Investing in Vero Beach Property (short sale, foreclosure, rentals)

[jono2000]

Hi: - I'm a first time investor in US property (based in the UK).

The Millstone Landings properties (in foreclosure from the Bank) are being promoted heavily.

The price is pleasantly low, but would you agree with their figures: 4bed 3bath rental at around $2100? Seems a tad on the high side to me.

Also what's the plan for the empty plots within Millstone Landing, and more generally the surrounding area. Reading between the lines there could be "back to nature" thing going on with those ?

Anyway the agents are offering a big (by UK standards) house, at short sale prices, and tossing in free mortgage payments for a year, and free closing costs.

Is this a genuine bargain? Is there a healthy rental demand in Vero Beach? Whats the location feel like "on the ground"...

[verobeach]

I don't think there's any rental demand, not when someone can buy a home so cheap.

[w8ryan]

Jono2000,

I had made an offer for a house in Millstone Landing this year on a Short Sale. This are very nice houses. It had been sold by the developers for $560k and I offered $280k, which after 4 months the bank approved. At the time I had gone with another property, and the house is now being offered at $230k. This is just so you get a feel for the market now days. According to numbers from realtors, prices are starting to stabilize.

The rental market here in VB is not too bad. I just rented a simple 3/2/2 house for $900.00. Had a bunch of people come look at it and picked the best. I don't know what is the situation with $2100.00 rentals.

Let me know if you have any more questions about the area, etc.