American
Appraisers
Corporation
Appraisers
Corporation
(502) 267-6320 Office
(502) 267-6344 Fax
10801 Electron Drive, Suite 308
Louisville, KY. 40299
(502) 267-6344 Fax
10801 Electron Drive, Suite 308
Louisville, KY. 40299
APPRAISAL REGIONAL ANALYSIS OF ST. LUCIE COUNTY, FLORIDA
Port St Luci Florida is part of Miami and Fort Lauderdale Florida.
The subject is influenced in a general manner by the economic, political, physical
and social characteristics of the Metropolitan Statistical Area (MSA). An MSA is a
geographic area with a significant population nucleus, along with any adjacent
communities that have a high degree of economic and social integration with that
nucleus.
The value of real property is influenced by the interaction of four basic forces.
These forces include social trends, economic circumstances, environmental
conditions, and governmental controls and regulations. The interaction of these
four forces influences the value of every parcel of real estate in the market.
The Port St. Lucie MSA is part of a metropolitan statistical area that includes the
cities of Port St. Lucie and Ft. Pierce. The majority of the data in this analysis
pertains to St. Lucie County in its entirety. Where noted, portions of the data in this
analysis will focus on the City of Port St. Lucie or the Port St. Lucie MSA exclusively,
rather than the entire county.
Social Trends: Social forces are trends that are exerted primarily through
population characteristics. Real property values are affected not only by population
changes and characteristics, but also by various forms of human activity. In 2003,
St. Lucie County age demographics broke down as follows:
0-4 11,847
5-18 34,324
18-34 36,610
35-54 57,247
55-64 24,880
65-79 34,340
80+ 12,6501
These figures reveal that St. Lucie County is populated very heavily by adults of
childbearing age and their children, suggesting that it offers a lifestyle and overall
environment that is inviting to families with very young and school-age children.
Population and Area: Population growth trends influence employment growth,
income levels, and many other key demand parameters analyzed in determining
commercial real estate productivity.
The census has provided population data from 2003, and the projections are
considered reliable. The population for St. Lucie County in 2003 was 213,447.
Between 1990 and 2003, the county population increased by 42%. The population
for the county is projected to be nearly 247,000 in 2010, an increase from 2003 of
14%.2
Residents of the City of Port St. Lucie comprised roughly 52% of their county’s
population, with an estimated 111,000 in 2003. The city’s population grew by nearly
60% between 1990 and 2000. This astounding growth has given Port St. Lucie a
very impressive ranking – second fastest growing among Florida’s fifteen most
populated cities. These numbers are evidenced by the new school construction
projects currently anticipated – one new elementary, one new middle, and one new
high school, facilitating a total of nearly 4,000 students. In addition, several existing
schools are slated for renovation.3
As rapidly as Port St. Lucie is growing, an observer may be surprised to learn that
the city currently boasts the lowest ratio of population to land among Florida’s
largest cities. Roughly half of its parcels have yet to be developed.
Interesting Facts About
Port St. Lucie:
• Incorporated in 1961
• Community is predominantly residential
• Median age of buildings – 13 years
• More than 25% of the buildings were built after 1995; 10% built after 2000
• Residential vacant land value (median price) doubled between 2000 and 2003
• Existing home value (median price) increased 64% in the same period
Higher Education: Institutions of higher learning typically are not as vulnerable
to economic downswings, and they help to provide an area with a more solid
employment base. Noted universities and colleges in St. Lucie County are the
University of Florida Institute of Food and Agriculture Science, Florida Atlantic
University, Barry University, and Indian River Community College.
Recreational and Regional Attractions: Recreational and regional attractions
enhance an area’s quality of life. These activities may also have a significant
economic impact on an area by increasing the demand for services and retail trade
created by visitors.
St. Lucie County’s physical attributes have defined its culture from the onset of its
establishment. Its warm climate and oceanfront location have had obvious
influences on every aspect of life there. The Atlantic Ocean provides limitless
opportunities for boating, fishing, or just relaxing on the famous Florida beaches.
One resort of note is the family-friendly Club Med at Sandpiper. The St. Lucie River
and the Intercostals Waterway offer a variety of water-related activities of a more
inland nature.
In addition to the cornucopia of water-related recreational opportunities in St. Lucie
County, residents and visitors can choose from a broad spectrum of other activities
and attractions. There are six major festivals held in St. Lucie County each year,
including the Ft. Pierce Friday Fest, Marina Magic (Ft. Pierce), Rainbow Festival,
Seafood and Fishing Frenzy, St. Lucie Water Fest, the St. Lucie County Fair, and
the West Fest (Port St. Lucie). Tourist attractions include the Florida Dolphin
Watch, the Hallstrom Planetarium, and an assortment of nature-watching cruises for
both river and ocean. St. Lucie County provides a wealth of parks and nature
centers, including Avalon State Park and the Manatee Observation and Education
Center. To the east of Port St. Lucie lies the Savannas - a 6,000-acre nature
preserve, along with the Indian River Lagoon estuary.
The arts aficionado will savor a diverse sampling of morsels in St. Lucie County,
from the Treasure Coast Symphony to Art Walk to the Sunrise Theatre – to name
just a few! St. Lucie County is home to the Navy SEAL Museum, the St. Lucie
County Historical Museum, the A. E. Backus Art Gallery, the PGA Historical/Learning
Center, the Harbor Beach Oceanographic Institute, and the Treasure Coast Art
Association.
The Tradition Field Sports Complex in Port St. Lucie is home to the spring baseball
training camp for the New York Mets and the minor league baseball team the St.
Lucie Mets. Golf is as popular as water recreation in St. Lucie County, with fifteen
professional public or semi-private golf courses to enjoy.2 Port St. Lucie is also the
home of the Professional Golf Association (PGA).
Economic Forces: Economic forces are the fundamental relationships between
current and anticipated supply and demand and the economic activities in which the
population participates in order to satisfy its wants, needs, and demands through its
purchase power.
The economic climate in St. Lucie County in general, and Port St. Lucie in
particular, appears to be strong. Projections for the future indicate that the
economy will continue to become more even more vibrant. The young family
households in Port St. Lucie currently and will continue to have a major effect on
the local economy via their high level of purchasing power. Certainly one of the
most profound examples of this purchasing power is the high level of new residential
construction activity that has taken place in the past few years. In 2003, Port St.
Lucie issued the second greatest number of building permits in a Florida city,
surpassing Cape Coral, Tampa, and Orlando.
Income: The economic vitality of an area is an important consideration in
forecasting the demand and potential income for commercial real estate. Income
levels provide an indication of an area’s economic vitality since they reflect an area’
s economic growth and its residents’ standards of living.
Median household income for St. Lucie County in 2000 was $36,172.1 Per capita
income for St. Lucie County in 2002 was $23,458, up from $22,420 in 2000. This
figure is 21% lower than the 2002 statewide per capita income of $29,758.2
However, the cost of living in St. Lucie County is slightly lower than the statewide
average, with an index of 97.27 in 2003 compared with the state average of 100. A
major factor in this cost of living difference is the local housing market, which
registered a cost of living index in 2003 of 91.59.
Industries and Employment: The distribution of employment and the overall
unemployment rate help determine the economic character of an area. The
predominant industries in St. Lucie County are as follows:
1) Transportation and utilities
2) Education services
3) Health services
4) Leisure/tourism/hospitality
5) Construction
6) Professional & business services
7) Public administration
St. Lucie County’s top five major public and private employers in 2004 are listed
below, along with the number of employees:1
1) St. Lucie County Schools 4,000
2) Wal-Mart/Wal-Mart Distribution 2,362
3) Liberty Companies 1,864
4) St. Lucie County 1,749
5) State of Florida 1,458
The unemployment rate in St. Lucie County in 2004 was 8.2%. Historically, the
unemployment rate here has been higher and more volatile than state averages.
However, St. Lucie County has recently been generating more jobs than the state
average. The Ft. Pierce/Port St. Lucie area’s unemployment rate is lower and
decreasing more rapidly than in the rest of the county.3
Highway Transportation: Highway accessibility is a primary consideration in
planning an area’s future growth and development. St. Lucie County is accessed
via I-95, a major north-south corridor serving the entire Eastern Seaboard of the
United States, from the Maine/Canada border to Miami. In addition, U.S. 1 serves
the entire east coast of Florida, including St. Lucie County. Florida’s Turnpike
connects St. Lucie County with Orlando to the northwest and Miami/Ft. Lauderdale
to the SSE.
Public Transportation: St. Lucie County is serviced on weekdays by Community
Transit, a bus system linking major points throughout the county.
Air Transportation: St. Lucie County air travelers commute an average of 70
minutes to and from Palm Beach International Airport, roughly 65 miles to the
south. In addition, the county is served by one regional airport, St. Lucie County
International Airport. This smaller airport facilitates ingress and egress for smaller,
private jets and turbo-props.2
Other Industrial Transportation: Other forms of transportation serving the local
industrial community are the Port of Ft. Pierce and the Florida East Coast Railway.
Environmental Forces /Climate: Environmental forces are both natural and
manmade forces that influence real property values. Some environmental forces
include climactic conditions, natural barriers to future development, primary
transportation systems, and the nature and desirability of the immediate areas
surrounding a property.
The St. Lucie area enjoys a warm, sub-tropical climate year-round. The topography
is fairly flat to rolling; the St. Lucie River cuts in a north-south direction through the
southeastern quadrant of the county. Humidity is usually fairly high. The average
minimum and maximum winter temperatures are 53 and 73 degrees, respectfully;
average minimum and maximum summer temperatures are 73 and 90 degrees.
Florida’s mean annual precipitation is 53 inches, the heaviest rainfall occurring June
through September, with 127 average annual rain days. The entire state of Florida,
is, of course, heavily affected by periodic tropical storms and hurricanes that
typically occur in the summer and early fall months. These figures are from the
period 3/25/1900 through 3/31/2004.2
Governmental Forces: Governmental, political, and legal actions at all levels
have an impact on property values. The legal climate of a particular time or in a
particular place may overshadow the natural market forces of supply and demand.
The State of Florida mandates very high standards in building and development
due to the tropical storms and hurricanes – and their destruction – that are a fact of
life in Florida. In St. Lucie County, planned residential communities have been
implemented very successfully in several areas. They comprised 40% of the growth
in Port St. Lucie in 2003.
The City of Port St. Lucie has over $226 million slated between 2005 and 2008 for
capital improvements to utilities, roadways, parks, and police. Roughly 50% of that
total is to be spent on new capital facilities, while the remainder will be used to
maintain and upgrade existing facilities.
Utilities: The availability of utilities is extremely important to the future
development of any community. Electricity and natural gas are available to
residents and businesses in St. Lucie County through Florida Light and Power, City
Gas Company of Florida, and NUI/City Gas. Ft. Pierce residents are serviced by the
Ft. Pierce Utilities Authority. Water and sewage are maintained by the City of Port
St. Lucie and the City of Ft. Pierce.
Outlook: Our review of the above data indicates that St. Lucie County has a
stable and promising economy, evidenced by increasing population levels and
accompanying purchasing power, the steady creation of new jobs in stable
industries, and lowering unemployment rates. St. Lucie County also features a
variety of attractions and a transportation system that includes land, air, rail, and
water. In conclusion, the economic outlook for the Port St. Lucie/St. Lucie County
area is very favorable for the overall success of the subject.
Port St Luci Florida is part of Miami and Fort Lauderdale Florida.
The subject is influenced in a general manner by the economic, political, physical
and social characteristics of the Metropolitan Statistical Area (MSA). An MSA is a
geographic area with a significant population nucleus, along with any adjacent
communities that have a high degree of economic and social integration with that
nucleus.
The value of real property is influenced by the interaction of four basic forces.
These forces include social trends, economic circumstances, environmental
conditions, and governmental controls and regulations. The interaction of these
four forces influences the value of every parcel of real estate in the market.
The Port St. Lucie MSA is part of a metropolitan statistical area that includes the
cities of Port St. Lucie and Ft. Pierce. The majority of the data in this analysis
pertains to St. Lucie County in its entirety. Where noted, portions of the data in this
analysis will focus on the City of Port St. Lucie or the Port St. Lucie MSA exclusively,
rather than the entire county.
Social Trends: Social forces are trends that are exerted primarily through
population characteristics. Real property values are affected not only by population
changes and characteristics, but also by various forms of human activity. In 2003,
St. Lucie County age demographics broke down as follows:
0-4 11,847
5-18 34,324
18-34 36,610
35-54 57,247
55-64 24,880
65-79 34,340
80+ 12,6501
These figures reveal that St. Lucie County is populated very heavily by adults of
childbearing age and their children, suggesting that it offers a lifestyle and overall
environment that is inviting to families with very young and school-age children.
Population and Area: Population growth trends influence employment growth,
income levels, and many other key demand parameters analyzed in determining
commercial real estate productivity.
The census has provided population data from 2003, and the projections are
considered reliable. The population for St. Lucie County in 2003 was 213,447.
Between 1990 and 2003, the county population increased by 42%. The population
for the county is projected to be nearly 247,000 in 2010, an increase from 2003 of
14%.2
Residents of the City of Port St. Lucie comprised roughly 52% of their county’s
population, with an estimated 111,000 in 2003. The city’s population grew by nearly
60% between 1990 and 2000. This astounding growth has given Port St. Lucie a
very impressive ranking – second fastest growing among Florida’s fifteen most
populated cities. These numbers are evidenced by the new school construction
projects currently anticipated – one new elementary, one new middle, and one new
high school, facilitating a total of nearly 4,000 students. In addition, several existing
schools are slated for renovation.3
As rapidly as Port St. Lucie is growing, an observer may be surprised to learn that
the city currently boasts the lowest ratio of population to land among Florida’s
largest cities. Roughly half of its parcels have yet to be developed.
Interesting Facts About
Port St. Lucie:
• Incorporated in 1961
• Community is predominantly residential
• Median age of buildings – 13 years
• More than 25% of the buildings were built after 1995; 10% built after 2000
• Residential vacant land value (median price) doubled between 2000 and 2003
• Existing home value (median price) increased 64% in the same period
Higher Education: Institutions of higher learning typically are not as vulnerable
to economic downswings, and they help to provide an area with a more solid
employment base. Noted universities and colleges in St. Lucie County are the
University of Florida Institute of Food and Agriculture Science, Florida Atlantic
University, Barry University, and Indian River Community College.
Recreational and Regional Attractions: Recreational and regional attractions
enhance an area’s quality of life. These activities may also have a significant
economic impact on an area by increasing the demand for services and retail trade
created by visitors.
St. Lucie County’s physical attributes have defined its culture from the onset of its
establishment. Its warm climate and oceanfront location have had obvious
influences on every aspect of life there. The Atlantic Ocean provides limitless
opportunities for boating, fishing, or just relaxing on the famous Florida beaches.
One resort of note is the family-friendly Club Med at Sandpiper. The St. Lucie River
and the Intercostals Waterway offer a variety of water-related activities of a more
inland nature.
In addition to the cornucopia of water-related recreational opportunities in St. Lucie
County, residents and visitors can choose from a broad spectrum of other activities
and attractions. There are six major festivals held in St. Lucie County each year,
including the Ft. Pierce Friday Fest, Marina Magic (Ft. Pierce), Rainbow Festival,
Seafood and Fishing Frenzy, St. Lucie Water Fest, the St. Lucie County Fair, and
the West Fest (Port St. Lucie). Tourist attractions include the Florida Dolphin
Watch, the Hallstrom Planetarium, and an assortment of nature-watching cruises for
both river and ocean. St. Lucie County provides a wealth of parks and nature
centers, including Avalon State Park and the Manatee Observation and Education
Center. To the east of Port St. Lucie lies the Savannas - a 6,000-acre nature
preserve, along with the Indian River Lagoon estuary.
The arts aficionado will savor a diverse sampling of morsels in St. Lucie County,
from the Treasure Coast Symphony to Art Walk to the Sunrise Theatre – to name
just a few! St. Lucie County is home to the Navy SEAL Museum, the St. Lucie
County Historical Museum, the A. E. Backus Art Gallery, the PGA Historical/Learning
Center, the Harbor Beach Oceanographic Institute, and the Treasure Coast Art
Association.
The Tradition Field Sports Complex in Port St. Lucie is home to the spring baseball
training camp for the New York Mets and the minor league baseball team the St.
Lucie Mets. Golf is as popular as water recreation in St. Lucie County, with fifteen
professional public or semi-private golf courses to enjoy.2 Port St. Lucie is also the
home of the Professional Golf Association (PGA).
Economic Forces: Economic forces are the fundamental relationships between
current and anticipated supply and demand and the economic activities in which the
population participates in order to satisfy its wants, needs, and demands through its
purchase power.
The economic climate in St. Lucie County in general, and Port St. Lucie in
particular, appears to be strong. Projections for the future indicate that the
economy will continue to become more even more vibrant. The young family
households in Port St. Lucie currently and will continue to have a major effect on
the local economy via their high level of purchasing power. Certainly one of the
most profound examples of this purchasing power is the high level of new residential
construction activity that has taken place in the past few years. In 2003, Port St.
Lucie issued the second greatest number of building permits in a Florida city,
surpassing Cape Coral, Tampa, and Orlando.
Income: The economic vitality of an area is an important consideration in
forecasting the demand and potential income for commercial real estate. Income
levels provide an indication of an area’s economic vitality since they reflect an area’
s economic growth and its residents’ standards of living.
Median household income for St. Lucie County in 2000 was $36,172.1 Per capita
income for St. Lucie County in 2002 was $23,458, up from $22,420 in 2000. This
figure is 21% lower than the 2002 statewide per capita income of $29,758.2
However, the cost of living in St. Lucie County is slightly lower than the statewide
average, with an index of 97.27 in 2003 compared with the state average of 100. A
major factor in this cost of living difference is the local housing market, which
registered a cost of living index in 2003 of 91.59.
Industries and Employment: The distribution of employment and the overall
unemployment rate help determine the economic character of an area. The
predominant industries in St. Lucie County are as follows:
1) Transportation and utilities
2) Education services
3) Health services
4) Leisure/tourism/hospitality
5) Construction
6) Professional & business services
7) Public administration
St. Lucie County’s top five major public and private employers in 2004 are listed
below, along with the number of employees:1
1) St. Lucie County Schools 4,000
2) Wal-Mart/Wal-Mart Distribution 2,362
3) Liberty Companies 1,864
4) St. Lucie County 1,749
5) State of Florida 1,458
The unemployment rate in St. Lucie County in 2004 was 8.2%. Historically, the
unemployment rate here has been higher and more volatile than state averages.
However, St. Lucie County has recently been generating more jobs than the state
average. The Ft. Pierce/Port St. Lucie area’s unemployment rate is lower and
decreasing more rapidly than in the rest of the county.3
Highway Transportation: Highway accessibility is a primary consideration in
planning an area’s future growth and development. St. Lucie County is accessed
via I-95, a major north-south corridor serving the entire Eastern Seaboard of the
United States, from the Maine/Canada border to Miami. In addition, U.S. 1 serves
the entire east coast of Florida, including St. Lucie County. Florida’s Turnpike
connects St. Lucie County with Orlando to the northwest and Miami/Ft. Lauderdale
to the SSE.
Public Transportation: St. Lucie County is serviced on weekdays by Community
Transit, a bus system linking major points throughout the county.
Air Transportation: St. Lucie County air travelers commute an average of 70
minutes to and from Palm Beach International Airport, roughly 65 miles to the
south. In addition, the county is served by one regional airport, St. Lucie County
International Airport. This smaller airport facilitates ingress and egress for smaller,
private jets and turbo-props.2
Other Industrial Transportation: Other forms of transportation serving the local
industrial community are the Port of Ft. Pierce and the Florida East Coast Railway.
Environmental Forces /Climate: Environmental forces are both natural and
manmade forces that influence real property values. Some environmental forces
include climactic conditions, natural barriers to future development, primary
transportation systems, and the nature and desirability of the immediate areas
surrounding a property.
The St. Lucie area enjoys a warm, sub-tropical climate year-round. The topography
is fairly flat to rolling; the St. Lucie River cuts in a north-south direction through the
southeastern quadrant of the county. Humidity is usually fairly high. The average
minimum and maximum winter temperatures are 53 and 73 degrees, respectfully;
average minimum and maximum summer temperatures are 73 and 90 degrees.
Florida’s mean annual precipitation is 53 inches, the heaviest rainfall occurring June
through September, with 127 average annual rain days. The entire state of Florida,
is, of course, heavily affected by periodic tropical storms and hurricanes that
typically occur in the summer and early fall months. These figures are from the
period 3/25/1900 through 3/31/2004.2
Governmental Forces: Governmental, political, and legal actions at all levels
have an impact on property values. The legal climate of a particular time or in a
particular place may overshadow the natural market forces of supply and demand.
The State of Florida mandates very high standards in building and development
due to the tropical storms and hurricanes – and their destruction – that are a fact of
life in Florida. In St. Lucie County, planned residential communities have been
implemented very successfully in several areas. They comprised 40% of the growth
in Port St. Lucie in 2003.
The City of Port St. Lucie has over $226 million slated between 2005 and 2008 for
capital improvements to utilities, roadways, parks, and police. Roughly 50% of that
total is to be spent on new capital facilities, while the remainder will be used to
maintain and upgrade existing facilities.
Utilities: The availability of utilities is extremely important to the future
development of any community. Electricity and natural gas are available to
residents and businesses in St. Lucie County through Florida Light and Power, City
Gas Company of Florida, and NUI/City Gas. Ft. Pierce residents are serviced by the
Ft. Pierce Utilities Authority. Water and sewage are maintained by the City of Port
St. Lucie and the City of Ft. Pierce.
Outlook: Our review of the above data indicates that St. Lucie County has a
stable and promising economy, evidenced by increasing population levels and
accompanying purchasing power, the steady creation of new jobs in stable
industries, and lowering unemployment rates. St. Lucie County also features a
variety of attractions and a transportation system that includes land, air, rail, and
water. In conclusion, the economic outlook for the Port St. Lucie/St. Lucie County
area is very favorable for the overall success of the subject.
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Nationwide real estate appraisal service
_American
__Appraisers
___Corporation
__Appraisers
___Corporation
(502) 267-6320 Office
(502) 267-6344 Fax
10507 Watterson Tr., 2nd
Louisville, KY. 40299
(502) 267-6344 Fax
10507 Watterson Tr., 2nd
Louisville, KY. 40299
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