Vero Beach’s Buyer Pool Is Showing Signs Of A South Florida Migration

Vero Beach, a low-key enclave along Florida’s Atlantic coast, is emerging as an appealing alternative for buyers looking to escape the congestion and intensity of South Florida hot spots like Miami and Palm Beach.

While affluent buyers have long migrated within South Florida—from Miami and Palm Beach to areas such as West Palm Beach or Hypoluxo Island—real estate experts are now seeing signs that some are moving even farther north. Increasingly, buyers are setting their sights on Vero Beach, located about 90 minutes north of Miami.

“Vero has been overlooked for a long time,” says Douglas Elliman agent Michael Merrill. “It was once nicknamed ‘Zero Beach’ because there wasn’t much happening here.”

That perception, however, is quickly changing. Over the past several years, the town has invested heavily in revitalizing its downtown, welcoming new restaurants, hotels, and cultural attractions. Singer Gloria Estefan and her husband, Emilio, have owned the Costa d’Este Beach Resort & Spa since 2008, and in 2017 an extended-stay hotel opened near the revitalized Riverside Theatre. The local dining scene has also gained traction, highlighted by Citrus Grille, opened in 2019 by New York City chef Scott Varricchio.

About six months ago, Merrill began noticing a new trend: older second-homeowners from South Florida selling highly appreciated properties in markets like Miami, Naples, Delray Beach, Jupiter, Boca Grande, and Palm Beach, and relocating to Vero Beach instead.

“Traditionally, these buyers stay put because their markets are very sticky,” Merrill explains, noting long-standing social ties, club memberships, and established routines.

But the opportunity to sell a $20 million Palm Beach home and purchase a comparable property in Vero Beach for less than half the price—without sacrificing quality of life—has proven compelling.

“The lifestyle they bought into years ago has shifted,” says Merrill. Once-exclusive areas are now crowded with new residents, heavy traffic, and constant construction. “Palm Beach is like it’s on steroids now.”

Accessibility, once a drawback for Vero Beach, has also improved significantly. Breeze Airways now offers nonstop flights from Westchester, New York, JetBlue has launched direct service from JFK and Boston, and American Airlines is set to begin direct flights between Vero Beach and Charlotte.

Known for its quiet streets, low-density zoning (buildings are limited to four stories), and easy access to both the ocean and the Intracoastal Waterway, Vero Beach appeals to buyers seeking understated luxury. Even during peak season, its beaches remain relatively uncrowded.

Merrill says many buyers are retired executives from banking, private equity, or finance, often purchasing without mortgages. During the COVID-19 pandemic, however, younger buyers in their 30s and 40s also entered the market, taking advantage of low interest rates and accelerating relocation plans by a decade or more—noticeably lowering the town’s average age.

High-end buyers relocating from Palm Beach or Miami often gravitate toward either John’s Island Club, a private gated golf community on the barrier island, or Windsor, a smaller, equestrian-focused enclave.

John’s Island spans 1,700 acres and includes about 1,300 residences, ranging from single-family homes to condos and golf cottages. Its $300,000 initiation fee grants access to three golf courses, tennis, squash, croquet, multiple restaurants, and a beach club—along with a famously strict dress code.

While Vero Beach’s median home price is approximately $438,825, listings within John’s Island range from about $650,000 for a two-bedroom condo to $12.5 million for a newly built waterfront estate. Comparable homes in Palm Beach, Merrill notes, would typically sell for $40 million to $60 million. He also represents a two-acre oceanfront lot in Vero priced at $13 million—land that would command close to $100 million in Palm Beach.

The area’s most expensive active listing is a $28.95 million oceanfront estate with eight bedrooms and 8.5 baths on a 1.4-acre lot, listed by Cindy O’Dare of One Sotheby’s International Realty.

Once dismissed as “Zero Beach,” Vero Beach is increasingly proving itself as a refined, tranquil alternative for luxury buyers seeking space, value, and a slower pace of life.

Source: Realtor.com