One of the hottest real estate markets can be found beachside between the Melbourne Causeway (Fifth Ave) in Indialantic and Ocean Ave in Melbourne Beach. The local real estate agents refer to this section of real estate as area 384. This area is sought after for it’s larger lots, mature trees, proximity to Orlando Park, multiple beach accesses and community feel. It is south of fifth where A1A goes from 4 lanes to only 2 lanes.
In this area of Indialantic proper and N Melbourne Beach there is limited inventory, multiple offers are not uncommon. There is a trend of tearing down older homes and building brand new. An old “tear down” will cost anywhere between $240,000 and $325,000 depending on the lot size. A few lots over one-half acre do exist and sell at the top end of the aforementioned price range. Renovated mid-century homes will sell in the $400 – 600k range depending on the level of finish, square footage and lot size. Newer homes on dry lots, few are far between, will sell well into the $900s. Intracoastal properties start at $900,000 needing renovation and larger estates will sell well over $2 Million. Oceanfront homes will sell for as low as $1.1 million, needing major renovation whereas newer oceanfront homes sell for over $2 million. You can also find new developments like West Indies, a community of four luxury town homes with over 2000sf featuring high end finishes for around $400,000. The walk score form West Indies is one of the highest in the county. DeWayne Carpenter and Kirk Kessel are the top real estate agents (Realtors) in the area South of Fifth are the Carpenter / Kessel team and are the exclusive marketing agents for the West Indies development.
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