This week we saw Jupiter home sales fall from 75 to 57. Down from the huge sales week before but season is over and we expect to see a slowing in sales. The under $200,000 market for condos and townhomes is still on fire. In fact I checked the other day for 3 bedroom townhomes under $200,000 and found just 11 townhomes and 17 condos in Jupiter, Juno, Tequesta and Palm Beach Gardens. The single family home market is almost impossible to find anything under $300,000. Above $600,000 to 1 million the market is definitley much slower. Getting above a million I see that market picking up a bit as prices are falling in that segment. The so called entry level markets are just scarce for inventory.
We continue to see more good news articles from the local Post each week. Home prices have increased for the past four months and are up 5% or more in most areas. I continue to see comparisons to 2005 and 2006 for home sales and statistics which you should not even look at those years. Homes were flipping several times in a year. Unheard of and really skews market data. We continue to see strong sales and lowered inventories which is all good news for everyone, more so for the sellers.
The other article is regarding short sales and how banks are pushing them through faster and approving more of them. I continue to emphasis buy a short sale, be patient and you will get a great deal. Don't even waste your time on a foreclosure unless you are a cash buyer and are willing to bid above asking price in most instances.
Here is the news article from the Post this week:
Click links to read the articles.
I have an interesting story for home buyers. I put a home on the market, had a bidding war and got above asking price. This same home 6 months ago had very few lookers far less any buyers. Well the house did not appraise out for what two well educated buyers were willing to pay. Not surprising because the comps were few and far between and the appraisers are giving very little value for many upgrades. We put it back on the market and have had 5 showings in two days. The owner is confident we will find a cash buyer willing to pay above the bank appraisal and I happen to agree.
Another similar story, agent sells this home that the owner bought less than a year ago for $275,000. Remodeled kitchen, baths and has a contract on the home for $265,000. The appraisal came back in at $202,000. The buyer still bought the home but at $257,500. Even though the bank appraiser said it was worth only $202,000. The buyer knew what was out there and this was the best deal around. They were willing to ignore the appraisal and pay $50,000 over appraisal. This doesn't sound like a buyers market to me, yet I continue to get customers wanting a deal.
I spoke to a NY customer yesterday and she said the same thing. She says everyone up North thinks they are giving real estate away in Florida and you can buy a condo for $50,000. You can, but you probably don't want to live there unless you carry a gun.
Look at the different complexs on my site and see how few homes are for sale in many of the complexes.
I guess this week will be story time with Jim. I had a customer call me last week to buy a $200,000 oceanfront condo. Yes after getting off the floor from laughing( only kidding), couldn't get off the floor because I was laughing so hard.
I sent them what you could buy for that price. There were a few if you didn't mind looking at the dumpster but they wanted direct oceanfront. In condos there are always a few prime units, you almost never see them come on the market and if they do they are snapped up. On the other side of the building with the dumpster view you can't give those units away no matter what the price it seems like. With money being so cheap people can afford to spend the extra $100,000 for a decent unit. Back when interest rates were 7% people weren't s eager to drop another $100,000.
PAPA site( Palm Beach County Property Appraiser). Here is the link for everyone.
Ocean Parks Rental
3rd floor condo. Walk to beach. Walk to shopping, movies, theater and restaurants. Freshly painted, great garden views.
Available on annual rental - $1,300 per month.
Top Ten Report
I added a few homes and condos to my list this week.
Jupiter Ocean Grande and Waterfront are the ones to look at this week.
179 Waterford Dr - Cambridge Abacoa
3 bedroom 2.5 ba with 2 car garage. 1,800 sq. ft. Corner unit, across from pool. Accordian shutters upstairs windows. $265,000
221 Ocean Grande Blvd
7th floor . Direct ocean
$849,000. Best value on the beach. Owner Says SELL!
Same Unit just Closed for $865,000
800 Ocean Dr- Waterfront Juno Beach
Least expensive condo in the building. 9th floor. Owner says sell!
4000 N Ocean #LPH - 2,000 sq. ft Singer Island condo in the Martinique with lots of windows. Great views of ocean and city. Most desirable southern exposure. Reduced to $739,00 On-site restaurant.
4000 N Ocean # 404 - 2,000 sq. ft SW corner unit in Martinique. This condo has southern exposure with the best beach/ocean view from your master bedroom. Just reduced to $499,000. On- site restaurant
150 Seabreeze- Remodeled 2bed/ 2.5 bath townhome with fenced patio. Walk to beach. Reduced to $209,000
911 Ocean Dr # 705 - Just across the street from the best Juno Beaches you will find. Fully furnished and beautiful shape. Enjoy ocean views and walk across the street to Juno Beach. Condo fees only $960 per Qtr. Owner says Sell! $279,9000 Reduced to $264,900
900 Ocean Dr # 302 - Lower floor almost on the beach feel. 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. $410,000 -
Remodeled condo available for $499,000
Click the link below to view each property in my
10 Best Report below.
Jupiter Top Ten Report
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.