Jupiter Real Estate Market Report

This week we saw 70 plus Jupiter area homes sell which is another good week for the real estate market.  What a way to end another strong selling season. I thought we would see a slow down in the market but I continue to get calls and requests from both buyers and sellers alike. Sellers it's a good time to sell with a limited supply of homes and the recent price increases. Buyers are having a difficult time finding that right property and are getting frustrated looking.  Both have to be patient. Sellers who want that top dollar may have to turn down a few offers and buyers have to be more aggressive with their offering prices when they find that right home.  I think we are going to see a slight flattening in prices in most communities unless you have some special property that is very unique. Some of our home sales are hitting near record sales prices similar to 2005/2006 bubble. I don't expect this  bubble to burst anything like the last time  but a slowing in price appreciation over the next few years much more in tune to trends of the past with a 3 to 5% annual price appreciation on properties.  

We are seeing a few great deals hitting the market but single family homes are now averaging $500,000 plus for newer homes. Some communities like Juno Beach and Jupiter Inlet Colony are seeing extraordinary prices for higher end homes and condos. The lower end condos in Juno Beach have seen a rise in prices but not anywhere near the percentage of the higher end buildings. These smaller communities have become highly sought after for high end buyers.

Newer oceanfront condos in Jupiter, Juno Beach and Singer Island are all starting at a million and rising quickly from there. Many are pushing the 1.5 million mark and seem to have settled there. Thank goodness for cash buyers as banks would never appraise some of these properties for loans with the rapid price appreciation we have seen.

All the Bluffs homes listed under $500,000 are under contract and they were all listed between $429,000 and $499,000. The lakefront home in there actually was listed for nearly 3 weeks before it went under contract. Six months ago that home would have sold in a day and been priced $50,000 less.

Two of the five homes for sale in Jupiter Key went under contract in the past few weeks. 144 Jupiter Key Rd was purchased in April 2014 at $625,000 and is now listed at $815,000. The seller is looking for a 30% profit margin for the year. You can see what has happened in this market over the past year.

Can it continue at this pace?  I just don't see how. I saw a similar sized home as the Jupiter Key home above listed on South Hutchinson Island. It was walking distance to the beach and listed at $349,000 with a pool. I know the demand for Jupiter is strong but eventually as prices rise many buyers will have to look at alternative options to live or lower their expectations.

In Xanadu by the Sea we have 7 homes for sale and we have just 63 homes in the community. There are more homes in Xanadu for sale than in all of the Bluffs which has about 900 homes. Why? I think even though every home in the Bluffs is identical which many buyers do not like they offer single story living and  CBS construction.

The exterior appearance of the Bluffs homes are meticulously maintained. Fresh paint, pressure cleaned driveways and landscaping all are factors in the buyers minds.

                          Abacoa Real Estate

Abacoa real estate is always a great benchmark for what is happening in the normal real estate market which consists of mostly primary home buyers and not second home buyers looking for a winter vacation home. We saw several of the smaller 1,500 sq. ft townhouses sell at $285,000 and $290,000 which are almost nearing that $300,000 mark of nearly $200/ sq. ft. The larger townhouses which are the more popular models with the two car garages and outdoor living space had sales of $315,000 to $349,000 in Martinique. This should push the Mallory Creek and Windsor Park townhouses to $350,000 and higher. Just 18 months ago that same townhouses in Mallory Creek was selling at $320,000. This is a 10% increase in 18 months.

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• Jupiter condos (36)
• Jupiter homes for sale (23)
• Jupiter beach condos (15)
• Jupiter beach homes (5)