Jupiter Home Sales

This week we saw homes sales in Jupiter jump dramatically from 54 to 82 homes selling this week. These are sales numbers we see during our peak season and not the first week of October. Strong buyer demand will continue to put upward pressure on prices as supplies shrink. Bay Colony sent out a close out incentive on the higher end marina collection which start at $600,000. The less expensive collection are selling faster and they start in the mid $300,000's and go up to just above $400,000. The under $500,000 is still the strongest market segment. The $500,000 to $900,000 is probably the weakest market segment now and the above 1 million remains strong. I'm seeing alot of buyers looking for $100,000 condos, more than I have ever seen. I guess they are getting a late start on the market because the investors bought those all and are happily watching them appreciate rapidly.

This week the new tax rates came out for the towns in Palm Beach County and Jupiter once again remained one of the lowest millage rates in the County. This is good news for residents of Jupiter as it shows fiscal responsibility and the high property values here in Jupiter. Along the beach we are down to just 19 properties under $200,000 and all are 1 bedroom condos except for 9 condos that are 2 bedrooms. Over at the Bluffs Ridge & River homes we have no homes under $400,000 and the least expensive walk to the beach home is listed at $499,000. The average beach home is now in the $750,000 range with the highest being just over 2 million.

Jupiter Beach Condos

 I would say in most communities there are less than 1% of the total units in there for sale and in many communities there are no homes for sale. We have seen it go from 5% just 18 months ago to about 1%. Even communities that were lagging such as Jupiter Ocean Grande and Jupiter Yacht Club are at record low numbers of condos for sale and prices there are breaking sticking points. What continues to be  a problem is non cash buyers getting properties to appraise out. Again this week we ran into this problem. The appraisal came in almost 10% below the selling price. Our last one was almost 20% below the selling price. Seems almost unreal but with so few properties for sale many sellers can demand higher prices on unique properties. Many cash buyers are paying above appraisals because there just aren't enough choices out there. Are they paying to much. Probably not much, the problem is with so few sales the comps are sometimes 6 months or older and the prices are moving faster than the appraisals. Even with market trending upwards the banks don't give much weight to the rising market but more to the most recent comp no matter what age it is. The cash buyers will push the appraisals up and then we should see more properties selling with mortgages as I don't see the continued rapid appreciation we have had recently. Start looking for Jupiter ocean condos online.

Posted by Jim McLane on


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