Jupiter Florida Real Estate
Our winter selling season is coming to a close as many seasonal tenant's have headed home and places are now available to be shown. We saw a large rise in new listings over the past few weeks as well as an increasing number of price reductions. Our inventory levels are gradually rising but choices are still on the low side. You will see some of the best properties go under contract quicker than a home needing updating. Call us to show you Jupiter Florida real estate.
Jupiter Home Sellers are still basing their asking prices on what the neighbor is asking and not on recent comps but price adjustments are being made daily so buyers watch those price changes carefully. Along the beach a $300,000 property is soon becoming extinct. That price range is going to buy you a 2 bedroom condo that most likely needs some updating or has had some minor updates. Right now the least expensive single family home East of US 1 is listed at $599,000 in Xanadu by the Sea. A 3 bedroom 2 bath renovated home with no yard with about 1,700 sq. ft of living space. Ask about Jupiter Florida beach homes for sale.
We have seen a drastic rise in new condo listings in many communities yet many communities have no condos for sale. Seller's are not selling as they can't replace what they presently have. If you look closely at ocean condos you see many in the $500,000 range , a few in the $600,000 to a million and then a limited selection above a million. The new condos on Singer Island such as 5000 North and VistaBlue are each commanding nearly 2 million to buy into the community and are selling well. You are getting 9 ft ceilings, open floor plans and expansive glass areas as well as large balconies and first class amenities. This market is probably stronger than the million dollar condo market.
The Jupiter single family home market seems to exploding as I watch more out of state buyers becoming Florida residents by staying for 6 months and a day. These buyers are younger so the single family lifestyle appeals to them more. They are still very active and have bikes, kayaks etc and many have two vehicles down here so a garage is very important. You have to remember we have very small yards so outside maintenance is not an issue compared to what you have up North. Several communities such as Evergrene in Palm Beach Gardens mow your lawn and trim your shrubs so you really don't have any more work than living in a condo. We are also seeing more 6 month residents due to tax implications such as no state income tax. Florida in general is just booming as more buyers are looking to move here.
Living in Florida is not the inexpensive place it used to be. Property taxes, condo fees and insurance costs continue to rise. Just like other desirable places costs to live there are on the higher end but believe me it's well worth what you get here in the Jupiter area. The other reason many buyers are staying and becoming residents is the Homestead Exemption which limits tax increase on your homesteaded property. This is a big asset that is not seen up North Your tax increases are limited to just 3% per year so you're not seeing a crazy tax increase each year.
Call us for Singer Island Condos for Sale
Barrett Jackson Auction
Car buffs this weekend is the annual Barrett Jackson auction at the Florida fairgrounds in West Palm Beach. It's always a great place to see old muscle cars, new vehicles and take a ride around the track in a Vette or Mustang
People looking for winter rentals next year are going to find it quite a difficult task. Rentals continue to be scarce and many landlords are now asking for longer rental terms and price increases. Each of my rentals for next season except for one have been rented and tracking down new rentals can be challenging. Tenant's please don't even think about rental terms of less than 3 months. I suggest you try AirB&B or VRBO for any terms less than 3 months.Posted by Jim McLane on