Vero Beach Florida Homes

Barrier island sales of 22 houses matched sales from the previous month but were 29% lower priced than June 2009. A distressed house sold in the Dunes for $185,000 and there were 8 more sales under $500,000. The big surprise was that there 6 houses that sold for over $1,000,000 in June. One in the Moorings, one in Johns Island, 3 in Orchid Island, and one for $2,600,000 on Little Harbour Lane.  This magnificent 4800 sq ft riverfront house had been on the market since July 2007 when it was priced at $4,950,000. Our advice is that in this declining market, if you want to sell, price it properly at the beginning rather than following the market down.

2010 July Vero Beach Island Home Sales Update

Barrier island condo sales of 13 units held their own in June compared to the previous month and June of 2009. There were 4 units that sold for under $200,000, one in Park Shores, 2 in Sea Oaks, and one in the Racquet Club. One unit sold in Palm Island Plantation for $625,000.

2010 July Vero Beach FL Island Condo Sales

Good news for sales of condos county wide.  Sales increased 20% from the previous month and 38% from June 2009. This increase was driven by low priced sales on the Vero Beach mainland. There were 35 condos that sold for under $100,000 including a couple of very nice units in Grand Harbor. Again on the mainland, a unit at Royal Palm Pointe sold for $750,000, which sold for $1,200,000 in August of 2005. It had been on the market for 15 months and sold for 53% of original asking price, and 32% less than listing price at the time of the sale. The deals are out there for buyers and like this sale, the listing price is sometimes just a Sellers wish, not the realistic value.

2010 July Vero Beach FL Real Estate Condo Sale Update

Happy days are here again la la la la, la la la. June sales at 16 units was the best month  since July 2004—more than twice as many as the previous month and twice as many as June 2009. There was one short sale and one Bank owned property.  Deals galore.

· Paragon 5 North sold for $600,000

· Seaward 2200 sqft top floor for $375,000

· Bryn Mawr 5th floor corner in building A for $130,000 (needed work)

· Atrium 4th floor for $421,000

There are quite a few properties under contract at this time, which indicates that higher sales will hold for a while.

2010 July North Hutchinson Island Real Estate Sales Update

One of the first things homebuyers look for when shopping for Florida real estate is the layout of the house. Like the location of the house and its overall size, layout is one of the things about a home that cannot be changed without a very large time and money investment.

In the current Vero Beach real estate market, many of the things that make a house unique – its paint color, flooring, the kitchen counters, and even the size or type of the windows – are being upgraded to entice buyers. But if your home has a restricting layout, which makes the house look smaller, darker, or inaccessible, you might have a difficult time making a “quick fix” to increase your chances of a fast sale.

Fortunately, there are things you can do to make your FL home for sale more appealing. If you do have a layout that might be sending out the wrong signals, you can try the following.

Remove the clutter. Staging your house is an important part of any home selling process, but never more so than when your layout might be confining or restrictive. Extra furniture, shelves, tables, and even the rack where you hang your coats all add to the inaccessibility of the house as a whole. By displaying your space as open and clearly as possible, you are allowing homebuyers to see the house through fresh eyes.

Add room dividers. A very long (or even a tiny) living room or a bathroom that is taken up almost entirely by a washer and dryer can be a difficult sell, because buyers might not see how the space is livable. Room dividers, or screens set up in strategic locations, are one of the tricks that decorators often rely on to maximize space, since they add clean lines and more storage opportunities.

Open up the entryway. Although this task might require a little bit of construction work on your part, opening up the home’s foyer to make it more appealing and inviting is often all you need to do to allow your home to shine. Most homebuyers make a decision about a house within the first 6 seconds, so you have to make those seconds really count.

Adjust your bedrooms. If your Hutchinson Island house has adjoining bedrooms, or if your Indian River Shores condo has a bedroom right off the kitchen, you might want to re-market the space. Few people want to sleep in a room that offers reduced privacy, but if you stage it and/or list it as an office, a library, a playroom, or even an add-on, homebuyers might be more tempted.

The FL real estate market is on its way up, but selling a home can still be a challenge – especially if you own a challenging home. By taking a little extra time to adjust the way you see your house, as well as the way it is presented to others, it is possible sell that house faster and with a higher price point.

Rental properties and homes for sale in Vero Beach provide a great opportunity for those who want to live in this wonderful, vibrant city, and many area residents take advantage of both housing options. However, one of the most common questions that arise regarding the Vero Beach and Florida real estate landscape is just how beneficial it is to buy a home rather than rent one.

The question is a good one in today’s real estate market. While buying a house was once lauded as the best choice for people of all backgrounds, the truth is that buying a home is a big investment that takes time, preparation, and careful planning.

Reasons to Buy a House in the Current Market

It doesn’t matter whether you’re considering a Vero Beach house or a Hutchinson Island condo – the reasons for buying a house are good ones regardless of what type of real estate you’re after. Why?

• Interest rates are low right now. With so many foreclosed homes on the market and more sellers than there are buyers, banks and mortgage companies are offering added incentives for homebuyers. If you plan on taking out a 15- or 30-year mortgage, this can translate to savings in the tens of thousands of dollars.

• Foreclosed properties offer great deals. Although the FL real estate market is doing fairly well these days, there are still more foreclosed and discounted homes on the market than there were five or even ten years ago. If you are in a financial position to buy, you may be able to get more home for your dollar than in another economy.

• You can make an investment in the future. Given the state of the current economy, most house values are set to rise over the next few years. If you do purchase a Indian River Shores home or a house in any of the outlying areas, you’re likely to see an increase in your home’s resell price within five to ten years.

Reasons to Rent a House in the Current Market

While we always encourage individuals interested in potentially buying a home to contact us to discuss their options, there are some key triggers that might indicate you’re better served as a renter. These reasons include:

• Little to no down payment saved up. Although there are zero-down programs available (particularly for first-time State homebuyers), it’s always a better financial decision to put some money into your home purchase.

• The possibility of moving or relocating soon. Vero Beach homes for sale provide a great bargain right now – but they may not increase in value enough to immediately resell it. Buying a home and then needing to sell it right away can be a strain, since it’s likely to remain a buyer’s market for at least a few more years.

Contact Ginny Mitchell For More Information

If you’re ready to start looking at Vero Beach or Hutchinson Island homes for sale, or if you’d like more information on the benefits of buying a home versus renting one, call us today. Sometimes, it’s impossible to know if buying a home is right for you until you sit down with one of our trusted professionals and get all your questions answered.

Selling a home in Vero Beach or Hutchinson Island can be a very personal experience. After all, this is the place you’ve lived for years. Maybe you renovated the interior with your own two hands. Maybe you got married here. Maybe this is even where you raised your kids. No matter what it is that makes your home, well, home, the decision to sell isn’t one that comes lightly to everyone.

The personal attachment we all have to our homes is part of the reason it can be difficult to sell a Florida home.

• Homeowners who associate positive memories with a house are more likely to value it at higher than the market rate. This can make it difficult to find a balance between what you think your home is worth and what it will reasonably sell for.

• Staging a home you love (and still live in) can be more challenging than staging an empty space. Packing away your personal belongings (e.g., pictures, knick knacks, books) to give your home a more streamlined and sell-able look for up to months at a time can put a strain on your enjoyment of the home selling and buying process.

• It can also be hard to put all your trust in another person’s hands. Selling a home in Vero Beach and the outlying areas often requires that you have open houses, walk-throughs, and open doors to everyone from real estate agents to nosy neighbors. Having others view your home – oftentimes while you are not there – requires that you put personal reservations about privacy aside.

Although this paints a rather bleak portrait of what selling a home entails, the truth is that people buy and sell homes every day. They upgrade to new family homes in Vero Beach suburbs and move to downtown condos with chic views – and are usually more than happy with the outcome.

One way to get past issues of trust and privacy is to put your home in the hands of a real estate agent you trust. Your agent works as an advocate for you and your house, making sure that everything proceeds safely and with a minimal hassle. And because your agent knows the Hutchinson Island real estate landscape, it’s easier to settle on a price and a staging set up that will get you faster results.

Ginny Mitchell has been working in the Florida area for years, and knows exactly what it is that makes local homebuyers interested. To minimize your anxiety and sell a FL home quickly and easily, feel free to call our office today.

The median price of homes in Indian River County declined 9% from the previous month and 13% from April 2009. We believe this is because of the large number foreclosure and Short Sales properties that investors and first time buyers can afford to buy to live in, rent, or renovate and flip. These lower priced homes are selling. Public employees such as teachers, police, and fire and emergency workers can now afford to purchase a home where they work instead of having to rent. 

Foreclosures and Short Sales will be around for another few years.

·  23% of all Florida mortgages are delinquent or in Foreclosure

·  49% of the sub-prime loans from 4 to 5 years ago are in or going into foreclosure

·  Many adjustable rate loans and ‘interest only’ loans are now reaching their adjustment points

·  Because of unemployment, many prime loans and now starting to default

·  During the last 5 years, sub -prime and no down payment loans have almost disappeared, but FHA and Rural Development loans have  picked up some of this slack. These government backed loans can require zero to 3% down payment. Many mortgages are ripe for delinquency as many of these mortgage holders will need to sell their houses even if they are still employed but are forced to move or sell because of other reasons. Remember home values in many sectors are still decreasing and some these families will have sell their property as a short sale.

If you are thinking of selling your property and may be put in a position of a Short Sale or a foreclosure, please call us to help you understand the different consequences between a short sale and a foreclosure.  We are both trained distressed property experts.

2010 May Vero Beach Florida Real Estate Market Median Price

Sales of Island homes in Vero Beach were down 8% from March but 25% better than March of 2009. Sale prices ranged from 4 sales under $300,000 in the Central Beach area to a high of $2,750,000 for an oceanfront home in Castaway Cove. There were also 5 other island houses that sold for over $1,000,000. There was one bank owned sale but no short sales in this group. There is now a 25 month supply of Island houses for sale at present absorption rates.

Sales in April increased 24% over the previous month and 14% over April of 2009. Many of the Vero Beach Island condo sales are purchased by part time residents and April closings are the result of contracts that were written earlier in the year during the tourist season. There were 7 sales under $200,000, 3 in Vista Del Mar. The high sale was an oceanfront unit on Beachside Drive in Orchid Island for $1,800,000. There were 4 bank owned sales and no short sales in this category. There is presently a 15 month supply of condos for sale on the island at the present absorption rate.

County wide sales of houses dropped 8% from the previous month but were still 23% higher than April of 2009. April was the best sales month in 5 years, and we should see this trend continue for another couple of months because of houses closing prior to the June 30 deadline for qualifying for the tax credit. On the MAINLAND there were 66 homes that sold for under $100,000, pretty much spread throughout the county. There was only one home that sold for over $500,000 on Tarpon Drive near Miracle Mile. There were 36 bank owned sales and 37 short sales on the mainland, 46% of the total sales. There is a 15 month supply of houses for sale in Indian River County at present absorption rate.

Sales of condos county wide increased 28% over the previous month and 21% over April of 2009. On the MAINLAND sales prices at the low end moved up a little. There were only 6 units that sold for under $50,000, 3 in Vista Royale. There were 3 more that sold in Vista for over $50,000.  At the high end of the market a 2nd floor unit sold in Palm Point for $804,000. However, this sale is a disappointment as the unit was purchased for $2,050,000 in 2005 and had been on the resale market for 24 months, finally selling for approximately 25% of original list price. Two other units have sold in this subdivision in the last 6 months under similar circumstances.  There were 3 bank owned sales and 15 short sales in this category. There is approximately a 13 month supply of condos for sale in Indian River County at the current absorption rate.

Sales on N Hutchinson Island declined 45% over the previous month and were down 29% from April 2009. Prices were down also. The only 5 sales were as follows.

·  Sea Palms, 1 BR, 3rd floor———————————-$128,222

·  Bryn Mawr Riverside 2 BR, 6th floor corner ———-$170,000  

·  Ocean Harbour South, 2BR 6th floor ——————-$180,000

·  Atlantic View, 2BR 15th floor——————————-$229,000

·  Atrium I, 3 BR, 2nd floor————————————-$385,000

Second home and vacation home buyers do not appear to have confidence that their financial condition will improve in the near future. More people are putting off retirement. Fewer people are retiring early. Also, loans on condos are available but are difficult because of bank requirements that the condos meet their standards for dues delinquency, primary home designation, mortgage delinquency, and other specifications. With 220 units for sale, there is now a 44 month supply of condos for sale on N Hutchinson Island at this time.

 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