Jupiter Oceanfront Condos
I did some data collection on sales in Jupiter Ocean Grande and you will be quite surprised of the results. There are just 5 condos active in the JOG and 4 of the 5 are 3rd and 4th floor condos. Lower floors are always much more difficult to sell. We saw two sales break the million dollar mark in the past 6 months with one just shy of $1.1 million. One of the condos sold at nearly the same price as it did it 2007 when prices weren’t far below the bubble market. The highest sales in here were just over $1.2 million at the peak in 2005/2006. We are rapidly approaching those prices again. The difference is they are not investors buying the properties but homeowners so we should not see a collapse as we did in 2006. The other key factor is the condos are now 9 years older and many are in need of some updating. Factor in they aren’t new condos anymore so the prices we are seeing are very similar to the peak of the market. The back buildings haven’t recovered as strongly as the front buildings but they are climbing rapidly. The most interesting fact was the large jump in prices over the past year of 15-20%. I went back to 2003 to see what the same units sold for vs today and the most interesting fact was over the 10 year span prices were up on average 33% or 3.3% per year. Remember that number as real estate historically rises 3-5% per year. So how will that effect future prices with prices jumping 15-20 % over the past year or so. Historically based over the next 9 years we will only see a 13-18% appreciation. Factors such as inflation, stronger buyer demand and limited inventory may change the averages but we should see much slower appreciation or a cooling off period for a bit. Good news for both buyers and sellers as a stable market is a better environment to work in.
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