Vero Beach Florida Homes

What better way to start the New Year, then to bring confidence to our 2009 Real Estate Market. Ringing in the New Year being hopeful and optimistic will allow us to decide what we can do to improve our way of thinking about what is currently going on in the market. The New Year begins with us having a positive outlook and is a promising time for those of us looking to buy a home in the Vero Beach, Hutchinson Island, Indian River Shores Florida areas.

Here are a few reasons to make a real estate investment in 2009:

Lower Home Prices: Housing prices have fallen to more affordable levels, in some markets moving back to 2003 prices. Lower home prices expand the number of people able to afford to buy and own home, creating a greater demand in the 2009 Real Estate Market.

Historically low interest rates: 30 year fixed mortgage rates are nearing 5 percent and are expected to move to 4.5 percent or lower in the 2009 Real Estate Market. Compared to 6.25 percent rates seen earlier in 2008, a rate of 4.5 percent would mean a monthly savings of $218 on a $200,000 mortgage. Lower monthly costs will keep people in their homes, reduce the number of homes on the market and lead to a stabile housing market.

The New Year brings optimism for the 2009 Real Estate Market. It is already evident that the housing inventories and prices are beginning to stabilize. The combination of lower prices and historically low interest rates will lead to a very good housing recovery.

No one can predict a market bottom, however it appears the worst of the market turmoil is behind us. The drive to stabilize and improve the housing market should lead to an improved 2009 Real Estate Market.

Let us all take a good peek into our own personal outlook on the 2009 Real Estate Market. With the interest rates low and many homes available, there is no better time than the present especially if you are looking for a home in the Vero Beach, Hutchinson Island, Indian River Shores Florida areas.

Several thousand visitors enjoyed live entertainment, educational Florida wildlife displays, historical preservation groups, and presentations by local conservation-minded clubs and organizations this weekend at the annual “Party in the Park” at the Florida State Inlet Park on Hutchinson Island.  The function is free to the public. 

Exhibitors included:  Audubon—Regional Conservation for SE Florida, Blues Alliance, Florida Division of Forestry, Fort Pierce Inlet State Park, Friends of the Savannas, Harbor Branch, Heathcoate Botanical Gardens, Indian River Keeper, Keep Ft Pierce Beautiful, North Beach Association, Oxbow Eco Center, Salty Trails 4H Club, Sierra Club Loxahatchee Group, SLC Audubon, SLC Environmental Resources, SLC Extension Sea Grant, SLC Historical Society, SLC Humane Society, Smithsonian Institute, South Florida Water Management, St Lucie Historical Society, St Lucie Land Trust, Surf Riders Foundation, The Manatee Center, Treasure Coast Herpetological Society, Treasure Coast Wildlife Hospital, Wildlife Rehabilitation Center

The “Hot Sauce Boys,” “Wizbang Cloggers,” Oldtime Stories by Ada Coats Williams, “TC Barbershop Quartet,” and “The 4 Man Trio Jazz Band” entertained the crowds.  Once again this year, Jeff Mitchell chaired the event.  Some of our favorite displays are shown in photos below:

Children enjoyed learning “hands on” about Florida sea urchins and clams

Blue Crabs are indigenous to the Treasure Coast of Florida and migrate from the Intracoastal Waterway to the ocean seasonally to lay their eggs.  

Just as in any natural environment, learning to identify native snakes is useful information, especially since there are a few that are poisonous.  Visitors learned to avoid agitating snakes or trying to catch them.   

The Florida Inlet State Park divides North Hutchinson Island from South Hutchinson Island.  The Inlet was used during World War II as an army base and now serves as a commercial shipping port, especially for world-famous Indian River citrus.  The area is rich in species diversity, including dolphins and manatees.

On North Hutchinson Island 2008 sales increased in both homes sold and condos sold compared to 2007. However, the median sales price went down dramatically.

There were 6 single family homes sold in 2008 at a median price of $400,000 compared to 3 sold in 2007 with a median of $708,000 (down 77%).

There were 54 condos sold at a median price of $285,000 compared to 37 sold in 2007 at a median of $352,000 (down 23%).

 North Hutchinson Island sales were again very slow at 5 properties for the month, which was just a little higher than November and the same as December 2007. Time on the market averaged 15.4 months, and sale prices were 22% lower than original list price.  Prices ranged from a low of $131,500 for a first floor condo in Ocean Harbour North  to a high of $305,000 on the 3rd floor back building with a decent ocean view.  Also selling were the 4th floor of Hibiscus Bldg 1 for $244,900 and $295,000 on the 14th floor in Seaward. The 5th sale was a townhouse in Harbour Cove for $320,000. This was also a bargain price considering a boat slip was included in the sale.

The following sales graph compares month-by-month sales for the past 5 years.

Vero Beach and Hutchinson Island

In 2008 there were 215 homes sold on the island with a median price of $580,000 compared with 224 sold in 2007 with a median of $725,000 (down 25%).

In 2008 there were 151 condos sold on the island with a median price was $355,000 compared to 163 sold in 2007 with a median of $485,000 (down 36%).

In 2008 there were 1094 homes sold on the mainland with a median price of $159,000 compared to 1166 sold in 2007 with a median of $200,000 (down 26%)

In 2008 there were 253 condos sold on the mainland with a median price of $93,000 compared to 203 sold in 2007 with a median of $139,000 (down 46%).  

The median price figures reflects the homes that were sold and do not necessarily mean that the value of all properties were reduced by a certain %. On the other hand, values have definitely dropped and in most cases properties are selling at 2003/2004 prices. However, these figures also indicate that buyers are, for the most part, purchasing less expensive or smaller homes and condos.

All the above information is from The Indian River County Multiple Listing System.

Five Year Comparison Sales Graphs

Sales of island condos and townhomes increased to 13 as we equaled the best (usually slow sales month) December in 5 years. Sales ranged from $110,000 in Johns Island for a 1 bedroom cabana unit to $1,299,000 in Sea Colony. Time on the market averaged 23 months and sales price averaged 32% below list price. 

Island single family homes—this category also had an increase in sales over  over the previous month. Time on the market averaged 22 months, and the average sales price was 39% below original list price. Sale prices ranged from $375,000 in Indian Bay to $3,300,000 for an Oceanfront home in Porpoise Point.  

On the mainland condo and townhouse sales were up county wide to 23, the highest level in 6 months.  Sales ranged from below $50,000 in Palm Estates and Riverview to $650,000 in Grand Harbor. Time on the market averaged 15 months and sales prices averaged 42% below original list price.

Mainland single family homes sales were up over 100 again—the best month this quarter and better than December 2007. As noted earlier, median price on the MAINLAND are way down ($141,000). This month there were 20 homes that sold for less than $100,000 and 3 homes that sold for over $500,000. The 3 higher sales were waterfront homes in Grand Harbor and Vero Isles.

Decreasing prices and lower mortgage interest rates are encouraging increased real estate sales activity.  Traditionally January through April are the strongest selling months in Florida so hopefully even better results are ahead. 

We have definitely seen more traffic in the last few months and feel that sales have picked up because prices are lower.