Vero Beach, FL (PRWEB) February 17, 2012
With many buyers deciding 2012 is the right time to get back in the real estate market, an often overlooked consideration is whether to buy a new or existing home.
At first glance a short sale or REO (real estate owned) bank home may seem to be where the deals are. But many buyers soon realize that new homes actually provide the better value. “We began our search thinking we would find a super deal on a bank owed home. But after 18 months of frustration and waiting and still no deal to show for it, we’re now seriously considering new homes. They seem to have the better features, don’t require the fix up, and most importantly the builder treats you like a human being,” said Jeff Flick, a Vero Beach resident who has been looking for a home while the interest rates are low.
Scott Reynolds, a Realtor with Dale Sorensen Real Estate Inc. in Vero Beach, says that his buyers have a distinctly different approach these days. “The customers I see now are very sophisticated. They want to capitalize on the market but are prepared to pay a fair price to get exactly what they want. “Our buyers have owned a few homes before and are taking advantage of the market to create the exact home they have in mind. And they’re willing to pay a little extra to add in the details to suit their lifestyle. He stated that about 60-70 percent of his buyers are retiring within 3 years, or recently retired, who take advantage of the interest rates and pre-buy their retirement home now while they downsize or sell their northern home.
For Florida buyers, and particularly those on the Treasure Coast, one of the biggest advantages of buying a new construction home is compliance with the 2004 hurricane protections codes that require roofs, impact glass windows and doors to be reinforced to withstand hurricane-strength winds. And that is a major consideration for today's buyers.
This second home segment of the market is currently the most active and accounts for the majority of recent sales at River Wind explained Jim DiMarzo, the broker for Riverwind Real Estate who has more than 25 years of experience in the Vero Beach real estate market. “Right now we are critically low in inventory,” added DiMarzo. Riverwind’s new construction inventory is shrinking and features only three homes for sale. Island Club currently has seven homes in inventory. DiMarzo agrees that new construction homes are the better choice. Foreclosures and short sales can be too complicated and may be listed with out of town brokers who don’t have the local relationships. Vero Beach builders have a lot riding on their reputation since a large part of their business comes from realtors and referrals.
According to John Rymer, a Tampa-based housing industry consultant, the next 12 months are likely to offer consumers the best buying opportunities for a new construction home in a decade. Builders have slowed their rate of building and this decreasing supply will eventually cause prices to go up. “When the market rebounds, demand likely will outpace supply, further driving prices up,” explains Rymer.
Palm Coast Development, a 19-year Vero Beach, Fla. homebuilder and the exclusive builder for River Club Vero Beach, is prepared for the careful optimism in the real estate market. PCD President Bob McNally has launched a new series of floorplans that reflect today’s lifestyle in a more efficient footprint and price bracket. His newest model, the 3-bedroom, 2-bath St. Vincent starts at $635,000 and will open later this month.
Palm Coast Development custom designs every house, and includes architectural plans in the purchase price of the home. “The customers we see today are tired of having to replace bathrooms, pools, roofs, driveways and redoing parts of the house. They want something that’s new. And they love the fact that we add a 10-year warranty to our homes,” explained McNally. McNally’s wife Jackie, an interior designer, operates Palm Coast Development’s design center saving buyers time and money.
Ironshore LLC, River Club’s owner that purchased the property last year, passed their lower land cost savings along to the buyers. “We have no legacy issues so we were therefore able to completely re-engineer the community’s financial structure for the post-bubble economy,” added Jack Rodgers, executive with Ironshore Capital LLC. With the developer and builder working to offer a great value, new construction buyers have started to take notice. To date more than 50 percent of River Club’s planned 179 residences have been sold.
River Club is a private 120-acre residential community on A1A and the last new home community on the Vero Beach island. Amenities include tennis, swimming, relaxing on the beautifully landscaped pool terrace or exercising in the well-equipped fitness room at the Swim and Fitness Center. In the heart of the community is The River Club, a gathering place overlooking the unspoiled riverfront where residents can socialize and entertain friends. Four private guest suites are available for overnight guests of residents. Prices for new homes in River Club start from the low $600,000s. A new model home will be open in February. For more information visit: http://www.riverclubvb.com or call 772-231-3818.
Jack Rodgers 954.448.1771 direct
Palm Coast Development President Bob McNally
Ph: 772-794-9105 Tcbvero1(at)aol(dot)com
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