Living in Florida's Space Coast
Venetian Bay
Venetian Bay is two seven story buildings at 4955 and 4975 Dixie Highway NE, 66 units in total, standing directly on the Indian River in northeast Palm Bay. They opened in 2004. Units are three bedroom and large, around 2,400 square feet with penthouses past 3,500, behind a gate and a secured lobby. Dues run above $1,000 a month.
Venetian Bay In Palm Bay, Florida
There is nothing else quite like this in Palm Bay. Two seven story towers holding 66 units total, built in 2004 on the west bank of the Indian River, reached by turning off Dixie Highway at Gran Avenue NE and then immediately into a gated entrance. Both buildings have a secured lobby and two elevators, and each unit comes with a garage parking space, with guest and overflow parking in a gated lot.
Shared space is straightforward and well used: a community pool, a clubhouse and a fishing pier out over the river. Storm shutters are standard, the construction is concrete and block with stucco, and the buildings face east, so the water views come with morning light. The upper floors look north and east across open water, and the highest units can see past the barrier island.
The units themselves are large by condominium standards. Three bedrooms is the standard configuration, with two to four baths, roughly 2,400 square feet on a typical floor and up to about 3,560 in a penthouse. Ceilings run around nine feet on the standard floors and twelve to thirteen in the penthouses, with expansive sliders opening onto terraces that wrap the corner units. Most owners live on one level with no stairs at all.
Monthly assessments have run roughly $1,066 to $1,228, which is the number that decides whether this works for you. The fee covers water, cable, internet, grounds maintenance, security, trash and the shared amenities, so a fair comparison against a house payment has to add those costs back on the other side. The association is Venetian Bay Condominium Association, and management is off site.
The market here is slow and it is important to say so. Units take around four and a half months to sell, by a wide margin the longest of anything in Palm Bay, at roughly $208 a square foot with prices from the $380,000s to $875,000. The reasons are the assessment, the smaller pool of buyers who want a high rise, and condominium financing, which is stricter now than it was ten years ago.
Venetian Bay At A Glance
Venetian Bay at a glance.
| Detail | What you get |
|---|---|
| Detail | Value |
| Location | 4955 and 4975 Dixie Highway NE at Gran Avenue, northeast Palm Bay 32905 |
| Built | 2004 |
| Buildings | Two seven story towers, 66 units total |
| Home size | About 2,400 square feet typical, up to roughly 3,560 in a penthouse |
| Bedrooms | Three, with two to four baths |
| Lot size | Condominium. No individual lot. The towers share a riverfront parcel |
| Construction | Concrete and block with stucco, storm shutters, balconies and wrap terraces |
| Association | Mandatory. About $1,066 to $1,228 per month covering water, cable, internet, grounds, security and trash. Venetian Bay Condominium Association, off site management |
| Gated | Yes, gated entry plus a secured lobby in each building |
| Water frontage | Direct Indian River frontage with a fishing pier |
| Amenities | Community pool, clubhouse, fishing pier, two elevators per building, owner storage |
| Parking | One garage space per unit plus gated guest parking |
| Utilities | Public water and sewer, water included in the assessment |
| Price range | $380,000 to $875,000, typical $450,000 |
| Price per square foot | Around $208 |
| Streets | Dixie Highway NE, which is US 1 |
Venetian Bay Details
Direct River, Not A View Of One
These towers sit on the Indian River rather than near it. The east facing units look straight out over open water from a balcony, and the corner units wrap the terrace around two exposures. In a market where most waterfront is a canal or a retention pond, that is a genuinely different product.
Big Units, One Level
Three bedrooms and roughly 2,400 square feet on a single floor, reaching about 3,560 in the penthouses with twelve to thirteen foot ceilings. For a buyer downsizing out of a house who is not willing to give up square footage or take on stairs, that combination is hard to find in Brevard County.
The Assessment Is The Decision
Between $1,066 and $1,228 a month covers water, cable, internet, grounds, security, trash and the amenities. That number is real and it is not going down. Compare it honestly against what a comparable house would cost you in utilities, insurance, lawn care and roof reserve before you rule it in or out.
Do The Structural Homework
Florida requires residential condominiums three stories and taller to complete a structural integrity reserve study every ten years, and a milestone inspection at thirty years from the certificate of occupancy. For a 2004 building the milestone falls around 2034. Ask for the current reserve study and the funding plan before you write.
It Takes Time To Sell
Around four and a half months on market is the norm here. That is patience as a buyer and patience as a future seller. Condominium financing is stricter than it was, the buyer pool is narrower, and the assessment filters people out. Price and time are linked more tightly here than anywhere else in Palm Bay.
Riverfront, Not Oceanfront
Palm Bay is on the mainland. What you get is the Indian River out the back, a fishing pier, dolphins and manatees working the shoreline, and a causeway drive to reach the Atlantic. That is a trade worth understanding clearly rather than discovering after closing.
Homes For Sale In Venetian Bay
Whatever is currently for sale at Venetian Bay is shown below. With only 66 units across the two towers, availability is limited and floor level and exposure matter more than almost anything else.
Venetian Bay Frequently Asked Questions
How many units are there and how tall are the buildings?
Two seven story buildings holding 66 units in total, at 4955 and 4975 Dixie Highway NE. Each building has a secured lobby and two elevators. The complex was built in 2004.
What do the monthly fees cover?
Assessments have run roughly $1,066 to $1,228 a month and cover water, cable, internet, grounds maintenance, security, trash, the community pool, the clubhouse and the fishing pier. Ask for the current budget, the reserve balance and any special assessment history in writing.
Is there boat dockage?
There is a fishing pier out over the Indian River. This is not a marina community with assigned slips, so if keeping a boat at home is a requirement, a canal front house on Turkey Creek is a better fit than a tower on US 1.
What should I ask for regarding the building's structure?
Florida requires condominiums three stories and taller to complete a structural integrity reserve study on a ten year cycle, and a milestone inspection at thirty years from the certificate of occupancy. Request the most recent study, the reserve funding plan, and the board's response to any findings.
Why do units take so long to sell?
Time on market runs about four and a half months. The assessment narrows the buyer pool, condominium lending has tightened, and there simply are not many people shopping for a 2,400 square foot high rise unit in Palm Bay at any given moment. Price accordingly and plan a longer runway.
Which floors and exposures are worth paying for?
Higher is better here and east facing is the point. Upper floor units look north and east across open water, and the corner units carry terraces that wrap two sides. A lower floor unit at the same square footage is a different product and should be priced as one.
Is Venetian Bay age restricted?
No. It is a general occupancy condominium. Pet rules and leasing restrictions do apply, so read the declaration and the current rules before you assume anything about renting a unit or bringing a large dog.
How far is everything?
US 1 runs right past the entrance, so Melbourne is ten to fifteen minutes north and the Palm Bay Road corridor is five minutes away. Melbourne Orlando International Airport is roughly twenty minutes, and the Atlantic beaches are a causeway crossing east.
Dixie Highway NE, Palm Bay 32905
Venetian Bay sits on the east side of Dixie Highway, which is US 1, between the Port Malabar Boulevard light and Malabar Road in northeast Palm Bay. Coming south from Melbourne you pass Port Malabar Boulevard, turn left at Gran Avenue NE, then immediately left again into the gated entrance. The north building is the one closest to the road. From the south, US 1 north from Malabar Road gets you to the same turn.
This is one of the more connected addresses in the city. US 1 links straight north to downtown Melbourne in ten to fifteen minutes and south toward Malabar and Grant-Valkaria. I-95 is roughly ten minutes west by Palm Bay Road or Malabar Road, and Melbourne Orlando International Airport is about twenty. Palm Bay is on the mainland, so the barrier island and the Atlantic are reached by driving east across a causeway.
Near Venetian Bay In Merritt Island
Considering Venetian Bay?
Buying in a seven story building is a document exercise as much as a showing, and the reserve study, the funding plan and the assessment history will tell you more about your next ten years than the finishes will. My partner Nichole and I can pull those, read them with you, and tell you which floors and exposures are worth the premium. Call or text (321) 212-7676.
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