Analytical Abstract · 118 Bay Dr N
This analysis applies two valuation frameworks to 118 Bay Dr N. The first is a market comp approach: two pool home sales within the last 90 days establish a data-supported range of $519,000–$549,000. Five expired listings define where the market has already drawn the line above that ceiling — all of them overpriced, none of them sold. One detail stands alone in the active pool: zero competing listings carry documented STR income. That is not a minor point.
The second is an income approach — pending the property’s financials. Investors read price differently than retail buyers do, and when there’s operating revenue to back that read, the valuation conversation shifts. Whether it shifts here, and in which direction, is what the numbers will determine.
In a one-mile radius, this is what the single-family market has done since January 2026. Before we look at what sold, we look at what didn’t — and why.
Every seller who overpriced in this neighborhood paid for it in time, stress, and concessions — or didn’t sell at all.
1190 Yacht Club Blvd
Nearest CompFully renovated 2023 — impact windows, new kitchen, LVP, updated baths. Got a contract in February 2026; it fell through. Listed twice, expired both times. The most comparable property to 118 Bay Dr N that tested the upper range of this market.
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120 Anona Place
ExpiredOne full year on market. Dropped $126,000. Documented active STR with $85K+ annual income — and still couldn’t sell. The income didn’t justify the ask.
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188 Martesia Way
ExpiredNewer construction, screened pool, HOA community. Still expired in 94 days. Different neighborhood positioning from Golden Beach Estates.
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929 Bluewater Drive
Expired → RelistedListed July 2025 at $650K. Withdrawn after 111 days. Relisted May 2026 — already reduced to $579,900 and still unsold. Nearly a year of market rejection across two attempts. See also: Active Competition section.
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257 Marion Street
Expired → RelistedPartial renovation with mismatched finishes. Expired, relisted at $375K — still sitting at 84 more DOM. A condition failure, not a pricing failure. Included to show the full picture of what this market has rejected.
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1198 Yacht Club Blvd
SoldSame vintage, same neighborhood, pool. Full list price, zero days on market — the result of pricing where the market actually is.
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119 Anona Place
Sold4 bedrooms, 1,571 sf — larger than 118 Bay Dr N. Sold at full list in 3 days. The upper end of what this pool-home market will fund when the product is right.
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211 Osage Drive
Under Contract
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114 Anona Place
Under Contract
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209 Osage Drive
Under Contract
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204 Martin Street
Active · 16 DOMMarkets itself as “Airbnb Gold” but there is no indication it has operated as an Airbnb. Vacant and easy to show. An STR buyer here is guessing at income; yours comes with receipts.
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929 Bluewater Drive
Active · 55 DOMLegitimate active Airbnb — no pool. Previously listed July 2025, expired after 111 days. Now on second attempt, already reduced. At $250/sf with no pool, not competing for the same buyer as 118 Bay Dr N.
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132 Terry Street
Active · 225 DOM225 days on market. Unrenovated “retro beach home.” Reduced $20K — still sitting. The pool isn’t enough to move it at this condition. Creates no real competitive pressure on a well-priced listing.
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Pricing Strategy · 118 Bay Dr N
Where to Position
Priced at the 1198 Yacht Club comp — the most recent pool home sale in the neighborhood. Maximum buyer traffic from day one. Leaves no room for negotiation resistance.
Positioned above closed comps and below the failed ceiling. Targets the STR investor buyer who can run the income math and a lifestyle buyer who sees the pool premium. Leaves negotiating room without inviting stigma.
Above all closed comps. Requires the right buyer to appear early. Past 30 days, the market starts asking what's wrong with it — and the answer here is nothing, which makes stigma accumulation especially costly.
Alternative Valuation Framework
The Income Approach — Pending Financials
The comp approach establishes a range: $519,000 to $549,000. That’s the ceiling the market has set — and it’s useful to know. But 118 Bay Dr N is also a producing asset, and the income approach runs on different logic.
The question isn’t whether to run both frameworks — it’s which one drives the pricing decision. If the NOI supports a cap rate that implies a value above the comp ceiling, the list price conversation changes. So does the buyer pool. We need the revenue picture before we decide which number to lead with.
Next step: Share the Airbnb income summary — annual gross, platform fees, recurring expenses. We run the income analysis and determine whether investor valuation supports a higher price, a different buyer pool, or both.
How We Work · 118 Bay Dr N
The Structure Is the Conversation
You have more options here than most sellers do — list it yourselves, work through the property manager, bring in a third party, or structure something that reflects the fact that you’re also in this business. None of those are wrong. What matters is that the structure actually fits the situation.
I’m open on the structure. Co-list, referral arrangement, full service — whatever makes sense for your side of this. I’d rather hear how you’re thinking about it before we put anything in front of either of us to sign. That conversation probably takes fifteen minutes and makes everything downstream cleaner.
One thing worth knowing before that conversation happens: we have direct access to over 1,000 active and recent Brevard Airbnb and VRBO operators — people who already own and run vacation rentals here and know exactly what they’d be buying. I doubt any other agent in this market has that list — because I built it myself.
Let’s talk structure before we talk strategy.