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Patrick AFB, FL Real Estate News

By Jeffrey DiMuria 321.223.6253 Waves Realty, Florida Space Coast Homes
(Waves Realty)
Patrick Air Force Base is one of the re-badged bases that will become part of the newest U.S. military force, Space Force!Here is the list of the new bases and the structure of Space Force:Structure Space Operations Command (SPOC), Vandenberg Air Force Base, California  21st Space Wing (21 SW), Peterson Air Force Base, Colorado  30th Space Wing (30 SW), Vandenberg Air Force Base, California  45th Space Wing (45 SW), Patrick Air Force Base, Florida  50th Space Wing (50 SW), Schriever Air Force Base, Colorado  460th Space Wing (460 SW), Buckley Air Force Base, Colorado  614th Air and Space Operations Center (614 AOC), Vandenberg Air Force Base, California  Space and Missile Systems Center (SMC), Los Angeles Air Force Base, California 61st Air Base Group (61 ABG), Los Angeles Air Force Bas...
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By Kerry L Klun, Broker/Owner, 321-626-5868
(Palm Realty)
 Vivintsource.com has listed Patrick Air Force Base as one of the safest miitary bases in the country. After surveying 78% of military personnel the following list was made public.1.) Quantico, Virginia - Marines2.) Shiremanstown, Pennsylvania - Navy3.) Bedford, Massachusetts - Air Force4.) Colts Neck Township, New Jersey - Navy5.) Satellite Beach, Florida - Air Force6.) Rockaway, New Jersey - Army 7.) Lakehurst, New Jersey - Navy8.) Oak Harbor, Washington - Navy9.) White Hall, Arkansas - Army10.) Sandwich, Massachusetts - Coast GuardWhen you are looking to purchase your new home or sell the one that you have, let my 25+ years experience as a full time real estate broker  work for you! Call me at 321-626-5868, I would be honored to help  you too!#PALMREALTY #SALES #LEASING #PROPERTY MAN...
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By John S. Murphy, Specialist - Patrick AFB
(RE/MAX Elite)
    UPDATED 1/1/13 Home Values In Brevard County FL, "Florida's Space Coast": Since the middle of 2011 home prices have stabilized and have begun an upward swing. A lot of that has to do with the decreased inventory of home for sale and increased demand.       The 4th quarter of 2012 showed an increase in the median price of 15% from the 4th quarter of 2011.  Of all the residential sales in 2011, 45% of them were distressed properties (short sales or foreclosures). In 2012 only 40% of the residential sales were distressed properties and below 45% of the market for the first time since 2007. The number of residential properties that sold in 2012 was 10% more than sold in 2011, and the average days on the market dropped by 26% from 120 days to 89 days. ABSORPTION RATE is a calculated rati...
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By John S. Murphy, Specialist - Patrick AFB
(RE/MAX Elite)
The 2013 BAH rates are now available. There was a decent increase from last year. Rank With Dependents W/O Dependents E-1 through E-4 $ 1161 $ 870 E-5 $ 1281 $ 972 E-6 $ 1545 $ 1158 E-7 $ 1623 $ 1218 E-8 $ 1707 $ 1335 E-9 $ 1845 $ 1416 W-1 $ 1548 $ 1161 W-2 $ 1659 $ 1332 W-3 $ 1761 $ 1425 W-4 $ 1875 $ 1566 W-5 $ 2010 $ 1644 O1-E $ 1641 $ 1281 O2-E $ 1746 $ 1398 O3-E $ 1896 $ 1545 O-1 $ 1311 $ 1038 O-2 $ 1539 $ 1239 O-3 $ 1758 $ 1449 O-4 $ 2061 $ 1632 O-5 $ 2277 $ 1710 O-6 $ 2301 $ 1761 O-7+ $ 2325 $ 1797  
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By Jim Poole, Zero Down, USDA Purchase Loans, FHA 203(K) Rehab & VA Streamline Loans
  VA Home Loans for Veterans and Active Duty Personnel at Patrick Air Force Base in Cocoa Beach Florida Top Ten Reasons to Use a VA Loan to Buy Your Next Home 1. Nationally there was 1 VA loan funded for every 6 FHA loans in 2010 2. No Lender Fees 3. Credit Scores as LOW as 620! 4. 100% Financing (No Down Payment Required) 5. Cash Out Refinance up to 90% LTV 6. Loans are Assumable 7. No PMI 8. Rules prohibit Originators from charging more than 1% Origination Fee 9. Buyers can receive CASH-BACK at closing for their Out-of-Pocket Expenses and Earnest Money Deposit 10. Thousands of Enlisted Men and Women working at Patrick Air Force Base For more Information on Resources for Veterans Visit: THE VETERANS RESOURCE CENTER For More Information on Other Government Loan Programs Visit: Governmen...
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By John S. Murphy, Specialist - Patrick AFB
(RE/MAX Elite)
  This article is part of "The Patrick AFB Online Relocation Package".   UPDATED 1/1/11   Home Values In Brevard County FL, "Florida's Space Coast": Distressed properties continue create a lot of downward pressure on home prices. From the peaks in 2005 to the end of fourth quarter of 2010 the median price for residential property has declined by 57%*.In 2010, according to MLS data, 46% of all the residential properties that sold in Brevard County were distressed. (27% foreclosures and 19% short sales) In the past two years the home value declines have not been as steep, with some signs of leveling out. But with the large numbers of distressed properties still on the market the values will continue to decline. *Data from Brevard County MLS: Sold; Residential   ABSORPTION RATE is a calcul...
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By John S. Murphy, Specialist - Patrick AFB
(RE/MAX Elite)
This article is part of "The Patrick AFB Online Relocation Package".   The new Patrick AFB BAH rates for 2011 are now available. In general, the allowance is lower than in 2010, reflecting the decline in housing prices in the area. 2011 BAH Rates - Patrick Air Force Base Rank With Dependents W/O Dependents E-1 through E-4 $ 1065 $ 798 E-5 $ 1200 $ 900 E-6 $ 1467 $ 1101 E-7 $ 1509 $ 1131 E-8 $ 1551 $ 1254 E-9 $ 1650 $ 1338 W-1 $ 1470 $ 1104 W-2 $ 1527 $ 1251 W-3 $ 1581 $ 1344 W-4 $ 1674 $ 1479 W-5 $ 1788 $ 1518 O1-E $ 1518 $ 1200 O2-E $ 1572 $ 1317 O3-E $ 1692 $ 1467 O1 $ 1230 $ 927 O2 $ 1464 $ 1155 O3 $ 1578 $ 1371 O4 $ 1833 $ 1512 O5 $ 2016 $ 1539 O6 $ 2037 $ 1578 O7+ $ 2055 $ 1611
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By John S. Murphy, Specialist - Patrick AFB
(RE/MAX Elite)
UPDATED 10/1/10   Home Values In Brevard County FL, "Florida's Space Coast":   Distressed properties continue create a lot of downward pressure on home prices. From the peaks in 2005 to the end of third quarter of 2010 the median price for residential property has declined by 58%*.Prices remained relatively stable throughout 2009 , but the increase in distressed properties (foreclosures and short sales) in 2010 has pushed prices to new lows. Of the 4,916 residential homes that sold in Brevard County since the start of 2010, 47%* of those properties were either foreclosures or short sales. Interestingly, while distressed properties make up only 36%* of the available homes for sale they count for 47%* of the closed transactions. This is the main reason that the median home price continue...
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By John S. Murphy, Specialist - Patrick AFB
(RE/MAX Elite)
  UPDATED 4/1/10         Recent History of Home Values In Brevard County FL, "Florida's Space Coast":   Brevard County like most of the country has not been immune to the decline in home prices. Distressed properties put a lot of downward pressure on home prices. From the peaks in 2005 to the end of first quarter of 2010 the median price for residential property has declined 52%*. After prices remained relatively stable throughout 2009, prices appeared to have taken a dip the past two quarters, although not as sharply as in the past few years. Is this a sign that we have not hit bottom yet? It may be. There are still many distressed properties on the market and that doesn’t seem to be slowing down. We’ll know in the next six months if these recent declines are a small blip or part of an...
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By John S. Murphy, Specialist - Patrick AFB
(RE/MAX Elite)
  This article is part of "The Patrick AFB Online Relocation Package".UPDATED 1/1/10 Recent History For Home Values In Brevard County FL, "Florida's Space Coast": Brevard County like most of the country has not been immune to the decline in home prices. Distressed properties put a lot of downward pressure on home prices. From the peaks in 2005 to the end of 2009 the median price for residential property has declined 49%*. Up until the beginning of 2009 the pace of the decline had been rather dramatic. But since the start of 2009 prices have been relatively stable. have we hit bottom? I feel that unless there is a dramatic increase in the number of distressed properties Brevard County has hit bottom. I don't see any measurable appreciation in prices anytime soon, but a least the "bleedin...
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By John S. Murphy, Specialist - Patrick AFB
(RE/MAX Elite)
This article is part of "The Patrick AFB Online Relocation Package". The new Patrick AFB BAH rates for 2010 are now available. In general ,there was a slight increase over last year. Interest rates are at all time lows, there is a homebuyer  tax credit, and home prices in Brevard County seem to have stabilized. It appears that 2010 might be one of the best buying opportunities in years. 2010 BAH Rates - Patrick Air Force Base Rank With Dependents W/O Dependents E-1 through E-4 $ 1080 $ 819 E-5 $ 1185 $ 924 E-6 $ 1590 $ 1094 E-7 $ 1614 $ 1212 E-8 $ 1641 $ 1266 E-9 $ 1725 $ 1392 W-1 $ 1593 $ 1194 W-2 $ 1626 $ 1260 W-3 $ 1656 $ 1404 W-4 $ 1752 $ 1596 W-5 $ 1863 $ 1620 O1-E $ 1620 $ 1215 O2-E $ 1650 $ 1362 O3-E $ 1770 $ 1590 O1 $ 1230 $ 972 O2 $ 1584 $ 1188 O3 $ 1656 $ 1443 O4 $ 1908 $ 1617...
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By John S. Murphy, Specialist - Patrick AFB
(RE/MAX Elite)
The President signed the bill to extend the homebuyers tax credit. The bill not only included an extension but also added credits for "non first time homebuyers".The $8000 first time buyer credit was extended to purchases made from January 1st, 2009 - April 30th, 2010. The original expiration date was November 30th 2009. The credit is available to individuals that did not own a principle residence in the United States 3 years prior to the purchase of a home.The new provision in the bill includes a credit for people that have lived in their former home for an extended period. If you purchase a new home and have lived in your previous home consecutively for 5 of the previous 8 years, you would be eligible for a credit of $6500.One of the most important parts of this new bill is that the f...
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By John S. Murphy, Specialist - Patrick AFB
(RE/MAX Elite)
This article is part of "The Patrick AFB Online Relocation Package".   Wow!!! For those of you PCSing to Patrick AFB in 2009 there is a huge benefit that just got passed in the stimulus bill: $8000. The fully refundable, $8000 (or 10% of the purchase price, up to $8000) is a tax credit for first time homebuyers that purchase a home between January 1, 2009 and November 30, 2009.Update: This program has been extended until April 30th 2010.Here are the details: What is a first time homebuyer? Someone who has not owned a principle residence in the past three years. So many of you coming from overseas who have owned a home in the past, but have been living on base for three years will still qualify.Are there income limits?Yes, $75,000 for singles and $150,000 for couples.Will I have to pay t...
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By John S. Murphy, Specialist - Patrick AFB
(RE/MAX Elite)
This article is part of "The Patrick AFB Online Relocation Package".   Once again this year Walt Disney World is offering their Armed Forces Salute. It is a great deal for active and retired US Military. Disney World is only an hour trip from Patrick Air Force Base, and it is a deal that many service members should explore.Here are the details from the Disney Website: "Through December 23, 2009, each active or retired member of the U.S. military may obtain one complimentary 5-day "Disney's Armed Forces Salute" ticket with Park Hopper® and Water Park Fun & More options. This ticket is valid for five days of admission into the four Walt Disney World® theme parks, plus a total of five visits to a choice of a Disney water park, DisneyQuest® Indoor Interactive Theme Park or certain other att...
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By John S. Murphy, Specialist - Patrick AFB
(RE/MAX Elite)
This article is part of "The Patrick AFB Online Relocation Package". The new Patrick AFB BAH rates for 2009 are now available. There was a slight increase over last year and with the possibility of interest rates dropping to all time lows in the near future, 2009 might be one of the best buying opportunities in years. 2009 BAH Rates - Patrick Air Force Base Rank With Dependents W/O Dependents E-1 through E-4 $ 1108.00 $ 831.00 E-5 $ 1184.00 $ 962.00 E-6 $ 1463.00 $ 1097.00 E-7 $ 1538.00 $ 1154.00 E-8 $ 1620.00 $ 1239.00 E-9 $ 1728.00 $ 1326.00 W-1 $ 1464.00 $ 1098.00 W-2 $ 1571.00 $ 1238.00 W-3 $ 1671.00 $ 1334.00 W-4 $ 1749.00 $ 1482.00 W-5 $ 1840.00 $ 1556.00 O1-E $ 1554.00 $ 1184.00 O2-E $ 1656.00 $ 1306.00 O3-E $ 1763.00 $ 1463.00 O1 $ 1216.00 $ 1031.00 O2 $ 1457.00 $ 1158.00 O3 $ 1...
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By John S. Murphy, Specialist - Patrick AFB
(RE/MAX Elite)
This article is part of "The Patrick AFB Online Relocation Package".   Many, if not most of my clients decide to use their VA benefit and go with a VA loan and for many reasons it's a great idea. Also many decide to do a 100% financing VA loan (no down payment) and I think that is a great idea too, but one that involves some risk.One of the biggest advantages of a VA loan is that you can still do 100% financing. With all of the recent problems is the mortgage industry, 100% financing which was readily available a few years ago in many types of loans is no longer an option.Another advantage is that there is no PMI (Private Mortgage Insurance) that gets added to your home payment. Typically PMI can cost between one half to one percent of the loan, according to the Mortgage Bankers Associa...
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By John S. Murphy, Specialist - Patrick AFB
(RE/MAX Elite)
This article is part of "The Patrick AFB Online Relocation Package".   There are many myths about buying homeowners insurance in Florida. I've had many clients tell me that they have heard that it is very expensive and that you might not even be able to get insurance.First, I can equivocally state that if you decide to purchase a home in the area you will be able to get it insured.Now, is homeowners insurance expensive on the Space Coast? Well that's a relative question. Compared to other areas of the country it is, but due to various legislative actions and other factors, rates have fallen over the past few years.There are many factors that go into how the insurance companies come up with local rates, but here are some of the highlights:Age of home - Newer the better (updated building ...
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By John S. Murphy, Specialist - Patrick AFB
(RE/MAX Elite)
This article is part of "The Patrick AFB Online Relocation Package".   When looking for a home on the various online home search sites, you will inevitably come across the term "short sale". I have had many clients contact me and ask what that term means. Many of my PCSers are under the impression that a short sale will take a "short" time to complete and since they are very interested in getting into a home quickly, because they will be staying in temporary housing or a short term rental while they look for their home. The truth is that the term short sale has nothing to do with the time that it will take to complete the sale, and if it did, it should be renamed -  an excruciatingly long, bang my head against the wall, sale. Simply put the "short" in short sale refers to that bank gett...
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By John S. Murphy, Specialist - Patrick AFB
(RE/MAX Elite)
This article is part of "The Patrick AFB Online Relocation Package".   One question that I will inevitably get asked when showing homes to a customer is, "What are the property taxes going to be on this property"? It seems like there should be an easy and straightforward answer. After all, the listings on the local MLS and national websites have the current property taxes displayed prominently. One would assume that the taxes would be around that figure. That could be a very expensive assumption. Due to various constitutional amendments and laws, I feel Florida has created one of the most convoluted and confusing tax systems in the US.  Any experienced Realtor can give you a very rough estimate on the spot, but allow them to do a little research and the real pros will be able to give yo...
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By John S. Murphy, Specialist - Patrick AFB
(RE/MAX Elite)
This article is part of "The Patrick AFB Online Relocation Package".   By no means am I a shopper and I would rather stick needles in my eyes then to spend an afternoon at a "mall", but close to Patrick AFB is a new outdoor shopping complex called The Avenue- Viera. It is located on the west side of Viera and about twenty minutes from the base and if I have to spend an afternoon at a mall, this is the one.         There are over 80 stores and restaurants that cover the expansive outdoor complex that opened just a few short years ago. It has a park like setting with fountains, extensive landscaping, and benches. For those that enjoy the shopping thing it is a very nice experience that has become a favorite of the locals.           Located in The Avenues is the Rave Movie Theater. It show...
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