Jupiter Real Estate 

January home sales remained strong as we started the new year for 2017 here for Jupiter Real Estate.  After reviewing some data, watching the market and speaking to agents it seems there are still a lot of buyers sitting on the sidelines waiting for that perfect property. For example of the 30 properties that went contingent in the last two days 50% had been on the market for less than 10 days. When a unique property comes up their are a pool of buyers waiting to scoop it up. A good example,  we put an offer in on a Bluffs Marina condo with a beautiful Intracoastal view, top floor and one of the most desirable locations in the complex. We made a full price CASH OFFER the 1st day.  Quick close, short inspection period, everything a seller wants. We lost the deal.


Last week a lakefront condo in Villas of Ocean Dunes hit the market and was gone that morning. All CASH! Never even got to get into the unit. It was sold! I had a buyer willing to pay Full ASK!


I'm seeing some record sales prices on several oceanfront condos as well. A Tequesta Towers condo at 400 Beach Rd on Jupiter Island was listed at $1.6 million and sold in 28 days. A 3rd floor condo in the Claridge at 19950 Beach Rd on Jupiter Island sold in 29 days and was listed at $2,999,999. These are hi end prices and we are still seeing them sell rather quickly.


On the other end of the spectrum I'm seeing properties sitting for 180 plus days and not selling. Many are overpriced, need work or a combination of both. They aren't selling. Some seller's are not being advised by their agents or they are not listening to their agents and their properties are sitting. If you have got to that point your property now has a stigma attached to it. Buyer's immediately ask what is wrong when the average property is selling in 90 days or less. 


There are some communities that are so hot and some that are ice cold. What is selling? Location! Updating! Buyers are really picky about locations more than ever. No one wants to update the property. Buyer's want new looking updates and will pay for them. 


The buyer's are there, they know what they want and can be choosy. They are looking for the best properties. Many seller's are not realistic about their prices or their home condition. Sometime you have to take the seller's out and see his competition. 


You are seeing more price reductions and I'm going to bet by the end of February you will really start to see more as season begins to fade away.  Buyer's keep an active watch on the price changes. Timing is everything in this market. 


Seller's need to come to the realization that if they aren't getting showings they need to reevaluate their sales and marketing. You really need to listen to the feedback from your showings and once you get an interested buyer make sure you engage with them. Many sellers are hesitant to counter low offers as they feel insulted. Take the emotion out of the equation. 

A friend called me last week for advice on a contract he received on his mothers home outside my selling area. He didn't want to counter and I finally convinced him to counter on the offer. He thought it was way to low. The buyer and seller finally came to terms a few days later. I explained to him there are 20 other properties in the neighborhood for sale. Are there 20 buyers out there right now? Don't lose your buyer!  


I had another potential customer call me regarding a condo they had listed in Harbour Isle in Fort Pierce. They were upset that they had only three showings in three months. I ran the recent sales, active listings and came back to them with a price that the condo should be listed at. I showed them 3 recent sales that sold at list or just below list right in the same building. They were asking $30,000 more than the three recent sales and $20,000 more than two similar condos that were for sale. Why aren't you getting showings? There are 60 condos for sale in the complex of 600 units. There are lot's of choices and you need to get the buyers in the door. If you overprice the condo you will be competing against condos with much better views. Buyer's buy condos for the views! The season is short and if you don't sell in the next two months you'll be drastically reducing your price or carrying it over the summer till next season.   

 Jupiter Homes for Sale

It may be a seller's market but the buyer's have patience. In the second home-vacation market we have buyer's who don't have to buy today. They have time on their side. They can wait for that perfect home or condo. This is one reason while so many new listings go under contract so quickly. They are there but can wait for the right property.


The real estate market is local in nature right down to the community and the individual property inside the community. Remember you have competition both inside and outside of your community. 





             Jupiter Pet Friendly Condos


The demand for pet friendly condos continues to be popular but limited inventory as well as very few condos near the beach allow large dogs. There are only 5 condos near the beach that allow 50+ lb dogs. Jupiter Ocean Grande, Jupiter I, The Estuary, Sea Colony and Ocean Ridge in Juno Beach. The least expensive option is Jupiter I which gives you a 1,700 sq. ft  townhouse walking distance to the beach. Prices start about $325,000 and go up depending upon the condition of the condo. Finding a pet friendly condo for a large dog can be challenging so many owners have to look at single family homes here along the beach. 


I'm bringing people to pet friendly condos in Hutchinson Island. They seem to have more oceanfront condos that are pet friendly than Jupiter. Ocean House in Ocean Village is one such condo which allows large dogs.              



Posted by Jim McLane on
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