell are going into foreclosure or are putting their homes up for rent. They are renting at a deficit. They may owe $1500 a month, but are renting at $1000, happy to get some money coming in. Last year there were 5153 foreclosure filings in Brevard County. In Jan 2008 there were over 700.
So, the question is...are we heading for a recession, or are we already in one? Everyone has a different opinion on this. One thing is for sure, consumer confidence is shaken. And buyers, sellers and owners are unsure what the next step is. Currently, as you are well aware, many industries have been directly affected by our current market conditions. I know, just like you, my husband is also in the construction industry. He has had to readjust his business considerably, as home owners are not currently doing the big remodel projects that they were currently doing before. Owners are holding on to their money, to see what the market will do next.

Kudos to you for having a husband that is capable of fixing older homes. My husband and I do the same. We own numerous single family rental homes here in Melbourne, FL and having been buying, selling, renting and managing them fsince 1996. We do the work ourselves, with the help of my father.

I wish you the best of luck. And, I hope that there is a ray of sunshine in your future!

Regards,
Sandy Shores, Realtor
M & M Real Estate Inc
Residential & Investment Property
2851 NE Palm Bay Road
Palm Bay, FL 32905
sandyshoreshomeagain@hotmail.com

I Also Buy, Sell, Rent, Own & Manage Investment Property