A FULL Tour of Vero Beach's Most Luxury Suburb (Riomar)

What if I told you there is an enclave for ultra high net worth individuals that's not in Palm Beach? It's about 50 miles north, here in Vero Beach, known as Riomar and Riomar Bay. Today we're going to go have a sneak peek and I'm going to give you all the scoop. Let's go. So we have just arrived in Old Riomar, arguably our Beverly Hills. No HOA, elegant houses, each one slightly different. That one's for sale for around 4.9. But there's reverence, as we've discussed before — there's not a rush to knock down. So a lot of these houses will have been redeveloped in the back. In the front you might have eight-foot ceilings, but in the back there is a big rear yard development, a new pool, and there's a whole mix of architecture here.

And Old Riomar was started by Henry Flagler and his buds. We've talked about this before. They wanted a place to dine and have a club where they didn't need a tuxedo like Palm Beach required. So the Riomar Club was born. Really it started off as cottages, and now most of the cottages are gone, but the panache and the whole intrinsic value of this just-in-town location and unbelievable vibe stands firm.

So really it's three neighbourhoods. Right now, to my east, these are all homes that are on the beach. They're all half an acre to an acre. This is an accretive beach, meaning it's growing inland, and they're very, very rare to come to market. So for example there's one on here that frankly needs renovation. This one, the ask is 15 million, but it's got 150 on the ocean. So there's hardly any of these that come to market. Very, very unusual.

As we turn the corner, the rest of Old Riomar, as we call it, is comprised of dry lots — meaning no waterfront, or on the golf course. And it is just a wonder of live oaks and redevelopment. A lot is going to be a million to 2 million depending on what it is. And finished houses, when they come to market — again depending if they're new or renovated or originals — are going to be anywhere from 3 to 10 million. The ones on the ocean, as we just talked about, are going to be anywhere from 12 to 15 to frankly 20 million. This one is on the golf course, where the lots are wider. That one just got reduced, I think, to 29, and with some renovation could be quite spectacular.

But why does everybody like this? They love that there's no association. So: don't tell me how to handle my house and my property. Yet look at all these live oaks. The lots are huge. The architecture is of the moment. And there's your neighbour — see that dude in the golf cart right there? That's the romance and panache and mystique of Old Riomar. The golf cart is your prevalent mode of getting around. And all around us is the Riomar Country Club. That's completely optional. Here's the golf course right here. You don't have to join. Frankly, it takes a minute to get in, and it's just fabulous.

So in between the houses that are on the ocean are these dry lot houses. And you can see — look at these live oaks. Everybody is bananas about these live oaks, myself included. And again, this is the vibe. Nice lady walking. Somebody else just finishing up a round of golf. This is what everybody thinks about with Old Riomar. And the most coveted roads are not paved. They're what we call shell paths. Holy Toledo, are these fabulous or what? Each one is slightly different, but it's all cohesive somehow. Elegant, sophisticated, no HOA, and we are tucked just south of Ocean Drive — meaning if you were on that golf cart that we just saw, you would be able to go to town with ease and never use a motorised vehicle.

So who lives here, and why do people buy here? Interestingly enough, this is kind of an insider's community that a lot of people don't necessarily know of off the bat. These houses right in front of us are on the ocean. They're quite spectacular. That's a relatively new one — that's probably a 20 million dollar house. What happens is there's a lot of intermovement within Vero. What I mean by that is you start in one house, and then you love Vero and you have a hankering to live in another house. So most of the people that live here are locals that understand the panache and the vibe and the kind of laid-back feeling, and the fact that there's no HOA, and they love the proximity to downtown.

On occasion people do come here straight away and it's their first buy. But it's not uncommon for a buyer to already be in Vero Beach and aspire to be here. Prices are going to be anywhere from 3 million for a fixer to 8 to 10 million for a renovated house. It just depends on condition and location. The shell path roads command more of a premium — they're more desirable, so they sell for more. It makes people feel like they're maybe in Sea Island, Georgia. It just has a mystique unlike any other neighbourhood in Vero Beach. And the intrinsic value is being in the Old Riomar community itself: proximity to town, walk and bike. That house is around 37, I think, and it needs some work, frankly — most people say it needs some updating. And we're right across from a very popular private country club known as Quail Valley. So it's a location play combined with mystique and panache. So that's Old Riomar.

Now there's a sister community known as Riomar Bay. Riomar Bay is unusual because it is all waterfront. So I showed you Old Riomar on the ocean — hardly ever comes to market, very few exist, an accretive beach. Many of these owners are existing Vero residents; this is not their first rodeo or their first house. They want this location, they want water, and they want deep water and a dock and proximity to town. Both here and Old Riomar across the street — whether you belong to Quail Valley Club or the Riomar Golf Club, or you don't — your golf cart is your chief way of navigating and getting around town. And it's a pretty nice thing to think about, going into town on your golf cart and you don't have to worry about traffic or parking.

So all of these are on the river, and the price point is going to vary depending on whether it's an unobstructed view, whether it's canal, or whether it's new. If it's not brand new and it's an older house, it's probably going to be 32-ish. I sold one on Lake Avenue not that long ago that we sold for 29, and we had multiple offers on it because the owner said, "Sally, price it and get it sold." So that was a fixer, and it sold for 29, to I believe a young family who lived elsewhere. Again, the aspirational move. Are you sensing the drift here? This is an aspirational neighbourhood. This was new about five years ago and has traded a couple of times.

This one is on the point, and of course, as you would expect, there's the water right there. But just like Old Riomar across the street, there is a reverence for what is. So there isn't necessarily a rush to knock down — there is reverence for taking the existing structure, if you can, and renovating it. So this is a really, really special community, both here and across the street. That's a lot that's available for 3.2; it had an old house on it that got knocked down. And it is an aspirational neighbourhood.

So that is the scoop about Old Riomar. It is a gem. Whether it's Old Riomar and you want the drapey live oaks, or whether you want to wait for one of the oceanfronts to come to the market, or whether you want your own deep water and have your boat in your backyard, Old Riomar is worthy of your consideration. But many, many of them sell off-market. That's why you need somebody like me who's embedded in the market, or another trusted advisor that knows the other brokers, knows the owners, and knows who's likely to sell and what might be quietly available in a whisper campaign — because many of these trade in that way. So if this is intriguing to you, I would love to send you more information. Reach out through our contact form and I can talk to you more about what's happening in the neighbourhood, and give you an idea about properties that might be quietly available that you would never know about, because off-market deals happen all the time. I do them all the time. I'm Sally Daley. I'll see you on the next one.