Indian River County existing home sales, prices still falling
By Nadia Vanderhoof (Contact)
Thursday, October 25, 2007
VERO BEACH — Existing home sales and prices in September continued to fall in Indian River County, a report from the Realtors Association of Indian River County said Wednesday.
In the county, 94 existing single-family homes sold in September, down from 141 units the year before, the Realtors association said. Prices dropped to $174,495 from $220,400 between the same months.
"Figures seem to show we are not at the bottom yet and that sellers are reducing their prices," said Richard Hope, past president of the Treasure Coast Builders Association and president of The Hope Co., a Vero Beach general contractor.
Eleven existing condos sold in the county last month, down from 21 in September 2006. The market's median sales price for an existing condominium was $135,000, down from $166,900 from last year.
"Historically September has been a slow month," said Maria Fulchini, president of the Realtors Association of Indian River County.
Sales and prices of existing homes fell across the Treasure Coast, but the region is faring better than other markets to the north and south, a separate report from the Florida Association of Realtors showed Wednesday.
The association said its members in the Fort Pierce-Port St. Lucie Metropolitan Statistical Area, which includes Stuart, sold 258 existing single-family homes in September, down 23 percent from a year earlier when 336 sold.
The median sales price for an existing single-family home in the area dropped 17 percent to $202,000 in September compared with $244,300 last year.
Sheri Wetzel, president of the Realtors Association of St. Lucie County, said the market likely turn around in 2009.
"I think this shows that we're still an affordable community," Wetzel said. "Where else can you find a waterfront community and find affordable housing that a family can make payments on?"
Fifty existing condos sold in the Fort Pierce-Port St. Lucie area last month, almost unchanged from the number of condos sold a year ago, according to the Florida association. The market's median sales price for an existing condominium inched up 1 percent to $225,000 between the two time periods.
The report showed that the Treasure Coast's numbers were better than markets to the north and south, except for Palm Beach County. The West Palm Beach-Boca Raton area saw 471 sales of existing homes, down 17 percent from 566 last year. Prices dropped 3 percent to $355,300.
41 percent to 304 in September, according to the Florida association. The median sales price declined 8 percent to $189,700 from the same period last year.
Year-to-year sales of existing homes plummeted 46 percent in the Fort Lauderdale market and 53 percent in Miami, according to the association.
Statewide, home sales dropped 38 percent to 8,688 in September from the same month of 2006, the state association said.
Existing single-family homes:
September 2006: 141 units
September 2007: 94 units
Median Price
September 2006: $220,400
September 2007: $174,495
Existing condominium sales:
September 2006: 21 units
September 2007: 11 units
Median Price
September 2006: $166,900
September 2007: $135,000
Realtors Association of Indian River County
Thursday, October 25, 2007
Tuesday, October 16, 2007
Home building falls in Indian River County
By Robert Barba (Contact)
Friday, October 5, 2007
Builders say they expect a better 2008 after watching new-home construction in Indian River County drop by half this year.
The number of planned new single-family homes in Indian River County decreased 53 percent between January and August compared with the same months of last year.
There were 838 permits for new homes issued this year versus 1,802 last year, according to the building departments of Indian River County and Sebastian. The county handles permits for Vero Beach.
"These numbers are indicative of what needed to happen," said William Pittenger, chief real estate economist for Seacoast National Bank. "It's an ongoing correction, and I think we will begin leveling out as we approach 2008."
Pittenger expects the market to begin a rebound in 2009, when prices and sales will return to levels last seen in 2003.
During the boom that started 2004 and lasted into 2006, Pittenger said builders of new homes outpaced demand by 25 percent to 40 percent.
"They forgot a fundamental economic principal that for every home built there needs to be an owner or a tenant," Pittenger said. "This really had to come. And it's only bad news if you are a builder or in an allied industry."
With demand for new homes still weak, builders are hurting, said Don Santos, president of Santos Construction and former president of the Treasure Coast Builders Association.
"It is not overly surprising, but it's still bad," Santos said. "It is affecting our industry pretty drastically."
To survive, some companies are taking lower-revenue jobs, such as home remodeling, or finding work in the still-busy commercial market.
"Companies have to be a lot more nimble and innovative," Santos said. "I am doing a church addition right now."
The number of jobs in construction has declined at a similar pace to building permits, Santos said. Yet those numbers are not reflected in the unemployment figures because the brunt of those laid off were undocumented workers.
"They don't claim unemployment," Santos said. "They just left for places like the Gulf Coast. They want to work."
The slowdown is now spilling over to technicians and skilled laborers, he said, as the industry waits for a rebound.
"Right now we are bumping along the bottom," Santos said. "I think 2008 will start to bring us out of the doldrums."
For long-time builders, the current slowdown is nothing new, said Ken Ringe, president of Bayview Construction Corp. in Stuart
Today, Bayview is one of the busiest commercial builders on the Treasure Coast, but started in residential. It expanded during a housing slowdown in the 1980s, Ringe said.
"The key is to remain flexible," Ringe said. "Builders think when it's good, it's always going to be good. And when it's bad, it's never going to get good."
January to August 2006: 1,527 permits for single-family homes
January to August 2007: 779 permits for single-family homes
49 percent decrease
SEBASTIAN
January to August 2006: 275 permits for single-family homes
January to August 2007: 59 permits for single-family homes
79 percent decrease
Friday, October 5, 2007
Builders say they expect a better 2008 after watching new-home construction in Indian River County drop by half this year.
The number of planned new single-family homes in Indian River County decreased 53 percent between January and August compared with the same months of last year.
There were 838 permits for new homes issued this year versus 1,802 last year, according to the building departments of Indian River County and Sebastian. The county handles permits for Vero Beach.
"These numbers are indicative of what needed to happen," said William Pittenger, chief real estate economist for Seacoast National Bank. "It's an ongoing correction, and I think we will begin leveling out as we approach 2008."
Pittenger expects the market to begin a rebound in 2009, when prices and sales will return to levels last seen in 2003.
During the boom that started 2004 and lasted into 2006, Pittenger said builders of new homes outpaced demand by 25 percent to 40 percent.
"They forgot a fundamental economic principal that for every home built there needs to be an owner or a tenant," Pittenger said. "This really had to come. And it's only bad news if you are a builder or in an allied industry."
With demand for new homes still weak, builders are hurting, said Don Santos, president of Santos Construction and former president of the Treasure Coast Builders Association.
"It is not overly surprising, but it's still bad," Santos said. "It is affecting our industry pretty drastically."
To survive, some companies are taking lower-revenue jobs, such as home remodeling, or finding work in the still-busy commercial market.
"Companies have to be a lot more nimble and innovative," Santos said. "I am doing a church addition right now."
The number of jobs in construction has declined at a similar pace to building permits, Santos said. Yet those numbers are not reflected in the unemployment figures because the brunt of those laid off were undocumented workers.
"They don't claim unemployment," Santos said. "They just left for places like the Gulf Coast. They want to work."
The slowdown is now spilling over to technicians and skilled laborers, he said, as the industry waits for a rebound.
"Right now we are bumping along the bottom," Santos said. "I think 2008 will start to bring us out of the doldrums."
For long-time builders, the current slowdown is nothing new, said Ken Ringe, president of Bayview Construction Corp. in Stuart
Today, Bayview is one of the busiest commercial builders on the Treasure Coast, but started in residential. It expanded during a housing slowdown in the 1980s, Ringe said.
"The key is to remain flexible," Ringe said. "Builders think when it's good, it's always going to be good. And when it's bad, it's never going to get good."
January to August 2006: 1,527 permits for single-family homes
January to August 2007: 779 permits for single-family homes
49 percent decrease
SEBASTIAN
January to August 2006: 275 permits for single-family homes
January to August 2007: 59 permits for single-family homes
79 percent decrease
Sunday, October 7, 2007
Help for pollution in Indian River lagoon
Well injection to clean up Indian River Lagoon
By Ed Bierschenk (Contact)
Saturday, October 6, 2007
VERO BEACH — City officials are digging deep both physically and fiscally as they attempt to reduce pollutants going into the Indian River Lagoon while preparing to revamp the city's water system with the construction of a multi-million dollar well.
A deep injection well: Deep injection wells have to be dug deep enough so that the material is injected into the earth below underground sources of drinking water. Vero Beach is proposing to construct its well about 3,000 feet deep, well below the 100-foot depth of the surficial aquifer and the 400-foot depth of the Floridian aquifer.
Cleaning up the lagoon: The well will be used to dispose of treated wastewater as well as briny liquid left over from the treatment of water coming from the Floridian aquifer. The city now puts perhaps 130 million gallons of the briny liquid into the Indian River Lagoon annually.
While a lot of the treated wastewater is used by golf courses, during particularly wet periods the city has sent some excess treated wastewater to the lagoon. About 45 million gallons of this treated wastewater is deposited in the lagoon annually. The excess nutrients from this water is believed to negatively impact seagrass in the lagoon.
New restrictions also are coming out soon on the amount of such material that can be deposited in the river and city officials say the deep injection well is needed as they move more toward reverse osmosis. The reverse osmosis system is used to treat water coming from more plentiful Floridian aquifer and is expected provide higher quality drinking water for residents.
Cost: Estimated to cost $8 million for injection well plus $2.5 million for lines between the wastewater treatment plant and water treatment plant and other infrastructure. The city recently raised its water and sewer rates 2.5 percent and some of that increase will go toward the cost of the project. City officials may also look to see if they can get some money from St. Johns River Water Management District and have talked to county officials about possibly sharing in the system.
Timeline: Construction could start by fall 2008. Estimated completion around fall 2009.
By Ed Bierschenk (Contact)
Saturday, October 6, 2007
VERO BEACH — City officials are digging deep both physically and fiscally as they attempt to reduce pollutants going into the Indian River Lagoon while preparing to revamp the city's water system with the construction of a multi-million dollar well.
A deep injection well: Deep injection wells have to be dug deep enough so that the material is injected into the earth below underground sources of drinking water. Vero Beach is proposing to construct its well about 3,000 feet deep, well below the 100-foot depth of the surficial aquifer and the 400-foot depth of the Floridian aquifer.
Cleaning up the lagoon: The well will be used to dispose of treated wastewater as well as briny liquid left over from the treatment of water coming from the Floridian aquifer. The city now puts perhaps 130 million gallons of the briny liquid into the Indian River Lagoon annually.
While a lot of the treated wastewater is used by golf courses, during particularly wet periods the city has sent some excess treated wastewater to the lagoon. About 45 million gallons of this treated wastewater is deposited in the lagoon annually. The excess nutrients from this water is believed to negatively impact seagrass in the lagoon.
New restrictions also are coming out soon on the amount of such material that can be deposited in the river and city officials say the deep injection well is needed as they move more toward reverse osmosis. The reverse osmosis system is used to treat water coming from more plentiful Floridian aquifer and is expected provide higher quality drinking water for residents.
Cost: Estimated to cost $8 million for injection well plus $2.5 million for lines between the wastewater treatment plant and water treatment plant and other infrastructure. The city recently raised its water and sewer rates 2.5 percent and some of that increase will go toward the cost of the project. City officials may also look to see if they can get some money from St. Johns River Water Management District and have talked to county officials about possibly sharing in the system.
Timeline: Construction could start by fall 2008. Estimated completion around fall 2009.
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