Jupiter Home Sales

Jupiter Home Report

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     Another strong week  for home sales in  Jupiter & Juno Beach area. We saw  71  home sales last week, close to season numbers. It's the middle of summer in Florida with temperatures at 90 plus degrees, summer is in full swing in the Northeast and we are seeing record sales. Who is thinking about buying a winter home in August in Florida? Apparently I guess quite  a few. We saw only 4 properties sell under $200,000 and 12 properties sold between $200 and $300k.  That use to be the largest percentage of sales each week. It has now become the smallest segment.

The $400 -$600K market is very strong  with most of the sales in that price range. We are seeing a weakening  market in the million dollar plus properties. I can't explain that but I would say most of the high end buyers saw the value of the luxury homes and scooped them up in the past 18 months. 

                 Jupiter Local Real Estate News

Home listing prices up in Palm Beach County, making it 6th in nation. - Palm Beach Post 8/7/14

Received a note from a local Realtor today.

I AM RAISING PRICES FOR 2016 WINTER SEASON

OCEAN TRAIL 2015 WINTER SEASON IS BULGING AT THE SEAMS

No rentals available.My phone rings off the hook. People planning to rent 2015 season. In over 20 years of renting I have never turned so many down.  

This is good for buyers to see so they don't think I'm telling real estate stories about the Jupiter home market. Other agents are seeing the same situations and I too continue to receive rental calls for next season and I have no where to send them. 

Jupiter Real Estate Forecast 

I was browsing through  Zillow today and was looking at their  predicted prices of homes here in the Jupiter area next year. They are predicting  3.5% to as high as 8% rise in prices on  listings over the next year. I have been saying 3 to 5%, so they are more optimistic then me and hey they are "Zillow".

There are still some great  communities that are undervalued here in the area and priced under $250,000. Under $200,000 is another story.  One of the better Jupiter values remains the Lakes at the Bluffs and the River townhomes.  Divosta built townhomes with private courtyards just West of US 1 and less than 3/4 mile to the beach. You can  pick one up right around $200,000. They will need some updating but the location can't be beat.

 Glenwood in PGA National has similar townhomes but larger in size.  They are inside a beautiful gated community and can still be bought  around  $200,000. You are buying the bottom end of a high end community and that is always a good investment.

Heading North to Hobe Sound you may want to look at the Retreat a newer Divosta duplex with a two car garage. They are running $230,000 to $245,000. Similar townhomes in Jupiter at Indian Creek  are nearing $300,000 and were built back in the 80's. 

You cross that Palm Beach/ Martin County line and you see a drastic price reduction. Is it Jupiter? No but Jupiter is 10-15 minutes away and Stuart is about the same distance. 

I hate to say,  but the sellers are not as motivated as they once were and continue to see the ever increasing tides turning their way. They seem to have patience and that cash buyer will come along. Motivated sellers are becoming an extinct breed. Even the banks are not motivated as they once were. Sellers aren't worrying about appraisals as cash buyers or buyers are kicking in more deposit money for a low appraisal.

Like I said a few weeks ago, I think this growth is going to start pushing into Martin and St. Lucie Counties as buyers are squeezed out of Palm Beach County. The other day I looked to see how many homes on South Hutchinson Island under $300,000 were for sale. I came up with 7 homes and the least expensive was $159,000. Sounds great right but it was  a 2bd/1 ba 850 sq. ft home that needed updating.              

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