Vero, Florida Real Estate Market

Vero, Florida is a city that has experienced a lot of the same ups and downs as the rest of the state and even the nation when it comes to real estate market fluctuations.  Most recently, in April 2011, existing-home sales slowed slightly, by 0.8 percent to a seasonally adjusted annual rate of 5.05 million units nationally.  These figures are derived from a recent report by the National Association of Realtors (NAR).  Existing-home sales include recently purchased single family residences, town homes, condominiums, and co-operatives.

Other results of the NAR study show that total housing inventory in the Vero area increased 9.9 percent by the end of April 2011 to 3.97 million existing homes for sale.  At today's current sales pace, this represents a 9.2-month supply.  Freddie Mac reported that, in April 2011, the national commitment rate for a fixed-rate conventional 30-year mortgage was 4.84 percent.  This represents unchanged figures from the month before.

Existing-home sales are expected to trend up unevenly through the remaining months of 2011 and into 2012 for all of Indian River County, including Vero.  Certain restraints continue to inhibit the market, such as unnecessarily tight credit and a  steady level of low appraisals that result in contract cancellations.  Still, Americans remain confident in homeownership investment, according to a national survey conducted by the Pew Research Center in Washington:  81 percent of adults believe homeownership is the best long-term investment, and it is still the top long-term financial goal.  Despite the recent shakeup in home prices, there is little evidence that people are avoiding homeownership.  To the contrary, low mortgage interest rates and strong housing inventory have created lucrative incentives for today's home buyer.

Top Vero, Florida Restaurants

Vero Beach, Florida is home to a number of fabulous fine dining and casual restaurants, serving all types of cuisine to satisfy all tastes.  For fine Italian & European continental cuisine, Di Mare Restaurant is an exceptional restaurant located in a tranquil nook near beautiful Vero Beach.  The restaurant focuses on fine Italian dining by specializing in exquisite culinary dishes in a unique atmosphere.  Di Mare serves the finest gourmet Italian and European cuisine, and like many restaurants along the Atlantic Coast, has excellent fresh seafood offerings.  Di Mare Restaurant has a fine dining seating centered around a baby grand piano, for guests to enjoy live recitals and singing on weekend nights.

Costa d’Este Beach Resort in Vero Beach has revealed a new restaurant concept with its onsite restaurant, The Wave Kitchen & Bar.  The unique ocean-front dining space offers stunning views of the Atlantic.  The Wave specializes in menu offerings that focus on ingredients directly sourced from local farmers, fishermen and artisanal purveyors.  The restaurant has partnered with local farms and purveyors to emphasize that the best culinary ingredients are available in the Sebastian region.

The Wave concept was designed with an open kitchen and customizable selections aim to engage guests and bring participation to the dining experience.  In addition to classic selections like Filet Mignon and Pork Tenderloin, diners are encouraged to customize entrée selections with choice of preparation style, sauce and temperature.

City of Vero, Florida: General Information

Vero Beach, Florida is a city in Indian River County, which was formerly known as Vero.  U.S. Census Bureau 2006 estimate calculates a population of 16,939 in the city.  Vero Beach is the county seat of Indian River County and is a Principal City of the Sebastian–Vero Beach Metropolitan Statistical Area for U.S. Census purposes.  This MSA is home to 130,100 people.  In 2000, the census figures show that there 17,705 people, 8,516 households, and 4,777 families residing in Vero.  The population density was 1,598.9 people per square mile, with 10,286 housing units at an average density of 928.9 per square mile.

Of the 8,516 households in Vero in 2000, 17.5% had children under the age of 18 living with them, and 44.4% were married couples living together.  Female heads of household ran 8.6% homes, and 43.9% of household were home to non-family members.  Of all Vero households, 36.4% were made up of individuals, and 16.6% had a sole resident who was 65 years of age or older. The average household size was 2.02 people, and the average family size was 2.59.

The city of Vero had an age-population distribution where 16.0% of residents were under the age of 18, 7.0% were aged from 18 to 24, and 23.6% were 25 to 44 years.  In the 45 to 64 age group, there fell 24.1% of the population, and 29.4% who were 65 years of age or older. The median age for residents of Vero was 48 years.  For every 100 women females there were 92.8 males, and for every 100 females age 18 and over, there were 92.0 males.

As far as income, the median income for a household in Vero was $38,427 in 2000.  The median income for a family from the census figures was $50,260.  Males out earned females, with a median income of $31,217 and $24,022, respectively. The per capita income for all residents of the city was $30,940.  About 6.4% of families and 9.1% of the entire population were below the poverty line, which also includes 11.6% of those under age 18 and 4.5% of those age 65 or over.

History of the City of Vero, Florida

The city of Vero, Florida dates back as an official settlement to 1870, when Captain Allen W. Estes established the first homestead on the Indian River near Bethel Creek.  By 1891, a permit to build a post office in the area was issued and the settlement was officially given a name:  Vero, which in Latin means “in truth.”  A couple of years later, Henry Flagler’s Florida’s East Coast Railroad was completed and began operation through Vero and Indian River County, which enabled the local allowing fishermen and small fruit and vegetable growers to ship their products to the north.  This development was key in Vero’s status as a supplier for citrus fruits.  In the early 20th Century, Vero was still a small community, but large enough to need a railway station by 1903, mainly due to the Flagler line opening access to all of Florida.

The citrus crop as a primary export of the region finds its origins in 1911, when Herrman Zeuch purchased 55,000 acres of land for growing citrus.  Zeuch also began draining the land for development, and with the assistance of a civil engineer, laid out a town site and built the town of Vero over the next few years.  By 1919, Vero became chartered as an official town with its own newspaper, the Vero Press.  The following year, a bridge over the Indian River was constructed, connecting the barrier island with the main land for the first time.  Until 1925, Vero was still part of  St. Lucie County; this changed when a group of Vero Beach citizens desired to form a new county and Indian River County was formed, with Vero as the county seat.

More recent years have seen increases in the cultural opportunities offered in the Vero area.  First, The Vero Beach Theatre Guild was established in 1958, and The Vero Beach Concert Association began presenting concerts in 1966.  Riverside Theatre then opened in 1974, and the Center for the Arts in 1986.

Climate and Storm History of Vero, Florida

Vero, Florida is labeled by meteorologists as a “Koppen” or subtropical climate classification.  From a geographic standpoint, the term refers to climate zones which are immediately north and south of the tropical zones of the Tropic of Cancer and Capricorn.  The area is noted for its varing year-round distribution of rainfall.  The driest month is April with 1.3 inches of rainfall, while the wettest is September with 6.5 inches.  The wettest months are June through November and the dry season lasts from December through May.  When it does rain during these months, it is typically a late afternoon occurrence and passes through relatively quickly.

Vero hardly ever experiences sees frost or snow, though the winter of 2009-2010 was the coldest on record since 1937 when records were first kept.  During that winter season, planting of flowers and herbs, which resident normally start around February 14, instead happened six weeks later.  December 2010 was the coldest December on record.

Essentially, the area experiences a humid subtropical climate with especially hot and humid summers and winters that are relatively warm and mild.  January is the coldest month with an average low of 51 degrees and average high 72 degrees.  The warmest months in Vero are July and August with average highs of 88 degrees and average lows at 71 degrees.