Treasure Coast Real Estate Articles
Treasure Coast Florida Real Estate Forecast 2023
The Florida Treasure Coast Florida residential real estate forecast for 2023 ought to bring a bit of change to the area, though probably not a lot of significant difference between today’s environment and that of the first part of the new year. So, let’s take a quick look at its present state and what challenges it faces.
The residential real estate market on the Florida Treasure Coast is currently showing strong demand for housing, with over 2,600 active listings and a median asking price of $410,000. The median list price per square foot is $231, and the median selling price is $372,700, representing a substantial but not huge increase in a year-over-year comparison.
However, there are several factors that are negatively impacting the market and causing some buyers to avoid the real estate market altogether or delay their home purchases. One major factor is some of the highest interest rates in decades, which make it more expensive for buyers to take out a mortgage. This can make it more difficult for some buyers to afford long-term commitments.
Another factor that is impacting the market is continuous inflation, which is causing the prices of everything to rise. This can make it more expensive for buyers to purchase a home, as the cost of living in the area continues to go up year after year.
Finally, there has been less new construction in the area, which means that there is a limited supply of new homes available. This can make it more difficult for buyers to find a home that best meets their needs and preferences.
Despite these challenges, the market on the Treasure Coast remains mostly balanced between buyers and sellers, with a sale-to-list price ratio that is quite high. This means that homes are generally selling for nearly their asking prices. The median days on the market are running well over thirty days. However, the market is in a state of flux, as the high prices and limited supply of new homes may be causing some buyers to hold off on purchasing.
To recap, the residential real estate market on the Treasure Coast is showing strong demand for housing, with a good selection of homes available and a mostly balanced market. However, buyers should be aware of the factors that may be impacting the market, such as costly interest rates, continuous inflation, and less new construction in the area, to plan accordingly when purchasing a home.
Port St. Lucie Real Estate Forecast
The Port St. Lucis residential real estate market forecast is at best uncertain, although there are certainly a lot of good signs to point to presently. However, there are also troubling factors that continue to unfold which really makes the local market a mixed bag. So, read on to learn more about the residential real estate market forecast for Port St. Lucie Florida, and what you need to know.
The Port St. Lucis residential real estate market outlook is still a bright one, despite some challenging obstacles that are currently playing out and will probably remain present in the market for the next several months, well into 2023 and perhaps beyond. At this time, the median list price for homes in the area stands at $415,000, with a median list price per square foot of $232, and a median selling price of $375,000.
This means the sale-to-list price ratio in the market is right around 66% to 67%, which is well below some of the hotter markets in the state, but still on par with some of the more average-performing markets around the peninsula. Meanwhile, in Port Lucie county, the numbers are nearly identical, with a median listing price of $400,000, a median list price per square foot of 231, and a median selling price of $365,000. This puts the sale-to-list price ratio of the County at 91% to 92%, which means it's outperforming the local micro market.
At this time, there are a number of factors in play that will determine the strength or weakness of the residential real estate market in Port St Lucie Florida. Among them are rising interest rates, prolonged inflation, changing job markets, new construction, rents, and demographic changes in key areas, along with a growing population.
The Federal Reserve has made it clear it will continue its strategy of incrementally bumping up interest rates, which are now the highest in decades, over the course of the next year. This will drive down new mortgage applications, along with refinances, and that will have a negative impact on the residential real estate market. Persistent inflation is also a negative factor that is playing into the market, which also drives down the number of transactions as buyers pull back when dollars are worth less.
Additionally, there are other pressures bearing down on the local real estate micro market, along with the macro economy of the state at large. For instance, the state continues to experience a huge influx of new residents and that will help to drive up property values as housing becomes more scarce.
Financing Options For Buying A Condo
Financing options for buying a condo are similar to buying a single-family property in some ways but do possess very unique qualities. This is due to the fact that lenders treat condos differently than they do single-family homes. So, read on to learn more about what you need to know about financing a condo and what it entails.
Lenders treat condominiums differently than single-family units. This is because the word condominium is actually a form of ownership, it has really nothing to do with the architecture. A condominium is a legal term and it basically means that you're buying a share or percentage of the overall condo community. However, you will still technically own the unit, from what's known as the walls in. This is why common area maintenance and other things around and on the property, like the roof, are the responsibility of the homeowners association.
It also means that lenders don't just look at the single unit you’re considering buying. Instead, they look at the entire development, including the number of owner occupancies, the association reserves, and other factors.
Financing options for buying a condo are similar to buying a single-family property, but as mentioned, do differ in some substantial ways. Here are some of the most common financing options for purchasing a condo:
- Conventional financing. This is one of the most common home loan products and it can generally be used for buying a condo. It will likely have the most competitive interest rate and favorable terms but requires higher creditworthiness.
- FHA mortgage products. The FHA mortgage loans are another common option, but will have less competitive interest rates in most cases and will also require private mortgage insurance.
- VA home loans. The Veterans' Administration mortgages are also fairly common and can be used for condos. But, they are actually one of the most expensive home loans in the long term because of their structure.
- Rehabilitation loans. In some cases, you can use a rehabilitation loan in order to purchase a condo unit. As the name implies, these loans are intended for units that need remodeling or refurbishment.
Additionally, some first-time buyer loan programs offer to finance purchasing a condo. These will generally come with more accessible lending standards to help first-time home buyers make their first purchase, but these loans can also be relatively expensive over the long term.
Staging Your Condo To Sell
Staging your condo to sell really isn’t so difficult it can’t be done without a professional. In fact, it’s possible for just about anyone to stage a condo to sell - all you have to do is follow some key principles. By sticking with a few effective guidelines, you should be able to transform an ordinary condo space into something that is not only attractive but very functional. So, read on to learn more about how to stage your condo to make it so quickly.
Staging your condo to sell really revolves around two key ideas - make it look good but also make it as functional as possible. This is extremely important because many people just focus on aesthetics, yet almost entirely forget or ignore function.
Remember, any space that you're trying to sell must have those qualities. Otherwise, prospective buyers will quickly pick up on what's lacking and you'll be left with a listing that eventually goes stale. (A steel listing, what used to be referred to as a shopworn listing, is one that many people tour, but receives very little interest and no offers.)
Now, let's get on to the nitty gritty so you know exactly what to do. Fortunately, it comes down to some very simple actions, and best of all, you don't have to be an interior decorator to make it come out looking great, while still providing a lot of much-needed functionality.
The very first thing you should do when staging a condo to make it sell as quickly as possible and for as much money as you can get is to think in terms of space. In other words, stage with smaller-sized furniture and go by the principle that less is more. Furniture should be appropriately sized for the space and not overly large. Otherwise, it will take up too much room in any given area and that's going to make it look small. Also, it's highly advisable that you choose furniture pieces that serve more than one purpose. For instance, a sofa that folds out into a bed or another piece that doubles as storage space.
Next, be sure that the condo is equipped with everything that's needed, but isn't cluttered. Additionally, in order to stage your condo to sell, it should be completely free of personal effects and, it should be squeaking clean from top to bottom. Disinfect and sanitize every single surface and make sure that everything is clean so that it is attractive to buyers.
Treasure Coast Luxury Condos
The Treasure Coast luxury condo forecast is somewhat of a mixed bag, given current statistical trends. The figures vary from city to city, so in order to gain perspective, we will mostly focus on the Port St Lucie market, because it is by and largely indicative of the area. So, read on to learn more about the luxury condo forecast for the Florida Treasure Coast and what we might expect to see.
The Treasure Coast luxury condo forecast is on track to produce a solid year. However, the sales and activity are cooling at this time, due to a few factors. However, since real estate is cyclical, we will likely see an uptick during the next buying and selling season. At this time, all indications point towards a softer market, though definitely not one that will fall flat.
Presently, the meeting listing price in Port St Lucie stands at $420,000, with a median list price per square foot of $234, and a median selling price of $400,000. According to the latest figures, $126 properties were sold under the asking price, $116 homes were sold over the listing price, and 79 were sold at their asking price. With the available inventory and given the number of active buyers, current sales activity puts the area in a seller's market, though definitely not a lopsided one.
Over the coming months, due to rising interest rates and persistent inflationary pressure, sales activity is likely to decline, thereby bringing the area to a more balanced market, meaning there ought to be near purity between active buyers and available homes for sale. This is supported by the number of homes sold, with 430 property transactions in the month of June, falling to 321 property transactions in the month of July, representing a decrease of 25.3% in the Port St Lucie market.
Likewise, the number of new listings dropped in the same period from June to July, although by a very small percentage. During that time, the number of new listings went from $1,550 in June to $1,537 in July, which works out to a drop of 0.8% for that period. Regardless, the difference in sales price actually Rose from June to July, up over $80,000, or 29.3% from June. Although this is a bit odd, it is not necessarily unusual, as this likely represents more luxury homes being sold over that two-month span.
Jensen Beach Real Estate Forecast
The Jensen Beach real estate forecast is a bright one, particularly at this time. However, there are forthcoming elements that will likely cause it to cool significantly, though certainly not cause any troubling impacts. Although, it is important to be aware of some forces that are coming together than could redirect the current trends in the area. So, read on to learn more about the residential real estate market in Jensen Beach and what you need to know.
The Jensen Beach real estate forecast is presently on pace to deliver a good year overall. Though there are signs it will slow. But, this would probably only be a temporary pause until buying and selling season picks up again next year. As a record number of people move into the state of Florida, local real estate markets around the peninsula have greatly benefited from people leaving the northeast, west coast, and even the midwest. This has been quite advantageous to property investors who rent their houses full-time, and for sellers with substantial equity.
Right now, the median listing price for a home in Jensen Beach stands at $519,000, with a median listing price per square foot of $370, and a median selling price over the asking price of $527,500. In other words, a good percentage of listings are selling over the asking price, though certainly not all homes that go on the market reap this benefit. At this time, these numbers represent a 22.1% year-over-year increase which is great for sellers. Moreover, the sale-to-list price ratio is now 99.2%, which is very high.
The local residential real estate market in Jensen Beach is still quite active, though it has cooled off a bit, technically remaining a seller's market, but only slightly out of balance between the parity of buyers and sellers. So, there are still more people actively looking to buy than there is available inventory. Additionally, homes are going quickly, with median days on the market standing at just 53 days at this time.
Although, economic circumstances and logistics situations continue to evolve, with interest rates incrementally rising, inflation continuing to trend upward, and a shortage of building materials and labor. All of these put downward pressure on the market, and will likely continue to do so over the next several months, which will help to stabilize home values, avoiding overheating of the market. This should help to bring the market back into balance and that is good news for both buyers and sellers.
Hutchinson Island Real Estate
The Hutchinson Island residential real estate market is a hot one right now, favoring sellers over buyers, but by a slim margin. Located on the east coast of the peninsula, bordering the Atlantic Ocean. Therefore, it’s one of the most desirable places to live in the Sunshine State. However, this doesn’t mean buyers are totally out of luck. So, read on to learn more about the real estate market in Hutchinson Island and what you need to know about it.
The Hutchinson Island residential real estate market is currently in a seller’s market, with a median listing price of $525,000 or $334 per square foot, and a median selling price of $450,000. This represents an increase of 46% in a year-over-year comparison. In June of 2019, the median selling price in Hutchinson Island stood just below $400,000, and now, the sale-to-list price ratio has jumped to 97.31%, meaning homes are selling for 2.69% under their asking prices.
However, homes are not necessarily selling quickly in the area. At this time, the median days on the market stretch to about two and a half months, at 74 days. This is very close to the length of time homes stayed on the market two years ago in June 2019, but a far cry from about a year later in May 2020, when homes were on the market for well over 200 days.
This trend is not expected to continue for much longer, although it may stretch through the summer and possibly even into the winter months. The market will likely return to a more balanced one, with even parody between buyers and sellers as the year comes to a close. This is due to rising interest rates, fewer buyers coming into the state, and the pace of construction picking up as labor and materials become more readily available.
Another unknown element is the reintroduction of distressed properties, which are comprised of foreclosures and short sales. Since the onset of the pandemic and the subsequent shutdowns, these distressed properties have all but disappeared from the market and have not had any influence over home values. However, if a wave of foreclosures and short sales flood the market at once, that will have a negative impact. But, if they are added gradually to the market, home values are likely to be mostly unaffected, and distressed properties will probably not have much of an impact.
Benefits Of Investing In Treasure Coast Luxury Condos
There are many reasons why investors should consider buying Treasure Coast luxury condos. The biggest benefit of all is the incredible return on investment (ROI) that these properties offer. In addition, property investors can enjoy a wide range of other advantages by purchasing Treasure Coast luxury condos.
Do you want to know why investing in Treasure Coast luxury condos is a smart move? Keep reading to find out the biggest benefits that property investors gain by purchasing such real estate assets!
One of the biggest advantages of investing in Treasure Coast luxury condos is that they offer a high return on investment (ROI). In fact, according to data from the National Association of Realtors, the average ROI for condo investments is around 20%. That’s significantly higher than the average ROI for other types of real estate investments, such as single-family homes and apartments.
Another big advantage of investing in Treasure Coast luxury condos is that they offer a high degree of flexibility. Unlike other types of real estate investments, such as single-family homes and apartments, which are often subject to zoning regulations, condos can be used for a variety of purposes. For example, they can be used as primary residences, second homes, or rental properties.
If you’re looking for a high-yield investment with a high degree of flexibility, then investing in Treasure Coast luxury condos is the right move for you! Contact a local real estate agent today to find out more about available condo units in the area.
Dealing With Condo HOAs
If you are a condo owner, then you know that you are subject to the rules of the HOA. While some rules may seem trivial or pointless, it is important to remember that the HOA is in place to protect all of the owners in the community. If you have an issue with a rule, it is best to address it in a polite and respectful manner. In this blog post, we will discuss how to deal with a condo HOA, and provide tips on how to remain compliant and avoid any penalties.
The first step is to familiarize yourself with the rules of the HOA. This can be done by reading through the condo handbook, or by asking a member of the HOA board for clarification. It is also important to understand that the rules may change from time to time, so it is important to stay up-to-date. If you are unsure about a rule, it is always best to err on the side of caution.
If you have an issue with a particular rule, it is important to respond or file a complaint in writing. This will allow the HOA board to review your concerns and take appropriate action. Do not argue the rule with a member of the board, as this will likely not result in a favorable outcome.
Finally, it is important to understand the penalties for violating HOA rules. These can range from a warning to being fined, or even losing your condo ownership rights. If you are found to be in violation of an HOA rule, it is important to take corrective action immediately to avoid further penalties.
Fort Pierce Real Estate Forecast 2022
Looking to invest in residential real estate? Or, relocate to the Sunshine State? Fort Pierce, Florida may be the perfect place for you. The city is located on the Treasure Coast and consists of 13 neighborhoods.
Homes for sale in Fort Pierce range from $8,000 to $28 million, making it a great place for investors of all budgets. Additionally, the city offers affordable townhomes, affordable multi-families, and affordable 3-bedroom listings.
The median list price is currently at $275 and has a median list price per square foot of $187. The median selling price is also currently at $240,000. The sale-to-list ratio is 100%, with the median days on market at 61 days. In short, Fort Pierce is a buyers' market. So, if you're considering investing in residential real estate, Fort Pierce is a great option to keep in mind.
As we move deeper into 2022, it's important to start thinking about your 2022 to 2023 real estate goals. If you're considering investing in the Fort Pierce market, now is a great time to start your research.
Here's what you need to know about the Fort Pierce real estate market forecast for 2022:
- The median list price is expected to increase to $300,000
- The sale-to-list ratio is expected to increase to 105%
- The median days on market are expected to decrease to 50 days
Overall, the Fort Pierce real estate market is expected to be a seller's market in 2022! So, if you're thinking about investing in the area, now is the time to start your search.
Treasure Coast Cost Of Living 2022
The cost of living on the Florida Treasure Coast is expected to rise in 2022. According to a recent study, the average consumer will spend about $1,500 more per year on groceries, housing, and other necessary expenses. This is due in part to the increasing popularity of the area, as well as the rising costs of goods and services. If you're thinking about moving to this beautiful part of Florida, now is the time! You'll enjoy all that this region has to offer while enjoying a cost of living that is still relatively low compared to other parts of the country.
If you're looking for a place to retire that has beautiful beaches, a laid-back lifestyle, and a low cost of living, look no further than the Florida Treasure Coast. In this blog post, we will take a closer look at the cost of living on the Treasure Coast in 2022. We will include statistics on housing costs, food prices, and more.
Florida is a popular destination for many reasons – its wonderful climate, miles of sandy beaches, and an array of tourist attractions. The Sunshine State is also home to the Treasure Coast, a region that offers all of the benefits of living in Florida with a little bit more privacy and space. (The Treasure Coast comprises the area from Palm Beach County north to the Space Coast. Some of the most notable and popular cities are Fort Pierce, Port St. Lucie, Tradition, Stuart, and Hutchinson Island.)
If you're thinking about buying a home, renting, or purchasing a vacation property in the area, you should know its cost of living. Here’s how it breaks down, into six categories. For reference, a baseline average score of 100 represents the national figure. Anything above is more expensive and anything under is less expensive:
- Transportation. Here on the Treasure Coast, getting around is very affordable, with a score of 90, making it simple to come and go.
- Utilities. Cooling -- and occasionally heating -- is also less expensive here, earning a score of 95 out of 100.
- Housing. Buying or renting in the area is also more affordable, though just slightly, earning a score of 99, so it’s not as expensive.
- Healthcare. This is the first expense that’s above the national average, with a score of 100, making it a tad more expensive.
- Groceries. Food is also a bit more expensive, earning a score of 104.
For odds and ends, or miscellaneous, expenses, the Treasure Coast scores 105, but that’s not too much more.
Treasure Coast Real Estate Forecast 2022
The Treasure Coast of Florida is a beautiful area that is home to many retirees and vacationers. The area has seen a lot of growth in recent years, and the real estate market is booming.
According to a recent study by the National Association of Realtors, the Florida Treasure Coast is expected to see continued growth in the residential real estate market over the next five years. The report predicts that prices will rise steadily, while sales volume and demand will remain strong. If you're thinking of buying or selling property on the Treasure Coast in 2022, now is a good time to start preparing.
The Treasure Coast is a region of Florida that is known for its miles of unspoiled beaches, crystal-clear waterways, and diverse array of wildlife. This area includes the cities of Stuart, Port St. Lucie, Fort Pierce, and Vero Beach. The population of the Treasure Coast is around 430,000 people, making it the fourth most populous region in Florida. The economy of the Treasure Coast is based largely on tourism, agriculture, and fishing.
The Treasure Coast spans a large area, so prices vary greatly from one community to another. For example, prices are highest in Martin and St. Lucie counties and lowest in Indian River County. The average sales price for a single-family home in 2017 was $269,000. Today, it’s between $349,900 and $340,000 in Vero Beach and Indian River County at large. But, in Port St. Lucie, some homes are currently listed in the low to mid $20,000 range and go all the way up to $8 million.
Waterfront homes in the area are particularly popular, and prices for these properties continue to increase. Of course, these are among the most expensive houses on the Treasure Coast. If you're interested in buying a waterfront home on the Treasure Coast in 2022, be prepared to pay a premium. Meanwhile, sellers are listing their luxury, waterfront properties at top dollar.
Likewise, because the Treasure Coast is so big, other statistics vary widely from one town to another. These include the sale-to-list price ratio and days on the market. For instance, Vero Beach is steeped in a buyers’ market, but its sale-to-list price ratio is currently 100% and the median days on the market is 58 days. Conversely, Martin County is in a strong sellers’ market, also with a sale-to-list price ratio of 100% and median days on the market of 55 days.
Hutchinson Island Real Estate Forecast 2022
The Hutchinson Island residential real estate market forecast for 2022 is a bright one for this up-and-coming city. There are 194 homes in Hutchinson Island, Florida for sale, ranging from $15,000 to $15 million. In November 2021, the median listing home price in Hutchinson Island was $439,900 trending upwards 25.9% year-over-year. The median listing home price per square foot was $314 with the median home sold at the time being priced at $464,500.
The Hutchinson Island residential real estate market forecast for 2022 ought to continue along its present trajectory 2022. (At least, for the first few months.)
Meanwhile, the sale-to-list price is 98.29%, which means listings are selling 1.71% below the asking price. Currently, the median days on the market are 64 days, the least since January 2019, when the median DOM stood at 52 days, and much less than the high that occurred in April 2020 when the median DOM hit 235 days.
The end of moratoriums on foreclosures and short sales means that there could be a floodgate for distressed properties. If this happens, it will likely drive down home values as well as listing prices in the market - but if those arrive gradually then things may not really change much at all.
The future of Hutchinson Island residential real estate depends on how the market reacts to distressed properties. As many new residents are coming from other areas, this will greatly affect what happens with these homes.
Treasure Coast Florida Condo Forecast
Florida’s Treasure Coast real estate market forecast is a very dynamic one, particularly because it covers such a large geographic area. The Treasure Coast is a region that includes three municipalities: Indian River County, St. Lucie County, and Martin County. It’s so-named due to the historical 1715 hurricane, where many ships, sailing from Spain and carrying precious cargo, sank during the storm. Today, it’s one of the most desirable locations to call home in the Sunshine State and its real estate market reflects this fact. So, read on to learn more about the condo market on Florida’s Treasure Coast.
Florida’s Treasure Coast real estate market forecast is currently experiencing a buyers’ market. Of course, when broken down into its many cities, this trend changes, with some communities leaning more toward sellers -- even being considered a sellers’ market. Right now, the median home listing price in the area is about $329,000, with a median listing price per square foot of $198 and the median selling price stands at approximately $274,000 in the area.
The median listing price is also just shy of 20% more than it was a year ago, indicating a healthy market. Meanwhile, the sale-to-list price ratio in the area is 98.33%, which means homes are selling for around 1.67% below their listing price. Currently, listings are selling at a good rate, with a median DOM or days on the market of just 50 days, or less than two months.
All of these figures demonstrate a strong, yet subdued real property market on the Treasure Coast and the trend could continue for several months.
The Advantages Of Owning A Rental Property On Hutchinson Island
The advantages of owning a rental property on Hutchinson Island are so beneficial, that they make inescapable compelling reasons to purchase real estate here. For instance, location is the most influential factor and this area has it all when it comes to climate, weather, scenic beauty, and quality of life. Then, there's accessibility, which is also a cinch, not to mention its proximity to other great Florida destinations such as Orlando, Miami, the Keys, and the Space Coast. So, read on to learn more about the benefits of owning a rental property on Hutchinson Island.
The advantages of owning a rental property on Hutchinson Island start with its location. Bordering the Atlantic Ocean, this small community is a quiet place to call home and offers some of the best scenery in the Sunshine State. As everyone knows, location is a key element in the value of real estate and Hutchinson Island delivers on this big time.
Because it's in a highly desirable location, that means that property values appreciate at a stronger rate than they do in other places. It also means a healthy tourism economy, which translates into no shortage of short-term rentals. And, since there is such a healthy tourism market here, long-term rentals are no problem as well because there are plenty of jobs in the area.
Not only does location benefit this area, but also the weather. Given the fact that outdoor recreation and relaxation are available almost every single day of the year, that means real estate is a terrific investment. Not to mention the fact that land here is at a premium, which further increases the value of the real property. For all these reasons, Hutchinson Island is a terrific place to own rental property.
Why Luxury Real Estate Is The Best Investment
Why is luxury real estate the best investment? The answers might not seem obvious, besides their inherent value. However, there are more factors than just its Market worth. So, let's take a look at all of the elements that make luxury real estate the best type of real estate investment.
Luxury real estate is a strong performer when it comes to returning on investment, particularly over a long term when it's held for several or many years. Obviously, this has to do with appreciation as the market value increases in all residential real estate assets over time. But, luxury real estate can also bring a nice return on investment in a relatively short amount of time. For instance, if it's held for five or more years and there's substantial equity in the property from the time of purchase.
Of course, luxury real estate comes at a significant price point and gains more value over time. In fact, it will gain more market value than a regular, nonluxury property, precisely because of its build quality, upgraded materials, and finishes, as well as higher-end amenities. Additionally, luxury real estate is usually located in a highly desirable neighborhood or vacation destination spot, which also contributes to its increased value.
Moreover, the aforementioned high appliances, materials, and amenities give it a more intrinsic value which means that its worth will not only hold but increase significantly, particularly over the long term. And, since luxury homes are usually located in upscale neighborhoods, are often safer places to live, and sometimes even have their own security, which also helps to bolster the overall value.
The Lifestyle Advantages of Living on Hutchinson Island Florida
The lifestyle advantages of living on Hutchinson Island Florida Really center around three key components. These are its location, weather, and infrastructure. While these may seem completely unrelated to day-to-day life, they are in fact very integral to a better overall quality of life. So, read on to learn more about the lifestyle benefits of living in Hutchinson Island Florida.
The lifestyle advantages of living on Hutchinson Island Florida start with s geographical situation. In other words, it is truly a wonderful location. Located on the east coast of the peninsula in a stretch that's known as the Treasure Coast, Hutchinson Island boasts one of the best beaches in the state. Its location is ideal for weekend trips to Miami or to the theme parks in Orlando. This means access to a wide variety of entertainment in a very short amount of time.
Then, there's the weather. Summers are warm and balmy while Winters are super mild. Both spring and fall are nothing short of spectacular. This means you're able to get outside and enjoy all kinds of activities, practically every day of the year. And that brings up the third lifestyle advantage, which is its actual infrastructure. Here, there are some nice Urban amenities, but it still remains a small town, meaning there's no big city stress. Better still, there's plenty to do here. These include fishing, golf, tennis, biking, horseback riding, sailing, strolling on the beach, and there's also no shortage of arts, entertainment, and culture. So, there's always something to do, which means a more happy and more fulfilling lifestyle.
Questions To Ask Ahead of Real Estate Investing
Many people think that investing in real estate is a sure thing, maybe even a get-rich-quick scheme, but it is neither of those things. Real estate only pays off if you're in it for the long haul and are well-educated before you begin. This article will ask you the hard questions you need to answer before putting a dime into an investment in real estate.
Can you make a time commitment? When it comes to investing in commercial real estate, there are many responsibilities that come along with it. The same can be said about rental properties. It is your responsibility to keep the land and the buildings on it in great condition, ensure codes are met, and meet the needs of your tenants, too. Do you have time to do it all?
Do you know who can help you? This means financial advisers, loan officers, superintendents, land maintenance firms, realtors, and more. When the property you buy isn't one you plan to live on, you need help in keeping it in great shape and abiding by all laws.
Do you have the money needed to maintain your purchase? You don't just need a down payment and mortgage payments, you also need money to keep the land and buildings in good condition. That likely means paying someone to cut the grass, clean up messes, repair damage, etc. Can you afford it?
Can you do it alone, or do you need a partner? When you involve a second person, things can become dramatically more difficult. You will have to consult with them on every decision, ensure they are trustworthy, and potentially deal with drama if they ever become upset with your actions. When you have to bring in a second person, truly consider all of your options before you go ahead with it.
Do you see the big picture, or are you only looking at tomorrow? Consider not only tomorrow, but next month, next year, and decades to come. If you don't, you may end up regretting your decision down the road.
These questions aren't easy to answer, but the truth will set you free. When you avoid an investment that would have put you out of your own house and home, you always come out on top. When you have all the answers and know that this sort of investment is right for you, go ahead with it and enjoy the rewards!
Fort Pierce Commercial Real Estate Forecast 2021
The Fort Pierce commercial real estate forecast for 2021 is uncertain at this time, due to the huge months of disruption over the global pandemic and subsequent shutdowns. Now, with commerce returning to normal, Fort Pierce commercial real estate is poised to rebound over the course of the next couple to a few years. Currently, there are literally hundreds of commercial real estate properties for lease and/or sale, ranging in lease cost from $14 per square foot to $175,000 and up per year, and for $1 million to $5 million and even up to $18 million. So, read on to learn more about the Fort Pierce commercial real estate market for 2021.
The Fort Pierce commercial real estate forecast in 2021 should produce the beginnings of a much-needed recovery for an economic sector that’s been long-suffering, well before the onset of the worldwide pandemic and ensuing shutdowns. As many in the commercial real estate industry already know, there were plenty of challenges in years prior. For example, shopping malls, in an effort to attract consumers, leveraged debt to add on amenities, such as water parks, movie theaters, and more.
Located on the east coast of the peninsula, situated on the Treasure Coast, Fort Pierce, which is colloquially known as Sunrise City, is home to over 45,300 residents. Presently, the commercial real estate market is full of supply but demand is a bit lacking. As circumstances return to normal, commercial real estate in Fort Pierce should experience a revival and even thrive in the next few years.
Financing A Condo In Florida
Financing a condo in Florida is a bit different than getting a mortgage for a single-family home. The fact of the matter is that buying a condo is markedly different than is purchasing a single-family residence. This means there will be a more rigorous process because there are more parties involved than just the seller and buyer. These include, but are not necessarily limited to, the homeowners association, property association, lender, seller, and buyer. So, read on to learn more about what you need to know about financing a condo in Florida.
Financing a condo in Florida, as mentioned above, is quite different than getting a mortgage for a single-family house. There are several reasons for this, including the fact that there are more than two parties that are part of the transaction. In other words, the lender will look at the property as a whole to determine its resident owner-to-resident rental or leasing ratio, which is to say that if there are too many renters and not enough owner-occupied units, the financing will likely not be approved.
But, that isn't all. Not only must the lender sign off on the property at Large which means the overall owner occupancy ratio and condition of the common areas, but also the reserves held in escrow by the homeowners association and or property owners association. Additionally, the homeowners association and or property owners association will also have to vet the potential homebuyers, in order to complete the transaction in most cases.
Treasure Coast Recreation
The Treasure Coast recreation is something that must be experienced in order to be truly appreciated. Being one of the most beautiful places on the Atlantic side of the Sunshine State, there’s a whole lot to see and do. And, it’s all the more enjoyable, given the wonderful weather. Even though it's nicknamed the Treasure Coast, the true riches here are its natural beauty. Read on to learn more about the most popular recreational activities on the Florida Treasure Coast.
The counties of Martin, St Lucie, and the Indian River comprise what is today known as Florida's Treasure Coast. It is so named because of the Spanish galleon fleet that wrecked off the shores of the area in the early 1700s. Today, this is a very popular destination for explorers and tourists alike. Though some actual treasure has been recovered, the best things to see and do are much less risky.
Among the favorite of locals are the parks and nature preserves. Here people get out and enjoy the weather with short hikes, fishing, and just relaxing strolls, spotting native wildlife. Then, there are, of course, the beaches. The sunshine state is well known for its Sandy shoreline, and the Treasure Coast is certainly no exception. Locals and visitors alike take to the beach to soak up the sun, play volleyball, surf, swim, and enjoy the warm balmy weather.
There's also much else to see and do in the area. For example, golfing, tennis, kayaking, live entertainment, arts and culture, and much more are all here and ready to enjoy on Florida's Treasure Coast.
What You Need To Know About Condo HOAs
What you need to know about condo HOAs is some basic information. This being, what they actually are, what they do, and what they don’t do. This means some people have misconceptions about homeowners associations, or property owners associations and what is within their purview and what is not. So, read on to learn more about what you need to know about condo HOAs.
What you need to know about condo HOAs is that these situations aren’t ideal for everyone. Basically, condo HOAs are established to ensure the upkeep of the property at large and to also guard against homeowners devaluing each other's properties. (In other words, making changes that negatively impact the units around them, or allowing their space to fall into a state of disrepair.)
First and foremost, is to check out how the HOA operates. It should have a healthy and stable reserve, which means that it is run relatively well. Additionally, you'll want to know the HOA rules, which outline the association's responsibilities in regard to the condo property, and yours as a homeowner. Generally speaking, the condo HOA, and/or property association, is responsible for the upkeep and maintenance of the common grounds, and the exterior of the buildings, while the property owners are usually responsible for the walls in, or interior of their units.
While HOAs make sense for some individuals, others will not be a good fit to own under an association. It all really depends on the type of homeownership you want, and what type of lifestyle you're looking for.
Hutchinson Island Condo Forecast 2021
The Hutchinson Island condo forecast for 2021 is one that’s good news for buyers but not so much for sellers and homeowners. This is due to the fact that the average home selling price in Hutchinson Island has dipped by 2.2% in a year-over-year comparison. This makes it one of the few markets on the Florida peninsula (and throughout the Keys) that is experiencing a downward trend, rather than growth. Read on to learn more about the Hutchinson Island condo forecast for 2021.
The Hutchinson Island condo forecast for 2021 estimates the trend of weak sales, at least for the first few months of the calendar year. Right now, the median listing price in Hutchinson Island is $347,000, with the median listing price per square foot being $238, with a median sales price of $357,500. Meanwhile, the sale-to-list price ratio stands at 96.22% in Hutchinson Island, with properties selling for 3.78% under the asking price.
The median days on the market or DOM for active listings in Hutchinson Island is now 135 days, which means there’s more available inventory than buyers, making it a true buyers’ market. (A market is considered balanced when there is near parity and it would take approximately 6 months to deplete all available listings.)
Another factor about the Hutchinson Island condo forecast for 2021 is the near absence of distressed properties. Because of moratoriums on most legal proceedings, there are very few foreclosures and short sales. Should these suddenly be reintroduced to the market, it would have a negative impact.
Treasure Coast Luxury Condo Forecast 2021
The Treasure Coast luxury condo forecast for 2021 looks pretty bright. In fact, current estimates predict home values will rise by nearly ten percent over the course of the next twelve months. This, is after enjoying an almost seven percent rise during the 2020 year. Read on to learn more about the Treasure Coast luxury condo forecast for 2021.
The Treasure Coast luxury condo forecast for 2021 is expected to bring some very good news to homeowners, sellers, and property investors who already have assets in the area. At this time, economists and real estate experts alike believe that property values will grow by 9.4% by the end of 2021. Presently, the average home value in the area stands at more than $258,200. If the prediction comes to fruition, that would place the average home value at an impressive $282,470.
This would comport historical trends, as the average home price rose from $122,000 in 2012, about nine years ago, to its present value of more than $258,200. This, after increasing to its current value from $240,640 at the end of 2019 and the beginning of 2020.
However, there’s one undetermined factor, which is the near-total absence of distressed properties, which include foreclosures and short sales. The pandemic triggered a moratorium on foreclosures, so distressed properties are not currently playing any role in the Treasure Coast real estate market. The reintroduction of distressed properties might have a negative impact on property values in 2021.
Hutchinson Island Florida Real Estate Forecast 2021
The Hutchinson Island Florida residential real estate forecast for 2021 should fare well for sellers, homeowners, and property investors who have existing assets in the area.
The Hutchinson Island Florida residential real estate forecast for 2021 will likely be most beneficial to home sellers, owners, and property investors who have already purchased and are holding assets in the market. Over the counters of the previous 12 months, home values in the Hutchinson Island area have risen by 5.3% and that trend is expected to continue, at a pace of 9.6% through the end of next year.
Currently, the average home value in Hutchinson Island stands at $350,300 and that could rise to as much as $383,900 by the end of 2021. Of course, this will be most beneficial to sellers who place their homes on the market through the year, along with homeowners, who will enjoy greater equity gains, and to property investors, with assets they sell in the new year. Conversely, home buyers might be at a bit of a disadvantage, as values will steadily rise over the course of the next 12 months. But, buyers can still take advantage of historically low-interest rates, while prices remain affordable.
One key unknown factor is the present absence of foreclosures and short sales, due to the pandemic and the moratorium on foreclosure proceedings. If these types of properties flood the market in 2021, it will most definitely have an impact not only on home values but sales activity as well.
Advice For Buying Your First Condo
Advice for buying your first condo should include the most important aspects of what you need to know. Perhaps the biggest difference between buying a condo versus a traditional single-family is the fact that these units are typically part of a community association. That will play a role in your purchase, along with your lifestyle and standard of living. Read on to learn what you need to know about purchasing your first condo.
Advice for buying your first condo should start with knowing what condo life is really like. Of course, one of the single biggest benefits is that much of the big-ticket maintenance is done by the association. Also, condos usually offer several amenities, which can include things like a clubhouse, tennis courts, swimming pools, workout facilities, and more.
What many first-time condo buyers don't realize is that the lender will have to qualify the entire community in order to approve them for a loan. The lender will look at the ratio of owner-occupied units versus leased units, occupied by renters. Also, prospective occupant owners will have to be approved by the homeowners association, and or property owners association.
When you're choosing a condo community, be sure that it fits most of your needs. These can include things like proximity to daily needs, such as grocery and drug stores, along with nearby schools, for prospective owners who have young children. Also, proximity to nearby attractions and destinations, including shopping, dining, entertainment, and more.
Getting Financed For The Condo You Want
Getting financing for the condo you want can be a bit complicated. (Though, it’s definitely not impossible.) If you’re in the market to purchase a condo, or even a townhouse or a villa, you’ll quickly learn this is different from buying a single-family property. There are several reasons for this, so read on to learn more about getting financing for the condo you want.
Getting financing for the condo you want entails a few different aspects. First and foremost, is understanding why it’s different obtaining a mortgage for a condo than it is for a single-family residence. This is largely due to the fact that a condo isn’t a type of building. Rather, it’s a legal form of ownership. That’s right -- the word condominium doesn’t refer to architecture but to the type of legal ownership.
So, it’s very important to understand that you’re not just applying for financing based on a single unit. Instead, lenders will look at the entire condo community. This means they’ll need to know how many units are owner-occupied, how many are rentals, what the cash reserves are if owners are up to date on their HOA fees and the overall condition of the property -- including the roof and many more.
This means you’ll need to find a condo that’s in a good community that is well managed, has a large majority of owner-occupied units, and of course, the condition of the unit you’re buying, as well.
Investment Advantages of Oceanfront Condos
The investment advantages of oceanfront condos are so compelling, that savvy real estate investors choose these types of properties often. The reason is simple. They offer a solid return on investment, come with a smaller acquisition cost than a single-family property, and are very easy to maintain. So, read on to learn more about the investment benefits of oceanfront condos and what you need to know.
The investment advantages of oceanfront condos mostly center around the location. The fact that these residential properties are located right on the waterfront makes them highly desirable. But, there's much more to the investment prowess of oceanfront condos. Originally conceived to give more people access to less expensive waterfront properties, condos have become quite popular in many destination locations. However, there's more to condo ownership than just its location on the water, other investment advantages include the following:
- Strong property appreciation. The very fact that these units are located right on the oceanfront means they will enjoy a very strong and steady appreciation over the years. Generally, in just half a decade to a decade's time, the unit will be worth far more than its original purchase amount.
- Applicable leverage. When you own real property, particularly real estate that's oceanfront and highly valued, it gives you leverage to purchase more to add to your portfolio.
- It builds wealth. When you own such a party asset, you add quite a bit to your net worth. That's something that makes it more than worthwhile. And, as mentioned, its appreciation will make it more valuable over time.
Condo Renovations that Bring the Best Return
Which condo renovations bring the best returns? That’s a question many owners have, as well as property investors. After all, it’s not necessarily plain. This is particularly true because it’s not a traditional, single-family residence. However, there are key renovations condos benefit from. Unsurprisingly, these are mostly strategic, rather than purely aesthetic. (Though this doesn’t mean there aren’t any which help to add a bit of beauty.) So, read on to learn more about the best condo renovations that bring the highest returns.
The condo renovations that bring the best return probably aren’t self-evident. In fact, they are more nuanced rather than obvious. In fact, at least three are likely to surprise property owners. Here are the top condo renovations that provide the best returns on investment:
- New steel front door. Yes, a new steel front door. This can actually return almost all or more than its purchase and installation costs. It’s one of the highest ROIs in home improvement because it adds both security and a new look.
- New high-quality insulation. Okay, this isn’t exactly exciting, but it’s true. Replacing old insulation with high-quality insulation will bring a return that’s also near or at parity with its purchase and installation costs.
- New energy-efficient windows. New, energy-efficient windows will also bring a very solid ROI and make the unit look more attractive.
Lastly, minor kitchen and bath upgrades will both return a substantial amount. Just a few sensible changes will pay off big time at resale.
How to Plan the Perfect Open House
How to plan the perfect open house begins with getting in the right frame of mind. You've got to think like a buyer and ask yourself if you were a buyer, what would you most expect out of the experience? By answering this question, you'll have a clear vision and be able to come up with an actionable game plan to show your property. Read on to learn more about how to plan the perfect open house.
To plan the perfect open house, you've got to make it as welcome and inviting as possible. This is easier said than done, though it isn't complicated. Again, think about what you would want if you were a buyer and it makes the entire process less stressful. Here's how to plan the perfect open house:
- Declutter. Get rid of as much clutter as you can because the more visible space the bigger sense of space the buyers will get.
- Depersonalize. When you sell a house, you're not selling your life experiences with it. Buyers are not only uninterested in your personal life, they can easily be turned off by personal effects. This even goes for pets, so have a plan for them to temporarily stay elsewhere.
- Disinfect. A clean house will do a lot to impress buyers, especially when you pay close attention to detail. Leave no surface, corner, nook, and cranny, or area untouched.
It's a good idea to make use of as much natural light as possible and feel free to bake some tasty treats for people to enjoy and to feel the house with a pleasant aroma.
Treasure Coast Florida Condo Forecast 2020
The Florida Treasure Coast condo forecast for 2020 looks a bit uncertain at this time. But, predictions are just that and might not come to fruition and manifest in the way believed today. However, looking at previous trends and current market conditions gives us some insight into what might shake out throughout this year and into the next. Read on to learn more about the Florida Treasure Coast condo forecast for 2020.
The Florida Treasure Coast condo forecast for 2020 will likely bring a marked change from the previous twelve months. Right now, the median home value in Port Saint Lucie, the largest city in the area, stands at just over $235,700. This represents a 3.7 percent increase over the past year. Although, economists and real estate industry experts estimate that home prices in the area will decline by 1.7 over the next twelve months.
Meanwhile, the median listing or asking price per square foot is currently at about $141, but this metric is higher in the larger metropolitan area, which stands at $155 per square foot. The median list price in Port Saint Lucie is now $249,900, with a median selling price of $223,700.
At this time the market in the area is largely considered to be a cool one or a buyers’ market. This means there is a plethora of available inventory but few active buyers in the area. However, this could shift at any time, depending on what circumstances unfold in the next few months.
Health Advantages for Living on the Treasure Coast of Florida
The health advantages of living on the Treasure Coast of Florida can’t be understated. Unlike other parts of the country, particularly the northeast, midwest, and northwest, the Florida peninsula offers some of the best health benefits simply because of its climate, landscape, and lifestyle. In fact, many people chose to relocate here on the east coast of Florida because it has so much to offer, including a number of health benefits.
The health advantages of living on the Treasure Coast of Florida start with the superb weather. That’s right, the weather. Since it’s known and accurately described as the “Sunshine State,” there’s ample opportunity to get outside and enjoy the weather almost every day of the year. That means plenty of opportunities to stay active, from casual experiences to low-impact cardiovascular, and even to challenge.
Called the Treasure Coast due to all the ships carrying precious and valuable cargo that sunk off the coast, this is one of the finest places to call home. Although it’s the third most populous state in the country, density isn’t a problem. Which means a lot less traffic congestion. And, since it’s in a subtropical climate, the lifestyle is much more laid back. That means no big city stress. Then, there are all the great healthcare facilities.
When it comes down to it, the Treasure Coast of Florida is simply one of the best choices for healthy living. Spend a few days or a week or more here and it will become apparent why.
Investment Advantages of Hutchinson Island Luxury Condos
The investment advantages of Hutchinson Island luxury condos are quite compelling. many of the reasons should be obvious, but this isn't always the case, particularly with people who are new to real estate investment. However, practically everyone knows that investing in real property is a safe bet, due to its very long history of strong performance, even spectacular recoveries after very short periods of downturns. Currently, the local real estate market in Hutchinson Island and beyond is set up to enjoy many years of prosperity. Read on to learn about the easy investment benefits of investing in Hutchinson Island condos.
The investment advantages of Hutchinson Island luxury condos are something that many seasoned real property investors know about and like to keep a secret. So, just what are the most compelling reasons that investing in Hutchinson Island condos makes great financial sense? Here's why:
- Prime location. The entire purpose of condos is the fact that they occupy space that is otherwise too pricey for many to enjoy. But, when split up into numerous property owners, the cost comes down, however, the location still remains highly desirable.
- Smaller acquisition price. Single-family homes come with a huge upfront commitment. However, condo units do not require much upfront investment and can still be amortized at a faster pace.
- The strong rate of appreciation. Condo units, as mentioned above, are located in highly desirable areas, therefore, enjoy a very strong rate of appreciation. That's good news for anyone Hill wants to take advantage of the value gains.
Home Staging On a Budget
Home staging on a budget doesn't have to mean that it’s inferior or not as good as those done by a professional. In fact, just about any homeowner can stage a home on a tight budget, even if you opt to hire a professional home stager.
Home staging on a budget means that you’ll have to do as much of the work on your own as possible. (This should be obvious on its own, of course.) Now, let’s take a look at how to stage a home on a budget and get the results you want, which is to sell as quickly as possible and for the most money.
Home staging on a budget begins with first clearing out the clutter. Declutter as much junk and unnecessary stuff as you can in every room, in every space, including closets and cabinets. Shoot for a reduction of down to 30 percent of the space, freeing up approximately 70 percent.
While you’re busy decluttering, you also need to depersonalize every room in the house. Get rid of all personal items, including photos, trophies, toiletries, and any other personal stuff.
Next, deep clean and disinfect every square inch of the house, leaving no corner or surface untouched.
Then, arrange furniture for maximum traffic flow and be sure to open the blinds or curtains to let the sunlight pour into the house. Oh, and don’t ignore the exterior. Cut the grass, spread colorful mulch strategically, and plant some pretty flowers. Pressure wash the exterior for an even better impact.
Treasure Coast Cost of Living 2020
The Treasure Coast cost of living for 2020 is probably less expensive than people might first think (or believe). Located on the east coast of the peninsula, slightly south of the central portion of the state, the Treasure Coast is primarily comprised of the Indian River, St. Lucie, and Martin counties. It’s so named due to the many shipwrecks that are found not far offshore in the Atlantic Ocean. And, it’s not nearly as expensive as people would imagine. Read on to learn more about the Treasure Coast cost of living for 2020.
The Treasure Coast cost of living for 2020 certainly packs a few surprises. In fact, when measured and compared against the state-wide average and even the countrywide average, the Treasure Coast is one of the most economical places to live in the Sunshine State.
In order to put these expenses in context, we’ll use a baseline of 100 as the national average. So, anything above is more costly, while anything below is more affordable. Here’s the breakdown, by category:
- Transportation. To get around, the Treasure Coast scores 87, making it much more affordable.
- Healthcare. The cost of healthcare on the Treasure Coast is 95, also less expensive than the national number.
- Utilities. For electric and other utilities, the score comes in at 96, while miscellaneous expenses are just above the national average, scoring 102.
- Groceries. The cost of food scores 106 on the Treasure Coast, making it a bit more expensive.
Lastly, we’ll look at housing, which scores among the lowest at 91, with a median home cost of $211,200, markedly below the national price of $231,200, and the state figure of $237,100.
St Lucie County Parks and Recreation
St Lucie County parks and recreation are most certainly some of the finest in the Sunshine State. In fact, whether you like to unwind and relax or have a thrilling time, it’s all right here and waiting for you to enjoy in St Lucie County, Florida. So, let’s take a quick peek at the parks and recreation that are available in St Lucie County.
St Lucie County parks and recreation offers a wide variety of experiences. And, no matter your taste, there’s probably something right here.
Located on the east coast of the peninsula, St Lucie County was formally incorporated in May of 1905. In total, it spans 688 square miles in size and has a population of more than 321,100+ residents.
Here in St Lucie County, there’s certainly no shortage of things to see and do. So, here are some of the best recreational opportunities to enjoy:
- Sports. Tennis, golf, baseball, basketball, volleyball, disc golf, and a whole lot more. There are several spots in and around St Lucie County to enjoy amateur sports.
- Exercise. St Lucie County also offers a number of spots to get into the water for a swim or for exercise. Additionally, there are several locations where you can bike, hike, walk, run, and more.
- Other recreation. Here in St Lucie County, you can ride horseback on the beach, take a stroll along a nature trail, or just take in a sunrise or sunset.
As you can see, there’s a whole lot to see and do in St Lucie County.
Tax Advantages of Owning a Vacation Rental on Hutchinson Island
Tax advantages of owning a vacation rental on Hutchinson Island can really make all the difference in an investment opportunity.
Practically everyone knows that real estate is an excellent investment, equal to or even more lucrative than well-performing, long-established mutual funds. Not only is owning a vacation rental an excellent destination getaway, but it can also serve to generate a passive income.
That income can become even better by using the tax code to your advantage. After all, it's important to maximize your ROI to its fullest potential. Read on to learn more about the tax benefits of owning a vacation rental property on Hutchinson Island.
The tax advantages of owning a vacation rental on Hutchinson Island are what help to make the investment worthwhile.
Basically, the tax benefits come in two forms: operating expenses or carry costs and depreciation. It's these two things that you'll use in your tax filing to increase the cash flow of your vacation rental home.
Operating expenses or carry costs are any outlays made in relation to maintaining the property, including routine maintenance, emergency repairs, replacements, improvements, and similar expenses.
Depreciation is the amount you are able to write off every year in relation to the value of the property. You can deduct a certain amount from your taxes through a depreciation schedule, working with an experienced tax professional to maximize your return on investment.
Additionally, there are also miscellaneous expenses you can either write off or purchase at a discounted rate when they are applied to a rental property.
Hutchinson Island Condo Forecast 2020
The Hutchinson Island condo forecast for the year 2020 looks like it will be a strong one, particularly for sellers over buyers. However, this isn't to say that the Hutchinson Island residential real estate market will not offer buyers any opportunities next year. Although, if the trends experienced over the course of the past year continue along expected trajectories for 2020, Hutchinson Island will mostly remain a sellers' market.
Located on the east coast of the Florida peninsula, as a barrier island between the Atlantic Ocean to the east and the Indian River to the west, Hutchinson Island is considered one of the most desirable places to live in the Sunshine State.
The Hutchinson Island condo forecast for the year 2020 will likely produce better results for sellers rather than buyers. Here's what you need to know about the Hutchinson Island residential real estate condo market for next year.
Over the course of the past twelve months, the residential real estate market in the Hutchinson Island community has risen by about 2.5 percent. At this time, the median residential property value in the area stands at $307,400 (which includes single-family residences, condos, and townhomes).
The market has mostly favored sellers in the past several months and the median list price per square foot is now at $286, with a median list price of $350,000 and a median selling price of $314,700 (which also includes single-family residences, condos, and townhomes).
So, next year will probably experience a correction, bringing the balance between buyers and sellers closer to parity in 2020.
Treasure Coast Florida Real Estate Forecast 2019-2020
Treasure Coast Florida real estate forecast from 2019 through 2020 is one that looks quite bright. Spanning three to four counties along the east coast of the peninsula, the Treasure Coast is one of the best places to live in the Sunshine State. It’s also enjoyed a solid residential real estate performance over the past year and is expected to continue it into next year. Read on to learn more about the Treasure Coast Florida real estate forecast from 2019 through 2020.
Treasure Coast Florida's real estate forecast from 2019 through 2020 ought to bring homeowners and homebuyers alike a smile. This is due to the fact that the market is largely balanced, being near parity between buyers and sellers.
Running through Indian River, St. Lucie, and Martin counties, the Treasure Coast is so named due to the many shipwrecks in the waters which carried gold, silver, precious gems, and other valuables.
It’s also one of the best places to live in the state, with a median home value of $156,600 in Fort Pierce, one of the largest and most important cities in the metro area.
Overall, home values have risen by about 8 percent over the past year and experts predict a rise of approximately 5.5 percent over the next year.
The median list price is right around $131 per square foot to $154 per square foot. Currently, the median list price runs around $209,500 in Fort Pierce, with a median selling price of $147,400.
Dealing with Condo HOAs
Dealing with condo HOAs can be very frustrating at times. It’s one of the few downsides of homeowner associations. After all, these organizations take care of routine maintenance and help to keep the community looking its best. Plus, they can be a real lifesaver for big projects, such as roof replacement and more. Read on to learn more about how to deal with condo HOAs.
Dealing with condo HOAs can sometimes be a tradeoff. Sure, it’s best when there isn’t any friction. But occasionally, issues will arise. So, it’s best you know how to go about dealing with condo HOAs. Here are a few helpful suggestions for dealing with condo HOAs:
- Go Over The Bylaws And Other Rules. If you have a problem with a condo HOA, the first place to begin is with rules. Read over these carefully to know what’s what.
- Persuade But Don’t Challenge. You might be ready to take immediate action but if you go at it with an outright challenge, you’ll probably meet hard resistance. Instead, go with a soft tone and nonaggressive tact by trying to persuade rather than a challenge.
- Lobby Neighbors to Your Side. Should it be something that’s also irritating your neighbors, that’s a good sign. Speak with neighbors and get them on your side, then appeal to the HOA together.
- Go Through The Process. Most HOA disputes offer a process. Go step by step and if you can’t come to an amicable resolution, speak with an experienced real estate attorney.
Hutchinson Island Recreation
Hutchinson Island recreation has something for just about everyone. From fun in the sand and surf to learning about local history to enjoying a great dining experience or shopping in boutiques, there’s much to see and do on Hutchinson Island.
Hutchinson Island recreation has the advantage of being diverse. Unlike some other popular destination spots, Hutchinson Island has a whole lot to offer.
Located near south Florida on the east coast of the peninsula to the south of Fort Pierce and to the north of Palm Beach Gardens, Hutchinson Island is a wonderful place to visit and an even better place to live. Here are some of the best things to see and do in and around Hutchinson Island:
- Watersports. Okay, we’ll begin with the water because that’s obviously the biggest draw for coming to Hutchinson Island in the first place. Jetski, parasail, powerboat, or try something else new.
- Fishing galore. From fishing from the shore to going out a bit beyond the break to deep-sea fishing, Hutchinson Island is a terrific place to try out your angling skills.
- Water play. Snorkel, scuba, or just wade in the waves. There’s much to do on the beach and along the shoreline. You can also take a day to soak up the sun’s rays and perhaps enjoy a sunset or a sunrise.
- Enjoy some culture (and/or history). There are a number of museums and educational centers. Elliott Museum, The Florida Oceanographic Coastal Center, the House of Refuge Museum, and more.
Hutchinson Island Condo Market Forecast
The Hutchinson Island condo market forecast is a hot one for the near future, with some cool off coming over the next several months.
Located on the east coast of the Florida peninsula, Hutchinson Island is a barrier island just to the east of Jensen Beach, with Jensen Beach to Jupiter Inlet Aquatic Preserve to the immediate west. Florida State Road A1A runs right down the middle of Hutchinson Island, with the Atlantic Ocean off to the east.
This is one of the most desirable locations to live on the east coast of the Sunshine State. So, let’s take a look at the Hutchinson Island condo market forecast, its present state, and what to expect.
The Hutchinson Island condo market forecast is part of the overall residential real estate market. And, it’s one that is very active at this time. Right now, the median home value in Hutchinson Island stands at around $303,000.
Over the course of the past year, home values on Hutchinson Island have risen by nearly 2 ½ percent, with real estate industry experts and economists predicting a slow increase of just under 1 percent for the next year.
At this time, the median list price per square foot in Hutchinson Island is approximately $286, which is actually more than the Port St. Lucie Metro average of $153. Meanwhile, the median list price of homes currently for sale in the community is nearly $350,000. Although, the median selling price is almost $274,000.
As you can see, Hutchinson Island real estate market is a strong one.
How To Get Financing For A Condo
You should avoid looking at any condominiums that you cannot afford. Why put yourself through the heartbreak of falling in love with a condo and then being unable to get the money to pay for it? You also need to be careful when it comes to getting financing that you know you won't be able to realistically stick with making the payments every month. Don't put yourself in a position where you could possibly face foreclosure.
How To Find A Lender
Make sure you take the time to find a lender who has lots of experience in the market so that you will be able to find the condos that have the best options for your needs. Ask coworkers, family members, and friends with who they have worked in the past. There is a good chance you know somebody who bought a condo over the past year. You can also look online and evaluate lenders that way and then get appointments set up to speak with them.
Be sure to ask them questions regarding their experience since you want to have a lender who is easy to work with. Also, make sure they communicate well and are friendly. They should answer any questions you might have for them and return calls in a timely fashion. They will be able to guide you through the entire application process. Be sure to accurately fill it out and don't skip any section. Discuss the application with them if you aren't sure how to fill certain parts out.
Never omit details or lie on your application for a condominium. Always be honest and provide them with whatever documents are needed for the processing to get completed. The verification that they may ask for include consenting to a credit report, a photo ID, verification of income, and tax returns. For self-employment, profit and loss reports will be required.
Evaluate Your Loan Offer
After the loan is completed, they will be able to discuss with you what can be offered on a condominium. It includes the maximum loan amount, interest rate, and the amount your monthly payment would be on the loan amount. If you are able to find a condo for less money, then you will have a lower monthly payment which is always good.
Ask lots of questions, if you don't fully understand the offer. Don't rush into accepting the offer until you completely understand all of the details. This is a long-term commitment you are making when you purchase a condo, so in this part of the sales process make sure you don't leave things to chance. After you are completely satisfied with the offer, you will be ready to find your condo!
In this area, there are many people who are interested in purchasing condos. However, you will have more purchasing power if you have been approved for money already. For the seller that is very meaningful. They will be much more willing to negotiate with you on the price than trying to hold out to get more money for offers they might get in the future.
You should also compare prices on condos in different locations since one in a certain neighborhood could cost a lot more money than one that is only a couple of miles away. If you are going to have to stretch the money you are getting with the loan, make sure to consider that. It might be worth it to have a slightly longer commute but more space than the opposite.
Hutchinson Island Things to Do
Hutchinson Island has things to do, ranging from an outdoor nature walk to America’s favorite pastime, to honoring the country's military heroes. But, that isn’t all. There are several things to see and do on Hutchinson Island, so let’s get right to it.
Hutchinson Island is located on the east coast of the Florida peninsula. It’s actually two different islands, which span over two counties. The islands are separated by the Fort Pierce Inlet and border the Atlantic Ocean. The area is well known for its gorgeous beaches, wonderful nature preserves, and pristine parks. Here are the top things to see and do on Hutchinson Island:
- Florida Oceanographic Coastal Center. Visit this 57-acre marine life center and be sure to bring the kids. This is a great learning experience and one that’s full of interesting information.
- Go to a Ballgame. Just a short drive away is First Data Field, where baseball provides an excellent escape. Stop by, spend a day, and enjoy a game, good food, and fun.
- Visit the Navy SEAL Museum. Take a journey back in time and discover the origins of the Navy SEALs. See equipment, explore missions and tactics, and a whole lot more. You might even see a SEAL K9 in action!
- Riverwalk And Indian Riverside Park. Both boast remarkable scenery and a chance to see unspoiled Florida nature. Additionally, there’s Savannas Preserve State Park and Halpatiokee Regional Park. Or, visit the McKee Botanical Garden.
Come to Hutchinson Island and experience all there is to see and do!
Benefits Of Condo Living
Many people today have discovered that living in a condominium suits their budget and lifestyle. It is perfect for busy people and provides a built-in community should you choose to explore all of the advantages offered.
Here are some suggestions to help you make the most of your condo living experience.
First, check out the amenities available and use them regularly. Common ones include a place to exercise and a swimming pool. You will save money by not having to join a gym, which can be costly over time. One of the great things about working out in your condo gym is that you do not have to travel to exercise. This should make it easier for you to motivate yourself to stay in shape.
The swimming pool also offers great exercise and can allow you to meet your neighbors in a relaxed setting. Many people today are very busy and live in an area where it is difficult to meet new people. In a condo, you have several ways to socialize with the people around you besides the swimming pool.
Many complexes have regular cookouts or parties designed for this purpose. If yours does not, you can still talk to your neighbors and invite them to a neighborhood barbecue. This gives everyone the opportunity to get out of their small apartments without leaving the comfort of the home base. If your condo has a council, join it.
Getting involved will make you feel more a part of the community in which you live. It also allows you to participate in the decision-making that creates the rules and regulations for everybody. Doing so increases your feelings of being in control of your living environment and creates a better overall experience for you.
Do not keep yourself stuck on the property. Condos are generally placed near a variety of places that young and/or single people can enjoy. Take advantage of the nearness of malls, grocery stores, and entertainment outlets. When the weather allows, walk to these venues. This gives you the opportunity to get exercise and meet your neighbors, both those from your condo complex and others who live nearby.
About Hutchinson Island
The Hutchinson Island real estate market is one that’s quite complex. This is largely due to the fact of its geography. Hutchinson Island is actually two barrier islands located off the coast of three Florida counties: St. Lucie, Martin, and Indian River. This means land is at a premium on Hutchinson Island and therefore, housing is likewise at a premium, meaning it’s limited.
About Hutchinson Island
Hutchinson Island is mostly known for its wonderful beaches, gorgeous nature preserves, and its pristine parks. Interestingly enough, part of Hutchinson Island remains unincorporated to this day. Hutchinson Island is home to one listing on the National Register of Historic Places, the House of Refuge. Hutchinson Island is also home to the Elliott Museum, and the Florida Oceanographic Coastal Center.
People come to Hutchinson Island to enjoy its many sights and experiences. Hutchinson Island is also a great place to call home and is centrally located in the state, it’s not far from some of the best Florida has to offer, including theme parks, and the Keys.
Hutchinson Island Real Estate Market Forecast
The Hutchinson Island real estate market is currently experiencing a buyers market. This means, there are fewer active listings and not many more expected to come on the market soon. This obviously gives buyers an advantage in residential real estate negotiations.
Currently, the median listing price in Hutchinson Island stands at $334,800 with a median listing price per square foot of $223. However, the median sale price in Hutchinson Island is $257,500.
The median home value, meanwhile, is $301,700 and home values have risen by 7 percent over the course of the past year. Real estate experts believe home values in Hutchinson Island will continue to rise in 2019 but at a slower pace of 1.3 percent.
Mortgage delinquencies are just a bit higher than the national average, with approximately 1.2 percent of homes in the first part of the foreclosure process, compared to 1.1 percent nationally.
There are a few factors working in the Hutchinson Island real estate market that will help to define 2019. Mortgage rates, although on the rise, remain quite low and affordable. Also, with few homes on the market, buyers have an advantage and can jump in with confidence. Sellers should take their time and hold, if possible.
As you can clearly see, the Hutchinson Island real estate market is a complicated one. So, it’s best to work with an experienced professional whether buying or selling.
Fort Pierce Cost of Living
The cost of living in Fort Pierce, Florida will probably surprise you, once you see it compared to the national and statewide averages. Here, it’s more affordable to live in than in most other locations in the Sunshine State. And, it comes with a whole host of benefits, from nearby amenities to the wonderful weather and so much more. So, let’s take a quick look at the cost of living in Fort Pierce, Florida.
About Fort Pierce, Florida
Located on the east coast of the peninsula, Fort Pierce is home to the National Navy SEAL Museum, a collection of naval artifacts, military vehicles, weapons, and more. Fort Pierce is also nearby the Inlet State Park, which includes a sandy beach, making it a popular spot for walks, sunsets, swimming, and more. Then, there’s also the A.E. Backus Museum and Gallery, where visitors can see the works of a local, 20th-century painter. Fort Pierce is also home to the Heathcote Botanical Gardens, which includes tropical bonsai and more.
Advantages of Living in Fort Pierce
There’s a reason nearly one thousand people relocate to the Sunshine State, on average, each and every day. First of all, there’s the terrific weather. While it’s quite warm in the summer, the winters are very mild. And, the fall and spring seasons are extraordinary. Florida is also a very business-friendly state, so there are always plenty of employment opportunities. What’s more, there is no state income tax, which is a huge financial benefit.
Fort Pierce Cost of Living
Okay, so the location is right, there are a plethora of things to do and see in and around Fort Pierce, and it’s in a tropical spot. But, there’s more good news. Here’s an overview of the cost of living in Fort Pierce:
- We’ll begin with the cost of housing in Fort Pierce, which is one of its biggest benefits. The cost of housing in Fort Pierce is below the median cost of $216,200, coming in at a very affordable $136,800. (By comparison, the statewide average for a home is $222,000.)
- Groceries and health care are the next set of numbers. For a baseline, the average in the United States is 100 for all categories. Fort Pierce stacks up pretty well, with health care coming in at 101 and groceries at 102.7.
- Meanwhile, utilities and transportation are both below the national and state numbers, at 95 and 98, respectively. (The state averages are 101 and 130, respectively
Hutchinson Island Luxury Oceanfront Condos
Hutchinson Island luxury oceanfront condos. Just think about the possibilities. Here Hutchinson Island, a barrier island located on the east coast of Florida in the Atlantic Ocean is a great place to call home. (Or, a wonderful place to invest in residential real estate.)
If you’re considering buying a luxury condo, it’s definitely worthwhile to check out Hutchinson Island. It’s known for its terrific location, wonderful weather, and much more.
Hutchinson Island Luxury Oceanfront Condos
Hutchinson Island luxury oceanfront condos have plenty to offer. Not only are they right in one of the best destinations on the peninsula, but they are also in a location that continues to enjoy so many amenities. Means, there’s no shortage around here, offering residents and visitors alike various types of tasty fare, retail therapy, entertainment, and more.
Hutchinson Island luxury oceanfront condos are a solid real estate investment because they have so much to offer, including the following:
- Larger Square Footage. Many Hutchinson Island luxury oceanfront condos boast large floor plans. Which means they can accommodate bigger families and/or groups. That translates not only into a good choice for owners but for investors who rent out to tourists.
- TerrificViews All Around. If there’s one great amenity to Hutchinson Island luxury oceanfront condos, it’s definitely the location. And, location means awesome views.
- Better Rental Opportunities. Hutchinson Island luxury oceanfront condos typically come in large floor plans which means they offer more space. And, larger spaces command larger rents for owners who opt to earn a passive income. Of course, the views also help to boost rental rates, which makes it an even better investment.
- Solid Rate of Appreciation Into TheFuture. We’ve all heard the old cliche that real estate is about three things: location, location, location. Since Hutchinson Island is a highly desirable area, location is most definitely a big asset because it means strong appreciation.
It’s also important to remember that Hutchinson Island luxury oceanfront condos also give investor-owners a dedicated place to vacation. There are likewise tax benefits to owning another property. Better still, investing in a Hutchinson Island luxury oceanfront condo means having an effective income stream. Even if you don’t rent it out and choose to call Hutchinson Island, you can still enjoy living in a state without an income tax. Which means you get to keep more of what you work so hard to earn.
If you’re considering buying a Hutchinson Island luxury oceanfront condo, there’s no time like the present to take action.