Barring an unforeseen construction glitch in their Glendale, Ariz., destination, "Dem Bums" will draw the Dodgertown shades with Monday afternoon's exhibition tilt against the Houston Astros.  Read more...

Vero Beach — zip code 32960 — isn’t going anywhere. It may even be reincarnated as someone else’s Spring Training base. Next year, it likely will at least host some country’s pre-World Baseball Classic workouts.

But it’s farewell to Dodgertown. Barring an unforeseen construction glitch in their Glendale, Ariz., destination, “Dem Bums” will draw the Dodgertown shades with Monday afternoon’s exhibition tilt against the Houston Astros.

Dodgertown is its own oxymoron. Charming, obsolete. Scenic, blighted. Comfortable, inconvenient. Hate to leave, love to go.

It has been the crib for generations of Dodgers players, and generations of Brooklyn and Los Angeles fans who have flocked to see them at this redeveloped vacant World War II naval air base. But it’s time for them all to come out from behind the Oz curtain and join the real world. It’s time to run after the parade that has passed them by, in that new $80 million Cactus League complex they will share with the Chicago White Sox.

Time to pull the covers. But, oh, what a storybook place it was.

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About 26 percent of foreign buyers ended up in Florida and another 16 percent in California, with Texas in third place. And more than a quarter of the foreign buyers bought their homes with cash, and when they took out loans, they put down more money than domestic buyers, the study found.  Read more...

Cheap Dollars & Large Inventories Mean Vero Beach Bargains for Foreign Buyers

With the U.S. dollar at its weakest level in decades, international buyers are chasing housing bargains in Vero Beach, eager to take advantage of their purchasing power and the declining prices in some of the best-known U.S. cities.

The Washington Post reports “The impact of the weak dollar on foreign demand is one of these market forces that has snuck up on us,” said Jonathan J. Miller, chief executive of Miller Samuel, an appraisal company in New York. “It’s been gradually gaining momentum, and the demand has accelerated as the fall in the dollar has accelerated.”

A study last year by the National Association of Realtors confirms that 25 percent of real estate agents surveyed in summer 2007 said they had more business from international clients than they did five years ago. The weak dollar was cited as one of the reasons for the uptick.

About 26 percent of foreign buyers ended up in Florida and another 16 percent in California, with Texas in third place. And more than a quarter of the foreign buyers bought their homes with cash, and when they took out loans, they put down more money than domestic buyers, the study found.

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Henry Fishkind, of the consulting firm Fishkind & Associates said Tuesday that "2008 is the consolidation year," "2009 and 2010 will be better. I believe we can see the bottom," he continued, referring to the bottom of the current economic cycle.  Read more...

Henry Fishkind, of the consulting firm Fishkind & Associates said Tuesday that “2008 is the consolidation year.  2009 and 2010 will be better. I believe we can see the bottom,” referring to the bottom of the current economic cycle.

Home sales, starts and prices have dropped in the region since late 2006, according to industry data. There are now fewer housing starts than sales, Fishkind said. “That’s the first indication of the bottom of the cycle.”

Fishkind expects the national economy to improve later this year after taxpayers start spending Treasury-issued checks. Fishkind said while the tax rebate checks will spur a recovery, he warned that prices would go up.

“There will be some inflation next year,” he warned. As a result, the Federal Reserve will be forced to raise interest rates to squeeze inflation out of the economy.

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“The thing that will make home prices stop falling is the very same thing that will push mortgage rates higher,” says Jim Svinth. Any savings you might incur by a further drop in prices might be offset by rising financing costs.  Read more...

A rising mortgage rate could nullify future price drops

The Florida Association of Realtors reports that too many buyers are focusing on Vero Beach home prices and waiting to jump into the market, afraid that a property bought today will be worth less tomorrow. But rising mortgage rates should also be a concern, and many potential buyers could find themselves out of luck if they wait much longer.

Jim Svinth, chief economist at mortgage firm Lending Tree, tells buyers to “ignore the headlines.” As the economy recovers, finance costs will rise. Waiting for the perfect time to get into the market may cost prospects, especially renters, more in the long run.

“The thing that will make home prices stop falling is the very same thing that will push mortgage rates higher,” says Svinth. Any savings you might incur by a further drop in prices might be offset by rising financing costs.

Let’s take a home priced at $250,000. With a 20 percent downpayment and 30-year fixed-rate mortgage at 6 percent, monthly payments would be $1,199.10 (principal and interest only).

If the price of this home were to drop 10 percent one year from now to $225,000 – but mortgage rates rise to 7 percent – the monthly payment for a 30-year fixed-rate mortgage with 20 percent down would be $1,197.54 (mortgage and interest only) — a difference of $1.56 a month.

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Sea Oaks is an ocean to river community in Vero Beach Florida that features a Five Star tennis facility with lighted Har-Tru courts and resident tennis pros.  Read more...

Sea Oaks is an ocean to river community in Vero Beach Florida that features a Five Star tennis facility with lighted Har-Tru courts and resident tennis pros. Two club houses including an Oceanfront Club with three restaurants. Add a private 48 slip marina to acommodate boats up to 40 feet, and you quickly see why Sea Oaks is one of Vero Beachs premeir island communities.

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Orchid Island Golf & Beach Club is an ocean to river private club community located on the Vero Beach Barrier Island.  Read more...

Orchid Island Golf & Beach Club is an ocean to river private club community located on the Vero Beach Barrier Island. Featuring an Arnold Palmer designed golf course, tennis courts, and shops. The Beach Club features bar, lounge, dining, and oceanside pools.

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