1165 Ida Way, Melbourne, FL 32940

The details you provided for the property are:

• Status: Pre-foreclosure / Auction
• Estimated Value (Est.): $400,100
• Address: 1165 Ida Way, Melbourne, FL 32940
• Bedrooms (beds): 3
• Bathrooms (baths): 2
• Square Footage (sqft): 1,808
• Property Type: Single-Family
• Year Built: 1999

Analysis of the Estimated Value

Based on a review of the property and comparable home sales in the area:

• Current Market Value: The $400,100 estimate is consistent with current market valuations for the property, which range from a $400,300 Zestimate to $423,700 from other sources.
• Comparable Sales: Nearby homes with similar features (3-4 beds, around 1,800-2,000 sqft) have recently sold in a comparable price range:
  • A 3-bed, 2-bath, 2,006 sqft home at 1149 Ida Way sold in May 2025 for $425,000.
  • A 3-bed, 2-bath, 1,890 sqft home sold nearby in February 2025 for $405,000.
• Last Sale History: This specific property was last sold in September 2020 for $304,000. The estimated value reflects significant appreciation since then.

Given the recent sales data, the estimated price of $400,100 for a 3-bed, 2-bath, 1,808 sqft home is a competitive market price for the Melbourne 32940 area.

Important Considerations for a Pre-foreclosure/Auction Property

The “Pre-foreclosure/Auction” status means this is not a standard home sale and carries additional risks. If you are considering purchasing this property, be sure to complete your due diligence on the following:

• Liens and Encumbrances: In a foreclosure auction, you often buy the property subject to existing liens (such as tax liens, HOA dues, or second mortgages) that may not be cleared by the sale. You must determine the total amount of debt owed on the property.
• No Inspection: Most foreclosure or auction sales do not allow for interior inspections. Buyers typically purchase the home “as-is,” so you must budget for unknown repairs or damages.
• Auction Rules and Funds: The auction process generally requires you to have cash funds readily available to close the sale very quickly (sometimes within 24 hours). Financing is rarely an option.

It is highly recommended that you consult with a local real estate attorney experienced in foreclosure sales before bidding or making an offer on a pre-foreclosure property.