This week’s featured price adjustments in32963 include 1 condominium and 11 single-family homes located in Castaway Cove, Central Beach, North Beach, Orchid Island, Sebastian Inlet and Wabasso Beach. Of the 12 price adjustments, 10 were reductions and 2 were increases. The largest price reduction on a dollar and percentage basis (-$366,100) belongs to a 4 bed/3 bath home in Wabasso Beach, while a 3/2 oceanfront home near Sebastian Inlet saw the largest price increase ($245,000). Other single-family homes posting double-digit price drops are located in Seagrove, Castaway Cove, Orchid Island and North Beach. Of the 12 properties, the median price reduction was $85,000 or 9.8%.
On February 6, 2010, In 32963 market data, real estate, by in32963
On February 4, 2010, In 32963 market data, real estate, by in32963
IHS Global Insight ranks Vero Beach as the 2nd Most Undervalued Real Estate Market in the U.S.
IHS Global Insight, one of the world’s leading forecasting companies, just released their latest quarterly survey of House Prices in America, and while the news is mixed on a national basis, the findings are quite encouraging for potential buyers in32963. According to IHS, “house prices in the U.S. ended a two-year decline, and edged up slightly over the second quarter. The rate of decline has decreased among metro areas as the market has begun to stabilize. Yet it is not certain that the housing market is on a recovery path. Economic conditions remain dire and significant headwinds exist in stubbornly high unemployment rates.” And now for the good news: Of the 330 U.S. metropolitan areas surveyed, IHS ranked Vero Beach Florida the #2 Most Undervalued Housing Market in the U.S. According to IHS, the median housing price of $206,900 in Vero Beach was roughly 30% overvalued in 2005, while other Florida markets like Naples and Port St. Lucie were 40-50% overvalued. In contrast, all Florida markets are significantly undervalued today according to IHS with Vero Beach’s current median home price of $123,300 approximately 40% undervalued. While in32963 focuses exclusively on higher end properties, it’s not easy to extrapolate to the Barrier Island; however, the “undervalued” validation from a credible third party is encouraging for potential buyers and bargain hunters in32963. (IHS Quarterly Report Summary)
This week’s new listings in32963 include 5 single-family homes, 3 condominiums and 1 undeveloped riverfront parcel. The condominiums range in price from $399,000 to $1.85 million, the homes range from $335,000 to $2.1 million and the lot is priced at $1,499,000. This weeks’ new listings are spread across several neighborhoods and communities in32963 including John’s Island, Old Riomar, North Beach, Riverside, Seagrove and South Beach. The riverfront estate parcel features almost 500 feet of prime frontage in32963.
