Vero Beach Florida Homes

Median prices of houses sold in Indian River County moved up a little from $135,000 in January to $138,000 but was still 5% lower than February 2009. At least we are moving in the right direction. As you can see from the graph, except for a couple of spikes, the median price has stayed pretty consistent over the last year. The number of bank-owned sales and Short Sales were 49% of the total houses sold. 

Sales of the lower priced homes continue to increase, partially because of the tax credit, which will expire at the end of April, partly because of low prices and finally because of low interest rates. It is the perfect storm of opportunity for the selling of lower priced houses. 

Lower priced condos are still selling well because many are sold for cash. It’s quite challenging to get a mortgage on a condo. It can be done, but lenders are very thorough when checking out the condo associations. There are restrictions on the number of investors, the number of rentals, the number of non-resident owners and the number of distressed (foreclosure and short sale) units in the complex. 

Higher priced and island property sales are slow because there are fewer buyers who feel confident enough in the over all economy to purchase a higher priced home or a second home. 

2010 March Median Home Sales

Not so good for Single family home sales on the Island in February.  Up only 2 units from January, and it was the worst February sales month in 7 years. Inventory is increasing. Usually we see a pretty good jump in February because homes purchased in January by snowbirds are starting to close in February. 

 Prices were moderated also. Only 2 homes sold for over $500,000. One in Indian Trails and one in Silver Shores. There were 5 homes that sold for under $300,000, one in Summerplace for $221,000, and several others in the central beach area. 

2010 March Island Home Sales 5 year graphMixed results this month for condo sales on the island, better than the last 2 years, but less than January. There were some good deals also. One unit in Del Mar sold for $112,000, 2 in Park shores for around $180,000 and one in the Moorings in South Passage for $250,000. The higher priced sale was $325,000 in Bay Tree east of A1A. Absent were sales in the higher priced and luxury buildings. Inventory was up 8 units to 458. 2010 March Condo Sales 5 Year Graph

Good news for home sales Indian River County-wide—up in February to over January with 108 homes sold—the best February in 4 years. On the mainland, prices were still on the low side with 44% of the homes sold under $100,000, and 78% were under $200,000. Six homes sold for over $300,000. Investors with cash are still taking advantage of the low priced properties, many times at the expense of a first time Buyers who are getting a mortgage.  At the high end there were some good values purchased in Ansley Park, 4 bedroom 3200 sq ft houses for $325,000 and $350,000. The highest priced house sold was 4 bedroom, 3200 sq ft in Kingswood Estates.

A great sales month, in quantity at least, for condos in Indian River County, the best February in 5 years. However, most of the increase in sales was on the mainland.  The snow birds and investors were buying up the low-priced units—15 out of the 29 sales on the mainland were in Vista Royale or Vista Gardens. On the low end, 3 Vista 1 bedroom units were purchased for under $30,000, and on the high end there was a Grand Harbor condo that sold for $500,000 and one in Royal Palm Pointe that sold for $950,000.  We expect these low-priced units to keep selling even though their list prices are gradually moving up.   

2010 March County Condo Sales 5 Year Graph

On North Hutchinson Island February 2010 was a tough sales month with only 3 sales, which was more than half of what was sold in January but the same as February 2009. One corner unit in Atlantic View sold for $245,000, a corner unit in Ocean Harbour North for $190,000 and a nice Townhouse in the Sands for $200,000. Traffic and calls have tapered off at our office on Hutchinson Island probably because of the weather. Previous years have shown a rebound in March, so let’s hope it happens again.

2010 March NHI Sales 5 Year Graph

The median sales price of homes in Indian River County stayed constant compared to December 2009. However the price did drop 10% from January 2009.  These statistical results are influenced by more lower priced homes that are being purchased by first time buyers utilizing the tax credit. Also, investors are snapping up the low priced homes to rent or flip. There were 29 foreclosures and 14 short sales representing 40% of the houses sold in January. Time on the market is coming down as sellers realize that they have to compete with the banks that are setting prices low so the homes will sell fast. 

2010 February Median Home Sales - 5 Year Comparison Graph

In general there seem to be more snow birds this year, and the weather has become more challenging up North, so sales should continue to improve.

Homes sales on the island were fairly good in January, typical of this time of year and better than last January. January sales are properties that went under contract in November and December of last year, which as holiday months are usually less active for home sales.  Prices held their own with an oceanfront short sale selling for $1,750,000 and one in Windsor selling for $2,250,000. At the other end there was a hurricane damaged house in Indian Trails that sold for $300,000 and a couple in central beach that sold for under $400,000.

 On the island condo sales were the best in the last 5 years.  Only the peak year of 2004 was better. Prices have moderated, which is probably the main reason for strong sales. Probably very few of these condo sales qualified for a tax credit as most are second homes. There were 4 units that sold under $300,000 including 2 in Park Shores and one in South Passage at the Moorings. There were 2 units that sold for over $500,000, one in Sea Oaks for $550,000 and one on the ocean in Baytree for $780,000. 

Not a great sales month for mainland houses in Indian River County compared to the last 9 or 10 months, but it was the best January in 3 years.. Prices ranged from 8 houses selling for under $50,000 mostly in the south county up to one home in Hobart Landing for $420,000. Of the 88 homes that sold on the mainland, 72 sold for $200,000 or less. 80% of the homes sold were under 2000 square feet in size.

2010 February Median Mainland Condo Sales - 5 Year Comparison Graph

On North Hutchinson Island 6 units sold in January. It doesn’t sound like much but it was the best January in 6 years. Prices are becoming stable, and activity is strong so we expect a good season. 2 condos sold in Atlantic View, one was a short sale on the 2nd floor for $105,000 and the other a nice buy that was bank owned on the 18th floor for $173,000. The highest price sale was in Ocean Harbour Tower, a 3 bedroom condo on the 6th floor for $334,000.

2010 February Median Island Condo Sales - 5 Year Comparison Graph

2010 February Median Island Home Sales - 5 Year Comparison Graph

2010 February North Hutchinson Island Sales - 5 Year Comparison Graph

These days, buying a home in Vero Beach is about more than finding the right square footage, number of bedrooms, and price range. While these factors almost always make up the primary concerns for any home buyer in FL, the truth is that there is so much more to a home than the numbers and figures you see on an advertisement. In fact, Vero Beach and Hutchinson Island are part of a growing trend of buying homes that are not only an investment in your future, but an investment in the future of the planet, as well.

What is an Eco-Friendly Home?

An eco-friendly home is any house that strives to reduce energy usage either during the building process or for average, everyday use. Green Home Building Standards have been established by the National Association of Homebuilders (NAHB), which strives to ensure that ecologically sound building practices meet structurally sound ones no matter where you live.

Some of the components of a “green” home include:

• Energy-efficient features, including appliances and windows with the Energy Star rating. This can also be accomplished by doing simple things like using more efficient lighting fixtures and light bulbs.

• Water-efficient features, including Energy Star ratings on toilets, showers, faucets, dishwashers, and washing machines. At a more advanced level, this can include water recirculation systems and on-site wastewater treatment systems.

• Resource-efficient features, which generally come from structural changes that have to do with house size and layout, window placement, heat conservation efforts, and even using fast-renewing resources (like bamboo) for the floor or other building materials.

• Quality air features, which provide good ventilation without introducing toxins into the air either inside or outside the home.

• Outdoor features, including landscaping that contributes to the local vegetation, and the use of permeable materials for driveways and walkway. Water waste should also be reduced wherever possible.

Purchasing a Green Home

One of the greatest things about eco-friendly homes in the Vero Beach region is that most of the costs are figured in during the building process. This means that if you’re in the market to purchase a green home, you will only have to help maintain the work that’s already been done. While this can increase the initial price tag of your new FL home, chances are that it will save you large amounts of money as the years progress.

In an age where it’s becoming increasingly more important to give back to the environment, more and more homeowners in the Vero Beach area are looking for ways to reduce their carbon footprint. It doesn’t matter whether you purchase a new home in Indian River Shores or an older building with recent renovations in Hutchinson Island, Ginny Mitchell can help you find a way to combine your love of the environment with the home of your dreams.

Marketing a Vero Beach home to make it attractive to buyers isn’t just about staging the house or putting a For Sale sign up in the yard. In today’s real estate market, it’s important to reach out to a larger audience through various types of media. After all, buying and selling a home in the Hutchinson Island region means tapping into everything that people use on a daily basis: computers, newspapers, magazines, and more traditional real estate routes.

A Picture is Worth 1,000 Words

The majority of home buyers in the FL region begin their search online. The Internet is becoming an increasingly viable way to present homes from both an interior and an exterior vantage point. Although Ginny Mitchell will help you to understand the best angles for presenting a photographic display of your house, you can help by pointing out what it is you love best about the home. A great backyard garden, a cozy front porch swing, a spacious kitchen, the tile on your bathroom floor – no matter what it is, use it as a way to entice buyers into contacting your agent for more information.

Virtual tours are becoming a very popular way to showcase your home online, as well. Allowing viewers to “walk through” your home gives them a stronger connection to it.

Signs and Advertisements

The more traditional Florida home selling options include putting up a sign or placing an ad in the newspaper, in your local real estate magazine, or even on direct mailing advertisements. These steps have long been a part of the buying and selling market, regardless of where you live.

The truth of the matter is, there’s a reason these actions are relied upon so heavily: no one will know you’re selling your Vero Beach home unless you post it somewhere! While decisions related to where you place the signs and advertisements will most likely be made with the assistance of Ginny Mitchell, you can help by finding additional ways to spread the word of your sale. Online home selling postings for Indian River Shores or Hutchinson Island are fairly common, and oftentimes, simply letting your friends and family know that your Vero Beach home is on the market can go a long way in spreading the word.

Rely on Ginny Mitchell

Of course, the most important home marketing step you can take is trusting Ginny Mitchell to work hard to sell your home as quickly and efficiently as possible. Like any real business partnership, selling a Florida home is all about finding someone you can trust and working together to get the best possible results.

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.

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

For many people living in or moving to FL, the best real estate purchase is one that combines the comfort of home with a piece of history. Buying a historic home in Vero Beach, Hutchinson Island or Indian River Shores is fairly common in today’s market, thanks to an incredible real estate climate and one of the most dynamic historic districts in the state.

However, if you’re simply looking at the intricate architecture and are thinking how great it would be to own a piece of the city’s history, you might want to take a step back and consider all the work involved in becoming a historic home owner.

Home Quality

The most important consideration for purchasing a historic home in Vero Beach is the quality of the house. Whether you’re looking at a bungalow or a mansion, you have to remember that time is rarely kind to real estate.

In addition to outdated materials (like plaster instead of drywall or lead pipes) and difficult-to-work-with architectural styles, you have to consider the costs of restoring the house with authenticity in mind. Many materials are no longer available or can be costly if you want to maintain the historic integrity of your home. The same is true of the availability and cost of craftsman qualified to work with your particular home.

Florida Housing Regulations

Many historic homes are overseen by governing bodies that regulate what you can and can’t do to your own home. If you’re in the market to purchase a historic home, make sure you know who you will have to go through to get the right permits for renovation, or if you’ll need to register and pay a fee to get your home listed as an authentic historic site. You might also want to note what kind of tourist interest you will get from having a historically-listed site.

Financial Investments

Fortunately, not everything about owning a Vero Beach historic home is hard work! Historic homes, when restored with authenticity, safety, and modern comfort in mind, are an incredible financial investment. Many people are willing to pay top dollar for homes that are in perfect shape or that have a keen attention to detail.

Many local governments also offer tax credits and tax freezes for those who maintain a certain level of quality in their registered historic homes. This means that a historic home can be a great investment, as well as a beautiful piece of architecture.

Finding and Buying Your Historic Home

When refurbished to contain all the modern amenities today’s families need and enjoy, a historic home can become a showpiece – both for your own visitors as well as those interested in the history of Vero Beach, Indian River Shores and Hutchinson Island. As with all real estate purchases, however, this one should be made after much consideration and under the guidance of your trusted agent.

UDT-Seal Muster XXIV Event Thrills Thousands – November 7, 2009

The National Navy UDT-SEAL Museum on North Hutchinson Island honors the site of original frogmen elite forces training fields.  The Navy Seals are the only service branch extensively trained on land, sea and air to accomplish any job under any and all circumstances.  The executive director of the museum Captain Mike Howard welcomed the crowd numbering well over 5,000.     

Captain Richard Phillips shared his detailed personal account of being rescued by the Navy and Seals after his now famous ship the Maersk Alabama was attacked by Somali pirates.  Even though we all knew the basic story and favorable outcome, Captain Phillips riveted our attention.  His “out of the box” plan to hide and lock away his crew and cargo and board a life raft with the pirates plus his dogged determination not to give up was rewarded with the heroic rescue by the Seals without loss of American lives—truly awe inspiring.  The crowd demonstrated approval and appreciation as we all stood in applause. 

While this rescue mission is now well-known, most of the UDT-Seal missions are carried out without fanfare.  This does not diminish the patriotism and heroism of these elite forces. 

The crowd applauded with wild enthusiasm as the SEAL skills simulation—demonstration erupted with a BANG – literally!  Real life active duty SEALS emerged from the ocean in camouflage body paint to reconnoiter the intended assault target.  Then the helicopters quick dropped the SEALS who approached in stealth using only hand signals to communicate.  The target was approached and captured, but “enemy” troops arrived, and they were also “neutralized.”

With the mission accomplished, one group of SEALS hooked to their rope to the first helicopter and took off immediately dangling in the air as the helicopter “escaped” over the ocean.  The other helicopter landed and boarded that group to show non-emergency evacuation tactics. 

One lone SEAL startled us all when he then emerged from underground having been submerged incognito during the entire speeches and demonstrations.  

The only disappointment of the day was that high winds cancelled the planned parachute demonstration.

Color guard opens ceremonies

Captain Phillips addresses the crowd

Captain Phillips signs souveniers

UDT-SEAL helicopter quick-drops troops

SEALS demonstrate quick escape