Is it true that Property Price has increased significantly in White City (Sunrise: sales)

[fengxg]

There aren't many properties on sale and the price is much higher than two months ago. Does anybody has data of local property price?

Thanks.

[FlaLadyB]

White City is not a very large area and is considered Ft Pierce. Its not considered a different "city" from other areas.

Do you have a street name?

[fengxg]

Originally Posted by FlaLadyB

White City is not a very large area and is considered Ft Pierce. Its not considered a different "city" from other areas.

Do you have a street name?

The area between the river and route 1 south of midway. Seems to be quiet and nice.

[FlaLadyB]

you mean Indian River Estates?

[fengxg]

Originally Posted by FlaLadyB

you mean Indian River Estates?

The other side of Route 1. Citrus and Oleander Ave.

[gv28]

This is a very interesting area, and in years to come the still remaining acreage toward PSL will develop nicely. Currently not that many people pick it out as their chosen destination.

You would have to narrow it down as to location and type of property to get good answers. There’s a nice pocket of ranch style homes between Palmetto and Citrus. And some mostly undiscovered riverfront homes. There are some less expensive homes off either side of Oleander. But some valuable farmland off Oleander also. There are also some homes in this large area that are just barely livable and wouldn't begin to be close to code and would not pass any safety inspection.

This area has a lot of character. Most or all of this area is subject to flooding. To comp out a sale, one would have to look closely at each location, if only because many of the neighboring properties are not kept up.

Given the disparity between properties, and that there are too few sales and properties on the market, two months is too short of a time to think you are seeing a big jump in market value, up or down.

All over, inventory is diminishing and prices are increasing, but I doubt you should give much credence to what you see in two months in this area.

Could it be that the properties that were priced correctly to the market have sold, as they should, and now you are seeing the leftovers that were not priced commensurate to real market value?

People can put whatever price they want on their property; that doesn’t mean that’s what properties are selling for. You can’t look at asking prices to determine a trend. Maybe there were some foreclosures, and now there are none. It may be that for real market value, you have to wait for a foreclosure to come on the market.

Depending on what you are looking for, you might also look at Sunrise from Midway to Edwards - it’s a pretty road and there are some nice older homes on acreage that sit back off the road.

.

[fengxg]

gv28 thank you so much for your patient and informative reply.

[gv28]

yw

[FlaLadyB]

He is right - it very difficult to do such a small area. There are only 10 houses available in that specific area.

They have been on the market any where from 9 days to 690 days.

They range in price from $169 to $709,000. Quite a difference.

One is built in 1901 and on 5 acres. Someone still lives there.

In the last year --only within those two street areas -- there are 20 sales. Only 7 over $100 and many below $50

The highest price was $319- built in 2006 - CBS...so even using it as a comp for any other house in the area would be next to impossible.

I did not include a whole area of homes that sold for well under $50,000 immediately east of Oleander.

A lot of these homes in the higher price range will have to stand on their own merit. Usually you can include homes within a mile radius. Wont really happen with these with such wildly different prices. If fact, it might bring the price value down.. not up, on a higher priced home.