"Irresistible value" finally sold a Canadian ForEx specialist on Vero Beach. (Photo by greenphoto70)

An article today out of Canada highlights the enduring appeal of living in32963 for foreign buyers, the value of due diligence and the appeal of the Treasure Coast vis-à-vis other corners of the Sunshine State. David Newman, the owner of a Toronto-based finance and foreign exchange company, had been planning a Florida home purchase after a friend bought “a place” in Fort Myers for $40,000. Inspired by the thought of buying a Florida residence with his credit card, Newman began searching for homes and soon shifted his focus away from the Gulf Coast of Southwest Florida and over to the Atlantic and homes in32963. “After searching for several months,” the Toronto Star reports, “he bought a 2,700-square-foot detached house with three bedrooms in a gated community in Vero Beach for $224,000.  ’The value was irresistible,’ he says, referring to the three tennis courts, pool, clubhouse and location backing onto a lake. Most important, however, was the property’s history. Built in 2007 in a housing boom, it sold initially for $563,000.” So while we read tales of buyer’s remorse coming out of many Florida markets like Fort Myers (“The Loneliest Condo Dweller in Florida”), it’s always good to hear about well-informed, satisfied buyers—who initially had not considered our corner of Florida—but ultimately decided on the quality of life and “irresistible value” in32963.  (Article: FX Specialist Sweetens Florida Deal)

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.

Bill, Mary Frances and Cassie (pictured) are blogging in32963 en route to the Keys.

TripSailor.com is one of the best social networks where sailors share their offshore life online . The website has an excellent blog feature where members and visitors can interact, share itineraries and upload photos from their voyages. One of TripSailor’s most active and well-written blogs is currently being updated by Bill and Mary Frances, a retired couple from South Carolina sailing from Hilton Head down to the Keys. Fortunately for us, they are enjoying an extended stay in32963 and blogging from the docks in Vero Beach. Since their arrival last week, Mary Frances has been writing about cormorant sightings, trips to Fresh Market, TV repairs, lunches at Riverside Cafe, dinners at Mulligans, and haircuts for their travel companion, Cassie. “This is our 3rd night here at Vero Beach and we can understand why it’s often called Velcro Beach because when you get here you tend to want to stick around,” Mary Frances wrote on Saturday. Weather and wind instrument repair delays may keep the couple in32963 longer than originally planned, but Mary Frances is enjoying the warm weather and looking on the bright side, “Well, we’re unsure of when we’ll leave Vero Beach. Vero is a great place to be if you’re going to have a delay. I’ll keep you up-to-date.” To follow Bill and Mary Frances’ adventures in Vero and journey to the Keys, visit “Cool Breeze Sails South.”

This week’s active listing price adjustments include 5 condominiums and 6 single-family homes located in Castaway Cove, Central Beach, Old Orchid, Orchid Isle Estates, Riomar and 3 condominiums in The Moorings. Of the 11 price adjustments, 9 were reductions and 2 were increases. The largest price reduction on a dollar basis (-$601,000) was the 5 bed/6 bath private estate in Orchid Isle Estates, and a 2/2 Central Beach condominium saw the largest price increase ($20,000). The next largest price reductions were seen in Castaway Cove (-%500,000) and Martin Cove (-$400,000), while another Orchid Isle Estates home saw a $100,000 price reduction.

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.

This week’s new listings include 8 condominiums and 2 single-family homes located in John’s Island, North Beach, Central Beach and Sea Oaks. In yesterday’s inFocus, we referenced the scarcity of available condominiums in the high-end segments (19 in the $1 million to $2 million segment and 9 in the $2 million and above segment), so the addition of 6 new condominiums priced above $950,000 gives a long-awaited boost to high-end inventory in32963.

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.

The Boys & Girls Club of Indian River County touches the lives of over 400 children daily.

Few organizations have a more positive impact on the lives of local children (9,000 and counting) than the Boys & Girls Club of Indian River County. From humble beginnings just ten years ago, the Club today operates three professionally staffed, fully-equipped facilities  promoting the health, social, educational, vocational and character development of Indian River youth between the ages of 6 and 18. In fact, thanks to generous community support, the IRCBGC is now the fastest-growing youth development non-profit in Indian River. According to the Club’s Strategic Plan, individual donations and fundraising events like the upcoming “Angels Help Our Kids Take Flight” Dinner account for 54% of the Club’s annual operating budget. With that in mind, you have a unique opportunity to help this worthy organization by attending the 9th Annual Angels Dinner. The event will be held February 24th at the Sun Aviation Hangar and Major Sponsors include John’s Island Real Estate Company and Mercedes-Benz, Porsche, Audi of Melbourne. Sponsorships are available and tickets cost $225 per person. For more information contact Ronnie Hewett at (772) 299-7449.