Merritt Island waterfront homes –state of the market March 26, 2010

Over the last 90 days 34 waterfront homes were sold in Merritt Island, per the MLS. This search included waterfront homes that are either canal-navigational and/or on the Banana River, Indian River, Sykes Creek or Newfound Harbor. Looking back at my post, just over a year ago, dated February 15, 2009 I find that the number of houses sold within the past 90 days and currently active on the market is similar but the prices are lower. With rates still under 5% for a 30 year conventional loan is now the time to buy? You would be hard-pressed to find someone who can tell you for sure what the market is going to do at this point, though those that are looking for a personal or vacation home property, and plan to own for a number of years before selling will find the prices reasonable and the interest rates at historical lows.

•· Between $120,000 - $195,000 5 homes were sold

•· Between $205,000 - $297,000 15 homes were sold

•· Between $340,000 - $390,000 5 homes were sold

•· Between $425,000 - $530,000 5 homes were sold

•· One home sold for $680,000

•· One home sold for $746,000

•· One home sold for $875,000

•· One home sold for $1.1 million

Of these sold homes 13 were short sales and 4 were bank owned (foreclosure) properties. Focusing on short sales and foreclosures only when you are buying a homestead property may prove frustrating. Banks often takes months on end to respond to a contract. I know of one couple that is still waiting after two years of back and forth with the bank, as the sellers try to re-negotiate to keep their home.

As of today 42 homes are either pending or under contract to be sold.

Currently there are a whopping 142 homes on the market with this same criteria, waterfront homes that are either canal-navigational and/or on the Banana River, Indian River, Sykes Creek or Newfound Harbor.

•· 11 homes under $200,000

•· 29 homes between $200,000-$300,000

•· 17 homes between $300,000-$400,000

•· 18 homes between$420,000-$500,000

•· 10 homes between $529,000-$600,000

•· 10 homes between $629,000-$700,000

•· 11 homes between $749,000-$800,000

•· 13 homes between $849,000-$1million

•· 19 homes between $1million-$2million

•· 4 homes between $2.2million-$2.6million

If you would like more information about homes in Merritt Island, Cocoa Beach or surrounding areas feel free to e-mail hdelvenne@yahoo.com or call me at 321-289-8953.

Heidi Delvenne