Merritt Island waterfront homes - update

Florida Today continues to report that sales have picked up in Brevard county. There is speculation, or at least hope, that we have hit bottom or are very close to bottom. What I do know is that since my last post on waterfront homes in Merritt Island, the sales have doubled. According to the MLS, over the last 90 days 31 waterfront homes sold. The majority of these are canal-navigational homes on Sykes Creek.

Waterfront homes sold in Merritt Island over the last 90 days:

• Between $190,000 and $300,000 12 homes were sold
• Between $300,000 and $400,000 15 homes were sold
• One sold for $475,000
• One sold for $540,000
• One sold for $1.36 million
• Ones sold for $2.6 million

At the height of the market, in 2004 and 2005, a home that is now selling for about $300,000 was selling for around $500,000. Short sales and foreclosures have driven home sales down and it seems that sellers have finally realized that they need to price their homes accordingly. If you are looking at buying a waterfront home there are a lot of choices. Interest rates are historically low. And you may benefit from the stimulus package. The latest report I have seen on the proposed housing stimulus offers an $8,000 tax credit (you do not have to re-pay this amount, it is a true tax credit) for purchasing a home, however this will be phased out for couples earning more than $150,000 or single people making more than $75,000. This report can be found at: http://www.floridarealtors.org/NewsAndEvents/n1-021309.cfm

Here is a break down of Merritt Island waterfront homes currently on the market today:

• 20 homes between $180,000 and $250,000
• 22 homes between $250,000 and $350,000
• 16 homes between $350,000 and $450,000
• 19 homes between $450,000 and $650,000
• 26 homes between $650,000 and $850,000
• 6 homes between $850,000 and $1million
• 19 homes over $1million

If you are considering a move to Merritt Island, Florida check out this list of links for information on schools, parks, the Chamber of Commerce and more. Please call me for additional information on homes in Merritt Island, Cocoa Beach and the surrounding areas.

Heidi Delvenne

Licensed, Florida REALTOR®
Florida Properties For Sale, LLC
321-289-8953 hdelvenne@yahoo.com www.HeidiDelvenne.com