Vero Beach Florida Homes

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. 

2009 December Hutchinson Island Real Estate Sales 5 Year Graph Update

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.

2009 December Vero Beach Area Condo Sales 5 Year Graph Update

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.

2009 December Vero Beach Area Home Sales 5 Year Sales Graph Update

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. 

2009 December Vero Beach Area Island Condo Sales 5 Year Sales Graph Update

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.

2009 December Vero Beach Area Island Home Sales 5 Year Sales Graph Update

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