All Forum Posts by: Scott Schuetz

My experience is that there is a low inventory of rental property in Melbourne and Palm Bay especially under $1000. Clean move in ready roperties will rent quickly.  I'm not familiar with the rental market in Viera and Rockledge.

Thanks for all your replies. Sorry I didn't get back here to update the thread... I met with the seller, showed her the recent comps and talked through the issues with her unit. We agreed to take it off the market, paint, make repairs, work on staging and then I will re list. The new building that is being constructed next door will be complete soon. It will be much desirable without the construction going on.

Good photos can bring a buyer to the door and sometimes they will be sold before they walk in. I'm new to photography, but I take my time and try to make a high quality photo. If you have the means, buy a wide angle lens, I use a sigma 10-20mm on a nikon d5300. If you can't invest that money or time into a camera, there are some great apps available for your smartphone. Play around with them and try to get your pictures looking professional.

@Joshua Lum I'm also in Brevard county- what type of properties are you investing in?

 I live and invest in east coast central Florida. There are great opportunities here but "raining gold" could be a massive overstatement. Prices are rising and it's easy to buy the wrong property. Many of the cheaper properties will not appreciate due to type of home, neighborhood, insurance costs... Please find an agent or investment group in the area you want to invest, you need boots on the ground to get the right properties.

Welcome to the forums @Paul Bramel. There's a pretty active group in this area. We meet up twice a month. Contact @Priscilla Z. She'll add you to our email list.

What type of deals have you done so far?

Again, thanks for all the replies. You guys are awesome:

@david hunter The unit priced at $385k is also a side ocean view but has better finishes. The least expensive 3 bedroom direct ocean view is $425k. My initial analysis was the list price should be $350k and I shared that with her in the listing appointment. I agreed to take the listing because I thought we would get at least a couple lowball offers and she would work with one. I set the commission at 2.5% per side.

I'm going to talk to her about it next week and see if she's willing to do a little sprucing up

Thanks for all the replies. Definitely some good ideas here. Here are the stats for 3 bedroom oceanfront condos in my MLS area:

# sales per month- 3.3

AVG days on market solds- 125

months supple inventory- 5.5

Avg price per sq ft solds March-$200, Feb $209, January $229

Currently 21 three bedrooms units on market, 4 others under $400k, next closest to mine is $385k

A little about my seller, she is living in the property and works online out of the home. She is motivated to sell but owes roughly $325k on the property and doesn't have money to bring to closing. Her motivation may change as we get closer to July, I believe her job is ending at that point. With fees and closing costs I need a sales price of about $350k. She's not very willing to reduce the price. I'm feeling a little reluctant as well since we're already the lowest by $20k.

Thanks @zsikes- It's currently listed at $365k, how much of a price drop do you think would get folks interested? The next lowest active comparable is at $385k

I have a condo listing that's been on the MLS for 75 days. I've had 20 showings and zero offers. I'm looking for some creative ideas to attract an offer. I do have a slight price issue, but it's currently the lowest price 3 bedroom comparable condo.

The good:

-large 3 bedroom in an oceanfront building, nice split floor plan, building is only 15 years old, 

The bad:

-it has a side ocean view with a brand new building being built next door

-the owner is middle eastern and likes to cook (I've gotten feedback about the smell)

-the condo is not furnished well, it's in good condition but the furnishings make it look outdated

I'd appreciate any ideas.