Jupiter Report March 17, 2012

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This week we saw home sales fall for the first week of the season from 76 to 37. I believe this is attributed to buyers coming down with high expectations and are seeing limited choices of properties.  Many are looking for updated homes and condos, especially along the beach and they just aren't out there.  I personally am seeing this with many buyers. When I spend time with buyers I use to be able to show properties all day to just one buyer. Now I am lucky to have enough properties to spend three hours with them.  I am starting to see places that have been on the market for a long time selling and the prices haven't gone down but the choices are diminishing. Prices are slowly inching up which is good for sellers. I am still seeing and hearing about many low ball offers on really nice properties and there just aren't many really nice homes for sale so sellers are holding firm on their prices. Abacoa demand remains strong as two sales this week sold well above recent sales. One townhome on the golf course sold for $234,000 which is $20,000 above the last sale. A Sandpiper 3 story townhome sold for $198,000. Last year you could buy these in the $170,000 range.  2543 La Cristal in Crystal Pointe was listed at $208,000. Sold for $213,000. Huh? Yes you are reading that right.


We also saw  the new home featured  in Xanadu above as a great value. After featuring this home I saw a home down the street in the neighborhood which was in original condition, about the same size, just sell for $550,000. This makes the newly listed Xanadu home at $614,500 a true value. Everything is updated, three homes to the beach. Overlooks Carlin Park and is ready to move into.


Cash sales again accounted for 50% plus of the homes that sold in Jupiter. Season is busier than I have ever seen in Jupiter with restaurants having several hours wait. This is almost unheard of just a few years back. People are driving from many other towns to visit and dine at some of the Jupiter restaurants. Last night I went to Guana Bana's and many of you know and have eaten there. The hostess told me 2 1/2 hours for a table. More and more people are gravatating to Jupiter causing demand for homes to rise. I never imagined Jupiter would become so popular but everyone who visits raves about the beautiful area we live in. 


Here is a question I seem to be asked quite often. Do the condo fees include your taxes in the monthly fee? The answer is no, your taxes are separate from your condo fees. Your condo fees cover in most cases building insurance, basic cable, water, sewer, lawn maintenance and property management. Today I read in the newspaper that the average homeowners insurance is $2,400 per year in Palm Beach County. Is this a $200,000 home or a $ million dollar home. They did not say. Depending upon wind credits you can expect a home valued at $350,000 to be about $3,500 per year for wind and property insurance.

Many times you will see $500 per month for your condo fees. In the case above nearly $300 per month is your insurance. Below you will see what your costs were if you owned a home versus a condo.


$500 monthly condo fee

- $300 insurance

- $50 basic cable

- $50 water bill

- $100 lawn maintenance


At the end of the day, by the time you pay all the individual items as a homeowner you can see both costs would be comparable.  Yes, I'm sure the condo gets a break on it's insurance as the whole complex is covered but you are still  looking at nearly the same monthly costs. So when you see $500 per month condo fee, it's really not that high compared to you are paying as individual costs. Some of the higher end places have full time maintenance staff, property managers, security guards, pools, fitness centers. This all adds up at the end of the day.



I also have spent quite a bit of time on the Palm Beach County Property Appraisers website.  http://www.pbcgov.com/papa/index.htm

One it is a great site to find out sales information on properties you may be looking at and it gives you tax information as well as sales history. What I did notice while doing some comps for some communities, is that many of the communities assessed values rose in 2011 from 2010. This is the first rise in property values since 2006. Go ahead go out and look at some of the Jupiter neighborhoods you are interested in purchasing and see if your neighborhood is one with rising values. The site also explains homesteading a property and portability for local residents as well as offers you a tax calculator for purchasing a new property.

You will also notice ad-valorem and non- ad-valorem taxes on the tax bill. Some communities will have large non -ad-valorem taxes which is in newer communities such as Abacoa which is paying for the infrastructure over a 20 or 30 year bond.


26 of the 37 sales this week were cash sales. Again above our 50% average we see.





In this weeks contingents, the trends rise this week with 17 properties of the 43 going under contract in 30 days or less. That is 40% of the new homes selling in less than 30 days. That is a record pace. We also saw 5 homes taht went under contract that had been on the market for over a year. The Beachcomber I-4 which I have touted on my 10 Best list went under contract this week. Another property that I liked in Ocean Royale (1203)went under contract this week. The best ones are being bought. It isn't price but value.



                       Jupiter Yacht Club Rental    

5th floor furnished condo. 3 bedroom 2,500 sq. ft with Intracoastal views. Built in 2006. Fitness center, club room, underground parking. Restaurants on-site. Available off season. Thinking of moving to Jupiter. Call me for more information. Great place to rent while you are looking for a home.  Asking $3,500 per month for off season rental with everything you need. Call for photos.  


                                Oceancrest Condo Rental      

1st floor oceanfront condo. Fully furnished and remodeled with the best of everything. Available on annual basis for $2,000 per month. Bright south facing condo. Walk out to pool area. Fitness center, covered parking and a beautiful beach just across the street. Call me for details.                                                    


If you are serious and you are receiving new listings from me each week you really need to pay attention to the listings. If a property here in Jupiter catches you eye, pickup the phone or email me. I will be happy to give you my opinion, good or bad. Most of you who know me, I don't sugar coat it to sell you a property. I will tell you the truth about what I think and than you can decide. If you aren't receiving exactly what you are looking for, call me and we can discuss your needs and I can focus in on property searches for you.


                  Top Ten Report 

I left  my 10 best list this week.  This week I added some beautiful beach homes both in Juno Beach and Jupiter. All were remodeled and showed well. None of my homes from this weeks top ten went under contract. We did see Beachcomber which was on my list sell. Nothing really caught my eye this week while out showing homes.

1300 S A1A - 102 Oceancrest -  3 bedroom ground floor oceanfront condo for $260,000. Needs updating but just across from the beach and 1,800 sq. ft.

900 Ocean Dr # 606 -  Least expensive direct oceanfront condo on Juno Beach. 2 bd/ 2 ba. Large pool deck overlooks beach and ocean. Check out Juno Beach, they have some of the best beaches around. $400,000 Remodeled condo available for $499,000

450 Surfside Lane - 4 bedroom across from the beach. Just remodeled with all new kitchens and baths, south exposure. Pool. Great beach house. $ 799,000 UNDER CONTRACT!

440 Old Towne Lane - 4 bedroom, 3,200 sq. ft built in 2003. Short walk to beach. Impact windows, private pool area with sundeck above, Saturnia floors. One of the nicest homes I have shown in some time. $1,100,000 UNDER CONTRACT! Fell Through! Reduced to $995,000. Owner says sell.

112 Olympus Way - Olympus Jupiter's # beach community. Completely remodeled one story home on large lot overlooking preserve area. Impact windows, walk to beach. A favorite. $899,999. Available! One of my Best Buys.

127 Sandpiper Circle- Ocean Walk - Wonderful beach house with private pool area and wonderful pool with travertine pool deck. Impact windows. All remodeled with Saturnia tile floors. Shows beautiful. Walk to beach. $710,000

2201 Marina Isle Way #404 - Bluffs Direct Intracoastal view and completely remodeled last year with hurricane sliders, new baths and kitchen. Even the laundry room has kitchen grade cabinets. The best I have seen in a long time and sits right on the Intracoastal.

5550 Ocean Drive - Water Glades 6A      Corner unit with ocean views and views of MacArthur Park to the North. Lots of glass. One of my favorite Singer Island condos in that price range. $425,000

Jupiter Ocean Grande #707 - Just Reduced $25,000 last week!  Reducing another $25,000 Tomorrow to $899,000.

 Best view in the complex and the best condo/view under 1 million.

Real wood floors. Plantation shutters. Owner says Sell!



Corinthians - 176 Helios #603 Penthouse SE corner.

Incredible ocean views and views of Lake Olympus to the side. Light and bright Penthouse. $429,000



I also added one of my favorite buildings Ocean Royale. A 4th floor condo in the front building with beautiful ocean and beach views. 3 bedrooms and all the amenities. Just the right height and not to high. Don't miss this condo. Reduced to $ 950,000.





  Click the link below to view each property in my

10 Best Report below.



                  Jupiter Top Ten Report



Email me to set up your new search criteria so that you get new listings emailed to you each week. Be the first to look at new homes on the market and get the best deals out there.



Jupiter Oceanfront Condos

         Jupiter Abacoa Homes

 Jupiter Homes              

Jupiter Waterfront Homes


Each week the Jupiter home sales report is done with my customers in mind. I hope the report assists you in being a more informed Jupiter home buyer and provides you with  a wealth of information about the Jupiter real estate market.

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