I’m not the owner, but I’m house-searching in the area and I’m curious why a house this beautiful isn’t selling…is it just the price?
https://apps.realtor.com/mUAZ/7sc5k7s5
We moved down here (just renting now) from NJ a few months ago, where any turn-key house gets 10 offers after the first open house…so we’re trying to feel out the market…
Is it just the price?? TIA
Why isn’t this beautiful Palm Bay (Florida) house not selling?
byu/Affectionate_Nose_35 inRealEstate
Posted by Affectionate_Nose_35
15 Comments
been doing food delivery around palm bay for a while now and that area can be hit or miss depending on which side youre on. some of those neighborhoods look nice from the street but flood issues are real down there, plus hurricane insurance costs are getting brutal. florida market definitely moves different than up north – people are way pickier about flood zones and windstorm ratings these days. might want to check the elevation maps and see what the insurance quotes look like before you get too attached
Looks like a generic tract house to me… I’d expect it’s surrounded by 200 virtually identical homes?
I’m 15 years out of date on my pricing; but when I worked in Rockledge back in the early aughts, Palm Bay was $100/foot. TRIPLE that price, with a $6,000/mo. mortgage?! Not a chance…
They say absolutely no one behind you. How come? What is behind you?
Hurricane insurance costs rising + I’d bet it’s in a flood zone
Looking at the house, it’s generic but beautiful. So price?
Edit looking at the neighborhood, it’s really a 300-400k area, so it’s the nicest house in the area. Not always what you want.
It’s the price and demand. It’s not complicated. The Florida market is not the New Jersey market.
Sure, it’s because Palm Bay is a poor city over run by MAGA degenerates and anyone with $700k doesn’t want to live there, especially on the corner of Port Malabar and Babcock. They’re going to have a difficult time selling that house for that kind of money. Anyone with any money would rather live in Viera or nicer parts of Melbourne, or go beachside. The entire state is suffering a housing crisis, these people just built the house in 2023 and now they are trying to get someone else to buy their unaffordable mistake. That sounds exactly like what someone from Palm Bay would do.
We’re in an itsy bitsy little gully
Seems like houses around there are in the 500’s unless it’s way nicer. There is a new build for $550k. Likely price related bc they bought for $594 just a few years ago and then installed a pool. So they probably have to price it that much to break even.
My guess would be that they bought it 3 years ago for $594,000, seemingly only added a $120,000 pool, and then listed it for $750,000.
I know pools can add value in certain locations, but I’m not sure of any location that adding a pool would have over a 100% return on investment.
Seems they listed too high from the get-go.
45 DOM is not that long. Although they just did a price cut, so if it was overpriced, the marketing time really only starts when they get the price right.
Be careful and shop around a lot. Go look at other houses at that price point and see if this one is just as nice or not.
Demand is down in Florida, home insurance is climbing significantly and can be difficult to get. If you can get home insurance you might also need additional wind and flood insurance which isn’t cheap in Florida.
According to Bankrate – Roughly $5,838 per year (or ~$486/month) for a $300,000 policy. Thats not even close to what you need for that house, so a policy for that house would easily be $10k+ per year.
Also you can’t compare states, while there are national trends, there are pockets where trends are just different. NJ is one, the DMV is another. Where I am in the DMV, good homes don’t sit for more than 72 hours. Homes priced well, encourages competition and end up closing $50k+ over asking easy. We put in a bid on a house that was $750k last year, we escalated up to $875k and still didn’t get it. That’s happened multiple times.
Just looking at the dead grass and trees would make me concerned enough to skip this house. Flood, drought, overzealous use of roundup…
The HOA fees are omitted from the monthly costs bc the realtor is a liar. That’s another added expense.