Just Sold – A1A Melbourne Beach Oceanfront Home

Kyle Hogan just sold this extraordinary oceanfront beach cottage located directly on one of Brevard County’s most amazing beaches, for the hard to believe price of $692,500. Kyle’s clients were looking for a very specific type of property within a small geographic area. He worked diligently to find just the right house and location that suited his clients’ needs.
This home, which features a large deck boasting 180 degrees of ocean views, is in the heart of historic Melbourne Beach. Built in 1925 and tastefully updated in a classic beach cottage style, the residence encapsulates Florida beachside living at its finest.
Check out the photo gallery below.

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Just Sold Oceanfront Home – A1A Atlantic Street In Melbourne Beach $692,500

It seems like it was just yesterday when the recession had a dramatic and negative effect on real estate market. The result of this impact could be directly observed by the large amount foreclosures, short sales and active homes on the market. This nationwide epidemic apparently has taken a change for the better and in the past couple of months, the declining number of available homes for buyers to purchase has dwindled down to record lows. This positive story is clearly evident when examining the sales and inventory statistics for Brevard County Florida. For instance, Brevard had nearly 10,000 single-family homes available when the recent recession first hit in December of 2007. Today’s number of only 2750 homes available is stark contrast to those dismal numbers of days past.

For nearly 5 years, the real estate sector faced excess inventory leading to falling prices and as the economy sank, consumers became even more wary of buying property. Now, the economy is slowly inching its way back to normalcy and buyers are trying to find permanent addresses for themselves. The problem though is that now there is a shortage of good houses for the interested and qualified buyers. This translates well for potential sellers, since they now get to talk within their terms. Well priced homes are seeing multiple offers and the sellers no longer have to respond to lowball offers.

People who are renting homes could be feeling the squeeze in the near future. Rent is bound to increase for a large number of households because of the pent-up demand for rental homes. The end result will most likely encourage landlords to hike up their leasing rates. The ensuing rental inflation will inevitably require many families who were renting, to buy a home of their own. Apart from this, there is the administration-initiated program that stipulates that homes obtained under Fannie/Freddie financing can be rented out but not sold for the next 5 years. The same goes for bank-foreclosed homes that until some time back were being sold off the courthouse steps to individual investors. Now, the banks are retaining those homes and may eventually attach them to the Fannie and Freddie packaging program selling them to large pools of investors with massive amounts of capital meaning these would be available for rent but their sale restricted for the next 5 years.

The economy is gradually improving and more jobs are becoming available. Consequently, families who were living in rented homes, doubling up or living with their parents are gradually able to stand on their own two feet, regain their former freedom and have a home of their own. Add to this the HARP-2 refinance program, which is kicking in that allows those who continued paying their mortgage to be automatically refinanced and their current rate which is historically low will be applicable to the new finance. This again translates to even less inventory of available homes to purchase.
Shifting focus on Brevard County once again; so far in 2012 there has been an average of 550 homes purchased each month. With the economy’s upswing in momentum, now more than ever people and investors believe that no investment gives better returns than real estate. The current “Market Absorption Rate” is less than 4 months. A 6 month or less absorption rate is considered a healthy market. Buyers who are sitting on the fence deciding on whether or not to purchase may regret not acting now. If you are thinking about starting your search for your next dream home, the clock is ticking.

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Is The Real Estate Market Recovering? Low Inventory Is Creating Demand

Kyle Hogan just sold 720 Palm Drive Satellite Beach Florida for $230,000. Even though this 3 bedroom 2 bath pool home was built in the 70′s,  it showed like a model home and was absolutely move in ready! The owners took great care of the home and it’s amenities. They updated the home inside and out. This home was under contract in 5 days after listing. Check out the virtual tour by clicking here.

Residential inventory has continued to decline in Brevard County, especially on the barrier island or as the locals call it, “beach side”. Opportunities for well priced, well maintained homes are becoming less common. If you are thinking about buying in Brevard and you see a home you like on the barrier island, make an offer before it’s too late! These types of homes are going under contract very quickly.

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• Just Sold Oceanfront Home – A1A Atlantic Street In Melbourne Beach $692,500
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• Just Sold – Lansing Island Drive Luxury Canal Front Home for $980,000
• Just Sold – Riverisde Drive Indialantic Luxury Riverfront Estate Home For $1,375,000.00

Just Sold 720 Palm Drive Satellite Beach for $230,000

… And I Have The Stats To Prove It.

Well that is a bold statement, isn’t it? Everywhere I look, whether online, in print, or on the TV when the topic of real estate comes up it seems like it’s the same message over and over again; the whole country is suffering from a “down real estate market“. I feel obligated to show you some stats that paint a different picture, at least in Brevard County Florida. I’ve compiled several charts using data from the Brevard MLS of residential sales to show you what I’m getting so excited about.

The first chart I want to share is the 2011 Average Days on Market stats. The chart to the right (click the chart image to see the full size image) shows a dramatic decline from about 130 average days on market in January to a very low average days on market of 101 for the month of October. That’s a 30 day difference. That would be a good feeling to get your home under contract within the first two months of putting it on the market, wouldn’t it? Don’t forget that it takes an average of 30-35 days for a home to close/sell after the contract date!

The second chart on the left shows the 2011 Average Sales Price. You can see the average residential sales price for January was just under $139,000. July had the highest number so far this year at $167,343. October showed a slight increase in average price of $143,217. Not a huge increase, but that is still moving in a positive direction.

The third chart on the right shows the residential Units Sold. Now we had some big fluctuations here with March 2011 getting the highest number so far this year of 718 homes sold. We started January with a lower number of sales at 487 and October had 510 units sold. Those are still good numbers!

The trend so far on all these stats shows that from January to October we had an increase in average sales price, an increase in units sold, and a decrease in days on market. Now, you might be thinking that sounds like a positive upswing in the market stats, but nothing to really get too excited about. Of course I’ve saved the best for last. Check out the chart on the left showing the Month’s End Inventory of homes. That should be enough to make you think I’m on to something here. In January 2011 Brevard County and the Brevard MLS showed an inventory of over 6,400 residential homes. When you consider that the average month’s end inventory for the 5 previous years has hovered around or well above 6,000, the natural assumption would be that 2011 is going to be “more of the same”. As you follow the month by month inventory of the graph it becomes readily apparent that the available month’s end inventory has been literally cut into half. October 2011 finished with just over 3,300 residential homes on the market.

Could we have finally hit a level point in housing values? Our inventory is low, and any economist will tell you that a low inventory and continued demand will eventually cause an increase in price. If these stats stay consistent, we should see some housing values appreciate in the coming months. And as inventory becomes lower and lower, there will be less and less to choose from, giving a chance for homeowners to get more money for their homes than in previous years, or even just a few months ago. Positive Real Estate News For You.

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Brevard County Has A Healthy Real Estate Market

In my mail this morning, I found this interesting marketing mail out from a national surveying company. They actually included a new crisp dollar bill and a survey form. It’s a pretty effective way to get people to respond to direct mail out marketing. The survey would normally have been thrown in the trash immediately, but since they sent me a dollar, I decided to fill out the survey. It was almost like they struck my moral obligations by including the money. How could I not fill out the survey if I accepted the money?

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Interesting Low Cost Marketing Idea

Kyle Hogan just sold 3120 Atocha Lane, Indialantic Florida this 2 bedroom 2 bathroom townhouse with just under 1300 square feet under air for $155,000. The town home was located in Ocean Side Village which is a gated community that is walking distance to the beach and offers a community pool, tennis basketball and many other amenities that are rare in beachside communities in this price range. The buyer for this listing purchased all cash.

Cash buyers are very common in today’s market since financing can sometimes be difficult to obtain, although my preferred lender, Joe Harris with Morgan Financial is definitely the person you need to speak to if you are considering purchasing a home.

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Just Sold 3120 Atocha Lane Indialantic Florida for $155,000

Kyle Hogan just sold this Key West Style Indian River waterfront estate home on Highway A1A Melbourne Beach Florida. The 3 bedroom 3 and half bathroom with over sized 4 car garage listing sold $773,000 and both the buyer and seller were very happy with the final price. This particular listing was a very unique home and required the right type of buyer since the home was built with 3 flights of stairs and no room for an elevator.

Here is the narrative from the listing information: The historic Indian River is the perfect setting for this custom built 3 story home, with solid poured concrete construction. The home was built on 1.4 acres, in the southern Melbourne Beach area. On your approach, the meandering driveway leads you to a circular driveway. Upon entering the double front doors, you will discover the beginning of the spacious floor plan. The 1st floor is made up of a 4 car deep garage, a full size 2 car garage, plus a hobby room or potential guest suite with a well finished bathroom. The kitchen, guest bedrooms and family/dining rooms are found on the 2nd floor. The top floor is primarily dedicated to the master suite, office/bonus room and laundry room. All appliances are included in the cook-friendly kitchen which feature granite countertops, breakfast bar and spectacular views of the river. Other amenities include plantation shutters, a security system, central vacuum and many double doors allowing access to the balconies that wrap almost the entire home, providing panoramic views of the river.

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Just Sold Highway A1A Melbourne Beach Key West Style Indian River Estate Home For $773,000

Kyle Hogan of Keller Williams Realty of Brevard just sold this luxury canal front home in the gated community of Lansing Island for $980,000. Lansing Island which is located in Indian Harbour Beach and Satellite Beach is one of the most exclusive neighborhoods in Brevard County and possibly the state of Florida.

This 3 bedroom 2 and half bathroom home is an elegant Mediterranean style construction and is located on the Grand Canal. From the moment you walk in the front entrance you are presented with the beautiful staircase and faux finishes. Gourmet kitchen with Granite Countertops, Thermador gas range, pot faucet, and huge walk in pantry. Designed for entertaining with open spaces, fantastic decks and outdoor summer kitchen. The large master bedroom on 2nd floor with huge screened porch and has some amazing views.

This purchase was unique in that the buyer used a Physicians/Doctor loan that offered the buyer a low down payment of 5% without any PMI or Private Mortgage Insurance. The Doctor Loan helps licensed medical physicians avoid the need for a large down payment, mortgage insurance or secondary financing. Some of the unique features of the Doctors Loan Program are:

• Available to licensed medical physicians, including those who are currently residents/interns

• Doctors out of residency/fellowship must have completed residency/fellowship within the last ten (10) years

• No mortgage insurance required.

• Available on purchase and refinance transactions.

• For residents and fellows up to 100% financing up to $417K (max loan amount for residents and fellows is $417K)

• If completed residency/fellowship within last 10 years then up to 100% financing for loan amounts up to $650K

• If completed residency/fellowship within last 10 years then up to 95% financing for loan amounts from $650,001 to $1,000,000

• If completed residency/fellowship within last 10 years then up to 89.99% financing for loan amounts from $1,000,001 to $1.5M

If you are interested in finding out more about the Doctors Loan Program, please contact Kyle Hogan for details.

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The other day I was talking with another Realtor about one of the most important factors for marketing a property in the age of the internet; how to price a home to sell in today’s real estate market that will ensure the most online exposure possible; to consumers and to Realtors. This is a question which Realtors hear almost every day when meeting with potential sellers. Back to the conversation I had with my fellow Realtor. Our discussion took a totally different route than I expected. Let me explain.

The other Realtor suggested something that I had never really thought about, but seemed totally obvious after he explained his concept. He gave me an example of a hypothetical listing that had a comparable value of around $500,000. He then asked me, “what would you price this home for if you wanted to get the most online exposure?” My first reaction was simple and probably a common one for most real estate agents and sellers. Price the home at $499,900. He asked me, “why?” Again, feeling like I had the “right” response I said, “the basic principles of retail marketing dictates that people feel like they are getting a better deal when you have a list price of .99 cents compared to a list price of a $1“. I finished that sentence like I just slammed dunked the ball in a game of hoops. But hold on, the other Realtor didn’t see it that way. He asked, “Kyle, what if I said to you, I was working with a client that was looking for a home in a price range of $500,000 to $700,000. My client wouldn’t even know about your listing at $499,900 since you decided you would be happy to market your listing to consumers looking for homes under $500,000.”

At first, I couldn’t get my head around that statement. Suddenly a light bulb appeared over my head. I said, “Oh, I understand your point. My listing wouldn’t show up in a search for homes using your clients criteria, even though my home was priced at market value. It may have been the perfect house for his clients. They may have never known my listing was available just because I wanted someone to have a sense of getting a better deal by pricing the home $100 less than an even number like $500,000. I totally get it. Those even number increments are how people search for homes. People do online searches for homes in increments of $25,000, $50,000, $100,000, and so forth.”

All I could think about, was how many homes that I had priced incorrectly? How many times I let clients/sellers tell me to price their home just under a round number so people think “it’s a better deal”? How many opportunities have I missed? Just think about how, if you were a consumer or a Realtor looking on a real estate website or a MLS website, you select all your basic criteria for a home: 3-4 bedrooms, 2-3 bathrooms, $150,000 – $250,000, 2 car garage, etc. They use round number increments in their searches. Even increments. Those ranges are important. If I want to catch prospective buyers, I need to price homes at even numbers to ensure I get my listings seen by buyers and Realtors doing searches on both sides of the incremental ranges. If I have a home listed at $149,000 I totally miss the above search starting at $150,000. If I have a home listed at $150,000 my listing shows up on the above search starting at $150,000 as well as someone searching below $150,000.

So remember this lesson next time you are pricing a home. When a seller asks why you think he should list his home at let’s say $399,000 compared to $400,000, you now have the knowledge and information how to price a home correctly to sell in today’s real estate market.

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How To Price A Home Correctly To Sell In Today’s Real Estate Market

Kyle Hogan of Keller Williams Realty of Brevard just sold this luxury riverfront estate home on Riverside Drive in Indialantic Florida. The final sales price was $1,375,000.00. This palatial residence features 4 bedrooms, 5 bathrooms, 2 half baths, 4 car garage, under 5857 square feet of living area. The 1 acre property with direct access to the Indian River and intracoastal waterway, sits among many other luxury homes on Riverside Drive, but one of the unique features of this home is its private tennis court and gated entry way that leads down a long paver driveway to the main entrance.

The list price of the home was $1,499,000.00, but Kyle Hogan helped his client negotiate a contract price of $1,400,000.00. At the advice of Kyle Hogan, the buyer used an entirely different inspection process. Not only did the client hire a home inspector, but he enlisted the services of a local general contractor to coordinate subcontractors to inspect each of the major, important, and costly to repair items like the roof, A/C systems, plumbing, dock, seawall, pool, irrigation and septic systems. This was a crucial and money saving decision since the sellers had limited the repairs to $5,000.00 on the contract. With estimates in hand from each subcontractor for items in need of repair, the buyer request an adjustment of the contract price of $25,000.00 to the final sales price of $1,375,000.00.

Typically a home inspection from a licensed inspector on a home of this size runs about $500.00. This home inspection cost the buyer $2,500.00, but ended up saving the buyer $25,0000.00. That is a pretty good return on the investment for the more thorough home inspections. These types of inspections are a great resource for people purchasing luxury properties.

This is another high priced sale in the Brevard County Florida real estate market which seems to be doing much better than the rest of the state of Florida and even most parts of the United States. Inventory is low and properties are moving quickly. This home was listed for 7 days before it went under contract.

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• Just Sold Highway A1A Melbourne Beach Key West Style Indian River Estate Home For $773,000
• Just Sold – Lansing Island Drive Luxury Canal Front Home for $980,000

Just Sold – Riverisde Drive Indialantic Luxury Riverfront Estate Home For $1,375,000.00

What a wonderful 4th of July celebration we had in Melbourne Beach Florida last night. It was quite an amazing fireworks display over the Melbourne Causeway and the Indian River on July 4, 2011. Thousands of people lined the shores, bridges, docks and took out their boats to get a better view. I snapped a few photos and I wanted to share some the more exciting pictures. Let me know what you think.

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4th of July 2011 Fireworks in Melbourne Beach Florida

This wonderful beachside residential real estate listing in Satellite Beach was sold within 48 hours of being placed on the market. At my listing presentation I suggested an asking price of $224,000 to the sellers which they agreed on. Even though $224,000 was at the very top of the current market value, this home had a many positives aspects going for it as you can see from the professionally photographed Virtual Tour. Great curb appeal, good decorating, clean, awesome pool and deck, granite coutnertops, solid oak cabinetry, tile and wood flooring. The list goes on and on.

With a solid offer from a young couple who were buying their first home, the sellers were very pleased and accepted their offer of $223,000. The home ended up appraising at the contract price. Wow can I price a home.

The real estate market in Brevard County seems to be making a positive turn around. Most of my newer listings are going under contract quickly and when I’m working with buyers, many of the available homes that are priced well are under contract in less than a week. Satellite Beach in particular, currently has a 5 months supply of residential listings, which is sometimes referred to as the “market absorption rate”. Anything below a 6 month inventory of homes is reflective of a healthy real estate market. You won’t hear me saying this unless I 100% believe it, but NOW IS THE TIME TO BUY.

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• Just Sold Highway A1A Melbourne Beach Key West Style Indian River Estate Home For $773,000
• Just Sold – Lansing Island Drive Luxury Canal Front Home for $980,000

Sold in 48 Hours – Brevard’s Healthy Real Estate Market

A real estate investor I have been working with purchased this bank owned property – REO condo property at a fantastic price of $386,199 in February. My client quickly fixed up the condo unit in Somerset Ocean Front Condo to make it more appealing to potential buyers. We then listed the condo for sale at an asking price of $489,000. The condo was under contract in 32 days and closed near the end of May for $476,800. Even with real estate fees and taxes my client made over a 9% return on investment.

There are plenty of great deals out there right now, but they are selling quick. Inventory in Brevard County is at an all time low. Call me if you have any questions regarding the great opportunities in Brevard or leave a comment.

On to another deal!!!

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Investor Condo Flip Returns Great Profit – Bank Owned Property

Photograph of the International Space Station flying over Central Florida on May 17, 2011. It’s a little dark so it may be hard to see on some monitors.
Click to see the larger image.

I love how the longer exposure shows some very unique colors which you wouldn’t see with the naked eye. What do you think?

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International Space Station Crosses Over Central Florida

During the past 12 months or so, due to the potential of fire hazard, houses with electrical aluminum wiring connected to receptacles, switches and fixtures have been uninsurable. These houses, which were built during the mid 1960′s through the 1970′s, could only become insurable, if the all the aluminum wiring was replaced with copper wiring. The cost of this retrofit averaged from $10,000 to 20,000 and for obvious reason has had a dramatic negative impact on the marketability of these houses.
As of March 16, 2011 Citizens Property Insurance Co. has approved two acceptable alternative methods for ensuring aluminum branch wiring is not a fire hazard and is insurable.
1. COPALUM Copper-to-Aluminum Pigtailing Use the special AMP (now TYCO) COPALUM connector and special tool to connect short copper wires to every aluminum wire end in the Building, reconnecting the copper to the various devices (receptacles, switches, fixtures) and splices. Due to the cost of leasing this special tool, this retrofit avagerages approximately $5,000.
2. AlumiConn An aluminum-to-copper plug that’s connected to existing aluminum wiring at each receptacle, switch and fixtures. This method requires a $3 connector at each location, total cost $1,000-2,000.
Citizens is still researching the potential for CO/ALR connectors to be considered as a third insurable alternative method. This method will require the electrician to make sure each receptacle, switch and fixture is rated for aluminum wiring, make sure the connection is secure and apply anti oxidation paste. This retrofit will average from a few hundred dollars to $1,000.
The state will encourage other insurance carriers to consider these alternatives, with the intent of lower insurance cost.

I found another great article about the aluminum wiring and how it can affect home buyers on Holly Lovett’s blog.

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Aluminum Electric Wiring and Insurance Update

Please enjoy some of the photos I took of last night’s “supermoon”.  03/19/2011

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Supermoon Over Brevard County Beaches

The following article and photos are the end results of an intensive home rehabilitation on my current residence in Indian Harbour Beach Florida, the lovely beach town in which I spent most of my growing years. I purchased this neglected home in July of 2010. The house was in need of a total rehab, which is sometimes affectionately referred to as a “complete gut renovation”.

The very first step in fixing up this fixer upper was correcting the structural foundation. I wrote a little bit about this process here: Foundation Settling.

Once the foundation issue was settled (excuse the pun), the interior work was started. The inside of the home need some major updates. Check out the before pictures below.

We then made some adjustments to the floor plan by taking down the wall separating what was once an outside patio turned into an enclosed Florida room. This really opened up the kitchen and family rooms to some much needed natural lighting.

The next project was getting rid of the sunken areas of the family room and living/Florida room. The good and bad results were: The Good, there was no longer a 5″-6″ step down from the kitchen and dining room. The Bad, a little less ceiling height, but it was worth it to get level flooring.

The final steps were windows (hurricane impact Lo-E rated energy efficient) flooring, ceiling/walls, paint/trim, kitchens, bathrooms, and last but not least window treatments. The end results you can see below.

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Home Renovation on Steriods

This luxury condo was recently sold to a buyer that was looking for investment properties. The condo building is  located in the Somerset Oceanfront Condos of Indian Harbour Beach. The out outside of the condo is a splendid blend of Mediterranean Architecture with Moorish Columns, symmetrical roof lines, Alluring arches and decorative railings, invite you to live relaxed and luxuriously on the Atlantic Ocean. This southeast end unit has 4 bedrooms, two and one half baths, an open kitchen, dining/living area with dramatic ocean views, and 33ft balcony. Master bedroom w/private balcony, walk-in closets and spacious master bath. My client purchased this unit for $386,199.

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Recently Sold 2095 Highway A1A Indian Harbour Beach

On February 10, 2011 Google will stop supporting its real estate search within search results and Google Maps. Google went full speed ahead with its plans to become a viable force in the online real estate market in the beginning of 2009 when it incorporated aggregate MLS data into search results. The MLS data was usually uploaded to Google through Google Base by participating brokers, Realtors, Realtor associations and other online real estate websites. Google’s entrance into the online world of real estate search had a lot of people worried about what their true aspirations were. With their withdrawal from real estate listings search it opens a new opportunity for Google to continue selling pay per click advertising to companies that could never out perform larger companies in search results.

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Google Ends Supporting Its Real Estate Search Function On Search Results And Google Maps

Just sold! This luxury 5 bedroom, 6.5 bath home with just under 7000 square feet under air for $1,800,000. The palatial riverfront mansion was designed by critically acclaimed Jackson Kirschner Architects and built by the Kirschner Group of Melbourne Florida. This immaculate home is the most well constructed and beautifully designed house on Lansing Island and possibly Brevard County. The property was listed by Stanley Kirschner (who’s construction company built the home) of the Kessel Kirschner Real Estate Group. Stanley is a very professional and knowledgeable Realtor and builder, which made this transaction one of the smoothest I have ever worked on.

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Sold Lansing Island Drive Indian Harbour Beach