Castaway Cove – Vero Beach Homes For Sale

Castaway Cove is an ocean to river gated community that was developed in 6 “waves” in the South Beach area of Vero Beach. 3 waves lie between A1A and the river. The other three waves lie between the Ocean and A1A. Many of the homes were built in the 1980′s and 1990′s. WIth the newer homes being in the more Northern of the waves. There is a total of about 450 homes in Castaway Cove including direct riverfront properties and oceanfront estates. Castaway Cove is located just South of the 17th Street bridge and the oceanfront beach is an accreting beach, where the sand accumulates.

To View Homes Currently Offered in Castaway Cove, please click on this link:
Castaway Cove Homes For Sale

Contact Harold Scott today at (772) 360-6309 to view any of the homes for sale in Castaway Cove !!

Vero Beach Oceanfront Equestrian Property For Sale

Harold Scott of Dale Sorensen Real Estate in Vero Beach, Florida is offering two distinct oceanfront properties. Both properties are adjacent to one another. The property located at 800 Crescent Beach Road in the South Beach community of the Dunes has 248 +/- feet of direct oceanfront on approximately 2 acres. It also has an existing “as-is” structure which can be utilized as a guest house. 800 Crescent Beach Rd is being offered at $5,000,000. The adjacent property is located at 790 South Highway A1A is a unique property of over 5 acres stretching from A1A to the ocean with 115 feet of direct oceanfront. The four-bedroom home on the property is being sold “as-is”. This property is the only estate on Vero Beach’s barrier island with the potential for Equestrian use. It is being offered at $9,000,000.

 

Contact Harold Scott at (772) 360-6309 for more information.

The Russians Are Coming!! – Russian Billionaire Sets Record Price For Home Purchase

Just last month, Russian billionaire Dmitry Rybolovlev paid 95 million dollars for a Palm Beach, Florida estate owned by Donald Trump. According to a Trump spokeman it was believed to be the highest purchase price for an estate in the US. In today’s news, an unamed Russian billionaire is paying a record sum of 752 million dollars for Cote d’Azur mansion Villa Leopolda, far exceeding the estimated purchase price of 500 million dollars.

Villa Leopolda

Located on Riviera between Nice and Monte Carlo, Villa Leopolda was built in 1902 by the King of Belgium, Leopold II. The seller Mrs. Lily Safra, wife of the deceased Lebanese businessman Edmond Safra, had waited months while the buyer steadily increased their offers.

 

This is just the latest in a series of high-end purchases by the Russian wealthy. Some other purchases include:

$42.5 million – East 64th St town house in New York
$36.0 million – 200 acre ranch in Aspen, Colorado

Russians are accounting for more and more high-end purchases, with some of their favorite destinations being London, the French Riviera, New York, Palm Beach, and Swiss and American ski resorts in Aspen.

The Estuary Vero Beach

The Estuary in Vero Beach is located in Indian River Shores, just North of the Central Beach area, and very convenient to dining and shopping. The Estuary is a gated community and has 88 homesites. The Estuary has a variety of choices from elegant lakefront courtyard homes to lakefront British Colonial Cottage-style homes to Custom Canalfront homes that lead to the Indian River.

To View Homes Currently Offered at the Estuary, please click on this link:

The Estuary Homes For Sale

 

 

 

 

Photos of some residences at the Estuary from Dale Sorensen Real Estate

 

 

 

 

 

The Moorings

The Moorings is a boating, golf & tennis community covering 500-plus acres on the tranquil barrier island of Vero Beach. This unique community lies between the Intracoastal Waterway & the Atlantic Ocean, providing yachtsmen & boaters easy access to the Intracoastal through The Moorings deep entrance channel. All riverfront homesites include sturdy seawalled moorings. Condominiums that front the Indian River feature private docking. An additional 52 docking slips are provided at Spyglass Harbour, the closest deepwater harbor to the Ft. Pierce Inlet in all of Indian River County. The new Moorings Clubhouse, scheduled for completion at the end of 2007, provides a focal point for community life. Golf, tennis, swimming & dining areas are situated to capture stirring views of the picturesque Indian River.
Pete Dye’s only executive-length golf course is the centerpiece of The Moorings Club. Tree-lined with oak hammocks elegantly draped in moss, the course presents a dramatic waterfront panorama.

Amenities
- Private ocean beach, club-maintained
- Intracoastal Waterway access via Moorings Channel
- Fully staffed marina and fueling stations
- Docking immediately available outside your door
- Capacity for sail and motorcraft from 35 to 100 feet
- Tap Inn poolside grill
- Tennis center
- Nine lighted Har-Tru courts
- Year-round tournament program
- Trained professional staff
- Covered tennis deck for spectating and socializing
- Fully stocked tennis pro shop
- Pete Dye-designed 18-hole golf course, par 64, 4,301 yards
- Practice tee and driving range
- Active tournament schedule
- Pro shop staffed by certified PGA professionals

Cloud Grove Project On Hold

With the amount of homes currently onthe market, we do not need 12,000 more to worry about.

TCPALM reports that Cloud Grove, a controversial town of about 12,000 homes proposed for a citrus grove near the St. Lucie-Indian River County line, is now “on hold,” the developer announced Monday.

The Florida Conservancy and Development Group, a partnership between Lennar Homes and Centex Homes, asked the county to place the project “on hold” in its current form. Steve Kaufman, executive committee member of FCDG, said the group would try to find someone willing to take over the project, buy the land for development or agricultural use or move forward themselves with a different project.

“There was kind of a lot of factors that came together,” Kaufman said. “I don’t think there was one thing in particular. The timing just wasn’t right now to keep pursuing this.”

The plan was to build about 12,000 homes on about a 6,000-acre site in northern St. Lucie County, as part of the Rural Land Stewardship Program. The rural lands program transfers development rights from Adams Ranch to Cloud Grove, preserving much of the 16,466-acre ranch from future development in exchange for giving developers higher density in the new town.

Kaufman said the current real estate market played only a small part in the decision, as Cloud Grove wouldn’t fully have been in place for decades.

He said the “political environment” and contractual arrangements between the parties were part of the reason, though he declined to elaborate.

It came as welcome news to some who had opposed the way the plan was being carried out.

“I’m pleased we’re taking a second look at this program. I’ve always supported the concept, but felt it was hijacked by developers,” said County Commissioner Doug Coward. “I was the only commissioner to vote against it.

“I hope we can remove all trace of the Rural Land Stewardship program here. I think it’s one of the biggest growth-management mistakes we’ve made. Either scrap it completely or significantly alter it. I absolutely do not support it in its current form.”

Cloud Grove still was in the process of gaining approvals — including as a development of regional impact, and permits from the South Florida Water Management District and the Army Corps of Engineers. If everything went smoothly, construction still wouldn’t have begun until about 2010, Kaufman said.

Commissioner Paula Lewis, who has been supportive of the plan, said she recently became aware of accessibility issues, making sure the development had enough roads for future demand. Still, she had hoped these were issues that could be worked through.

“We’ll just have to wait and see how it goes,” she said. “I was supportive, thought it was a great concept, but once again, the devil’s in the details,” she said.

Commissioner Charles Grande, who was against the project while he was on the Planning and Zoning Commission prior to becoming a commissioner, said he’s happy the project is on hold. He was concerned with how many units the developers wanted on the land.

“The way this plan was finally constructed for this specific application, there’s no benefit to the county. There’s no benefit to taxpayers,” he said. “There are lots of other alternatives in the long run that will preserve the ranch as it is and keep the family on the ranch and keep it viable. They don’t need a rescue program.”

Although the plan met Florida Department of Community Affairs land management requirements, the agency noted in a report last year that a “thorough review” of the project to see if it fits the goals of the stewardship program was not done.

“Also, the review did not thoroughly evaluate the issue of urban sprawl including whether there was a demonstrated need for additional urban uses in St. Lucie County,” the report noted.

The developers plan to meet with county officials to talk about the status of all applications and review their options.

The decision does not mean Adams Ranch is in any danger of disappearing, though there are currently no other similar conservation plans on the table, said Peter Harrison, vice president of Adams Ranch, Inc.

“We feel this is a wonderful concept. We are disappointed that it’s not moving forward,” he said.

The developers also owned land on the Indian River County side, but had no plans to develop there. However, the project would have still had a major impact on the county and some were pleased to hear it was stalled.

Indian River County Commissioner Gary Wheeler, whose district lies across the county line from the bulk of Cloud Grove, said he was “not disappointed” to learn of the project being on hold. Wheeler was commission chairman when Cloud Grove was first proposed and has objected to the idea that people would drive north through land now zoned for agriculture at one home on 10 acres.

“They were going to dump all the traffic from Cloud Grove into our county,” he said. “And they were going to build all those homes before there was any commercial (to serve them.)”

Ernie Cox, president of Family Lands Remembered which helped facilitate the creation of the rural lands plan in St. Lucie County, said he didn’t think the decision to halt Cloud Grove would signify the end of the rural lands program in the county.

“I’m the eternal optimist,” he said. “I think we’ll find a way to work through this. I think it’s a great program to protect resources like the Adams Ranch and be able to sustain mixed-use development.”

Staff writers Anthony Westbury and Henry Stephens contributed to this report.

• It preserves environmentally sensitive land in exchange for allowing more homes to be built on another site.

• The program originated in Collier County, where Florida panther habitat was preserved in exchange for more homes being built in the new town of Ave Maria near Naples.

• In the case of Cloud Grove, it would give Adams Ranch cash for protecting part of its 16,466-acre ranch in perpetuity. The money comes from selling “stewardship credits” to the developers, who are able to add more homes to the town of Cloud Grove. The amount is based on the amount of land and its environmental value.

Bristol Bay Could Be Under New Ownership

According to TCPALM.COM a potential buyer has once again started paperwork to acquire the massive Bristol Bay project that has sat idle on the southeast corner of County Road 510 and U.S. 1.

Mike Garfalo, a principle of Suncor Communities, said he’s placed the property under contract and is hopeful that the county approves of his plans to rezone portions of the large development.

“We’re working very vigorously with the owners of the property to create a deal that makes sense to both of us, mitigating our risks and theirs,” said Garfalo, who has offices in Vero Beach, Las Vegas and Pompano Beach. “We thought we presented a phenomenal project (to the county) that would benefit the community.”

The potential purchase price was not disclosed.

Senior Indian River County Planner John McCoy said he’s reviewing the pre-application documents.“The way it’s distributed now, it isn’t really conducive on the commercial portion because its very spread out and odd shaped, so we understand what they’re trying to do,” McCoy said.

At the height of the housing boom and with much fanfare, WCI Communities announced plans in August 2005 to build Bristol Bay, a 108-acre upscale community. Multifamily British Colonial-style units were priced from $400,000 to $1 million per unit. At the time of the announcement, WCI said it would break ground in 2006.

IHP Capital Partners, a large California investment firm owns the land and had provided financing for the development to Bonita Springs-based WCI Communities.

A little more than a year ago, as the local housing market started to show a decline, WCI announced that the project had been delayed indefinitely and company would return 100 percent of buyers’ deposit monies, together with any accrued interest, to those who had reserved properties at the development.

“We’d like to sell the property,” said Virginia-based Jeff David, senior vice president for IHP Capital Partners. “It is under contract with Suncor, but we don’t have any involvement with the development process.”

In June 2007, Donald Proctor and Jerry Swanson, owners of P&S Properties of Indian River Inc., revealed that they had been trying to buy the Bristol Bay property from IHP Capital Partners.

“We couldn’t get the information we needed from them to do our due diligence,” Swanson said Wednesday. “We made the decision not to go forward with the deal … at that point we dropped it and it seemed like they had these other people waiting in the wings.”

P&S Properties, which purchased 7.6 acres from IHP Capital for $5.1 million in April 2006, still plans to build the retail complex called The Shoppes at Bristol Bay adjacent to the residential development, Swanson said.

The upscale mixed-use retail center is currently in the planning stages, said Derek Arden, an associate with of P&S Properties, handling the property. The project must clear the Technical Review Committee and Planning and Zoning Commission hurdles. “After that, in three to four months, we’ll be breaking ground,” Arden said.

New Trends In Luxury Home Finishes

An interesting article from Luxury Portfolio. As luxury realtors, we are always curious what we will see become more fashionable in the future and what trends that are currently hot may go out of style. While we see an abundance of granite and marble in use today, the use of Onyx could make a home even more unique and stand out even more. Here is the article:

While uncommon amenities and a noteworthy setting bring distinction to any residence, it is often the luxury finishes that make it truly exceptional. A home’s surfaces — countertops, floors, tiling and more — speak volumes on the personal style of the discerning homeowner. Fine stone and tile finishes in particular add richness to any room.

“Onyx is the reigning stone right now,” said Robert Briggs, owner of Granite & Marble Resources and its luxury line, Maestro Mosaics. The stone has a transparency to it that allows light to shine through — making onyx perfect for stone sconces and lamps. Many homeowners backlight their onyx, creating a stained glass effect. In addition, onyx has become a top choice for sinks, floors, tiling and kitchen backsplashes. And while onyx is available in several hues from dark green to red, the golden honey onyx is the hottest trend in luxury homes.

A spectacular example of the use of onyx can be found within this Bradenton, Florida home. The magnificent marble master bath leads to a courtyard embellished with transparent onyx floors, and the incredible home theater features an onyx bar. “We are seeing homeowners coming in and looking for exotic materials, such as onyx, to differentiate their homes,” said Chris Dowling, vice president of sales at Design Works of West Florida, who supplied most of the materials in this home.

Donna Kaufman, listing agent of the Florida property, added, “In today’s market, where marble and granite have become so commonplace, the incorporation of exotic materials really helps a home stand apart from other homes.”

The Upside of Vero Beach Real Estate

Let’s take a look at some of the opportunities and positive indicators for the future of the Vero Beach Real Estate market.

1. Long-term economic and demographic trends continue to favor Vero Beach Florida. By 2010 it has been forecast that Florida will be the third most populated state in the country. Florida’s population is expected to increase about 75 percent by 2030. Florida demonstrates a long history of strong growth. It has been one of the 10 fastest-growing states in the U.S. for each of the past seven decades, and often it has been in the top four, according to census data. Population growth will continue to provide a foundation for other economic growth such as new jobs and growing incomes. All of which is good for real estate.

1. People are continuing to move here. It’s estimated that 1,000 people move here every day (www.stateofflorida.com, “Florida Quick Facts”). No wonder Florida’s population has grown 13.4% since 2000, compared to only 6.4% for the rest of the country, according to census data.

1. Five of the top 15 cities in the Milken Institute’s 2007 “Best Performing Cities” survey, which looks at sustainable economic growth, are in Florida, including the No. 1 city, Ocala. A total of 13 Florida cities are in the top 50.

1. Low unemployment. Almost 120,000 jobs were created in Florida in the year between August 2006 and August 2007. Florida’s unemployment rate has hovered at or under 4% for a long time; and was 4% in August 2007, according to the latest data available from the U.S. Department of Labor. That not only puts it well below the national unemployment average, it also is the lowest unemployment rate among all ten of the most populous states.

1. Jobs are plentiful, and that trend will continue. A recent study by Bizjournals called “Where the Jobs Are” found that 7 of the hottest 15 job markets are in Florida.

1. Let’s take a look at the weather. If you think the hurricanes we experienced are going to have long-term effects on the Florida real estate market, consider this tidbit from Fortune Magazine. It recently reported, “Economists and geographers who have studied how natural disasters affect real estate values have generally found there to be no lasting impact.” Example #1: When Hurricane Hugo hit Charleston, S. C., home values were actually higher one year later. Example #2: That same year, 1989, a huge earthquake made big news in San Francisco, and the same thing happened—house prices went up.

1. Grant Thrall, a professor of what’s called Economic Geography, explains this phenomenon this way—residents move away and home prices fall only when natural disasters start becoming regular occurrences in an area, not when they happen periodically. And while the hurricane seasons of 2004 and 2005 may still be fresh in our minds, the fact is, historically it was a fluke. Eight storms hit the Florida mainland in those two years. But if you look back at the 50 years prior, only six Category 3 or higher storms hit the Florida mainland in half a century.

1. Gov. Charlie Crist, state lawmakers and business groups are committed to finding real solutions to the escalating costs and shortage of property insurance in Florida, as well as much-needed property tax reform. Florida Realtors will continue working closely with lawmakers to help resolve these complicated issues and keep the state’s economy moving forward. For example, 2007 FAR President Nancy Riley sits on the governor’s property tax reform commission, and 2005 FAR President Frank Kowalski served on the governor’s insurance reform commission.

1. Interests rates currently are still low, on a par with interest rates in the 1960s. And thanks to the Fed’s recent rate cut, we’re already seeing lower rates on home equity and mortgage loans, including jumbo loans. The Fed’s action effectively increases the number of homebuyers able to make a purchase, which should increase demand, and also help support home prices. Home prices continue to stabilize, inventory is plentiful and homebuyers have lots of options.

1. Homeownership has value: Realtors believe… and research supports that belief … that homeownership provides a variety of benefits, tangible and intangible, to the community as well as the individual homeowner.

1. Studies show that home equity is still the largest single source of household wealth, both for the individual homeowner and for homeowners as a group. Home value is the most important single aspect for homeowners.

1. Owning a home leads to increased personal well-being. Research shows that people who own their own homes tend to show higher levels of personal esteem and life satisfaction, which in turn helps to make homeowners and their children more productive members of society.

1. Studies show that children raised in homes owned by their families are more likely to stay in school and more likely to graduate high school. They’re also shown to have a higher lifetime annual income.

1. People who own homes have a strong financial stake in what happens to their community and tend to become more involved in community and civic affairs. Studies show that homeowners also interact with their neighbors to gain wider influence over their neighborhoods and communities.

1. Homeowners join up to 41 percent more civic and/or nonprofessional organizations than renters, such as the PTA or Scouts; vote in local elections 15 percent more often; enhance their neighborhoods with gardens 12 percent more often; attend church about 10 percent more often; and have a 3 percent greater chance of being interested in public affairs.

1. 2007 Florida Association of Realtors® (FAR) President Nancy Riley says, “Florida Realtors know buying a home is a very personal investment – an investment in a family’s future. Although research shows it is the largest single investment most families make and helps to provide security for the future, owning a home isn’t just a financial investment. Ownership is about having a place to call home: a place where families build a future and become part of a community.”

1. Over the past five years, the average homeowner has seen an increase of 50 percent in value, according to the National Association of Realtors® (NAR). Here in Florida, the statewide median home price has shown an increase of 52.5 percent from November 2002 to November 2007, according to FAR records. NAR housing industry analysts project that prices will rise about 2 percent next year, and in coming years, average home price appreciation should return to historical averages of around 6 percent.

1. Florida is a great place to live and work. According to Enterprise Florida Inc., the Sunshine State has one of the nation’s strongest tourism industries; it is fourth in the nation in high-tech jobs; is the third largest exporter of high-tech goods and services; and is ranked as one of the best states in the nation to be an entrepreneur.

1. Orlando-based economist Dr. Hank Fishkind recently said in several media reports he believes that “the worst of the so-called housing crisis has probably been mitigated by the actions of the Fed. Recovery will take a while, but it has begun.” Another economist, Dr. Lawrence Yun, chief economist with the National Association of Realtors, predicts that the Florida housing market will get stronger in 2008 and will be booming again by 2010.

1. And let’s not forget the things that brought people to Florida in the first place, and will continue to attract them – beautiful beaches, fabulous weather and a friendly business climate, with no state income tax. It’s no wonder that Florida’s combination of temperate climate, outstanding recreational amenities and economic opportunity has consistently put us at the top of Harris Poll’s “most desirable places to live” survey.

Amendment 1 FAQS

Q: When will the changes from Amendment 1 show up on tax bills?

A: For those who are eligible, benefits from portability, the additional homestead exemption and the $25,000 exemption for tangible personal property will show up on 2008 tax bills.

Q: How does a person apply for portability?

A: The homesteaded property owner should turn in a completed application to the office of the property appraiser in the county where the new homestead is located. The application from the Department of Revenue. [http://dor.myflorida.com/dor/property/appraisers.html]

Q: Who’s eligible for portability this year?

A: A person who establishes a new Florida homestead for 2008 and filed to give up the previous homestead sometime after Jan. 1, 2007. In other words, a person who relocated from a homestead last year and is claiming a new homestead for 2008 is eligible. The deadline for 2008 homestead and portability applications is March 1. The portability benefit would show up on the 2008 tax bill.

Q: Who’s eligible for portability after that?

A: Any Florida homesteaded property owner who establishes a new homestead for 2009 or any subsequent year—as long as the person had another valid homestead within two years of establishing the new one.

Q: How much is the portability benefit worth?

A: A homesteaded property owner can transfer up to $500,000 of portability benefit to a new homestead. A person moving to a more expensive home transfers the dollar amount. A person moving to a less expensive home transfers the percentage value.

Q: I don’t plan to move. What happens to the 3 percent cap on property tax assessments I got every year under Save Our Homes?

A: You’re still protected. Save Our Homes doesn’t go away.

Q: Is there an application for the additional homestead exemption?

A: No. The additional exemption will be granted automatically to anyone qualifying for a base $25,000 homestead exemption. It applies only if a property’s assessed value exceeds $50,000.

Q: How much is the additional exemption?

A: The exemption is $25,000, but it does not apply to property taxes assessed for local schools. In other words, no additional exemption will be applied to a property’s assessed value for the purposes of levying school taxes.

Q: Do business owners and mobile-home owners with tangible personal property have to apply for the exemption?

A: To receive the exemption, they must file their 2008 returns. If the value of tangible personal property is under $25,000, they will not have to file again the following year.

Q: When does the 10 percent cap on annual assessment increases for most non-homesteaded properties go into effect?

A: It goes into effect in 2009. There will also be an application. Keep checking the Department of Revenue web site [http://dor.myflorida.com/dor/property/appraisers.html ]for details. © 2007 FLORIDA ASSOCIATION OF REALTORS®

Harold Scott

Dale Sorensen Real Estate Inc.

www.HaroldScottRealtor.com