Vero Beach Real Estate » vero beach properties

Beachwalk Condominium

Chuck Sinclair — Fri, 02 Oct 2009 13:23:34 +0000

Beachwalk, located at 940 Turtle Cove Lane, is located just steps away from what many consider the best beach in Vero, south beach. Beachwalk is low rise with just three floors in keeping with Vero Beach’s building heigth restrictions.
Beachwalk was contructed to meet all current Florida codes. It is an all concrete and concrete block structure with eight inch concrete blocks as walls between adjoining units which provides a very quiet environment for owners. All units are three bedrooms and two full baths. They vary in size from 1800 sq ft to 2140 sq ft. The bedrooms are carpeted and the public areas are ceramic tile laid on the diagonal which provides architectual interest. The builder put cork under the tile so no sound carries to the unit below. The kitchens all have corian counter tops and a high gloss baked enamel finish on the cabinets which makes for easy maintenance. All units are constructed so a bedroom is located at either side of the front entrance and the master suite with two walkin closets is located in the back facing the lush tropical lanscape in the courtyard. Each unit has two parking spaces located in a secure enclosed ground floor space. First floor units can access the pool and clubhouse by steps from their balcony. Second and third floor units can use elevators or stairs. The clubhouse features a catering kitchen and a fitness center. A tennis court is adjacent to the clubhouse. The 20 by 40 foot pool is heated to 84 degrees during the winter months and the spa is heated to 90 degrees.
Beachwalk’s location makes it easy to walk to three popular south beach retaurants and it is conveient to the shops on Ocean Drive.
There are currently 6 units for sale ranging in price from $399,000 to $495,000. If you would like to visit these properties call me at 772-532-2243 or visit my website, www.verobeachluxuryhomes.org.

Vero Beach Real Estate Market News

Chuck Sinclair — Tue, 15 Sep 2009 00:58:33 +0000

Lawrence Yun, Chief Economist for The National Association of Realtors, recently published a report showing second quarter 2009 home sales were up across the county over second quarter 2008. I thought it would be interesting to see if the market in Vero Beach is tracking the national market. To do this I looked at sales/pendings for each quarter 2008 and 2009 for condos on the island, single family residences on the island and single family residences countywide. I also looked at the average selling price per quarter for each category to see if I could determine a shift in prices. The results are shown below:

This data shows that Vero Beach is tracking the national market and could be one of the developing hot spots that Yun mentioned since our second quarter 2009 sales are up 28% over the same period in 2008. I follow this data on a monthly basis which shows that the sales market stopped its decline in March 2009 but the price declines did not change until June. That basically is what this data shows on a quarterly basis.

What this means to you if you are a seller, your property days on market will likely decline. If you are a buyer, it looks like you missed the bottom and will face higher prices in the future. For more information or to search listings on Vero Beach Real Estate, please contact me.

2Q09 Homes Sales Rising

Chuck Sinclair — Wed, 02 Sep 2009 20:36:18 +0000

The National Association of Realtors has issued a report with second quarter existing homes sales showing healthy gains from the first quarter in the vast majority of states. Price declines are a major driver for the sales increase because they are making housing more affordable. Total state existing home sales rose to 4.76 million units in the second quarter, up from 4.58 million units in the first quarter. Year on year this increase is lower than the 4.90 million unit sales recorded in the second quarter of 2008.
Lawrence Yun, National Association of Realtors chief economist, said the sales gain appears to be sustainable. “Low interest rates, lower home prices and the first time buyer tax credit are major drivers for the sales gains.
Yun explained housing’s impact on the overall economy. ” Given the need for related goods and services, each home sale pumps an additional $63,000 into the economy – that’s how the housing engine traditionally pulls us out of recession. In addition, sales are drawing down inventory and that will help stabilize homes values, which in turn will lessen foreclosure pressure and boost credit availability for other sectors of the economy.”
Foreclosures and short sales accounted for 36% of the second quarter transactions. These sales are typically at a 15 to 20 percent discount which explains the price declines.
We’re experiencing the national sales increase trend in Vero Beach. Our first quarter sales were 357 units. Second quarter sales rose 51% to 538 units. July sales were 213 units which is the highest monthly sales since the third quarter 2007. We are also experiencing price drops as the market is making corrections from the red hot sales times in 2005.

Auctions a Growing Niche

Chuck Sinclair — Wed, 19 Aug 2009 14:50:38 +0000

What’s the fastest growing niche in real estate, one that’s seen an increase in residential sales volume of 48% in the past 60 months? The answer is auctions, they’re growing while just about everything else in commerical and multifamily is flat or declining.
Last year $59 billion was sold at live auctions according to the industry’s trade group, the National Association of Auctioneers. This year, with commerical real estate in a free fall in some urban areas, auction volume is expected to be even higher.
But why should owners of investment property give serious consideration to auctions. Sheldon Good & Co, one of the largest real estate auction company’s in the U.S. says auctions are most effective during accelerating markets, like we had in the boom years, and during decelerating markets like we have now.
In an accelerating market, live auctions of investment property where all the due diligence is available to fully vetted bidders gathered in one room, can push prices far beyond what the seller thought was possible.
In decelerating markets auctions are used to cut loses. Carrying costs are limited immediately and sellers usually get a higher net return than they would have gotten by leaving the property dangling on the market for months.
Live auctions have become key elements of the 2009 distressed property marketplace. They are being used to establish true market values in environments where people aren’t sure what the values are.
Banks are increasingly using auctions as loss mitigation tools.
Bottom line: Consider addding auctions to your strategic plan if you need to sell in a down market. They’re not a panacea but they due work.

Tips for Buying a Foreclosed Home ( continued )

Chuck Sinclair — Wed, 15 Jul 2009 15:54:15 +0000

Unless you plan to pay cash, you will need a recent preapproval letter from a lender. The letter will describe how much money you can borrow based on the lenders assessment of your credit score and income.
Usually buyers want to find the house first and then work out the financing. The problem with this is the really good deals go quick and the buyer probably won’t have time to work out the financing.
First time buyers often make the mistake of assuming the bank selling the home will also finance the mortgage as part of the deal. Don’t expect to get financing from the bank that foreclosed the property. Foreclosure and selling foreclosed properties are totally separate transactions and banks view it that way. The people in the banks real estate owned department are not loan officers, they are in the business of getting rid of bad assets. The best advice is get the best mortgage rate in your area before making an offer.
There’s no rule of thumb on what the bank’s bottom line is on price. Just as any other real estate purchase, you have to look at recent sales prices of comparable properties. Sometimes the bank’s price homes really low and they will have multiple offers over the list price within hours. Other times the list price is too high but you can make a lower offer based on recent sales of comparable properties.
Remember that foreclosed properties are sold “as is”. You should not expect a discount from the list price to compensate for repairs. The bank’s will be looking at the same “comps” and they were sold “as is”.
When contemplating an offer, buyer’s should know the absortion rate for their product class in their area. That is how quickly are comparable houses selling. A priced right house in a desirable community might sell within hours while other properties might sit on the market for weeks or months. It all depends on market conditions.
If houses in your product class are selling quickly, the best advice to acquire a bank owned property is to make your highest and best offer. Many buyer’s become upset because they lost a property at a price lower than they could have offered.
It all sounds daunting. But at least you don’t have to wait for the owner to move out before you can move in.
Good house hunting!

Tips for Buying a Foreclosed Home

Chuck Sinclair — Mon, 13 Jul 2009 15:19:03 +0000

According to the National Association of Realtors, foreclosures and short sales accounted for one third of home sales in May 2009.
Buying a foreclosed home is a little different from buying a typical resale home.

In many cases only one real estate agent is involved.
The seller wants a preapproved letter from the lender before accepting an offer.
There is often little, if any, room to negotiate.
The homes come “as is”, and it’s up to the buyer to pay for repairs.

On the upside, most bank owned homes are vacant, which can speed up the process of moving in.
Buying a foreclosure can be a grind. You get a good price but sometimes you have to go through a lot of houses and write a lot of offers to get the house you want.
One third of May 2009 sales were distressed properties, foreclosures and short sales. A short sale happens when the lender agrees to let the owner sell the house for less than the amount owed because the owner cannot afford the monthly payments. Many of these distressed sales went to first time buyers who are concentrated in the lower price ranges.
5 Steps to Buying a Distressed Property:
1. Get preapproved for a mortgage
2. Find an agent specializing in foreclosures
3. Know how long it takes to sell a home in your price bracket
4. Study the sale prices of comparable homes in your area
5. Remember the sale is for the home ” as is”

The first two steps in buying a foreclosure should happen almost simultaneously; find a real estate agent that works directly with banks that own foreclosed homes and get a pre-approval from a lender.
Foreclosure shoppers should find a web site that lists local foreclosures or call local banks for their list of foreclosures and short sales. The goal of combing through foreclosure listings is not to find a house; it’s to find a real estate agent. Banks usually hire one or several agents to handle their real estate owned properties in a market. In most cases the buyer works directly with the banks agent instead of a buyer’s agent.

More to follow…

Millstone Landing in Vero Beach

Chuck Sinclair — Wed, 08 Jul 2009 15:24:01 +0000

Home builder Shelby Homes announced Wednesday it has reduced prices up to $100,000 on single family homes at Millstone Landing in Vero Beach. The company said that “only a limited number of homes” are remaining in the community.
Millstone Landing is being touted by the company as “luxury” homes among 18 lakes and a nature preserve.
Home buyers get a lawn care program that includes maintenance of lawns, trees and shrubs, the company stated in a press release. Residences also contain a monitored alarm system.
Shelby has broken ground on the clubhouse which will consist of a fitness and cardiovascular facility, library/tech center, kid’s room and card room. This month the truss/roofing system will be installed and then they will load roof tile and get the facility ready for drywall.
Ron Yuter, senior vice present for Shelby Homes, said “home buyer who treasure great value will discover that Shelby Homes has lowered the prices on these homes substantially as a direct and positive response to the realities of the current home market”.
To visit Millstone Landing take I95 to exit 138 for Indrio Road. Go east for two mile and turn left ( north) on Emerson Avenue. ( 27 Ave/SR607). Go north about three miles to the Millstone Landing entry on the left. You can aslo contact the sales center at 772-257-3003 or visit them online at www.MillstoneLanding.com.

Vero Beach’s Small Town Charm

Chuck Sinclair — Tue, 07 Jul 2009 14:39:01 +0000

What do you get when you mix classy boutiques, historic locations, four star beachfront hotels and beachfront shopping for fresh produce?
You get Vero Beach:an ideal vacation spot that doesn’t cost an arm and a leg. Centrally located on Florida’s Treasure Coast, the perfect place to get away is no farther than the charming small town of Vero Beach.
Miles of idyllic beaches are perfect for swimming, making sand castle and picnics.
Easy Access to the Intercoastal Waterway means deep sea fishing and sailing are a short boat ride away.
The city that will celebrate its 90th birthday this year has other attractions that have been around for decades.
The Driftwood Inn and Restaurant is another must see when you are in Vero Beach. The Inn, established in 1937 and logged in the National Registeer of Historic Places, captures the rustic, oceanside ambiance of Vero Beach. The building, which is decorated with and partially built with driftwood, is decorated with unusual antiques collected by the original owner and Vero Beach pioneer, Waldo Sexton.
The beauty of Florida’s natural vegatation combined with ornamental plants from around the world are are available for visitors walking the trails of McKee Botanical Gardens, also in Vero Beach. The 18 acres of land, listed on the National Register of Historic Places, are filled with ponds, streams, lucious green foliage and a wide array of tropical plants that will delight the whole family.
Vero’s oceanfront scene includes Disney’s Vero Beach Resort and two new four star hotels; The Vero Beach Hotel and Spa, a Kimpton hotel, and Costa d’ Este beach resort, owned by Emilio and Gloria Estafan, who are also part time Vero residents. The Costa d’Este specializes in cuban cuisine prepared at the open kitchen of its restaurant, Oriente, so diners can watch their meals take shape. The Disney Resort puts family fun first with sig-alongs, miniature golf, and Micky Mouse shaped swimming pools. The Vero Beach Hotel and Spa features an oceanside swimming pool with a cabana that serves your favorite beverage and lite fare. For gourmet presentations the Vero Beach Hotel and Spa invites you to the Indigo Room, an elegant restaurant with spacious views to the ocean.
Downtown Vero Beach, on the mainland, offers many shopping expereinces, from unique boutiques to traditional mainstays, all within walking distance of each other. An example of the small town feel of Vero Beach is that every Friday in downtown there is a farmer’s market where you can purchase fresh produce and other homemade products.
For designer shopping at discount prices visit Vero Fashion Outlets, just west of town, where you can visit JCrew, Gap, Banana Republic, Ralph Lauren, Ann Taylor and many others.
If you want to check out the housing availabilities in Vero Beach visit www.verobeachluxuryhomes.org.