This week we saw home sales rise from 51 to 76 for the week. Season is kicking in and I am seeing sales going up and a strong buyer presence. I'm also starting to see some more expensive homes go under contract. You will see several homes from my 10 best list here in Jupiter go under contract this week. Sales are up 50% above last week.
I want you to take notice of the selling price versus the asking price. They are getting closer and closer together. You aren't seeing homes selling at a drastic reduction from the asking price. Sellers have lowered their prices inline with what buyers are expecting to pay. Buyers are also seeing homes selling faster so they are more inclined to come up on their offers. It is definitely a more equal market than we have seen in the past. I still have buyers asking for foreclosures and looking to steal properties but most are now realizing the best deals are gone and you will fight over the great deals that do come along. Another thing I am seeing is some sellers are getting off the fence now and putting their properties on the market, but they aren't giving them away. They are sellers but not motivated sellers.
People forget the pent up demand for the last 5 plus years is starting to catch up. Builders have not been building and they are starting again. Windsor Park in Abacoa , the last Abacoa parcel is being built out now and I would say the development will be sold out in the next two years. 2009 buyers were very skittish about buying due to the fear of a declining market. In 2010 that fear subsided a bit and 2011 many people are thinking it is very close to the bottom. 2012 buyers are starting to feel the market has hit bottom and will start rising. They are still many skeptics out there but each passing day I feel more and more are thinking the market has turned. I think once the election is over there will be a strong demand for properties and more buyers will be out looking and pulling the trigger on new homes. What I see and am hearing is buyers are looking but they aren't finding what they want or expect.
As you seem to know from many of my reports I am a numbers guy and I look at various different ways and trends in the market. This week I had a customer wanting to bid on a bank property at 10% below the asking price so I went back to the mls and pulled up the last 12 sales from this agent who does foreclosures. This is what I found, 6 of the properties sold above the asking price by several thousand dollars and 6 sold below at a few thousand dollars. I found it quite interesting because I tell buyers the banks are putting the properties on the market below market value and coming back to every buyer and telling them we have multiply offers and to rebid your best number. Well you may overpay for the home or you may underpay and lose the home by dollars. You will never know.
I also have spent quite a bit of time on the Palm Beach County Property Appraisers website. http://www.pbcgov.com/papa/index.htm
One it is a great site to find out sales information on properties you may be looking at and it gives you tax information as well as sales history. What I did notice while doing some comps for some communities, is that many of the communities assessed values rose in 2011 from 2010. This is the first rise in property values since 2006. Go ahead go out and look at some of the neighborhoods you are interested in purchasing and see if your neighborhood is one with rising values. The site also explains homesteading a property and portability for local residents as well as offers you a tax calculator for purchasing a new property.
You will also notice ad-valorem and non- ad-valorem taxes on the tax bill. Some communities will have large non -ad-valorem taxes which is in newer communities such as Abacoa which is paying for the infrastructure over a 20 or 30 year bond.
In this week's solds you will also notice a Bluffs Marina without a balcony. They had sold as low as $140,000 the past year or so and they just sold one for $215,000. Another sign of rising values. You will also notice two multi million dollar condos in the Ritz Carlton sold this week.
30 days or less - 16 homes
60 days - 10 homes
90 days- 8 homes
120 days - 8 homes
365 + days - 9 homes
42 of the 76 sales this week were cash sales. Again above our 50% average we see.
In this weeks contingents, the trends change this week with 7 properties of the 38 going under contract in 30 days or less. That is 20% of the new homes selling in less than 30 days. Take a look at how many homes that went under contract this week were on the market for several hundred days. It seems to be that choices are becoming less so properties that have been overlooked in the past are now selling.
Take alook at the 2 townhomes in Abacoa that went under contract. One was listed at $300,000 and the other at $279,000 and both went under contract in less than 17 days. They are the highest asking prices I have seen in Abacoa in a very long time. The smaller Abacoa townhomes aren't doing as well but they are still up in value.
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5th floor furnished condo. 3 bedroom 2,500 sq. ft with Intracoastal views. Built in 2006. Fitness center, club room, underground parking. Restaurants on-site. Available off season. Thinking of moving to Jupiter. Call me for more information. Great place to rent while you are looking for a home. Asking $3,500 per month for off season rental with everything you need. Call for photos.
If you are serious and you are receiving new listings from me each week you really need to pay attention to the listings. If a property here in Jupiter catches you eye, pickup the phone or email me. I will be happy to give you my opinion, good or bad. Most of you who know me, I don't sugar coat it to sell you a property. I will tell you the truth about what I think and than you can decide. If you aren't receiving exactly what you are looking for, call me and we can discuss your needs and I can focus in on property searches for you.
Top Ten Report
I left my 10 best list this week. This week I added some beautiful beach homes both in Juno Beach and Jupiter. All were remodeled and showed well.
1300 S A1A - 102 Oceancrest - 3 bedroom ground floor oceanfront condo for $260,000. Needs updating but just across from the beach and 1,800 sq. ft.
900 Ocean Dr # 606 - Least expensive direct oceanfront condo on Juno Beach. 2 bd/ 2 ba. Large pool deck overlooks beach and ocean. Check out Juno Beach, they have some of the best beaches around. $400,000
450 Surfside Lane - 4 bedroom across from the beach. Just remodeled with all new kitchens and baths, south exposure. Pool. Great beach house. $ 799,000 UNDER CONTRACT!
440 Old Towne Lane - 4 bedroom, 3,200 sq. ft built in 2003. Short walk to beach. Impact windows, private pool area with sundeck above, Saturnia floors. One of the nicest homes I have shown in some time. $1,100,000 UNDER CONTRACT! Fell Through!
112 Olympus Way - Olympus Jupiter's # beach community. Completely remodeled one story home on large lot overlooking preserve area. Impact windows, walk to beach. A favorite. $899,999. Available!
127 Sandpiper Circle- Ocean Walk - Wonderful beach house with private pool area and wonderful pool with travertine pool deck. Impact windows. All remodeled with Saturnia tile floors. Shows beautiful. Walk to beach. $710,000
2201 Marina Isle Way #404 - Bluffs Direct Intracoastal view and completely remodeled last year with hurricane sliders, new baths and kitchen. Even the laundry room has kitchen grade cabinets. The best I have seen in a long time and sits right on the Intracoastal.
5550 Ocean Drive - Water Glades 6A Corner unit with ocean views and views of MacArthur Park to the North. Lots of glass. One of my favorite Singer Island condos in that price range. $425,000
Jupiter Ocean Grande #707 - Just Reduced $25,000 last week! Reducing another $25,000 Tomorrow to $899,000.
Best view in the complex and the best condo/view under 1 million.
Real wood floors. Plantation shutters. Owner says Sell!
Corinthians - 176 Helios #603 Penthouse SE corner.
Incredible ocean views and views of Lake Olympus to the side. Light and bright Penthouse. $429,000
I also added one of my favorite buildings Ocean Royale. A 4th floor condo in the front building with beautiful ocean and beach views. 3 bedrooms and all the amenities. Just the right height and not to high. Don't miss this condo. Reduced to $ 950,000.
127 N River Dr in North Fork is back on the market. This is a beautiful custom 4 bedroom 4 bath home with 12 ft ceilings in living areas, pool overlooking lake. Beautiful custom kitchen. Short Sale at $519,000. UNDER CONTRACT!
Click the link below to view each property in my
10 Best Report below.
Email me to set up your new search criteria so that you get new listings emailed to you each week. Be the first to look at new homes on the market and get the best deals out there.
Each week the Jupiter home sales report is done with my customers in mind. I hope the report assists you in being a more informed Jupiter home buyer and provides you with a wealth of information about the Jupiter real estate market.
Ritz Carlton Power Broker 2012
561-744-7025 Call or text
Jupiter oceanfront condos is by Jim McLane. See his profile on Google.