Vero Beach Florida Homes

 The median price for home sales in the Vero Beach area inched up a little to $143,000, a couple percentage points higher than last month and even higher than last year 2009. The median price in March 2008 was $190,000 and March 2007 it was $234,000.  These figures do not represent a concurrent decrease in house values because the numbers are skewed by the sale of more less expensive homes. 

Indian River County, Florida is bucking the lower than expected national trend shown in the above news article. There were 229 properties sold through the MLS in Indian River County in March 2010; 29% were either Bank Owned or Short Sales.  We guess the Buyers are reading the papers that are touting Vero Beach to be one of the top places to move to and one of the most undervalued real estate markets in the US.

It is still till a perfect storm for Buyers. Prices are down (but starting to move up), inventory still up, and interest rates are low.  Also it is not too late to get a home buyer tax credit. Just be under contract by April 30 and close prior to June 30, 2010.

2010 April Median Home Prices - Vero Beach FL Market Update

 WOW! House sales on the Island almost doubled from the previous month and increased by 72% over March of 2009. Also, the big spenders are back with 6 homes selling for more than 1,000,000. Three oceanfront homes, 2 in Floralton Beach and 1 in Seagrove.  A $3,500,000 sale for a 12,000 sqft house in Windsor is also noteworthy. However, prices have decreased. The Seagrove house had been on the market continuously for 71/2 years and was sold at 59% of the original list price, and the Windsor house had been on the market for a little over 6 years and sold for 60% of the original list price. At the lower end, 4 homes sold in central Beach for under $350,000.

2010 April Island Home Market Update - Vero Beach FL

 

 

Great condo sales on the Island this month, twice as many as the previous month and almost double March of 2009 –the best March sales in 5 years. Prices did not take as big a beating on the island as they did on the mainland. In general the low and mid priced condos sold at 2001 and 2002 prices. The highest sale on the island was a very nice 3500+ sq ft penthouse condo in Sea Quay that sold for $817,000. The same unit sold for $1,100,000 in early 2004.  

2010 April Island Condo Market Update - Vero Beach FL

 Another WOW! County wide house sales increased 70% over last month and 40% over March of 2009. It was the 3rd best sales month in almost 4 years and, as noted earlier, the median price went up. There were  were 61 houses that sold for under $100,000 (35%) which is a little bit lower than last month, but a move in the right direction. There were 9 houses on the mainland that sold over $300,000, which was about even with last month. However, there were 3 homes that sold for over $600,000, 2 homes out in the county with 5+ acres and one in Grand Harbor.  It is encouraging to see the higher and mid-priced houses selling again. At this absorption rate, there is a 13 months supply of houses for sale in Indian River County.  Perfectly balanced market for buyers and sellers is 6 months inventory.  

2010 April County-Wide Home Market Update - Vero Beach FL

Great news for condo sales county wide, the best March in 5 years. Sales of condos county wide went up 37% from the previous month and 37% from March of 2009. Even so the higher sales inventory did not recede and there is an 18 month supply of condos for sale in Indian River County.   On the mainland, Sellers really took a beating on prices. Six units sold in Vista Royale at low prices not seen in the last 15 years, and 5 units sold in Palm Estates at prices 1/3 the sales price of 3 to 4 years ago. There were a couple of sales in Harmony Circle in Grand Harbor that sold below 2002 prices. The top sale on the mainland was a riverfront condo on Harbor Village Drive East that sold for $525,000, 28% less than the $675,000 sales price in 2004. 

2010 April County-Wide Condo Market Update - Vero Beach FL

NHI:  Good month for sales, tied for best March in 6 years. However only condos sold! No one is yet taking advantage of the great deals on N Hutchinson Island for single family houses. Sale prices and asking prices are still falling. There were 3 great buys in Ocean Harbour South for under $200,000. # 710 for $180,000. #404 for $199,000 and #216 (a corner) for $190,000. 

The highest priced sale was in Oceanique, a brand new 2000 sq ft 7th floor unit at $424,000. So far 42 units have sold in these 2 new buildings, per the county records, and quite few more are under contract. There are 144 units in the complex.  Sales in this building normally do not show up on the MLS so exact figures are difficult to follow. However, prices and sales in this development are definitely affecting other condo re-sales in the area. 

2010 April N Hutchinson Island Market Update - Vero Beach FL

Finding the right home in Vero Beach isn’t always as easy as relying on a checklist of square footage, number of bathrooms, and the upkeep of the yard. Although these types of features are important when determining where you want to live and raise a family, another important consideration is the neighborhood where your dream house is situated.

Vero Beach and Hutchinson Island homes for sale are noted for their family-friendly communities and idyllic backdrop, but that doesn’t mean that every home is ideally placed. Before you purchase a home in any Florida city, it’s important to research what the rest of the neighborhood has to offer.

Schools

Schools are the number one consideration when it comes to choosing a good neighborhood in FL. If you have kids, the reasons are easy to spot: you want your children to have access to a good, safe education. However, even homeowners without kids need to keep this issue in mind, especially if you plan on selling the house some day. Top-rated schools will not only keep your property value high, but they’ll also serve as an appeal to potential homebuyers in the future.

Crime and Sex Offenders

Few people want to live where they feel unsafe or fear for their families. That’s why you should always check the crime rate and search for registered sex offenders in the area. Never take a neighborhood at face value; a place that looks charming during the day might have a high rate of break-ins, while a neighborhood that looks less savory might actually have a strict neighborhood watch program in place and several policeman living nearby.

Walkability/Livability

Suburbs in the region of Vero Beach are generally good places for a slower pace of life, but the ability to walk to the market, the park, or to run simple errands might not be as high as what you can find in a more urban center. At the same time, Vero Beach suburbs might be better for taking a scenic evening stroll. When determining where you want to live in Florida, keep in mind what is more important for your lifestyle: being near amenities, or being near other families with similar goals as you.

The same is true for things like construction zones, local garbage plants, train tracks, playgrounds, dogs, or industrial zones nearby. Make sure you take a walk through your potential neighborhood during the day and in the evening to see what types of noises, smells, and sights you will have to get used to.

The Neighbors

Nothing tells you more about a neighborhood in Hutchinson Island than the neighbors. Does everyone keep their homes and yards in good order? If a visually-appealing community is important to you, you might want to look around to make sure everyone else feels the same way. You might also want to investigate why. Is upkeep important to the neighbors, or is it held in place by strict homeowners’ association rules? Are you ready to make the same level of commitment?

Also, you’ll want to determine the types of people who live nearby. Is there a large percentage of young families? Teenagers? Professionals who are rarely at home? Although these things can and will change, they will tell you a lot about the overall neighborhood culture.

Neighbors also matter when it comes to the type and sizes of homes they have. Are there a large number of foreclosures? That could indicate a lowering neighborhood value. Are the other houses very different than yours in terms of value? (Note: Being surrounded in houses much higher in value than yours means that you may pay more in property taxes. Houses with a lower value means that you may end up having a difficult time selling in the future.)

Buying Your New Vero Beach Home

Buying a home, whether it’s in the center of Vero Beach or on the outskirts of Indian River Shores, is a big undertaking. It’s important to look beyond the physical structure of your dream house to notice all that’s going on around you. After all, the place you call home is about more than four bedrooms and three baths; it’s about your way of life.

If you’re ready to learn more about purchasing a home in FL, contact Ginny Mitchell today. We’ll match you with the perfect home—including neighborhood amenities.