Vero Beach Florida Homes

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. 

Sales of homes on the barrier island in Vero Beach were also slow but again were 50% higher than November of 2008. Prices ranged from 4 houses in central beach that sold for under $300,000 to $5,000,000 for an oceanfront home in Ocean Oaks East at the South end of the island. This home was on the market for 743 days and sold for 38% of the asking price. Average time on the market for homes on the island was 194 days.

Median Price: The median home price in the Vero Beach Florida area dropped to $123,000 in November from the October median of just over $150,000. This was primarily because of the high number of lower priced homes purchased by first time buyers attempting to beat the original tax credit deadline of 11-30-2009 and few sales of higher priced island homes, which is normal for this time of year. 

 

The tax credit program has now been extended into the spring of 2010 which will fuel the continued sales of homes.

 

 Highlights of the extended bill:

1.      To receive $8000 tax credit, the Buyer must be a 1st time home buyer and have the home under contract by 4-30-2010 and close by 6-30-2010.

2.      To receive the new $6500 “move up” tax credit, the homeowner must have lived in their current resident for 5 years and have the new home under contract by 4-30-2010 and close by 6-30-2010.

Some of the other requirements are covered below.

 

You may not acquire the home from a mother, father, spouse, or child. 
You may not acquire the home from an entity in which you’re a majority owner. 
You may not acquire the home by gift or inheritance. 
You must be 18 years of age or older. 
The subject property’s purchase price may not exceed $800,000. 
The subject property must be meant for use as a primary residence. 
All parties to the purchase must meet the eligibility requirements.

2009-November Median Price 5 Year Comparison Graph

For many people living in or moving to FL, the best real estate purchase is one that combines the comfort of home with a piece of history. Buying a historic home in Vero Beach, Hutchinson Island or Indian River Shores is fairly common in today’s market, thanks to an incredible real estate climate and one of the most dynamic historic districts in the state.

 

However, if you’re simply looking at the intricate architecture and are thinking how great it would be to own a piece of the city’s history, you might want to take a step back and consider all the work involved in becoming a historic home owner.

 

Home Quality

 

The most important consideration for purchasing a historic home in Vero Beach is the quality of the house. Whether you’re looking at a bungalow or a mansion, you have to remember that time is rarely kind to real estate.

 

In addition to outdated materials (like plaster instead of drywall or lead pipes) and difficult-to-work-with architectural styles, you have to consider the costs of restoring the house with authenticity in mind. Many materials are no longer available or can be costly if you want to maintain the historic integrity of your home. The same is true of the availability and cost of craftsman qualified to work with your particular home.

 

Florida Housing Regulations

 

Many historic homes are overseen by governing bodies that regulate what you can and can’t do to your own home. If you’re in the market to purchase a historic home, make sure you know who you will have to go through to get the right permits for renovation, or if you’ll need to register and pay a fee to get your home listed as an authentic historic site. You might also want to note what kind of tourist interest you will get from having a historically-listed site.

 

Financial Investments

 

Fortunately, not everything about owning a Vero Beach historic home is hard work! Historic homes, when restored with authenticity, safety, and modern comfort in mind, are an incredible financial investment. Many people are willing to pay top dollar for homes that are in perfect shape or that have a keen attention to detail.

 

Many local governments also offer tax credits and tax freezes for those who maintain a certain level of quality in their registered historic homes. This means that a historic home can be a great investment, as well as a beautiful piece of architecture.

 

Finding and Buying Your Historic Home

 

When refurbished to contain all the modern amenities today’s families need and enjoy, a historic home can become a showpiece – both for your own visitors as well as those interested in the history of Vero Beach, Indian River Shores and Hutchinson Island. As with all real estate purchases, however, this one should be made after much consideration and under the guidance of your trusted agent.