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%.

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.

On Assignment…Gladly! It may have been cold recently in Florida, but it’s still freezing in NYC.

When it’s freezing across most of the Greater 48, the New York-based national media outlets look for any excuse to come to Florida…even if it’s to cover a story on cold weather. As evidence, you couldn’t turn on the television over the past week without seeing some fluffy fleece pullover-packing talking head sensationalizing the recent cold weather in Florida. They stood in citrus groves marveling at baby icicles, they drove our highways chasing the elusive Sunshine State snowflake, and they even predicted a reptilian event of almost Biblical proportions: frozen iguanas falling from the skies. Now here’s the post-freeze reality in32963: orange juice futures are up slightly so expect to pay a little more for your Tropicana this winter, the aerial lizard invasion never materialized and, most importantly, warm weather and sunny skies have returned.  In fact, the long-range forecast in32963 is outstanding: low temperatures moving back into the 50°-60° range and high temperatures consistently in the 70’s with a few 80° days mixed in for good measure. (15-day forecast Chart). So is that the end of cold weather this year in32963? Of course not, but unlike the Midwest and the Northeast, our future cold bouts won’t involve inches of snow falling from the sky. Now frozen lizards…that’s another issue entirely.

Today we look at the breakdown of active listings in32963 by property type in the five main price segments. The $250,000 to $500,000 segment leads all groups with 122 single-family homes, 101 condominiums and 6 lots, while the middle price segment, $750,000 to $1 million, has the lowest inventory of single-family homes (60), and the most exclusive segment, $2 million and above, has the fewest number of active condominium listings (9). The few remaining undeveloped lots in32963 are scattered across the five price segments and range in price from $260,000 on 926 Beachcomber Lane to $7.5 million for the parcel at 1940 South A1A.

For more information on these and other properties in32963, contact info@in32963.com.

Distribution of Single-Family Homes, Condominiums and Lots in32963 by Price Range

Today’s inFocus offers a pie chart view of active listings in32963 grouped according to five major price categories: $250,000 to $500,000, $500,001 to $750,000, $750,001 to $1 Million, $1 Million to $2 Million, and $2 Million & Above. “Active listings” are comprised of single-family homes, condominiums and lots/land. Listings priced below $500,000 account for just over one-third of all listings in32963, while 30% of all active listings are priced above $1 Million. The remaining third fall somewhere in the $500,000 to $1 Million price range.

For more information on active listings in32963, send your inquiry to info@in32963.com.