“We had a great, record-breaking June,” says Marsha Sherry, broker at The Moorings Realty Sales Co. “Year to date, we have the most sales of any company in Area 12, which is the southern part of the barrier island, starting a few blocks south of 17th Street. That area includes the Moorings, which is what we sell, and during the season we sold a Moorings property every three days, on average.
“We bring more buyers to closing here than the next three companies combined and four of the top five agents in Area 12 so far this year are my four fulltime agents.
“Prices are up and properties are selling faster,” Sherry says of the real estate market in The Moorings, a hugely successful community known for its deep-water boating, golf, tennis and wide range of housing types.
So far this year, Sherry’s agents have closed 44 condo sales, up 10 percent from the same period in 2013. The median price of the condos jumped 22 percent over last year, while time on the market fell 40 percent.
Single-family home prices are up 28 percent over 2013 and the average number of days on the market has plummeted 63 percent.
There have even been flash sales.
“I put a home on Starboard Drive under contract the same day it went up on MLS,” says Moorings Realty Sales Agent Erika Ross, who recently closed a $5-million-plus lot-package sale on the community’s oceanfront.
That deal was part of a renaissance in new homebuilding in the community, where 10 houses are going up after years in which there was little construction activity.
“There are also lots of major remodels going on,” says Ross, the type of renovation projects that cost hundreds of thousands of dollars and result in like-new homes.
“There is a lot of activity,” Sherry says. “Energy breeds energy and it is all very exciting!”
The community’s demographics are changing in exciting ways, too.
“We are getting a lot of young families now,” Sherry says. “If you go over to the club you won’t believe all the kids at pool and around the clubhouse. It is great! I think St. Ed’s is a big draw, and this is just a wonderful place to raise children, with the beach and the boats and all the activities.”
St. Edward’s, a top-flight private school where generations of Vero residents have been educated, is next door to The Moorings Yacht and County Club, making it convenient for young professionals to drop their children off as they head to work.
“The Moorings started out with a lot of young families buying their first homes here and raising their children, and we seem to be going back to that,” Sherry says.
“I had a closing today with a young couple who bought a condo in Harbourside,” Ross says. “They are very excited. They plan to renovate the condominium and are looking forward to starting a family.”
Sherry credits the quality of The Moorings Club with helping drive real estate sales and attract younger residents.
It has a thriving tennis center with nine Har-Tru courts, tennis pros and a pro shop, a yacht club with regular excursions and reciprocal privileges at other yacht clubs, a health club and spa and the only short course Pete Dye ever designed.
“He said he saw the future when he built this golf course,” Sherry said. “You can come out and play a round of 18 holes in two hours, which is ideal for young executives who don’t have a lot of free time.”
The elegant British West Indies-style clubhouse completed in 2007 has a resort-style pool, multiple dining options, including fine dining overseen by Chef Ben Tench, and room for social events large and small.
“I had dinner at the club the other night and it was probably the best meal I have had in a restaurant that I can remember,” says Ross. “I can’t think of a restaurant in town that rivals the food here. It was an amazing meal.”
For kids, the club offers a Game Zone overseen by Moorings personnel that features basketball, air hockey, foosball, video games, board games and arts & crafts. The Junior Tennis and Golf programs “offer excellent opportunities to develop lifelong skills, teamwork and sports etiquette,” according to the club website. “During the summer months, there is a tremendous schedule of camps including: youth sailing, tennis and golf.”
“We are selling more than bricks and mortar,” says Sherry. “It is the lifestyle that attracts people.”
The appeal of that lifestyle is evidenced by the number of people who stay within the community when they move.
“We have residents who have purchased five, six or even seven homes in The Moorings. They are ready to make a change in their living situation so they buy something bigger or smaller or something on the ocean instead of the river, but they don’t want to leave The Moorings.
“We have some families that are in their third generation here, with grandchildren of early residents coming back to buy homes here,” Sherry says.
An exceptional range of housing types contributes to the trend Sherry describes. There are 15 condominium communities in the 1,160-home community, many with multiple floor plans and buildings types that provide still more variety, along with a number of single-family neighborhoods.
“They are all great communities and all a little different,” Sherry says. “If you want oceanfront, we have it. If you want to be close to the beach but oceanfront is not in your budget, Windward is a fabulous choice. You want to be on the golf course, you can do it. You want to be in a one-story, you can do it. You want to be in a townhouse, no problem. River Mews welcomes pets; South Passage has great docks. It goes on and on.
“We have something for everyone, the perfect housing type for every kind of family and every stage of life – at least we did.”
The caveat has to do with inventory at The Moorings, which is at or near all-time lows due to strong sales. Only 4 percent of condominiums and less than 4 percent of single-family homes are actively listed. Ten percent is considered normal.
“We have gotten a lot of calls that we can’t accommodate, which is heartbreaking,” Sherry says. “So we are actively looking for listings. I think it is a great time to list. The buyers are still out there, but we have very little to show them.”