Vero Beach Florida Homes

Median prices of houses sold in Indian River County moved up a little from $135,000 in January to $138,000 but was still 5% lower than February 2009. At least we are moving in the right direction. As you can see from the graph, except for a couple of spikes, the median price has stayed pretty consistent over the last year. The number of bank-owned sales and Short Sales were 49% of the total houses sold. 

Sales of the lower priced homes continue to increase, partially because of the tax credit, which will expire at the end of April, partly because of low prices and finally because of low interest rates. It is the perfect storm of opportunity for the selling of lower priced houses. 

Lower priced condos are still selling well because many are sold for cash. It’s quite challenging to get a mortgage on a condo. It can be done, but lenders are very thorough when checking out the condo associations. There are restrictions on the number of investors, the number of rentals, the number of non-resident owners and the number of distressed (foreclosure and short sale) units in the complex. 

Higher priced and island property sales are slow because there are fewer buyers who feel confident enough in the over all economy to purchase a higher priced home or a second home. 

 

Not so good for Single family home sales on the Island in February.  Up only 2 units from January, and it was the worst February sales month in 7 years. Inventory is increasing. Usually we see a pretty good jump in February because homes purchased in January by snowbirds are starting to close in February. 

 Prices were moderated also. Only 2 homes sold for over $500,000. One in Indian Trails and one in Silver Shores. There were 5 homes that sold for under $300,000, one in Summerplace for $221,000, and several others in the central beach area. 

 

 

Good news for home sales Indian River County-wide—up in February to over January with 108 homes sold—the best February in 4 years. On the mainland, prices were still on the low side with 44% of the homes sold under $100,000, and 78% were under $200,000. Six homes sold for over $300,000. Investors with cash are still taking advantage of the low priced properties, many times at the expense of a first time Buyers who are getting a mortgage.  At the high end there were some good values purchased in Ansley Park, 4 bedroom 3200 sq ft houses for $325,000 and $350,000. The highest priced house sold was 4 bedroom, 3200 sq ft in Kingswood Estates.

A great sales month, in quantity at least, for condos in Indian River County, the best February in 5 years. However, most of the increase in sales was on the mainland.  The snow birds and investors were buying up the low-priced units—15 out of the 29 sales on the mainland were in Vista Royale or Vista Gardens. On the low end, 3 Vista 1 bedroom units were purchased for under $30,000, and on the high end there was a Grand Harbor condo that sold for $500,000 and one in Royal Palm Pointe that sold for $950,000.  We expect these low-priced units to keep selling even though their list prices are gradually moving up.   

 

 

 

 

On North Hutchinson Island February 2010 was a tough sales month with only 3 sales, which was more than half of what was sold in January but the same as February 2009. One corner unit in Atlantic View sold for $245,000, a corner unit in Ocean Harbour North for $190,000 and a nice Townhouse in the Sands for $200,000. Traffic and calls have tapered off at our office on Hutchinson Island probably because of the weather. Previous years have shown a rebound in March, so let’s hope it happens again.

 

 

The median sales price of homes in Indian River County stayed constant compared to December 2009. However the price did drop 10% from January 2009.  These statistical results are influenced by more lower priced homes that are being purchased by first time buyers utilizing the tax credit. Also, investors are snapping up the low priced homes to rent or flip. There were 29 foreclosures and 14 short sales representing 40% of the houses sold in January. Time on the market is coming down as sellers realize that they have to compete with the banks that are setting prices low so the homes will sell fast. 

In general there seem to be more snow birds this year, and the weather has become more challenging up North, so sales should continue to improve.

Homes sales on the island were fairly good in January, typical of this time of year and better than last January. January sales are properties that went under contract in November and December of last year, which as holiday months are usually less active for home sales.  Prices held their own with an oceanfront short sale selling for $1,750,000 and one in Windsor selling for $2,250,000. At the other end there was a hurricane damaged house in Indian Trails that sold for $300,000 and a couple in central beach that sold for under $400,000.

 

 On the island condo sales were the best in the last 5 years.  Only the peak year of 2004 was better. Prices have moderated, which is probably the main reason for strong sales. Probably very few of these condo sales qualified for a tax credit as most are second homes. There were 4 units that sold under $300,000 including 2 in Park Shores and one in South Passage at the Moorings. There were 2 units that sold for over $500,000, one in Sea Oaks for $550,000 and one on the ocean in Baytree for $780,000. 

 

 

Not a great sales month for mainland houses in Indian River County compared to the last 9 or 10 months, but it was the best January in 3 years.. Prices ranged from 8 houses selling for under $50,000 mostly in the south county up to one home in Hobart Landing for $420,000. Of the 88 homes that sold on the mainland, 72 sold for $200,000 or less. 80% of the homes sold were under 2000 square feet in size.

 

 

On North Hutchinson Island 6 units sold in January. It doesn’t sound like much but it was the best January in 6 years. Prices are becoming stable, and activity is strong so we expect a good season. 2 condos sold in Atlantic View, one was a short sale on the 2nd floor for $105,000 and the other a nice buy that was bank owned on the 18th floor for $173,000. The highest price sale was in Ocean Harbour Tower, a 3 bedroom condo on the 6th floor for $334,000.

 

 

 

These days, buying a home in Vero Beach is about more than finding the right square footage, number of bedrooms, and price range. While these factors almost always make up the primary concerns for any home buyer in FL, the truth is that there is so much more to a home than the numbers and figures you see on an advertisement. In fact, Vero Beach and Hutchinson Island are part of a growing trend of buying homes that are not only an investment in your future, but an investment in the future of the planet, as well.

 

What is an Eco-Friendly Home?

 

An eco-friendly home is any house that strives to reduce energy usage either during the building process or for average, everyday use. Green Home Building Standards have been established by the National Association of Homebuilders (NAHB), which strives to ensure that ecologically sound building practices meet structurally sound ones no matter where you live.

 

Some of the components of a “green” home include:

 

• Energy-efficient features, including appliances and windows with the Energy Star rating. This can also be accomplished by doing simple things like using more efficient lighting fixtures and light bulbs.

 

• Water-efficient features, including Energy Star ratings on toilets, showers, faucets, dishwashers, and washing machines. At a more advanced level, this can include water recirculation systems and on-site wastewater treatment systems.

 

• Resource-efficient features, which generally come from structural changes that have to do with house size and layout, window placement, heat conservation efforts, and even using fast-renewing resources (like bamboo) for the floor or other building materials.

 

• Quality air features, which provide good ventilation without introducing toxins into the air either inside or outside the home.

 

• Outdoor features, including landscaping that contributes to the local vegetation, and the use of permeable materials for driveways and walkway. Water waste should also be reduced wherever possible.

 

Purchasing a Green Home

 

One of the greatest things about eco-friendly homes in the Vero Beach region is that most of the costs are figured in during the building process. This means that if you’re in the market to purchase a green home, you will only have to help maintain the work that’s already been done. While this can increase the initial price tag of your new FL home, chances are that it will save you large amounts of money as the years progress.

 

In an age where it’s becoming increasingly more important to give back to the environment, more and more homeowners in the Vero Beach area are looking for ways to reduce their carbon footprint. It doesn’t matter whether you purchase a new home in Indian River Shores or an older building with recent renovations in Hutchinson Island, Ginny Mitchell can help you find a way to combine your love of the environment with the home of your dreams.

Marketing a Vero Beach home to make it attractive to buyers isn’t just about staging the house or putting a For Sale sign up in the yard. In today’s real estate market, it’s important to reach out to a larger audience through various types of media. After all, buying and selling a home in the Hutchinson Island region means tapping into everything that people use on a daily basis: computers, newspapers, magazines, and more traditional real estate routes.

 

A Picture is Worth 1,000 Words

 

The majority of home buyers in the FL region begin their search online. The Internet is becoming an increasingly viable way to present homes from both an interior and an exterior vantage point. Although Ginny Mitchell will help you to understand the best angles for presenting a photographic display of your house, you can help by pointing out what it is you love best about the home. A great backyard garden, a cozy front porch swing, a spacious kitchen, the tile on your bathroom floor – no matter what it is, use it as a way to entice buyers into contacting your agent for more information.

 

Virtual tours are becoming a very popular way to showcase your home online, as well. Allowing viewers to “walk through” your home gives them a stronger connection to it.

 

Signs and Advertisements

 

The more traditional Florida home selling options include putting up a sign or placing an ad in the newspaper, in your local real estate magazine, or even on direct mailing advertisements. These steps have long been a part of the buying and selling market, regardless of where you live.

 

The truth of the matter is, there’s a reason these actions are relied upon so heavily: no one will know you’re selling your Vero Beach home unless you post it somewhere! While decisions related to where you place the signs and advertisements will most likely be made with the assistance of Ginny Mitchell, you can help by finding additional ways to spread the word of your sale. Online home selling postings for Indian River Shores or Hutchinson Island are fairly common, and oftentimes, simply letting your friends and family know that your Vero Beach home is on the market can go a long way in spreading the word.

 

Rely on Ginny Mitchell

 

Of course, the most important home marketing step you can take is trusting Ginny Mitchell to work hard to sell your home as quickly and efficiently as possible. Like any real business partnership, selling a Florida home is all about finding someone you can trust and working together to get the best possible results.

In the past year, the median price of houses in Indian River County fell from $150,000 to $138,500. This is a drop of just under 9%. This occurred because values decreased in general and because a higher number of small, low-priced homes were sold. As shown in the chart below, in the last 2 years, 2008 and 2009, the median price has dropped from $195,000 to $138,000, which is a drop of 38%. 

 

 

 

By contrast, sales volume is up, inventory is down, and the free fall drop in prices has slowed considerably. Many real state economists believe prices have reached bottom, and the market will now level off and start a slow but steady increase in late 2010.  We are seeing this in Indian River County also. 

Homes on the Island:  Another good month for home sales on the island in Indian River County. In spite of what is typically considered to be the “slow season,” sales continue to stay at record levels for this time of year.  Part of the good news can be attributed to the tax credit program, but in our opinion another major reason for the increased sales is lower prices. December 2009 sales were the best December in 6 years. Prices ranged from 13 houses priced under $500,000 to one house in Johns Island that sold for $8,650,000. However, this home was originally listed for close to $15,000,000 in mid 2008 and has been on the market since April 2007.  A recent price reduction in October created a quick offer and a closing in December. Again, there are buyers out there, and when property is priced competitively, it sells!

 

 

 

 

 

Condos on the island:  Just a “so-so” month for sales of Condos on the island but about average for December over the last 6 years. This category of property may not see the increases that other areas are now seeing. The free spending baby boomers of a few years ago are now saving their money. Most of the condos are second homes or weekend getaways. On the low end, a 1 BR unit on Dahlia sold for $120,000 and a couple sold in Oceanside in the $140s. On the high end, an ocean front villa sold in Baytree for $760,000, but it had been on the market since 12-2007 and sold for 36% less than the listing price.

 

 

 

 

 

Mainland Condos:  Bargains galore on condos on the mainland. Of the 39 condos sold on the mainland, 24 were sold for under $100,000 and only 5 sold for over $200,000 including one in Grand Harbor for $850,000. At the low end, many of the sale prices were 50% of what they were 3 or 4 years ago, and there are still close to 100 units for sale at these great prices.

 

Indian River County Homes:  Wow, sales were up again—best December since 2004 and the median price was up. High sales again are attributed to the tax credit, the price, and the fact that many homes are bank owned, and buyers know banks are motivated sellers and deals can be made quickly. 27% of the sales were bank owned, and 14% were Short Sales. Inventory was reduced by 9% in 2009. On the mainland prices ranged from 58 homes that sold for under $100,000 mostly in the South County in the Highlands and the Oslo road area to only 2 that sold for over $500,000—one in Grand Harbor and one in Vero Isles on a canal.

 

 

 

 

 

 

North Hutchinson Island:  The year went out with a bang. December sales were the highest for December in 6 years and the 2nd highest month since May 2005. Total sales for this year were 92 units, which is the highest yearly total since 97 were sold in 2005. The Median price though continues to move down, which is reflected in the second NHI chart to approximately 55% lower than the 2005 and 2006 highs. Part of the reduction in price is due to lower values and part is due to the fact that higher priced homes are not selling. Sales this month consisted of 2 houses, both distressed sales—one in Queens Cove for $285,000 on a 50 ft lot and a non-waterfront home in Coral Cove  for $125,000. On the condo front ther were 4 oceanfront units that sold in The sands, Ocean Harbour South and Sea Palms for $153,000 to $205,000. At the high end, a unit sold in Altamira on the 11th floor for $660,000. Inventory has come down over the last few years also to a present level of 184 units for sale. However, this does not include approximately 90 units for sale in the 2 new Oceanique buildings. 

Although new tax breaks and great housing prices in Vero Beach, Hutchinson Island and Indian River Shores make buying a home easier and more cost-effective than ever before, it can still be a daunting task to undertake the path to home ownership. In addition to the stress of moving, you’re probably worrying about things like loan processing fees, down payments, mortgage options, and closing costs. Even with a financial advisor and a realtor at your side, these can add up to quite a bit of hard work!

 

However, almost every homeowner will tell you that these costs are definitely worth buying a FL house. Not only are you purchasing a place to call home, but you’re making a financial investment with potentially huge returns. That’s why you should always consider a home inspection before signing on that dotted line, even if the added expense isn’t one you’re looking forward to.

 

What is a Home Inspection?

 

Many people equate a home inspection with a home appraisal, and with good reason. At their core, the two processes are very similar: in both, a trained professional goes through the home and inspects it with the intent of informing all parties involved on making the smartest buying and selling decisions.

 

However, the similarities stop there. Home appraisals are done to give buyers, sellers, real estate agents, and financers a better idea of what the home is worth (based on “surface” things like square footage, number of rooms, and amenities like a fireplace or granite countertops). A home inspection, on the other hand, is all about informing buyers about the potential problems that lie underneath the surface.

 

For example, a home inspector will be able to answer the following questions:

 

• What is the condition of the plumbing and/or electrical system, and how easy is it to access in the event of a problem?

 

• What will be the realistic costs and challenges of heating or cooling the house?

 

• What is the state of the foundation, the roof, and other structural components?

 

• How many years of use will you be able to get out of the electrical/plumbing/heating systems?

 

• What are the potential safety hazards of the house (lead paint, radon, termites, asbestos, mold, etc.)?

 

What a Home Inspection Does for You

 

Although most home inspections cost the potential homebuyer hundreds of dollars up front, they typically end up saving homebuyers thousands of dollars in the end. When you get a home inspection, you can not only step away from a purchase that might not be right for you, but you can also require sellers to either “fix” the problems before you buy the home, or adjust the price in order to allow you to make the repairs.

 

Of course, there’s also the benefit of knowing that the home for sale in Vero Beach that you purchased is safe and comfortable. It can be difficult to know just what a house has in store for you until you’ve lived in it for a few months. A home inspection is the best way to take the house for a “test drive” before you make the investment. And with so many choices currently on the Florida real estate market, you’re in a perfect position to make a smart, financially-sound choice for your entire family.

Again a good month on North Hutchinson Island. November 2009 was the highest November in 6 years and 30% higher than October. However, the higher sales volume was spurred by 4 foreclosures.  Four houses sold ranging from a foreclosure not on the water in Coral Cove for $140,000 to a canal front home on Jackson Way that went for $320,000. There was also a foreclosure house that sold in Queens Cove for $236,000. The 4th house sale was in Waters Edge for $250,000. Condo sales ranged from $161,000 for a foreclosure in the Sands Oceanside to $575,000 for a partially finished unit in the Visions and $575,000 for a 3rd floor corner unit in Grand Isle. Average time on the market was 223 days. 

Condominium Sales:  Condo sales dropped of from the previous month, but it still was the highest number of sales for November in 4 years. On the mainland at the low end, there were 6 sales in Vista Royale for under $50,000. At the high end, there were 2 sales at Grand Harbor for $850,000 and $900,000. Time on the market averaged 209 days.

County wide home sales continue at a brisk pace in November most likely because of the tax credit for buyers as there were a high amount of smaller homes sold. It was the best November in 6 years and the best month since July of 2009.  Of the 145 houses sold, there were 41 bank-owned and 12 were short sales. 36% of all the houses sold were foreclosures.  On the mainland, prices ranged from 17 homes in the south county selling for under $50,000, and only 3 homes sold above $350,000 with a high of $1,650,000 in St Andrews Island at Grand Harbor.

Sales of condos on the island were slow as expected for this type of property this time of year. However, sales were higher than last month and double what they were in 2008. Prices ranged from $125,000 in Vista Del Mar to $1,150,000 in Sea Colony. 2 oceanfront units were sold in Baytree for $760,000 and $785,000. Average time on the market was 395 days.