At the peak of the pandemic real estate boom, there were sometimes only a few ultra-luxury properties on the island, not enough to entice elite out-of-town buyers to fly to Vero Beach to look for homes.
But today, homes are selling faster than ever before, with even more options for ultra-luxury homes, even as time-to-market has been cut in half compared to five years ago. 17 homes are on the market priced at $10 million or more.
“I think it’s a pretty good choice for a small town like Vero Beach,” says Dale Sorensen Real Estate, whose beautiful 9,702-square-foot oceanfront home at 600 Ocean Road is listed for $16 million. says co-owner Mathilde Sorensen. .
The 17 properties are located along the entire length of the island, from south of The Moorings to the northernmost ultra-luxury property at 32963 on Amber Sand Beach, an 8-bedroom, 10.5-bath, 14,190-square-foot mansion built by a lottery winner. It is spreading.
The home sits on four acres of ocean and river frontage two miles south of Sebastian Inlet, features two docks and an eight-car garage, and is owned by ONE Sotheby’s International Realty. Listed by Dave Setgast for $33 million.
Unsurprisingly, oceanfront homes top the ultra-luxury list, with riverfront homes coming in second. Nine of the 17 homes at the top of Island Market are oceanfront, five are riverfront and three are golf course homes.
Indian River Shores has eight ultra-luxury properties, six on Johns Island and three in Vero Beach Headquarters, Central Beach and Riomar. The remainder are within county territory, including two in Windsor and a number located at the seaward end of the one-street parcel.
These stunning homes range in size from 3,582 square feet to 14,190 square feet, and five are over 10,000 square feet. The smaller ones sit on 0.5 acres and the larger ones on 4.8 acres, with prices ranging from $10.9 million to $34 million, with a cumulative listing value of nearly $300 million.
The oldest home in the group was built 75 years ago, and there are five homes that are classified as new construction, just completed or nearing completion.
Completed in 1950, the vintage home at 1570 Wynn Cove Dr. is a classic beach house that “reminisces Hemingway’s Florida.” . . “It oozes character and charm,” and sits on a unique 1.69-acre property with 210 feet of ocean frontage on a growing beachfront two miles south of Liomar. Melissa Talley is listing it with Premier Estate Properties for $19.5 million.
Island brokers say new homes are among the most desirable properties for modern buyers because they avoid many of the home insurance issues that weigh on the real estate market.
Built like an elegant fortress of concrete and steel, it is storm-resistant and much cheaper to insure than most older homes.
“We have a number of very interested buyers cycling through 330 North Blue Wave Lane in Ocean Pearl,” said One Sotheby’s broker Cindy O’Dea, who said she and her business partner Richard Boga says the 11,560-square-foot beachfront home listed is nearing completion. For $25 million. “It’s expected to be completed by January, which is exactly what many buyers are hoping for. What a great listing.”
The most affordable ultra-luxury homes on the island are located on the golf course at 200 Indian Harbor on Johns Island. Built in 2024, the 5,887-square-foot home with four bedrooms and 6.5 bathrooms sits on a half-acre lot and was marketed by Michael Merrill of Douglas Elliman for $10.9 million.
The most expensive home listed on the island is on the largest ultra-luxury lot, and the second-largest is a nine-bedroom, ten-and-a-half bath in the 1925 Sears Cove on the opposite shore. This is my home. From The Moorings.
Built in 2018, the 13,050-square-foot home features “timeless architecture and impeccable finishes” and has 188 linear feet of ocean frontage, according to Realtor.com. Palm Beach Compass agent Elizabeth DeWoody is selling the stock for $34 million and said there has been continued interest from brokers in Palm Beach and elsewhere since it went public 60 days ago.
Sources say that in addition to the ultra-luxury properties currently listed, agents on the island plan to list at least six more properties during the season.
“There’s going to be a lot more that will catch the attention of high-end buyers,” O’Dea says.
The dramatic rise in island home prices during the pandemic is the single biggest reason ultra-luxury inventory is on the rise. Rising oceanfront and other real estate prices have turned homes that were previously worth millions of dollars into ultra-luxury homes.
Inventory growth is occurring even though these properties spend fewer days on the market on average.
The average number of days on market for the top quarter of the market, which includes ultra-luxury goods, has fallen from 400 days before the pandemic to just 175 days, according to data provided by Sally Daly of Douglas Elliman.
Of the ultra-luxury homes on the market in 32963, the days on the market range from 20 to 300 days, with many in the 40 to 60 day range.
“It takes three to six months to sell one of these homes,” says Mr O’Dea, who owns three ultra-luxury properties in Boga. “It used to take a year or two.”
The accelerated pace of sales of $10 million+ homes with accurate pricing and good condition is driven by the staggering amount of wealth created during the pandemic and a post-pandemic Wall Street bull market. is a contributing factor.
According to Forbes’ 2024 Oldest People Ranking, there are now 500 more billionaires than at the start of the pandemic, for a record-breaking total of 2,781, and the group spends less on expensive homes and other desirable items. It is reported that the amount increased by $5.5 to $14.2 trillion. 1 trillion since 2019. Moving down another notch, there are another 28,000 players with assets between $100 million and $1 billion. You can afford a $10 million or $20 million home on a barrier island if you want to.
This large amount of cash has direct and important secondary effects on the Vero market.
Since the pandemic, some of the world’s wealthiest people have colonized South Florida, snapping up prime beachfront properties in Miami and Palm Beach at record prices, and the difference in value between Vero and those illustrious markets has increased. Expanded.
“The amount of interest we are getting from the South Florida market is incredible,” Merrill said. “We are attracting buyers because the values here are so high compared to South Florida prices, but they are making the final decision to buy once they know Vero is a special place to live. ”
“Compared to Palm Beach and other places in South Florida, the value in Vero Beach is tremendous,” DeWoody says. She expects the buyer for her $34 million property to be from Palm Beach or someone looking for beachfront property. “The oceanfront value in Vero is exceptional.”
