A Question For FL Investors
I was thinking of purchasing a lot in the Palm Bay/Port Malabar area (South of Melbourne) and was wondering if anyone knows if this is still a good investment. I've been up there quite a few times and the prices keep going up. If seems like the majority of sales are investors buying and selling from one another which is increasing the price of the lots. There's not a whole lot of bargains to be found anymore. Last year the lots were selling for $5000 or $6000 and this year their around $20,000.
I'm new to RE investing and was wondering how long this upward swing might last. I would appreciate hearing your input.
There's also another questions I have. Does anyone think this is a good deal? There's a builder in that area that will build a house for $1000 down with an end loan and pay the closing costs if you use their lender. The price of the house includes the their lot. It takes a year to finish construction (6 months to pull permits and 6 months for completion). There are no other up front costs from what I understood until the closing. I got this information from a realtor in that area and she said she's ready to close on her deal next monh. She went into contract at $145,000 and going to list at $196,000 after closing. What do you guys think? A good deal???
Thank you so much for your input. 
Hey Pumpkin:
Kerry here from Port St. Lucie. Look what has happened here in the last two years!!! # years ago you could buy lots all day long for $3000.00 and now you can't touch them for anything less then 20-25K! I have friends who live up there and as of now it is still a semi sleeper town...but that will change. 1K down for a new house is a steal..but what are the details of the loan? 51K profit.. I would have to question this. There realy isn't much to do up there yet a far as work and industry. But, Palm Bay will explode one day..it's just a matter of when.
Kerry
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