58 Vero Beach 32963 /
October 13, 2011
Your Vero Beach Newsweekly
he price of single-family river-front homes on the barrier is-land has hit a hard bottom of value and is rebounding.The median sale price for a house onthe water, but not on the ocean, was$800,000 in September, up 17 per centcompared to the same month two yearsago, according to MLS statistics report-ed by Terradatum.com.The average listing price for thosehomes is $1.34 million, up 13 per centfrom September 2009. The change ininventory, which is finally beginning toimpact prices, is even more dramatic.“There has been a 72 per cent reduc-tion of riverfront inventory over thepast two years, which is substantial,”says Dale Sorensen Jr., who tracks VeroBeach real estate statistics and trends with a sophisticated software programthat can pinpoint market activity.In February 2010, an inventory highpoint, 302 single-family riverfronthomes were for sale on the barrier is-land. By last month, the number haddwindled to 85.Dale Sorenson Real Estate Inc. hascapitalized on and helped drive thetrend of strong riverfront sales, han-dling 17 of 30 riverfront sales this year with Broker Matilde Sorensen leading the way. “My mother handled one sideor the other or both in 10 of our 17 river-front transactions,” says Dale Jr.Matilde Sorensen started in the realestate business in Vero Beach in 1978 when her husband, Dale Sr., opened anagency in what she calls “a teeny tiny of-fice” on Beachland.“He was working for Gulf & Westernand they were moving their office but we didn’t want to move, so we wentinto the real estate business,” she says.“I love being a hostess for Vero Beach,showing people all the area has to offer.Once they are sold on the area, selling them a house is easy.”“People who come here looking for waterfront property typically look inother places as well,” says Dale Jr. “Weare competing against Naples, Fort My-ers, Delray, Jupiter and Ft. Lauderdale,so selling the area first is critical.” Along with riverfront, oceanfront in-ventory is way down, but Matilde So-rensen says riverfront and oceanfrontbuyers are two distinct groups. “You cansometimes convert a riverfront buyerto oceanfront, but never the other way around,” she says. “People who want abeachfront home have their mind madeup. They do not waiver.”She says European buyers often cometo Vero Beach with their hearts set on abeachfront home. “They won’t look atanything on the river,” she says.Norris & Company co-owner GenaGrove sees the same dynamic at work.“Oceanfront buyers want to be ableto walk down from their house to thebeach,” Grove says. “They have their
Riverfront on gated island. 4 bedroom, 4full baths and 3 half baths. Owner willingto trade.
$2,168,000 Barbara Parent 772-633-3027 (#121230)
2 BEACHWALK CONDOS
Elegant penthouse corner, ocean peek,many upgrades, new a/c,
Nicely furnished 1st oor,
3BR/2BA, Clubhouse, tennis, tness,
Jim Knapp 772-913-0395
2901 Ocean Drive, Vero Beach, FL 32963 • 772-231-6509 • www.alexmacwilliam.com
“The Trusted Name in Real Estate Since 1949”
BETHEL BY THE SEA
Total “green” renovations in Central Beach.
3BR/2.5BA, CBS with 2 car garage. Impec-cable nishes.
Offered at $634,900. KarenSmith 772-559-1295 (#122406)
Beautiful Central Beach street. Totally reno
vated 3BR/3BA “healthy home” with pri
$499,000 Jane Johnson 772-559-3520 (#121323)
N E W L I S T I N G
Riverfront market leads island real estate recovery
BY STEVEN M. THOMAS