TimC Posted June 21, 2011 Share Posted June 21, 2011 We visited NASA awhile back and fell in love with this little town. We've been thinking of moving down there for awhile and occassionally look at the real estate values...and are now stunned. We could basically pay cash for a decent house. No mortgage in that area is very enticing. For example, I was just floating around realtor.com and checked for houses ~$100,000.00 and came across this one as an example at $110,000. What is going on down there that something like this is that price? It's been on the market for over 200 days and it sold in 2006 for $218,000. It just a different planet down there. I just can't wrap my mind around it. Are there just simply zero jobs to even make the utility/cable payments? I really don't understand it at all. Quote Link to comment Share on other sites More sharing options...
jetsfan Posted June 21, 2011 Share Posted June 21, 2011 The price should bottom out in another month or so. NASA will be laying off ~5,000 people at the end of July. August/September should definitely be the time to buy. Quote Link to comment Share on other sites More sharing options...
alexgaddis Posted June 21, 2011 Share Posted June 21, 2011 There is nothing at all wrong with that area aside from the flesh eating zombies...they tend to move slowly though so you should be okay Quote Link to comment Share on other sites More sharing options...
Big John Posted June 21, 2011 Share Posted June 21, 2011 There is nothing at all wrong with that area aside from the flesh eating zombies...they tend to move slowly though so you should be okay That would be Austin TX Quote Link to comment Share on other sites More sharing options...
Azazello1313 Posted June 21, 2011 Share Posted June 21, 2011 well I would look into why they call it "cocoa" beach. Quote Link to comment Share on other sites More sharing options...
buddahj Posted June 21, 2011 Share Posted June 21, 2011 I almost got eaten by a gator in Cocoa Beach. Quote Link to comment Share on other sites More sharing options...
SteelBunz Posted June 21, 2011 Share Posted June 21, 2011 Why is the theme to I Dream of Jeannie running through my head? Quote Link to comment Share on other sites More sharing options...
darin3 Posted June 21, 2011 Share Posted June 21, 2011 (edited) Paging unta... Edit: And from what I know, Floridian real estate was/is some of the hardest hit in this economy. At one point, my clients had three actively-developing properties in Central and east-coast Florida (Ocala, Vero Beach and Jupiter). They sold the Vero property just to avoid eventual hoops o' fire we were having to jump through, and the market's trends were pointing the wrong way and they knew they had to get out from under that one. The Ocala and Jupiter projects were put on "hold"; the Ocala one about 25% built out and the Jupiter one about 75-80% built out. The supply so greatly outnumbers the demand that people are willing to take huge losses just to get out from being under water on them. I used to go out that way on a pretty regular basis. Was kind of on the fence as to whether or not I could live there. As for my own example, our Jupiter product was built by Toll Brothers and was high-end. Not sure how the prices of those types of residence have been affected in the past 2 years. Our Ocala product was more in the vain of what the OP linked to and they simply stopped building, right in their tracks. It's pretty sad... I miss going to Orlando every month. Edited June 21, 2011 by darin3 Quote Link to comment Share on other sites More sharing options...
darin3 Posted June 21, 2011 Share Posted June 21, 2011 Why is the theme to I Dream of Jeannie running through my head? Because you have the urge to put on a little genie outfit a la h8 and take some pocs? Quote Link to comment Share on other sites More sharing options...
matt770 Posted June 22, 2011 Share Posted June 22, 2011 We've been similarly stunned as we've been browsing the listings in Atlanta. Tons and tons of properties, and some ridiculous bargains. Factor in the low interest rates, there has never been a better time to buy. Quote Link to comment Share on other sites More sharing options...
darin3 Posted June 22, 2011 Share Posted June 22, 2011 We've been similarly stunned as we've been browsing the listings in Atlanta. Tons and tons of properties, and some ridiculous bargains. Factor in the low interest rates, there has never been a better time to buy. The Atlanta metroplex is another area that was hit pretty hard. Florida, Atlanta and Phoenix were probably the hardest hit in my estimation. I'm still pretty much in a constant state of because of it all. Quote Link to comment Share on other sites More sharing options...
Big John Posted June 22, 2011 Share Posted June 22, 2011 The Atlanta metroplex is another area that was hit pretty hard. Florida, Atlanta and Phoenix were probably the hardest hit in my estimation. Yep, I took a hard hit Quote Link to comment Share on other sites More sharing options...
SteelBunz Posted June 22, 2011 Share Posted June 22, 2011 Because you have the urge to put on a little genie outfit a la h8 and take some pocs? Not in a million years.....and not even for you! Quote Link to comment Share on other sites More sharing options...
'canes2004 Posted June 22, 2011 Share Posted June 22, 2011 Cocoa Beach is a great little community. Unfortunately that town is and has been tied to NASA and the space industry for decades. When the shuttle program ends next month and NASA lays off thousands of people, the economic impact in that area is gonna be hugh. You said you like the small beach town atmosphere and I agree, it's a great little town. But when all those people lose their jobs and start to move away, the whole area is going to be greatly affected. Think about 5,000 layoffs + all those families leaving the area for high tech jobs elsewhere in the country. That's going to leave a large void in the community. Who's going to eat at the restaurants, shop at the stores, patronize the bars? You'll see a lot of places eventually fold. Not to mention the large loss of tax revenue coming into the county from the loss of property owners who are no longer there. That means less services for Brevard County/Cocoa Beach. They will still have a decent amount of tourism coming to the Space center and the beach (which means lower paying jobs and lower standard of living) but I think Cocoa is going to be in for a long haul and a ton of changes. Quote Link to comment Share on other sites More sharing options...
SEC=UGA Posted June 22, 2011 Share Posted June 22, 2011 The Atlanta metroplex is another area that was hit pretty hard. Florida, Atlanta and Phoenix were probably the hardest hit in my estimation. I'm still pretty much in a constant state of because of it all. Vegas and Charlotte have taken a beating as well. I'm trying to sell a house right now in the Marietta Historic district. Those things would usually stay on the market for a month, maybe two, mine has been up since December... Quote Link to comment Share on other sites More sharing options...
TimC Posted June 22, 2011 Author Share Posted June 22, 2011 The price should bottom out in another month or so. NASA will be laying off ~5,000 people at the end of July.August/September should definitely be the time to buy. Paging unta... Edit: And from what I know, Floridian real estate was/is some of the hardest hit in this economy. At one point, my clients had three actively-developing properties in Central and east-coast Florida (Ocala, Vero Beach and Jupiter). They sold the Vero property just to avoid eventual hoops o' fire we were having to jump through, and the market's trends were pointing the wrong way and they knew they had to get out from under that one. The Ocala and Jupiter projects were put on "hold"; the Ocala one about 25% built out and the Jupiter one about 75-80% built out. The supply so greatly outnumbers the demand that people are willing to take huge losses just to get out from being under water on them. I used to go out that way on a pretty regular basis. Was kind of on the fence as to whether or not I could live there. As for my own example, our Jupiter product was built by Toll Brothers and was high-end. Not sure how the prices of those types of residence have been affected in the past 2 years. Our Ocala product was more in the vain of what the OP linked to and they simply stopped building, right in their tracks. It's pretty sad... I miss going to Orlando every month. Cocoa Beach is a great little community. Unfortunately that town is and has been tied to NASA and the space industry for decades. When the shuttle program ends next month and NASA lays off thousands of people, the economic impact in that area is gonna be hugh. You said you like the small beach town atmosphere and I agree, it's a great little town. But when all those people lose their jobs and start to move away, the whole area is going to be greatly affected. Think about 5,000 layoffs + all those families leaving the area for high tech jobs elsewhere in the country. That's going to leave a large void in the community. Who's going to eat at the restaurants, shop at the stores, patronize the bars? You'll see a lot of places eventually fold. Not to mention the large loss of tax revenue coming into the county from the loss of property owners who are no longer there. That means less services for Brevard County/Cocoa Beach. They will still have a decent amount of tourism coming to the Space center and the beach (which means lower paying jobs and lower standard of living) but I think Cocoa is going to be in for a long haul and a ton of changes. Interesting. This is the kind of feedback I was looking for. We've seen even a few gated communities at the same price point in case the zombies riff-raff got too bad down there. My dream would be to find some part-time accounting job for NASA...or just run a concession stand. The area is too nice of an area to ignore those prices IMO. She wants to look at Las Vegas but I think I'd be broke in a month because I'm a degenerate gambler. That Cocoa Beach area was the perfect little town for me. Looked pretty laid back. And how much money can you lose buying a $100,000 house that nice? It looks like it was almost built with free labor at that point. We're in the early early stages of really taking this seriously. There are rumors our company is up for sale and if that happens, then it would be the perfect jumping off point. Luckily, I still have a small piece of equity in my current house. It's getting smaller everyday though. Quote Link to comment Share on other sites More sharing options...
Hugh 0ne Posted June 22, 2011 Share Posted June 22, 2011 Timmay, my offer for you to live in my basement at no charge still stands. :pantstight: Quote Link to comment Share on other sites More sharing options...
TimC Posted June 22, 2011 Author Share Posted June 22, 2011 Timmay, my offer for you to live in my basement at no charge still stands. :pantstight: Do the handcuffs still work? :wristsqueeze: Quote Link to comment Share on other sites More sharing options...
Hugh 0ne Posted June 22, 2011 Share Posted June 22, 2011 It puts the lotion in the basket. Quote Link to comment Share on other sites More sharing options...
TimC Posted June 22, 2011 Author Share Posted June 22, 2011 Canes, I meant to ask how is the homeowners insurance down there? You hear rumors and it's tough to separate it from fact. Quote Link to comment Share on other sites More sharing options...
darin3 Posted June 22, 2011 Share Posted June 22, 2011 Vegas and Charlotte have taken a beating as well. Yer right, how did I forget about Vegas... probably the worst of the bunch. And Charlotte... I went out there to look at a group of properties that a bank had up for sale... nice projects on beautiful lots of land. Wish my investor ended up buying the grouping, as I woulda loved to be in Charlotte on a monthly basis. Quote Link to comment Share on other sites More sharing options...
'canes2004 Posted June 22, 2011 Share Posted June 22, 2011 Canes, I meant to ask how is the homeowners insurance down there? You hear rumors and it's tough to separate it from fact. If you're on the beachside or in the so called "wind zone" it's not cheap. Actually Florida has started a state run agency called Citizens to help home owners get wind coverage. Forget about flood insurance here as well. I would definitely take a look at the elevation survey for the house you're interested in to make sure you're not in a flood plain. Also check out Google Earth to see your house from above and take note of any drainage ponds and or canals that are close by. These help a ton during a Tropical event as more and more are being put in to handle large amounts of rain. Also 2-3 Mays ago we received 20+ inches of rain over the course of 3-4 days. Cocoa took a beating and had a ton of flood problems with many houses damaged. I would definitely make sure that house wasn't affected. A small bit of water damage combined with our 90+ humidity day in and day out can lead to many problems such as mold which can be an issue. Quote Link to comment Share on other sites More sharing options...
Avernus Posted June 22, 2011 Share Posted June 22, 2011 If you're on the beachside or in the so called "wind zone" it's not cheap. Actually Florida has started a state run agency called Citizens to help home owners get wind coverage. Forget about flood insurance here as well. I would definitely take a look at the elevation survey for the house you're interested in to make sure you're not in a flood plain. Also check out Google Earth to see your house from above and take note of any drainage ponds and or canals that are close by. These help a ton during a Tropical event as more and more are being put in to handle large amounts of rain. Also 2-3 Mays ago we received 20+ inches of rain over the course of 3-4 days. Cocoa took a beating and had a ton of flood problems with many houses damaged. I would definitely make sure that house wasn't affected. A small bit of water damage combined with our 90+ humidity day in and day out can lead to many problems such as mold which can be an issue. based on the price of the home...I'd say it was right in the thick of things...but that's with no research and just using plain view logic... Quote Link to comment Share on other sites More sharing options...
matt770 Posted June 23, 2011 Share Posted June 23, 2011 Vegas and Charlotte have taken a beating as well. I'm trying to sell a house right now in the Marietta Historic district. Those things would usually stay on the market for a month, maybe two, mine has been up since December... Send me the MLS#. Quote Link to comment Share on other sites More sharing options...
Scooby's Hubby Posted June 23, 2011 Share Posted June 23, 2011 Sounds like if NASA leaves then you will be left with the dummies of the town, The school system will go to crap. Quote Link to comment Share on other sites More sharing options...
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