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Jupiter Real Estate Market Report

Posted by Jim McLane on Sunday, April 19th, 2015 at 10:51am.

Jupiter Home Sales Continue to be Strong

Condos Vs Single Family Homes

I continue  to be questioned why some of the condo fees seem so high compared to single family homes. Of course if your buying in an older beachfront condo the years of salt just wreaks habit on a building. Think of the face of a beachfront condo as the wind hits the sand and  acts like a sandblaster to the face of the building. This condo will always need more maintenance than a condo just a block or so away. Even the West side of the building doesn't take the punishment like the East side. You will notice the sliders and windows on the East side of these condos always needing a lot of attention. Expect more maintenance costs and of course higher fees. Many of the Jupiter Oceanfront condos have hit the age where they have seen balcony replacements and continued balcony restoration.   

 

Sea Colony in Jupiter has been under renovation for nearly 2 years with balconies last year and full concrete/stucco removal to the buildings as well as waterproofing the buildings,then new stucco and paint. A very labor intensive project. Imagine the Jack hammer noise as the stucco is removed off the concrete block. They are getting a $20,000 assessment for this work. It's been 30 years so it's time.

 

Many smaller beach townhouse near the beach have $300/month condo fees but you are getting exterior building insurance, gated communities, landscaping and a community pool. Just insurance on a place like this would be $2,000 per year if you paid for  it on your own.

 

Condos usually cover exterior building insurance, landscaping, amenities, basic cable and water/sewer as well as reserves for future expenses which most single family homeowners don't save for.

 

Townhouse like Abacoa will give you landscaping and amenities but insurance, water, sewer are your responsibility as well as the roof.

 

Single family homes is many communities also require monthly HOA fees for things like common areas, security gates and maybe a community pool as well. You still have building insurance, water, sewer, cable and any repairs to your home.

 

Before purchasing take a look at what is included and what is not in your Hoa or condo fees. Don't forget to look at insurance quotes as well. As you know insurance continues to rise at a much greater rate than inflation.

 

If you have any questions feel free to contact me and I will do my best to answer them for you.              

 

                         

 

 

 

 

                             Jupiter Rental Market

 

With season just ending I have only two rentals available for next year. I have one Lakes at the Bluffs townhouse left and I'm not even sure of that as the present tenant hasn't left yet so they may take it for next year.

I recently just had a customer with a Bella Vista on the Park condo come available for next season. The condo sits on Carlin Park which is just across the street from the beach. Carlin Park features tennis courts, fitness trail and a beach restaurant as well. You can walk to Publix for shopping and a 5 minute walk to the beach. It features 3 bedrooms and is over 1,500 sq. ft of living space. I will have photos available come mid May. Rental rates will be $3,750/month with a 3 month minimum.

 

 

 

                                   Jupiter Home Sales

 

This week we saw 100 + Jupiter area homes sell, another great week for home sales here in Jupiter. The lack of inventory is pushing prices higher. I'm seeing a bit more inventory coming up for sale but finding enough properties is challenging in the sub $300,000 market. I watch with amazement as I see some of the new asking prices I see each week. Some of them I just shake my head in disbelief. You really have to watch the market more closely than ever and when you see something that suits your needs and it is priced right, don't wait.

 

As we enter the off season it now gives you a better opportunity and a bit more time to look at a property and make an offer. Still don't hesitant. Today we made an offer and the agent was adamant about a short inspection period because of so many showings on the property. I was the first one through the door to show and by the time I wrote the contract we had a competing offer.

 

The above $500,000 market is pulling back a bit as we still so low inventory but maybe a few less buyers in that price range. I'm looking forward to the single family home buying season now as we enter a different arena of buyers. The single family home market is the primary residence and not a second home. Still finding a single family home here in Jupiter under $500,000 requires some work. 

 

Here is another interesting article in the Post which is bringing in more top executives into the Jupiter area. United Technologies is building a 250,000 sq. ft regional headquarters here in the Jupiter area. They already have some manufacturing and other sites out near Pratt Whitney. This is suppose to bring 450 new executive jobs and how many more support staff and other jobs into the Jupiter area. Where are all these people going to live? More demand for Jupiter area homes. Somewhat reminiscent of IBM in Boca in the mid 70's. Jupiter is the new Boca of Northern Palm Beach County.

 

Jim McLane

Ritz Carlton Power Broker 2012

JimSellsJupiter@gmail.com

561-744-7025 Call or text

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Jupiter oceanfront condos is by Jim McLane. See his profile on Google.

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