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Letter from Broker -
Well, we are moving into a robust spring market here on the Treasure Coast. Home prices have gently moved down a notch over last year but remain stable. Buyers are continuing to come into the market and are enjoying all the amenities like open space, good weather (most days) and lower taxes offered in Florida.
Rental inventory is down --and that means our rental market is energized and competitive. Our team Realtors are on the move finding temporary seasonal and year-round homes for clients.
Our outlook remains sunny and optimistic. The underpinnings of this past boom period do not mirror those of the 2004-2008 cycle. 50% of our clients are cash buyers and the mortgages that have been written during the last 5-7 years do not include many features of mortgages underwritten during the 2004-2008 boom/bust cycle. The growth that has most recently occurred in Florida has been stabilized by rational appraisal processes and conservative lending practices. These key points give us confidence that stability will prevail in the marketplace.
We were recently amazed by the fact that the Indian River County area, which includes towns like Fellsmere, Vero Beach and Sebastian, has been ranked #5 most wealthy out of the 67 counties in Florida. (Data was gathered, apparently based on median income, median home value and median investment savings information.)
Other than that, we are pleased that actions are being taken to curtail the over-abundance of storage facilities that seem to be cropping up on every corner. As you may have seen in TC Palm/Thomas Weber's recent story, a six-month moratorium has been placed on permits for self-storage units, pending permanent legislation. We know Americans like their "stuff," but creating bleak, grey warehouse structures on every corner--well, not an aesthetic that adds property values elsewhere....
And so, we thank you again for your patronage and trust in us to help you with all your sales and rental needs. We have added some property management to our areas of coverage. Call us to discuss us helping you manage your 1-4 family, residential property for you while you are away.
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