Jupiter Real Estate Report for 2105

Yesterday we had our annual office party at Admirals Cove in Jupiter, the premier Jupiter Country Club Community. It is a great time to see what other agents are saying about the real estate market. We all work and specialize in different areas and property types as well as different types of buyers. The biggest challenge was finding good properties to sell that are priced reasonably. No one wants an overpriced listing or a listing that does not show well unless of course they have no business and can justify taking the listing. Finding a clean, updated property is difficult. Many properties seem to be in need of major renovation work.
Lack of inventory continues to be the biggest concern for the agents this year. Even bank owned properties are not bargains anymore and can be more difficult than conventional deals. There is no negotiating with the banks. You bid and they say yes or no. You win or lose.
Another big concern seems to be rising prices pushing buyers into other areas of the state rather than Jupiter Florida. I'm seeing more buyers looking here and then venturing to the West Coast of Florida looking for less expensive home options. The West Coast of Florida has always been less expensive and was the original Florida retirement community.  
Even looking down South in areas such as Boca Raton, the Boca Raton waterfront condos and oceanfront properties are as high as Jupiter and in many cases higher. Any new construction projects are a million dollars plus if they are anywhere near the water and have a view.

2014 Florida Real Estate Market Reports

Zillow reported a 9.3% increase in taxable values for the last year in Palm Beach County. Palm Beach County runs from Boca Raton to Jupiter.
Areas with the largest annual gains in home values in November included Miami (13.6 percent), Atlanta (12.8 percent), Houston (11.9 percent), Orlando (11.9 percent) and Las Vegas (11.5 percent). What is the common denominator of all these areas? Nationally home values are just 9% below the April 2007 market peak.
South Florida saw an extraordinary rise in peak values so we are still short of that 9% number in many towns. There are more Jupiter communities that  are reaching that statistic of  peak 2006 levels. Abacoa townhouses is one such community as the smaller townhouses are hitting the $285,000 price with peak prices being $320,000 in 2007. We are right there at 10% below peak asking prices. Jupiter Inlet Colony is another community where we are seeing near peak prices. Jupiter Ocean Grande is also close with the highest selling price being $1.3 million and we are seeing a 7th floor asking price of $1.1 million.Is there a downside from here? I don't believe so but I don't expect a huge upswing either. Cheap money continues to drive many sales where if you have a deposit it is cheaper to buy than to rent.

Posted by Jim McLane on


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