An amazing week for home sales here in Jupiter & Juno Beach area. Last week even with the holiday we saw 79 properties close here in the area. What you may notice is the lack of sub $200,000 properties. Last year we saw quite an abundance of properties in that price range. This year not so much.
A few examples are the Sea Brook beach town home which sold at $230,000. Earlier this year they started to break the $200,000 barrier . Two sales last year were $195,000 and $215,000 for the larger 3 bedroom units. Now we are seeing $230,000 for the 2 bedroom units.
The Nautica model in Mallory Creek in Abacoa just closed at $350,000. Earlier this year they were selling the same model for $325,000.
Even entry level oceanfront condos on Singer Island are pushing towards the $500,000 mark ,nearly $100,000 higher than last year. There was one surprise sale in 3800 N Ocean at the Resort at Singer Island. This week a 2 bedroom unit sold for $380,000 and carries a monthly maintenance fee of $2,590. Yes that is correct. If it didn't have the large maintenance fee that unit would be selling for $600,000.
On Jupiter Island there are only 28 condos for sale with the least expensive direct oceanfront being $475,000. This buys you just over 1,100 sq. ft in a 1970's building that needs updating.
In Juno Beach we have only 11 condos for sale that sit on the beach. The least expensive direct oceanfront condo is $525,000. Same situation as Jupiter Island a 1970's building. You do get a semi updated kitchen in this one though. Both condos in Juno Beach and Jupiter Island are difficult to come by.
Our biggest challenge still remains a low supply of inventory no matter what your budget is. This is a far cry from many other areas in the country where I have sellers trying their best to get their homes sold to move to Florida. Buyers expectations have subsided a bit, depending upon where they are coming from of course. Last week I had a buyer give me a laundry list of requirements that you wouldn't even find in a 2 million dollar property and their budget was under $400,000. Many places in the country you can get a beautiful home for $400,000 but not here in Sunny South Florida and not near the beach. Just to give them an idea of costs I gave them some tax and insurance prices as well. Many find an $8000 tax bill and a $3,500 insurance bill unbelievable if they are living in Ohio. This pretty much killed their dream of living in Jupiter.Posted by Jim McLane on