Jupiter Real Estate
The Jupiter real estate market continues to see rising prices and shrinking inventory. Not only are we seeing this in Jupiter but all of Palm Beach County. There is a great article and video below.
In Palm Beach County towns like Jupiter, Palm Beach Gardens, Boca Raton and Delray Beach are a few of the most desirable towns in Palm Beach County. Expect to pay a premium to live in these towns.
Many out of state buyers are unpleasantly surprised at the costs of real estate here in South Florida. South Florida has become a hotbed for baby boomers from the North East. You are seeing it in the new construction happening here. Places like Downtown Boca are building million dollar condos to attract the aging baby boomers who want the city life and amenities around it. Downtown Boca Raton condos offer restaurants, shopping and the beaches are just minutes away. The golf communities are slowly becoming extinct as developers are seeing "Downtown Living" as the new golf communities that were the rage in the 80's. Azure in Juno Beach is targeting aging boomers from places like Admirals Cove and Frenchman's Creek who can no longer play golf but are use to the upscale lifestyles. Many of the newer condos are the size of single family homes and offer the finest in amenities. They are also pet friendly as well which is a complete 180 from the condos built in the 80's.
With almost no empty lots left near the beach and many of the older homes just to small and outdated we are starting to see more tear downs. The few empty lots are bringing a premium. Many lots near the beach are commanding an excess of $500,000 for just dirt. Here in Xanadu by the Sea in Jupiter a sub par 5000 sq. ft lot with no views sold for $335,000. That was $67 per sq. ft for dirt. There is one more empty lot left in the community that backs to the preserve listed at over $500,000.
Prices are reaching 2006 boom prices once again in many areas. This time the buyers are not investors looking for a flip but true homeowners. They are people moving here for jobs, retirement or just leaving the North East or places like Fort Lauderdale. I don't expect to see a bubble this time. We may see a slowing of price appreciation but don't expect a bust. The limited supply and high demand is causing our market to stay strong. The biggest challenge today is finding a home here in the area.
We should start seeing more tear downs of single family homes as the limited supply of homes continues to push upwards and prices increase. Many older communities have great locations and there are a number of original homes that have not been maintained. These homes are very difficult to sell and aren't bringing the premium prices that an updated home may bring. Once you start putting on new roofs, windows, kitchens and baths what else is really left of the original home. In may make sense to start from scratch and build a home with tall ceilings, large bathrooms and modern features. No matter what you do to update an older home is still does not have the features of a newer home.
Posted by Jim McLane on