Jupiter Report  January 21, 2011 
             Thinking of Selling?
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This week we had 34 homes close, down  from last weeks 62 homes.  As you can see the sales follow the actual contract by a month or so. These properties were put under contract early December and are closing now. The next two week's should be lower then the average 50 or so homes. 
I want to talk about short sales a bit today and show you a property in Sea Colony that I had quite a few calls on. The broker listed it for $230,000. There hasn't been a sale in there under $300,000 for years. Of course they received multiply offers and accepted a $230,000 offer. The bank came back and agreed to a $290,000 sales price, very close to recent comps in the community. It was less then the recent sales but they were not giving away the home by any means.
I get customers asking why did it sell for more then the asking price? The asking price was put in the mls by the selling agent who priced it way below market for what reason I don't know.
It causes two problems, one the buyer who is looking at spending $230,000 is not expecting to pay $290,000 so you may lose that buyer and secondly you are giving a false hope to a buyer who thinks they will be buying that property at $230,000.  
Not very fair or right to the buyer in any case.
Take a look at the property below:
              Sea Colony Short Sale
I work with many buyers and what I am seeing is people not being properly educated on the market here. Not just my buyers but most buyers in general are not being educated.
Sure there are alot of overpriced homes for sale. I have two in my neighborhood that are both $100,000 above what they should sell for. The sellers don't seem to care. One has been on the market for a year. Not a motivated seller. There are quite  a few of them out there.
I don't pay attention to the asking prices at all. It doesn't matter  what it is except for when I see an usual high asking price I see a non motivated seller or a seller in denial.
The buyer on the other hand has similar expectations and is not looking at the recent sales and is thinking the sellers are desperate and I see many ridiculous offers.  One you PO the seller with a ridiculous offer and it makes it that much harder to agree on a sales price as the buyer thinks you are just a bottom feeder.
Before making an offer, ask, has there been any offers before.
Do you home work and remember there aren't many great properties coming to market. The very best ones  move quickly and if a seller has a unique property don't expect to steal it as hew probably already had numerous other low offers.
This is one reason I see many properties sitting out there. Buyers are making low offers 25 to 30% off asking prices. Unless they have to sell and many of the sellers here have owned their homes for some time. They are into the home at a very reasonable price.

I tell my seller's if you sell your house today for that price what can you go buy to replace it?
Rentals- Bluffs Ocean South furnished - ocean views seasonal or annual. 2 bedroom 2 bath. Call for info.
Botanica - 3 bd/ 2 ba w/ 1 car garage. Unfurnished . $1,500 per month annual lease. Call for info.
Ocean Parks - 2 Bd/2 ba. Close to beach. Unfurnished.
1,200 per month annual lease.
             Click below to View Trendgrahix
                  Top Ten Report 
This week I added a few properties to my ten best list.
Looking for a beach home? Checkout Ocean Walk at $600,000. Large D model, shows great and priced well.
Horizon 5B went under contract in less then 30 days but the deal fell apart and is back on the market. SE exposure 3 bedroom. Great views
La Mar just listed at $399,000. Second floor direct Intracoastal with a boat dock available that will hold 25ft. boat. Lots of glass. Great views.
Looking for an inexpensive 2 bedroom with 2 car garage on one floor? All remodeled at $219,000. Take a look at Greenbrier in this week's top ten list.
Alicante in Juno Beach just went on the market. Gated beach community.
Waterfront in Juno Beach has been reduced to $995,000. Ocean views from east and west balconies. Jupiter Ocean Grande #707, only direct oceanfront in building 2 which allows rentals.  
                Jupiter Top Ten Report 
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Posted by Jim McLane on
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