Are electric rates really depressing property values in the Shores?



Listening to Indian River Shores leaders complain to Florida Public Service Commission members, and to anyone else who will listen, you could easily get the impression Vero Beach’s electric rates are driving away prospect home buyers.

However, based on property sales information presented in a recent news report, assertions that the Shores is teetering on the verge of another real estate collapse seem wholly disconnected from reality. According to John’s Island Real Estate Owner/Broker, Bob Gibb, his company closed a record $23 million in sales in July.

In explaining why buyers continue to see real estate in John’s Island as a good investment, Gibb cited the Club’s recent $10 million investment in renovations to a 55,000-square-foot golf club house.

Is this the same community whose leaders claim to be oppressed because they are being charged electric rates well within the statewide average?  Is this the same community whose leaders seek to saddle others with higher electric rates and higher taxes, just so they can become customers of Florida Power & Light? Is this the community whose leaders have spent some $1 million dollars dragging their neighboring community through court?  Is this the community whose leaders now propose to spend even more money appealing a recent PSC decision to the Florida Supreme Court? Is this the same community whose leaders are now raising campaign contributions, in $1000 increments, to influence the outcome of Vero Beach’s municipal election?

Shame on them!

One comment

  1. Our home is not an investment – we don’t plan to sell it – someone else will when we’re gone. Where we live is more important to us than the value of the home; who our neighbors are means more than what they have in the bank; how we conduct ourselves is more important than whether we can afford to buy a candidate in another municipality. With all due respect, I.R.S. may be deluding itself into thinking it is ultimately more important to the well-being of this county than it really is. I sincerely doubt they would wish to see tall buildings on the westside of the lagoon blocking their view of our beautiful sunsets. I doubt they would wish to see the same in Vero Beach and south county–which would bring us traffic congestion and long lines in favorite beachside restaurants. But back to whether the price of electricity is putting a damper to real estate sales? I don’t know. The numbers speak for themselves.

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