Vero Beach Florida Homes

Homeownership may be the most important asset-building strategy for individuals. The value of homeownership gives homeowners a feeling of control, a greater sense of security and stability.

Homeownership is typically given a lot of importance and homeowners are generally allowed to do whatever they wish in their homes. Homeowners have the right to make choices and decisions regarding changes to their homes that renters may not be able to make.

Homeownership is a financial goal most families share. There are significant community benefits to homeownership as well. Owning a home gives residents a stake in the community and a sense of “rootedness” in their neighborhoods. Enjoying the privacy that a home brings, making long lasting friendships with neighbors and best of all taking pride in your home. The pride you’ll feel in owning and improving your home is an emotional value that cannot be expressed in dollars and cents. The value of homeownership has been thought to pro-mote thrift, stability, and neighborliness.

Homeownership is thought to be an important element in achieving personal fulfillment. When asked to define the good life, polls have shown that many Americans value owning a home over such factors as an automobile, a happy marriage, an interesting or high-paying job, and good health. The value of homeownership is credited with increasing self-esteem, life satisfaction, and an overall feeling of worth. Owning a home embodies the promise of individual independence but there are also many responsibilities that come with owning a home. The value of homeownership has been thought to pro-mote thrift, stability, and neighborliness.

If you are looking to buy your own home in Vero Beach, Hutchinson Island, Indian River Shores Florida areas, these are some points to consider when seeing the value of homeownership. Allow me, your Real Estate agent, Ginny Mitchell to help you see the value of homeownership.

Vero Beach FL Local Real Estate Sales Update - October 1, 2008

As the graphs comparing sales from 2004 through 2008 show, there was a nice increase in September sales for Homes on the Island, which brought us back to normal levels for 2008. However, 2008 sales are essentially lower than 2007. There were 18 homes sold on the island in September—7  under $400,000and 2 over $1,000,000. In Orchid Island a 7 bedroom 10 bath home sold for $8,500,000. However, it had been on the market for 52 months and sold for 70% of the original list price.  Average time on the market was 15 months and 77% of original list price.  Single family homes on the island number 511 down 18 from last month.

Island Condo Sales held steady and in general year-to-date are about the same as last year and are substantially better for September than in the previous 3 years.  Let’s hope this is a trend.  Prices ranged from under $200,000 in Central beach to $1,915,000 in Orchid Island.  Again sale prices were low at 73% of original list price and months-on-the-market at 21 held about the same as in previous months.  Island condo inventory was the exception showing an increase up 13 units to 393.   

Sales continue to also be low for Mainland Condos and Town Homes. However, sales were double that of September—6 of the 9 unit sold on the mainland were for under $100,000. One unit sold for over $200,000, a waterfront condo on Tarpon Lane for $375,000.  Currently there are 974 condo properties for sale, a decrease of 26. 

September was the 6th consecutive month of declining Mainland Single Family Home Sales in Indian River County. On the mainland, there were 78 homes sold, 15% were bank owned,  20 sold for under $100,000 and only 3 for over $500,000. The highest sale price was  a river front home on Indian River Drive in Sebastian for $650,000, a property that was originally listed for $1,100,000 and had been on the market for 10 months.  Inventory declined 145 units to 2247 homes currently listed for sale.  

Although there were only 2 sales on N Hutchinson Island , this is typical for this time of year.  There are now 231 properties for sale, and at the 2008 annualized rate of 5.2 per month, there is a 44 month supply of homes and condos for sale. Unit # 301 at The Visions sold for $525,000. It was originally listed for $879,000 and had been on the market for 30 months. The other unit sold was # 406 in the Sands Oceanside that sold for $240,000.  The original list price was $369,000, and it was on the market for 10 months.