In the past, home values were strictly parochial, based on what the local market was able and willing to pay. Now, as the market for high-end luxury property becomes ever more horizontal, with the Internet and luxury network marketing exposing exclusive homes to people nationwide, a new formula is coming into play that adds value to Vero Beach properties and offers tremendous deals to buyers in other areas where home prices are much higher.
“Vero Beach offers an extreme value compared to other marketplaces with similar product,” says Kay Brown, broker associate at Premier Estate Properties and one of the island’s most successful luxury real estate agents.
The home Brown has listed at 657 Lake Drive in Riomar Bay II perfectly illustrates her point. The palatial West Indies-style house sits on the shore of the Indian River Lagoon, with direct access to the Intracoastal Waterway and sweeping water views that extend for miles up and down the river. It has six bedrooms, six full baths, two half baths, two huge family rooms, a great kitchen, a wonderful swimming pool, a guest house and more than 8,000 square feet of living space.
And it is being offered for $4,495,000.
That makes it an incredible bargain for a buyer in south Florida, southern California or the south of France for that matter.
And in today’s market, many of those buyers will see this home, either through Brown’s and Premier’s own marketing and networks or through the efforts of Christie’s International Real Estate, with which Premier is affiliated. Christie’s has a powerful portfolio of websites and publications with worldwide reach.
How good a deal is this home for buyers looking for high-end waterfront property who have the money and mobility to buy where they please?
Right now, in Palm Beach, there is one home about the same size as the Brown’s Riomar Bay listing on the market for $6 million – 50 percent higher – but it is not landlocked. Waterfront homes in the 8,000-9,000 square foot range are listed for $12 to $28 million.
Waterfront homes the same size in Naples are listed between $10 and $20 million. Granted, those are oceanfront, not riverfront, but still . . .
Island brokers say Southern California is becoming an important source of buyers for waterfront property on the Barrier Island and it is easy to see why: The lowest-price home in Malibu with similar features and square feet as the Riomar Bay II home is listed for $9 million. The lowest-price comparable home in Newport Beach is on offer for $10 million and, while it has a great view of a beautiful coastline, it is not on the water.
A few miles south in Laguna Beach, where there is no bay or lagoon, there are two 8,000-to-9,000-square-foot oceanfront homes with similar features on the market for $30 million apiece.
So it is pretty much beyond dispute that the custom-built home at 657 Lake Drive offers compelling value, not just because of its inherent quality and excellent design, and not just because it opens the door to Vero’s wonderful island lifestyle, but in comparison with other desirable waterfront markets.
One thing that makes Brown’s listing especially attractive in the context of the Vero market is its central location. Many buyers now opt for a home “between the bridges,” where they are close to Riomar Country Club, Quail Valley River Club, the cultural and recreational amenities in Riverside Park and the charming shopping and dining district along Ocean and Cardinal, not to mention the city beaches, and this house checks that box.
“This exquisite home offers stunning Intracoastal Waterway views and is perfectly situated between both bridges,” Brown says. “The male buyer will appreciate the pecky cypress cathedral ceiling that adds a tropical feel to the family room with built-in media center and the gentleman’s bar. In an expansive private wing on the first floor, the ladies will love the elegant master suite features, two dressing areas and luxurious master bath. It is a real dream come true!”
Going in the front door, one enters a traditional foyer framed by four columns. Across a transverse hallway is the spacious (22-foot by 22-foot) living room with stone fireplace, coffered ceiling and doors opening onto the covered patio that overlooks the swimming pool and lagoon beyond.
The home’s northern wing is occupied by the luxurious master suite, with its 22-foot by 17-foot waterfront bedroom with a door leading to the patio and a beamed, vaulted ceiling that adds to the sense of expansive living.
To the left of the foyer is an exceptionally handsome formal dining room with an octagonal tray ceiling, elegant wainscoting and wallpaper.
The dark hardwood floors found in the front hallway, living room and dining room give way to coral stone in the 24-foot by 20-foot chef’s kitchen equipped with a large island, beautiful cabinets and top-of-the-line appliances.
Beyond the kitchen is a 25-foot by 25-foot family room with a bar, built-in entertainment center and the vaulted pecky cypress ceiling Brown mentioned.
Also in this part of the house is an office, a full bathroom, a large laundry room, a butler’s pantry with a wine cooler and the hallway that leads to the home’s three-car garage.
A door leads from the family room to a summer kitchen with fireplace that is at one end of the covered patio overlooking the pool.
The guest house, complete with full bath, kitchen and lots of storage is at one end of the pool, which has a spa and charming decorative tile. Beyond the pool are a mangrove garden and the home’s dock.
The view extends for nearly a mile across the lagoon and for several miles up and down the waterway.
The home has an elegant main staircase near the foyer and a second staircase near the kitchen. Upstairs there are three large guest bedrooms, one en suite and two that share a Jack and Jill bath; another huge family room, a game room with plenty of space for a pool or ping pong table, and a 31-foot by 23-foot guest suite with another full bath.
A deep covered balcony extends across the back of the house, affording the water views of all.
