Vero Beach Florida Homes

June was another strong sales month for houses in Vero Beach, Indian River County.  Sales were even with the previous month and just a tad higher than June 2009. Of the 163 houses that sold in June, 39 were bank owned and 28 were short sales, which is 41%, similar to the proceeding months.

On the mainland there were 113 houses that sold for under $200,000.  Many were very nice homes that sold for over $300,000 from 4 to 6 years ago and  2 homes that sold for over $400,000 in old Sugar Mill Estates and the Polo Grounds.

2010 July Vero Beach FL Real Estate Market Update - Home Sales

There was as increase of about 15% in the median price of houses sold in Indian River Count in June. However, this was still about 15% lower June of last year. The number of house sold during the month stayed consistent at 163 which was about the same as June 2009. The units sold this month are still being artificially propped up by the tax rebate which was due to expire at the end of June but was extended. The contract date was not extended, however, which mean that no new sales are eligible for the tax rebate.

There are still other factors which will continue to fuel real estate sales.

· Interest rates are at a 30 year low.

· Inventory is still very high; 2927 houses and condos for sale In Indian River county and approximately 300 for sale on N Hutchinson Island

· Prices are still low, there are just over 1400 homes for sale in IRC under $200,000

· Distressed sales are here for a few more years as banks are not flooding the market, which would lower prices even more.

· Investors and foreign buyers are returning to the market.

2010 July Vero Beach FL Real Estate Median Sales

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.

Biological science doctoral students at Florida Atlantic University at Harbor Branch Treasure Coast campus have worked around the clock to gather marshland plant and animal samples from various gulf coast locations before crude oil hit the barrier islands and beaches.  Now that oil has fouled the beaches in many gulf locations, the students will continue to monitor the environmental effects of the spill to help with restoration process.  The impact of the oil spill is devastating the Gulf coast on so many levels, from ecology to tourism, all affecting people’s livelihoods.

Eight students from the Vero Beach / Treasure Coast FL area qualified at the Florida State Science Fair to compete with students from 60 nations around the world at the Intel International Science Fair held in San Jose, California. Kirk Henf from Sebastian River High School and Stephanie Hoskins from Lincoln Park Academy both earned 3^rd place awards, Henf in the biochemistry division, and Hoskins in microbiology.  Congratulations to all of the students and teacher / mentors who participated at this impressive level of accomplishment. 

Florida 3rd grade students, including the Vero Beach area, recently received FCAT test results that will determine their promotion to 4^th grade.  Indian River County students improved slightly with  74% of 3^rd grade students reading at or above grade level reading competency. and 86% scored well enough to pass the test.  Student math scores are reported but do not determine promotion.  Students who did not pass are offered free intensive reading summer sessions and another chance to pass the test.  There are some special exceptions for students who demonstrate competency on other tests or students with disabilities who have received the additional remediation but still cannot pass.  Several area schools showed improvements with Beachland scoring 93% of students passing, Osceola with 97% passing, and Fellsmere with 83% passing. 

Vero Beach Area Real Estate Market Update

On the Barrier Island house sales dropped slightly from the previous month and from May 2010. However, on the bright side 9 of the 22 house that sold were over $1,000,000 with two ocean front homes, which were in poor condition, selling for just over $1,000,000. There was one bank owned oceanfront home (estate) that sold for $8,800,000 on South A1A. Bargains like these are still available and will help hold the house sales on the island at a respectable level through the following normally slow months. At the other end of the sales, there was one home in central beach on Dahlia that sold for $260,000.

2010 June Vero Beach Island Home Sales Update

Condo sales on the barrier Island dropped over 50% which as expected is due to the “snow bird” exodus. However sales were level with May of 2009. The only highlights were one sale in the Carlton for $1,800,000 and a sale at The Gables for $775,000. At the low end, there were 6 sales under $200,000.

2010 June Vero Beach Island Condo Sales Update

May sales of houses in Indian River County increased slightly over the previous month but were down a little from May 2009.  There was a substantial increase in the number of lower priced homes sold.  On the mainland 44% of the houses sold were priced under $100,000.  Over all 45% of the all of the houses sold on the mainland were foreclosures or short sales. Most of the lower priced homes were in the south county. At the high end there were 4 homes that sold between $525,000 and $699,000; two were in Grand Harbor, one in Indian River Club and one in Old Savannah.

2010 June Vero Beach County-wide Home Sales

Sales of condos in Indian River County dropped 40% from the previous month but were essentially the same as May 2009.  This drop is mainly contributed to the exodus of the part time winter visitors. On the mainland Vista Royale again had the most sales. Five units sold in this subdivision for less than $50,000, which approaches prices of 15 to 20 years ago. At the high end there was again one sale at Royal Palm Point for $740,000. Ten out of the 32 sales on the mainland were foreclosure related.

2010 June Vero Beach County-wide Home Sales.

2010 June Vero Beach County-wide Condo Sales

There were 7 sales on N Hutchinson Island in May, an increase of 2 over the previous month and an increase of 3 over May 2009. As in nearby Indian River County, prices have declined substantially. The high sale was #1101 in Tiara with a garage for $375,000. There were 2 bank sales, # 502 in Ocean Harbour South for $125,000 and #201 in Aquanique for $148,000. Both were good buys. The unit in OHS was stripped to the walls and is now is being refurbished and is back on the market for close to $200,000. The Aquanique unit was in decent shape and sold for approximately the same price as it sold for when new in 1994. 

2010 June N Hutchinson Island Sales

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.

On Friday, May 28, 2010, former SEALS who gave their lives in service to their country have been honored with the ceremonial dedication of a bronze statue of a larger than life size SEAL, which stands for Sea, Air, and Land, where these highly trained men trained and served.  The National NDT-SEAL museum, located on North Hutchinson Island, Florida draws thousands of visitors who visit the exhibits and special demonstration programs.

Dignitaries and Members of Public Attend Dedication

Color Guard Dedication of SEAL Statue

Statue Honors Fallen SEALS

Speak up or please give up complaining—about local transportation plans at least.

One of my many joys about returning to the Vero Beach area after a visit elsewhere is the relative lack of traffic here compared to the places I visit.  However, perhaps you have some ideas about how to improve upon an already good situation.  If so, you are invited to participate in the long-term 25 year transportation plans for Indian River County. 

Do you wish we had more local public transportation, and/or passenger rail service north, south, or west?  Has the current oil spill developed a heretofore un-awakened urge to travel without your personal automobile everywhere you go? 

In order to better enjoy the great outdoors, do you wish we had more bike paths?  Should we increase the miles of sidewalks we have?  If so, where would you suggest these or other transportation amenities be constructed?

Could turn lanes help to alleviate waiting for others to turn left on certain well-traveled roads?  If so, where?  Even somewhat more mundane issues like coordination of traffic lights might be an issue you could recommend for improvement. 

What about Interstate 95 and access to the Turnpike?  Should there be more exits in our area?  Should Interstate 95 be widened in our area to coincide with the widening north and south of our county?

Whatever you envision for your future transportation in the Vero Beach area, you are in luck!   Our Indian River County government is asking for public opinions in a series for open forums – no registration required.  Speak up on May 24^th from 5:30 to 6:30 at the Gifford Community Center, 855 43^rd Ave, May 25^th from 9:45 to 10:15 at the County Administration Bldg B, Conference room 501, 1800 27^th St, May 25 1:30 to 3pm North Indian River Library, 1001 Sebastian Blvd, or May 25 4 to 6pm at the Riverhouse, 305 Acacia Rd. 

Online might be more convenient for you. If so, log on to greenirc2035.org to share your views.  You could even win a $100 gift certificate.