What has happened to prices and what to expect this season.

“Synopsis”:  Indian river Drive water front prices are up and the average time on the market has improved!  It is easy to see why!!!

Approximately 550 homes Face the prevailing breezes and enjoy wide water views looking 2 miles across to Hutchinson Island.  These choice residences sit on the 17-mile drive from Jensen Beach to Fort Pierce. A mixture of cottages and large estates, the Drive has a feel of old Florida. Indian River Drive is known as one of the top scenic drives in the state of Florida, bordered on the east side by the Indian River/ Intra-coastal water way and on the west side by the Savanna Preserve. The area was originally settled by Pineapple farmers.

A Fort was built on “The Drive” in Fort Pierce in 1842 at the end of the Second Seminole War and was abandoned in 1842, burning down the next year.

Supposedly one of the most notorious residents of “The Drive” was Al Capone. Unfortunately, no one is alive that can substantiate that claim.

Presently 19 waterfront homes are offered for sale.  The prices ranges are as dramatic as the difference in the offerings.  The lowest priced property for sale on the drive is a 700-sq. ft. cottage with a dock on the market for $399,000. The highest priced home is a 9000-sq. ft. Georgian inspired mansion built in 2013 sitting on 4 acres overlooking the Indian River on the market for $2,650,000.

Twenty-one water front homes sold on “The Drive” in 2017. The lowest price sold was $225,000, a 1170 sq. ft. beach bungalow. Highest price sold was $1,200,000, a 7000-sq. ft. Mediterranean style home sitting on 2 acres built in 1926. Average price sold per sq. ft. was $530.00 per sq. ft. and average time on market was 123 days.

Like all areas around the country, The Drive continues to rebound from declines felt during the great recession. In fact, this little piece of paradise has rebounded faster than most due to its charm and location. The average time on the market for these homes has drastically improved from 280 days in 2013 to 123 days in 2017.

This is great news for owners of water front real estate on “The Drive” and we expect this trend to continue as the water front inventory continues to decrease. Indian River Drive is one of the few places in Florida where you can buy a wide water front home with an acre or more (may of the homes sit on two acre lots) for $400,000 to $800,000 (12 are available now in that price range).

Joe Melanson has been a broker for 30+ years and specializes in properties on the waterfront and in the waterfront communities of the Treasure Coast, Broker Associate for Premier Realty Group on Sewall’s Point. Feel free to call with any property related questions 772-486-7243 www.JRMRealEstate.com

 All data is derived from the Realtors Association of Martin County MLS

What has happened to prices and what to expect this season.

“Synopsis” Inventory has declined substantially on the Island since the market turned in 2012 and prices are rising.

December 2012, the Island had a total of 119 residences for sale, 62 waterfronts and 57 non-waterfront for sale at an average price per sold Sq. Ft. of $247.00 for waterfront (ocean and river), and $183.00 average price per sold Sq. Ft for non-waterfront. Presently 35 waterfronts units for sale at an average of $454.00 per Sq. Ft., a 48% increase in price per Sq. Ft. since the market turn. (11 oceanfront homes at an average of $574.60 per Sq. Ft. and 24 riverfront and canal homes at an average of $391.83 per Sq. Ft. ) , a 48% increase in price per Sq. Ft. since the market turn. Average time on market is 112 days compared to 175 days on the market in Dec 2012, another positive change. Very good news for sellers, and we expect this trend to continue with the influx of retiring baby boomers.

Oceanfront Condos

91 Oceanfront condos are for sale presently. Lowest priced unit $180,000 ground floor with no view, Highest priced $1,450,000 in  Sailfish Point.

131 Oceanfront condos Sold the last 6 months

Average price per Sq. Ft for Direct Oceanfront condos 3rd floor and higher is $282.00.  Lowest Sale price for a direct Oceanfront 3^rd floor Condo and higher was $155,000 (a one bedroom fixer upper), Highest price was $900,000.

Indian River/ Intra-Coastal Waterway

34 Riverfront condos are for sale presently. Lowest price $223,000 with a marina view, Highest price $395,000.

35 Riverfront condos Sold the last 6 months.

Average price per Sq. Ft. for Riverfront condos is $194.00.  Lowest Sale price for a Riverfront condo was $105,500. Highest price was $555,000.

Non-Waterfront Island Condos

26 currently for sale. Lowest price $129,000, Highest price $498,000. 

38 Sold the last 6 months

Average price per Sq. Ft. for Non-Waterfront condos is $163.00.  Lowest Sale price for Non-Waterfront Condo was $67,500, Highest price was $399,900.

Condo Fact. Did you know a few years ago more Island condos allowed a pet than allowed pickup trucks? The anti-pickup truck sentiment is slowly starting to change with the average price of a pick up running in the $60,000 range. In most cases the Suburban, Tahoe style of enclosed trucks are allowed.

THIS SEASON! With the Island condo absorption rate below 4 months, all indicators are positive towards continued sustainable appreciation. The rental market also reports high seasonal occupancy. Stay tuned for the results.

Joe Melanson has been a broker for 30+ years and specializes in properties on the waterfront and in the waterfront communities of the Treasure Coast, Broker Associate for Premier Realty Group on Sewall’s Point. Feel free to call with any property related questions 772-486-7243 www.JRMRealEstate.com

 All data is derived from the Realtors Association of Martin County MLS

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