What's happening in the Jupiter real estate market?
I continue to watch the new listings coming up for sale in the Jupiter real estate market. What I am starting to notice is how many of the listings are recently updated. This is not what I am use to seeing. I immediately start looking at the tax records and review the sales history of the properties. As I expected all are recent sales that have closed in the past 2 years and in many cases at nearly half the price they are listed for now. Granted they are been remodeled but many remodels look great on the surface but aren't done with quality materials or workmanship.
This week two properties caught my eye. I had to check twice to make sure the prices were correct. Usually these condos sell $750,000 to $950,000 range but the two Eastpointe condos on Singer Island were listed at $2.7 and $3 million dollars each. I thought maybe someone combined two units to make one large condo but that was not the case. These are condos that were built in 1981 with 8 ft ceilings and Intracoastal views. Not even ocean views. Todays condos have 9ft and higher ceilings with floor to ceiling sliders and spacious rooms. Granted they were remodeled with top notch materials and workmanship but they are priced at $1,000 per sq. ft which is higher than even the newest condos on the beach. Eastpointe usually sells in the $350 per sq. ft range. One property was bought for $900,000 and the other at a million about a year ago. These Eastpointe condos are priced higher than the Ritz Carlton.
Juno Beach Oceanfront Condos
I also saw a new listing in Juno Beach Waterfront at 800 Ocean Drive that sold in 2012 for $900,000. It is now listed at $1,795,000. They did upgrade the kitchen and added a few other updates but the asking price is now double what it last sold for in 2012.
When you look at some of the new listings you may want to see when they last sold and for how much. You will be quite surprised. The market here is just crazy as inventory choices continue to dwindle.
Today when sellers ask what their property is worth it can be difficult to come up with a selling price. Homes are selling for much more than expected in many cases and finding comparable properties can be difficult. Most sellers are listing their properties much higher than recent sales and then we are seeing price drops.
Of course we still see some properties sit on the market for months without an offer. In this market if your property is sitting without an offer your most likely in need of a price adjustment. You have to listen to the feedback you are receiving from the buyers and pay attention to their remarks. Many properties are being shown no matter what the asking price is because there is just no inventory to show buyers. So just because you are getting alot of showings it doesn't necessarily equate to a correctly priced property. If your not getting offers you need to change the price, the appearance or the advertising medium.
Here along the beach in Jupiter we are seeing very few properties under $200,000 and even finding a sub $300,000 property continues to be a challenge. We aren't talking about oceanfront properties but just the normal 2bd/2ba townhouse/condo that you can walk to the beach. I expect by the end of the season to see a nearly $300,000 price tag on entry level 2 bedroom places near the beach.
Below you will find YTD comparisons of homes and condos.
Ritz Carlton Power Broker 2012
561-744-7025 Call or text
Jupiter oceanfront condos is by Jim McLane. See his profile on Google.