All Forum Posts by: Samuel Boyd

I did a deep dive on the Space Coast (Brevard County FL) residential real estate market and zoomed out to get the big picture. The results were even more surprising than I suspected...

Current Inventory: 5336 |         Last time it was this high? - 2011 (you know when the MARKET CRASHED)

Average Days on Market: 71 | Last time it was this high? - 2013

Average SP/LP: 93% |                Last time it was this low? - 2015

And the interesting part? Although every market factor seems to be working in favor of buyers, Average sold price is still at an all-time high. And when you factor in today's mortgage rates, you see that homes are still as unadorable as ever.

Honestly would love some opinions on how to interpret this data. Is this the early stages of a county-wide price declines in the coming months? Or should we expect more of the same with prices staying stubborn? I still see a lot of people moving here which I think is keeping prices high, but I guess time will tell!

Hey Cory! Happy to help, just need some clarity on what you're looking to do.

Everyone always wants to know "How is the market?". My usual response is "it depends". But I ran some actual reports for clients this week and wanted to share. Within the SAME area we have 3 totally different markets.

- Space Coast Beaches - Condos - Buyer's market
- Space Coast Beaches - SFHs - Neutral market
- Viera / Suntree < $800k - SFHs - Seller's market

I thought this was interesting how drastic the difference can be within the same geographic area. 

See below for the detailed breakdown of each. Cheers!

2 Vacant pieces of buildable land with utilities (water and sewer on each). They are 0.17 acres each with an additional 0.10 acres that can be obtained with the abandon and vacate form at the back of these lots = 0.44 acres total. You can see what I'm talking about on the future land use and zoning tool/map here: https://mgis.maps.arcgis.com/apps/webappviewer/index.html?id=3f1f8b678a754f74ab7a58ba33c7911f

You can certainly purchase just 1 lot, but I think the value and possibilities really are there with both combined. Owners were asking $140,000 each and I am happy to submit any offer that you are interested in.

C-3 mixed use, you can build basically anything here, but I think the highest and best use is multifamily. I would suspect you could pretty easily figure out how to put between 8 and 12 units. Upwards of the allowable 34 (44 if you do the abandon and vacate), you'd need to get creative and go vertical (which is allowed up to 8 stories). I have the table of uses and dimensional standards which defines the allowable building parameters. Message me if interested.

They are also in the community redevelopment area boundaries which the city has designated financial incentives for building here.

I am very optimistic about this area. I sold the 2 parcels of land directly south of these two (2401 and 2405 Stone St.) this year for $130,000 each. I'm seeing things coming that no one is really aware of (likely multifamily coming in on the other lots, marina down the street, complete remodel of Riverview park across US-1, potential restaurant on the water at the end of the street, and St. Stephens way multifamily housing that just finished construction down the street on the river).

Give me a shout if you want to discuss further. Trying to get these sold. Thank you!

Hey @Casey Carpenter, right on! So I can't pull market stats for rentals with the same report but I do know Bigger Pockets has a really solid rental property calculator. How I would approach it is to just pull a bunch of comparable rentals to get real data points depending on what property type, specific location, and lease duration you're looking for.

Something to note about this area, (especially the beaches) is very seasonal for short-medium term rentals. You can safely assume 1.5/2x from Jan-April in rental income than for the same property on a 12-month lease. A good amount of people will rent out these months at a super high rate (or use them personally) and then find a tenant for the remaining 8ish months. Not a bad way to go honestly. 

Shoot me a DM if you want to get into some more specifics! 

@Casey Carpenter Congrats man that's super exciting! Now is a pretty good time... See the market report attached below. I ran this for all Space Coast Beaches from Melbourne Beach to Cape Canaveral. Any idea about what areas you're most interested in? By mid to long term do you mean timeframe for the investment returns, or rentals (long term tenants - medium term tenants)? Happy to fill you in on the rental markets as well! Looking forward to having you here Casey it's an absolutely beautiful place to be. Cheers! - Sam

@William Silva Hey William! I'd highly recommend an investor friendly agent if you plan to look outside of the areas you are most familiar with (assuming Miami). 

As for if its "too late" it all depends on what type of return you're looking for! I would say it's never too late, but I'll be honest that it is becoming harder and harder to find LTR's around the Melbourne area that are cash flow positive after insurance, taxes, today's interest rates, and current prices. 

If your satisfied with breaking even +/- a couple hundred dollars I think we can certainly find you something in this area but of course your cash flow numbers depend highly on your loan type, interest rate, and percent down. 

Happy to help you run some numbers if you're curious! Let me know man and stay safe with this incoming hurricane.

Hey @Brittany Gray! Thanks for reaching out. It's going wonderfully so far, and we are working on bring in another one online early next year. I'd be happy to share our numbers and let you know what to expect and to look out for if you're thinking of going the arbitrage route. I'll shoot you a DM!

Hey Elenis, I might be able to help you with items 2 and 3. Item 1 I think I could possibly help with or find you someone depending on what you are willing to compensate for the work and what level of time commitment you are looking for. I'll shoot you a DM so we can discuss further. Cheers!

Also @Tim Phillips something to be aware of in FL, all condos older than 30 years and taller than 3 stories are required to have a "Structural Integrity Reserve Study" performed before the end of this year. Basically, new rules were put in place to make sure condos are safe and sound and are holding adequate reserves. As such, anything 3+ stories and older, you need to be VERY cautious and understand when and if the study has been performed, what they found, and if there are any resulting special assessments.