Vero Beach Florida Homes

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

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