Blog > How much home can you get for $500k?
If you’re planning to move and wondering what homes you can buy in Vero Beach and Sebastian, Florida for $500k, watch this video for more information.
For more information call us today at 772-732-3774!
If you’re wondering what you can buy in Vero Beach and Sebastian for $500,000, then this video is for you. We’re gonna dive right into how much house you can get for $500,000. Stay tuned!
Welcome back to the channel, I’m Tonya Colletti and this is my husband, Zachary Coletti. We are local brokers and real estate agents here in Vero Beach and Sebastian, collectively known as Indian River County. If you’re new to our channel, hit subscribe so you can be notified every Thursday when we drop a new video.
If you’ve got a pocket full of cash or you’re pre-approved and you’re just wondering, I want to move to Vero and what will 500k get me? Then this video is for you. Stick around and we will dive right into what $500,000 buys you in Indian River County.
Obviously Vero Beach and Sebastian have been discovered. The secret’s out there’s no more secret! We can obviously see the influx of people. It’s almost impossible to buy a new build right now. A new construction home has a huge waiting line like 200 deep to build a home, builders are only releasing homes so often, there’s a huge waiting list. So you know right now it’s kind of a challenging time to find a home. A lot of sellers are not putting their homes on the market and when they do they’re selling really quickly. With that being said, a lot of folks are giving us a call and saying I want to purchase a home. What can I get for $250,000 – $300,000 dollars? And the answer to that question is not really a lot, you know the median home price in our area is rapidly reaching the $500,000 mark. So that’s what we’re going to talk about in this video today.
How much home can you get for $500,000? Let’s just be the “debbie downer” real quick, so at one time you could get a fixer-upper over on the island for 500k – 600k, they’re gone! it’s just gone people you have to up your price range to $800k, you know 1.2M. That’s where you’re at to be on the beach. That’s on the barrier island. But what can you get for $500,000? There still are some beautiful homes for $500,000. Let’s face it, that’s half a million dollars. You can expect to find a gorgeous 3/2. You can even get one with a 4 bedroom home in a gated community. Down in Vero Beach we’ve got some nice communities.
There’s a community called Millstone Landing that is in south Vero Beach, it’s a nice big community. It’s large and you’ve got homes in there that are like 2000 – 8000 square feet, there’ll be maybe 10 to 15 year old homes. You’re gonna have a private swimming pool, you might get accordion shutters in that home. It’ll be well maintained, it probably won’t be all updated with all the newest, latest, greatest stuff however it’s going to be a nice home kept in a respectable community. Most of these homes are in the $500,000 range, you’re going to be finding them in these gated HOA communities. I just named one, Millstone Landing, Citrus Springs, Point West, East Village and up here in Sebastian, it’ll be Collier Club. You know, take a look at some of those communities, Cross Creek. Now there are some communities that will demand a higher price like Harmony Reserve.
Harmony Reserve is a gorgeous community for 55 and older. Now those homes are a little bit smaller, the two bedroom, two bathroom. They’re built in the early 2000’s to 2018. So you’ve got homes that are up to code and I guess newer features, newer crowd, you probably not going to get a private pool for that price for $500,000 in Harmony Reserve but they will have a community pool. You got a beautiful community pool there and there’s a golf course nearby, a nice new community centrally located in a terrific part of town in Vero Beach. So you know, just to reiterate some communities will demand a higher price.
We get phone calls about acreage, you know people are wanting to escape the suburbs, escape the city and they want to buy land space. At one point, land here was not that expensive, but everything is all going up. You can purchase a modest home on two acres for $500,000 in Vero Beach. You might be able to get a bigger home on two maybe five acres in Fellsmere which is really an up-and-coming area. If you’re looking for an up-and-coming area and you want to park your money in some real estate, in a terrific area that’s going to increase in value pretty quickly, I would say Fellsmere. That’s just a little tip of the day there for you guys! Fellsmere is just west of Sebastian. It’s on the west side of 95 and they’re planning some huge growth out there so check out Fellsmere.
You might be able to find a five acre with a tear down, scrape home. Scrape the foundation, build a new home but that $500,000 is not going to give you a house that you can truly live in that’s going to be nice. The location is gonna be primo so for a $500,000 scrape home, you know obviously you’d expect it to be primo but you can find something like that on Indian River Drive here in Sebastian. There’s one right now currently listed on Indian River Drive in Sebastian. If you want to know more about that just give us a call, the phone number will be right there we’re going to flash that number a couple of times.
When you think about Florida you think about the sun, the sand, the lifestyle so we get a lot of phone calls from people who are looking for homes right on the water. They want to see the water, they want to see the waves, they want to look out and see the boats fishing, they want to be able to have a dock. And you know we’re getting a lot of phone calls from people three years ago they were looking at our area and they saw homes on the water for five hundred thousand dollars and now they’re ready to make a move. Guys I’m sorry it’s not there anymore, you cannot find a house on the water whether it’s the river or the ocean. That’s what I mean when I say water for $500,000 it just doesn’t happen anymore. Those days are gone. I mean really you got to come up with like $800,000 at a minimum to be looking at the water in a single family home. And now if you come to the mainland you can get something in one of these communities and you can have a water view with the lakes and things like that. That could be a better view but I mean as far as those folks that are looking for property on the river, on the ocean, you’re looking at just under a million, entry level. I’m sorry I don’t mean to be the bearer of bad news but at some point you’ll have to learn this and I’d rather you not have learned it the hard way where you frustrated and call up a realtor or you drive all the way up here or you make a flight out here and you’re driving around and you just don’t find it. The best thing you can do is give us a call and we can send you homes that are on the market, homes that are not on the market. Everything that you’re looking for in your criteria and then you’re going to get a really good idea of what kind of home you can get for the budget that you have.
Obviously this video is about $500,000 but you know what we can also help you strategize how to make your money go the furthest and how to actually win the deal. Obviously cash is king. Cash deals are accepted 300 times more often than finance deals. That’s a bummer if you don’t have the cash. We just read an article. It just came out yesterday and that was the biggie and you know the thing that was surprising to me was that terms like escalation clauses are almost insignificant. If you know what an escalation clause is, why don’t you drop us a line and we’ll share the details, we actually have a video about that somewhere too. I think about escalation clauses but escalation clauses people were thinking that might be a strategy to use to win a bidding war, totally insignificant at this point. Also even contingency waiving appraisal and inspection contingencies we’d think that big would make a difference, almost insignificant. What’s winning these bids is cash, so if you don’t have cash and you can’t afford a home and $500,000, don’t get discouraged guys you can still find a home for two hundred and fifty thousand dollars up here in the Sebastian market. But, you’re going to have to adjust your expectations and your strategy. If you need cash, we have a really awesome program, and that’s a whole different video, “How to unlock the cash in your home so that you’re not caught without the cash”. If you can’t get the home that you want, obviously there’s some caveats there you’re going to need to own a home or have some equity in something, we can help you unlock that cash so you unlock that equity, so you can have the cash. This is like turning into a pitch fest, we’re not really trying to pitch.
I wanted to say the reason why we’re standing in front of this house. This is a new listing that we’re getting ready to put on the market in Sebastian, Florida. It’s going to come on the market at $340,000, so we wanted to show you. We’re going to run some video here of what this house looks like inside and what you can expect to get for three hundred and forty thousand dollars. This is gonna be a home that probably will end up going into a bidding war. If it’s something that you’re interested in, again you can give us a call, but this is going to give you an idea what you can afford for $500,000 or less. Well under 500k, this is 340k and it’s 3-2. It’s a pretty versatile home.
To those of you out there who are looking at a home but you say you’re saying to yourself I’m just gonna wait until the market cools down, guys it’s not cooling down. First of all, number one real estate is not a short hold investment. When you buy real estate you’re gonna hold on to it for five years, maybe ten years. So five years and 10 years from now, I don’t want you to be saying to yourself, oh man, I wish I would have bought that $500,000. Because now it’s going to be worth 750-800K maybe a million dollars and you’re going to be kicking yourself. Don’t waste the time. Yes, we have cycles, we might see a lull, we’re not in the best worldly situation right now with what’s going on in the Ukraine, but listen guys real estate is the best investment you can possibly make. It’s gone up 11% over the last three years. Every year 11%. If you have any questions about it give us a call.
Also read: Everything You Wanted to Know About Best Trails in Vero Beach and Sebastian – Week 2
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