Palm Bay Florida Apartments & News

Welcome to the new state owned economy. When the government bails out large corporations such as Chrysler, that comes with huge implications, some that look deceptively like nationalization. Hugo Chavez is doing it in Venezuela to the oil companies and Barack Obama is doing it in the United States to the car companies and banks.

Case in point is a local Chrysler dealer in Melbourne Florida, the community just north of Palm Bay. Sunshine Dodge Isuzu in Melbourne FL is being forcibly taken away from owner George C. Joseph after 35 years of family ownership.

Here is part of Joseph’s letter to the editor as published at PrisonPlanet.com:

On Thursday, May 14, 2009 I was notified that my Dodge franchise, that we purchased, will be taken away from my family on June 9, 2009 without compensation and given to another dealer at no cost to them. My new vehicle inventory consists of 125 vehicles with a financed balance of 3 million dollars. This inventory becomes impossible to sell with no factory incentives beyond June 9, 2009. Without the Dodge franchise we can no longer sell a new Dodge as “new,” nor will we be able to do any warranty service work. Additionally, my Dodge parts inventory, (approximately $300,000.) is virtually worthless without the ability to perform warranty service. There is no offer from Chrysler to buy back the vehicles or parts inventory.

If that doesn’t scare the crap out of you, it should! Here is a profitable car dealer, that by the way, my family has purchased cars from years ago, that is having their business, that they paid for, maintained, grew and invested money in over a period of nearly 4 decades, being stolen legally by the Chrysler corporation and the state (read, Obama Administration) right out from under them.

This is outrageous! We do not live in a third world country. The President of Zimbabwe, Robert Mugabe, did this to wealthy land and farm owners in his country and gave the land to people who didn’t know how to farm and ruined the economy. Is that what the current administration wants to happen to our country?

If this can happen to a local business owner, it can happen to anyone. What do you own that the government may try to confiscate? You better hide it before it belongs to the state.

Welcome to the People’s Republic Of America.

The Villas At Palm Bay are the newest apartment rentals in the Palm Bay Florida area. In fact they are so new that I’ve been checking online and the map web sites like Mapquest don’t have the location correct and the address is listed incorrectly at Apartments.com.

However, they are very nice apartments and they’re brand new.

Amenities include:

Furnished apartments available
Clubhouse
On Site Laundry 
Free use of the Fitness Center with Free Weights
Pool
Business Center
High Speed Internet Available 
Playground
On-site Maintenance 
Guest Rooms
Sundeck 
Residents lounge 

Rental rates range from $795 to $1095 per month. The Villas At Palm Bay offer one, two and three bedroom apartments ranging in size from 775 to 1175 square feet.

Click on the link below to contact the property and see photos. Make sure you email the property to get the latest specials.

The Villas at Palm Bay
9600 Pinewood Drive
Palm Bay, FL 32905

Alan

Tags: palm bay fl apartments, the villas, furnished apartments, palm bay florida

Believe it or not, the Palm Bay Florida home in Riviera Key we have had up for sale for 1 year now has been sold, finally. We closed on the house on Thursday September 27th and the final selling price was $180,000.

The two year investment deal that didn’t go as well as we had planned is now completed and it will be a long time before we get into flipping property again. I’m not saying it will never happen, because there are opportunities in every market, but it will probably be a good wait before we are able to invest in real estate again.

The timeline of this little real estate investment goes something like this.

August 2005 – Closed on our investment house at 836 Tavernier Cir NE – Price $241,000

March 2006 – Construction begins 7 months after we close.

May 2006 – Roofing completed and painting of outside of home.

June 2006 – Driveway poured

August 2006 – Flooring with carpert and tile completed inside home.

October 2006 – Construction of home completed and we are given the CO. That’s a certificate of occupancy. Yes, it took a full 7 months to build a 3 bedroom house.

October 2006 – We put the house on the market for $249,000!

We then waited and waited to no avail because the market tanked. We lowered the price on the home several times and probably had about 10 prople look at the home in the year that it was on the market.

We did have one offer and a contract on the house almost as soon as we put it on the market. The offer was eventually worked out to be a price of $250,000. Unfortunately the buyer didn’t have employment or income verification. I’m not sure why they were even looking for a home, but that was a weird one. Too bad, it would have saved us about $30,000 in house payments, insurance and utilities.

March 2007 – Switched reators and went with Steve Johnson based in Palm Bay.

March -July 2007 – Dropped the price of the home approximately $10,000 every two weeks until we got an offer.

July 2007 – Received 3 offers and accepted an offer of $180,000

September 2007 – Closed on offer of $180,000. This deal was a short sale, but I will spare you the details since they are private. Needless to say we lost a bunch on this whole deal but are thankful to have the home out from under us and the buyer got an exceptional deal.

We purchased this home for $241,000 and sold it 2 years later for $180,000. Not a very good investment I would say. But at least this chapter in our life is over. So much for real estate investing on our part.

To check out the home in Palm Bay FL, click here.

Alan

Tags: palm bay florida, florida home, real estate investing, short sale, flipping property