Jupiter Real Estate Report

   Welcome to our Jupiter Newsletter

     Another strong week  for home sales here in the Jupiter & Juno Beach area. We saw  62  home sales during the last week of August as we enter the lull before the storm. Season is just a few months away and I'm already starting to get calls from buyers coming down in September to see what is for sale. It should be quite an interesting year. Inventory choices are slim at best with most communities having only one or two condos for sale and many having none.

There are still a few  values out there but they are becoming more difficult to find. The market seems to have stopped and taken a breath so I am anxious to see what is going to happen with it. Many buyers are thinking we are going to have a slight correction or hoping for a slight correction, not sure which. 

I feel  we are going to see higher asking prices and a little larger margin between selling and asking prices. Right now we are seeing 95 to 97% ratios in most cases and the rare exceptions of less than that due to agents pricing homes way above what they should be priced at.

If you notice $200,000 isn't buying you much more than what a call an apartment condo now  in Jupiter. To get a decent beach area condo on the East side of US 1 expect to pay $250,000 or higher for 2 bedrooms. A recent Sea Brook came on the market at $215,000, all original and was under contract in a day. The Bluffs homes are now close to $500,000 for anything that is not original. Here in Xanadu the least expensive home is listed at $649,000.

Even Abacoa has continued to escalate in pricing with the least expensive single family home listed at $419,000. Sold two years ago for $305,000. I did see a beautiful Valencia home in Abacoa listed at $599,000 this week. Single story, 3bd with 3 car garage and small pool. The least expensive home in there by a few hundred thousand dollars.

A few factors that many people don't throw in the equation when comparing today's prices to 2006. The homes are almost 10 years older. Many are in need of updating. Many of the newer communities were just a few years old during the peak market.

Now the other side of the coin, buyers are homeowners and not investors. Many are cash buyers and are in for the long haul and not a quick flip. The investors of 2010 /11 are now selling their properties and heading North. The only market that worries me is the lower end condo and single family home market which are not cash buyers and many are putting down minimal monies. What is going to happen when interest do see 6% instead of 3.5%. On $200,000 to keep the same payment at 6% you will only be able to borrow $155,000. That's nearly a 20% lose in purchasing power. What that is going to do is rein in prices a bit and cause rental rates to explode.

New Jupiter Construction Projects

Yesterday I visited Hampton Cay in Palm Beach Gardens. It was my first visit to the community and the town homes were very nice. Great floor-plans, well appointed with many options and a slew of available options. The three models ranged from 2,181 to 2,556 sq. ft under air. I was most impressed with the Callista, which is the largest unit in the complex and also an end unit. The master bedroom is down and it has an 18ft living room ceiling looking down from the second floor with lots of windows for plenty of light. The base price for this town-home was around $450,000. Just to give you an idea of upgrade costs, the model kitchen  was a $35,000 upgrade, master bath was $12,000. You can easily get to $500,000 plus for this town-home or $200/sq. ft.  This town-home did not have any real outdoor space other than a small patio off the kitchen. The amenities were quite nice. The community is about 3/4's built out. New construction is the hot seller now if you have some time to wait.  

We do have a few new properties coming to market soon. A Sea Colony home as well as a country club community home. Will keep you informed once we have photos and will send them out to you first.

-Sellers it is a great time to sell your Jupiter home or condo. With inventory levels so low you may want to see what your home is really worth. Find your community on our website and you can see the recent sales over the past year as well as what is for sale now. To sell a home you need exposure on the Internet and we have some of the top ranking sites on-line. Sure advertising in the paper works but almost anyone you speak with says just Google it. Google Jupiter condos and visit me. You will get some of the best Internet exposure on our websites.                  

Buyers sign up to receive new Jupiter listings as they come to market. The best deals are gone within days in most cases and you may run into multiply offer bids. Do some research by looking on-line, use any of my websites for your daily searches. It will save your searches and email you new listings as they come to market. Don't be afraid to call or contact me for questions about specific Jupiter waterfront condos or homes. If you aren't seeing exactly what you want, pick up the phone. Anyone can show you a home but my years of knowledge is why you want to use me to buy Jupiter condos and homes.

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