Jupiter Real Estate Sales
This week we saw 100 plus Jupiter homes sell which is another record week for the real estate market here. I continue to be surprised by the strong market here in Jupiter as well as many areas of the Southeast coast of Florida. No matter where you travel along the coast the inventory choices are slim at best and trying to find a home can be difficult. We continue to see a strong market for rentals, especially short term rentals as potential buyers are finding it difficult to find that perfect home. Many are deciding to rent and continue their home search. I am amazed at the rental prices and the condition of some of the rentals. The Jupiter real estate market is better than its been for almost a decade.
Juno Beach Real Estate
The market here in Juno Beach has just gone crazy with oceanfront condo prices jumping dramatically for the higher end condos. Places like Ocean Royale have seen a 25% price rise in the last year. Cote De La Mer in Juno Beach had 3 oceanfront townhouses sell 2 years ago at under $900,000. They just listed one at $1.7 million. Two vacant lots in Juno are each listed at 1 million. We aren't talking oceanfront lots either. Juno Beach properties along the beach are setting record prices. I just saw a new listing in Brigadoon directly on the ocean at 1.1 million. The last similar sale was under $800,000. This is a 1980's building with 8ft ceilings and decent ocean views. A condo in the Waterfront in Juno Beach just sold for $950,000 and it was built in 1996 with 9 ft. ceilings. Juno Beach has become the hot spot in Northern Palm Beach County where everyone wants to live and there just isn't enough of it for sale.
Jupiter Beach Communities
The beach communities of Jupiter are facing the same problems of limited inventory and buyers are just waiting for the next new listing to come along. Right now we have just 7 - two bedroom properties for sale under $200,000. All are in either Villas on the Green or Ocean Parks. All are in original condition and need remodeling. I jumped up to $250,000 and we now have an additional 10 properties for sale in the same communities. The least expensive townhouse style home is now listed at $299,900. So if you want a nice outdoor patio to barbecue or relax outside you are looking at $300,000.
The least expensive single family home along the beach is now listed at $595,000 in Ocean Walk. This will buy you 1,750 sq. ft of living space with upgraded baths and otherwise original condition. There are just 13 homes along the beach road here for sale Jupiter. Ocean Walk has just 2 homes for sale in a community of nearly 200 homes. Choices? Not many.
Buyers are finding entry level single family homes hitting almost the $400,000 mark for anything over 1,500 sq. ft. Entry level condos are pushing $300,000 for similar size units. Thinking of upgrading or down sizing? In most cases it makes very little sense or is cost prohibitive.
Posted by Jim McLane on