You are correct that the prices for existing homes in Vero Beach have dropped still further since 2007. However, we are concerned that you are building a new home and your "prices are set" from that time period. Do you have a contract with a builder or developer that establishes the price to build the home?
If you would tell us the criteria for your home, such as how many bedrooms, approximate square footage, location on or off a "lake" and any other details such as whether a pool is included, whether it is within or outside a gated community, we will be happy to send you current listings. For example, there is a 5 bedroom two story home that was just listed for $284,000 because it is a bank owned property. Perhaps if an existing home suits your needs, you would be better off buying rather than building. Please contact my at ginny@MyVeroBeachRealEstate.com or visit our website at http://www.MyVeroBeachRealEstate.com
where you can search our listings and all MLS listings with all are Realtors on your own.