Vero Beach is No

Vero Beach is No. 2 in nation to buy real estate, CNN reports

By NADIA GERGIS


Read the CNN report here

nadia.gergis@scripps.com
October 26, 2006

VERO BEACH — A national business magazine that posts on CNN's Web site has named Vero Beach the second strongest market in the nation to buy real estate.

Business 2.0 examined five-year growth projections and identified 10 of the strongest markets in the nation, with Vero Beach coming in second. The magazine projected there would be a 64 percent gain in the region's home prices within five years.

Panama City came in first with a 72 percent projected increase in future home values, while the Lakeland area in Polk County came in fourth with a 59 percent projected increase within five years.

Steven Cochrane, chief regional economist at Moody's Economy.com told the magazine, "Vero Beach is at high risk (of stagnant home prices) in the short term but will move up in the long term."

Sally Daley, broker and owner of Vero Beach-based Daley & Co. Real Estate, agreed with Cochrane's assessment of the market.

"We have long been bullish on investment in Vero Beach real estate for several reasons and have been telling our buyer client base the same thing all year," Daley said. "Vero is undervalued compared to other Florida barrier islands and other eastern seaboard coastal communities."

The report's only caution was, "lower-wage work can dampen home values."

Helene Caseltine, director of economic development for the Indian River Chamber of Commerce, said she was pleased at Vero Beach's ranking but disagreed with the negative statements about income.

"I beg to differ with the caution because we're creating jobs in the research sector," Caseltine said. "Our future jobs creation is centered around being the Research Coast."