Affordable Housing, Welcome to Vero Beach

Believe it or not, it’s true.

Centex Corp., is offering new homes in the VeroLago subdivision starting at $158,990, a price many in the housing industry deem suitable for affordable housing.

Centex may argue the fine points of the classification.

“In light of national market conditions and after a survey of Vero Beach home buyers, Centex decided that it wanted to offer more affordable products,” said spokeswoman Cheryl Abbott. “We wouldn’t classify them as affordable housing, but it’s certainly an attractive price point.”

The three-bedroom, two-bathroom home in the complex was first offered at $218,000 in November. According to Cenex ads in 2005, estate homes were being sold in the $300,000 to $500,000 range. Now, the most expensive estate home sells for $413,990.

Abbott added the company also has started its “Those Who Serve” program to help make the Vero Beach housing market more affordable.

This initiative offers $2,000 off the base price of any Centex home within the division to qualified buyers, including health care workers, educators, police and fire department members, all military and government employees.

Those workforce homebuyers also must use the builder’s Florida mortgage lender and title companies and the home must be a primary residence.

When asked whether VeroLago’s new prices would encourage more buyers into the market, Karen Hall, president of the Realtors Association of Indian River County, said she had no comment.

However, several other experts said the new prices could have a positive effect for Florida mortgage loan demand in the regional housing market.

Don Santos, past president of the Treasure Coast Builders Association and president of Santos Construction, said the new price points will certainly attract more traffic, which could translate into buyers making offers.

“I think in today’s market, the home prices are the determining factor on whether someone buys a home or not. I think they’ve realized that they if they want to continue selling homes, they have to come down in prices,” he said.

Sally Daley, owner of Daley & Co. Real Estate in Vero Beach agreed, but questioned if flippers and speculators who bought during the boom years will also be willing to lower their prices.

“Only time will tell as investors and developers have shown a willingness to negotiate, as well as offer both incentives and aggressive pricing to sell their properties,” Daley said. “There are a ton of investor-owned properties currently on the market that are direct competition for new developments like this.”

But Helene Caseltine, development director at the Chamber of Commerce in Indian River County, who has pushed for more work force housing in Vero Beach, sees the pricing as a positive.

“I think it’s a step in the right direction. I think it’s great, but I hope it’s just the beginning,” Caseltine said.