Homebuyers moving to St. Lucie Co. for affordable prices
As home prices keep soaring, a record number of buyers are now seeking out more affordable markets, according to a new study from real estate firm Redfin.
Redfin said Wednesday that 32.3% of homebuyers in the first quarter looked to move to different areas, saying more affordable areas were their only option.
In South Florida, that home buyer migration is apparently moving north to places like Port St Lucie.
"Home prices here are very cheap. It's slow-paced, not as much traffic," said Lisette Sanchez.
She, her husband and two young children bought a house and moved from Broward County to the Tradition neighborhood this year.
"A few neighbors have moved up here as well from Hollywood from Palm Beach, and they said the same thing," Sanchez said. "They came for the house, for the prices."
Real estate agents in St. Lucie County said they are seeing a steady pace of buyers coming up on Interstate 95.
Zillow's home value index for Port St Lucie is listed at $371,000, compared to the $440,000 home value index for Palm Beach County.
"Anything here about 2,000 square feet, you can buy for $450,000 would cost you almost double in Palm Beach County," said Sonsire Gonzalez, a real estate agent in Port St Lucie.
She specializes in new construction homes.
"I even offer to help them in Palm Beach, but oftentimes it's just out of their price range, so they're coming here. It's a great city and has a lot to offer," Gonzalez said.
Home values are rising in Port St. Lucie but thousands of new homes are being built. Real estate experts say for now there is inventory for buyers, something in very short supply in Palm Beach County.
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