Housing costs in Martin County (Country Club, Palm City: mortgage, foreclosures, jobs)

[Agnes]

We are looking to buy a house in Martin County (Stuart/Palm City).

It seems that prices of existing homes are still holding high there. I have been tracking their prices for almost a year, and have seen them decline in specific areas, but in many desirable neighborhoods they are still holding steady, or declining so slowly that they are still (in my mind) overpriced.

We have bid several times on houses but the sellers are still countering at very high prices.

I am curious as to whether you think Martin County, specifically, is a different kind of market - compared say to the rest of SE Florida - and whether the prices there are going to decline very slowly, or are already close to the bottom, etc.

Thanks

[Lilybeans]

Martin Country has traditionally been higher priced than it's neighboring counties and has held values better. That said, prices are down, but there are less foreclosures in Martin County, and the pressure to sell is not as great.

There are realistic prices, but people are not going to give away their homes for some lowball offer. What are you looking to spend? How big are you looking for?

[Agnes]

Lilybeans, We don't want to spend more than 300K for a CBS house, and we are looking for a 3-4 BR with a yard for the kids to run around. We also want to buy in a stable, existing neighborhood that is kid-friendly. We are flexible on many factors for a new house except we want a short commute to work, no zero lot line, and the best possible neighborhood (which is very subjective).

We have done extensive research on the areas we're looking to buy in. We are financially conservative and don't want to be married to our mortgage. Until we find the house that we want for the price we can afford, we will rent. I am just frustrated, because I would like to get settled, and I am wondering how long this will actually take.

[Lilybeans]

I think you'll have a tough time in Martin County with those requirements. You might want to look at PSL, where housing is cheaper.

[heydade]

guess what ? Prices HAVE fallen big time in Martin County. I am looking to buy either Martin County or Port St.Lucie at the end of the year. We will see.

[Lilybeans]

Yes they have, but they seem to have bottomed out for the most part. Housing is selling again in Martin because the prices are less than a couple of years ago. A lot of sales are to northerners looking for good deals on second homes.

[Wendyb0077]

Hi Agnes, Check out the SW Part of Port Saint Lucie close to the back door of Palm City. I think the Zip code out there is 34953. Gettysburgh area close to Becker Rd. Beautiful homes with large yards and great location... Shouldn't be hard to get your price range there and the prices are way down! Good Luck!!

[TriMT7]

Martin County has "growth restriction" and resists development. Nonetheless, what you are looking for is not impossible to find, even in Martin County.

For example, this is a house in Martin Downs Country Club: 3/2/2 CBS Martin Downs Country Club Family Home (broken link)

[wireyourworld]

You'll have a hard time finding your requirements in Martin County for only $300k. Land costs. If you don't want zero lot line you have to either: pay for it or, choose a less desirable community with a less than new house that may need some love. There are homes in the community redevelopment areas of Palm City and Port Salerno that could use good people to move in. Or as someone suggested, try port st lucie, though you'll find that county has its problems too, with overcrowding and not enough roads and sidewalks. The convenience is in Martin County, closer to Palm Beach county for good jobs as they are few in Martin and St Lucie, close to I95 and the turnpike, everything needed is nearby. That is why you won't see the prices drop in Martin. Its worth it. There are growth restrictions, a Comprehensive Development Plan was voted in place in the 80's and has kept Martin from being overwhelmed like St Lucie and Palm Beach Counties. Look at a state overview photo and you can clearly see development stop at the borders of Martin. There are still green expanses here. Martin is all about preservation.

Again, you will pay for the privilege of having grass and trees.