Monday, April 14, 2014

Indian River Colony Club in Viera, Florida - Prices increasing in this 55+ community?

When one compares the home prices between Viera, Florida's three 55+ communities the first thing noticed by many is that Indian River Colony Club home prices are lower than the others. 

That is primarily because Indian River Colony Club is different than the other 55+ communities in Viera.   It is important to understand not all 55+ communities are created equal.  

I looked over some of the sold statistics for Indian River Colony Club for the past five months.  Of these, January only had a couple of closings so I would not put too much in it.

Sold Price per sq ft under air
  • Apr 2014 - $72.08
  • Mar 2014 - $71.67
  • Feb 2014 - $61.62
  • Jan 2014 - $45.84
  • Dec 2013 - $57.23
Average sold price
  • Apr 2014 - $134,833
  • Mar 2014 - $133,900
  • Feb 2014 - $123,114
  • Jan 2014 - $92,500
  • Dec 2013 - $109,500
The data above was compiled these by hand from the sold listings in the MLS system.  It does appear to have the beginnings of a trend - increasing prices.

Looking at the sold listings a noticeable difference in properties (at least to me) was at the $140,000 plus selling price.  These properties seem to have had some updating or a lot of remodeling. 
A lot of the "original equipment" homes are the ones selling around the the $100,000 price (give or take a little).   By original equipment I am saying no or very little updating.  Also there are a few outliers in these where the property sq ft under air is above 2,000 ft which is really a larger home for IRCC community. 

As always...another variable that comes into play at IRCC is the location - some on water, some on water plus golf course, etc. 

As with all homes, in the end, like always, each house will have to stand on its on. And its selling price will be based on it - not some statistic I published here.

For information on Florida 55+ communities and homes for sale in Viera, Florida, please give me a call at 321-693-3850 or send me an email.