Created on Saturday, December 05, 2015
Updated on Monday, February 26, 2018
by Land Century
Densely populated, Brevard County is home to 550,000 residents.
If you buy a home or lot as part of your investment in Florida, you need to make sure that it's not within undeveloped, low-lying areas. The issue with Brevard County is that areas west of I-95 and along St. Johns River are prone to flooding. According to a 2012 federal maps survey, nearly half of the county is prone to flooding.
Out of the 164,000 homes in the area, just 18,900 were within these flooding areas. Lets take a look at some of the land prices in the area:
Real-Time Land Prices in Brevard County
Were going to look at some of the current properties on the market to give you a general idea of what current price demands are for vacant land:
* A beautiful vacant lot in Palm Bay, Florida features 0.23 acres, residential zoning, electricity availability and paved road access. This property is selling for all cash, and the price is just $3,999. This is a premier location, and taxes are just $115 a year.
* Another lot that has a size of 0.23 acres is for sale in Palm Bay on land that has been untouched. Youll need to clear the land, but the good news is that there is electricity available and taxes are just $71 per year. Road access is available, and this property is selling for just under $6000.
* Looking for a major investment? A 10 lot property is for sale with property sizes ranging from 0.23 acres to 0.33 acres. All of the properties have electricity available and are situated on paved roads, so there is easy access to your land. Zoned for residential use, these properties will be able to be built on quickly. The price for all 10 lots is $62,000.
Floridas beautiful weather allows you to use these properties for a variety of reasons. For the most part, people choose one of two different avenues because of the location of this land:
* Build a rental property. Brevard County has an average rental price of $876. This is lower than in Florida as a whole, and just $30 lower than the United States average rental price for homes. The lower price means that youll be able to rent these properties out quickly. The rental market has fallen since 2008, but it is projected that the rental market will rebound in the county.
* Build and sell a home. Homes in Brevard County have gone up over 8.4% in the last year, with many analysts projecting at least a 2.4% rise in home prices in 2016. The average home value in the county is $154,500. Many investors are buying land in the county, and selling homes that have just been built for massive profits.
If youre lucky enough to get land that is right on the coast, youll be able to sell the land or a home on the land for a much higher price. Land prices are slightly less expensive, and prices will depend on the property's location in the county.
There are several cities within Brevard County, including:
- Melbourne / Melbourne Beach / Melbourne Village / West Melbourne
- Palm Bay / Palm Shores
- Cocoa / Coca Beach
- Cape Canaveral
- Satellite Beach
- Barefoot Bay
- Indian Harbour Beach
The most popular destinations are Melbourne, Cape Canaveral and Palm Bay. These are the cities where youll find prices are higher, and markets are a little bit more desirable than in other smaller areas.
An overview of the real estate market in Melbourne is as follows:
- Over the last three months, the median sale price is $170,000, up 9% in the year, or $14,000.
- The average two-bedroom home in Q3 sold for $119,000.
- The average three-bedroom home sold in Q3 for $166,750.
- The average four-bedroom home Q3 sold for $327,000.
Any investor that has the cash to build a three-bedroom home will get the most bang for their buck by building a four-bedroom home in Melbourne.
Palm Bay has much lower real estate prices than in Melbourne. During the third quarter of 2015, the median sale price for homes in the city was $122,300. This is up 16.5% on the year, or $17,300 higher than in 2014.
An overview of Palm Bays real estate market is as follows:
- Two bedroom homes have seen their prices rise by 29.6% year on year up to $70,000.
- Three bedroom homes have had their sale price increase by 21.9% up to $124,000.
- Four bedroom homes in the city have experienced a 24.9% increase in price, up to $175,000.
You can easily build two smaller, two-bedroom homes and rent them out for a nice profit in Palm Bay. If you want to sell a home, its always best to build a luxury four-bedroom home as they sell for much higher than their three-bedroom counterparts.
Cape Canaveral is an upcoming city that has had a relatively flat Q3. The median sale price in Q3 for homes in the city was $155,000. Year on year, the prices remained the same.
Very little information is available on the current real estate market in the city, but we do have statistics for the following:
- Two bedroom homes are selling for $138,000 in the city, which is down 1.4% on the year.
- Three bedroom homes have seen their price increase 3.3% year on year, selling at $179,000.
Brevard County provides a lot of great opportunity for smaller investors. The lower prices for land allows you to build up a good rental property portfolio, or purchase land that is in prime areas and hold onto it to sell it at a higher price. If you do have the money, many investors are building homes on vacant lots and selling them with tens of thousands of dollars in profit earned.