Jupiter Homes for Sale
It is that time just before season when we watch and wait for new listings to start hitting the real estate market here in Jupiter. Owners along the beach that are interested in selling will be preparing their properties for the winter selling season. I continue to see both an increase in new listings and rising prices as well. With our limited inventory sellers are a bit more aggressive in their asking prices due to the limited choices available.
What is really surprising is how hot some communities are while others are stagnate. The Bluffs single family homes had 10 properties for sale a week ago and today their is only one left for sale. This sounds crazy to see 10 homes in one community under contract in a week. May buyers are driven their for the one level living, decent space and prime location. Ocean Walk along the beach has had a limited supply of homes for sale this year and I have seen record sales prices in both communities.
Many communities are still lacking any condos for sale and when a condo does come up it sells in just a few days. I myself have several buyers waiting for a condo to come up in a specific community. Many are waiting months just to be in the community they want.
If you take notice of the sales this month you will see that nearly 50% of the home sales were in the $200,000 to $400,000 range. This is definitely our hottest market and any exceptional properties in that price range are selling rapidly. If you are in this price range you must be very reactive and not hesitate when you see a property that catches your eye and don't think your going to steal it.
You will still see a few condos selling in the low $100's but there is always a catch. I hope you are 55+. They are a real bargain for someone just looking for an inexpensive winter retreat.
Along the beach we saw only 4 properties sell under the $300,000 mark and $215,000 in the Lakes at the Bluffs was the least expensive townhouse. Expect to pay nearly $250,000 plus for an original condition 2 bedroom townhouse in a place like Oceanside Terrace and close to $300,000 for a nicely updated unit. You will notice most of the Villas of Ocean Dunes condos that sold this week are $300,000 plus and are needing some work. They are West of US 1 near the Bluffs.
In Ocean Royale we saw a back building condo sell at $1.8 million. It had a complete remodel but just 18 months ago you could have bought in the front building for $1 million and maybe spend $300,000 to update it. A nice $500,000 profit for buyers just 18 months ago.
Out in Abacoa the smaller townhomes are selling close to $300,000 and the larger ones are $335,000 to $439,000 depending upon the age of the townhouse. Abacoa is always a strong market and buyers like the newer places as well as the amenities located around the community. Out here in Abacoa there are just 16 townhouses for sale not counting the Downtown condos. The least expensive single family home in Abacoa is priced at $449,000 and there are only 5 homes under $500,000 for sale in Abacoa. They are the smaller 1,800 to 2,000 sq. ft homes. Abacoa is the size of a small town here in Jupiter and is another hot community.
I think this season will be a season where we see record sales prices similar to 2006. Several Jupiter communities are fast approaching the records we saw back in 2006. The difference is we are seeing these prices for updated units unlike in 2006 where we saw record prices for units that were not always remodeled. We are fast approaching the record prices of 2006 but I'm still seeing some upward price appreciation for many communities here in Jupiter and the surrounding areas.
A few months ago I mentioned that Vero Beach was finally getting winter flights directly to NY/Newark and this week there was an article in the paper about the new flights. This reminds me of West Palm Beach Airport back in the late 70's where you rarely flew out of this tiny airport but look at it today. This will be a big boost for properties in Vero Beach and Hutchinson Island as the biggest complaint about the areas to the North has always been the lack of nearby airport. This will entice more snowbirds to the Vero Beach area and more affordable living as well as less congestion.
As you can see both homes and condos have similar trends. We continue to see less sales, fewer cash sales, fewer pending sales and less new inventory hitting the market. Median and average prices are up dramatically and days on market are falling. With the slowing of sales does this mean the market is cooling off? Not really as both sales and inventory levels have been cut in half. The same percentage of homes are selling but just more quickly and at much higher prices. Demand still remains stronger than ever even with the escalating prices. Buyers are having the "I can't miss the boat syndrome now" and be priced out of the Jupiter real estate market.
Excellent article on home prices in South Florida.
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Florida Home Sellers
Buying or Selling
If you are looking to buy or sell feel free to call me and see what your home is worth today or what is available for sale here in the Jupiter area. The most important thing you should do when buying a home is to watch the new listings each day.
Call me and I will setup a search for new listings for you. If you see a property that interests you call me immediately. I will go over and preview the property and give you a detailed description of what the property may need including A/C age or bad sliders. The property may look great with pictures only to find out that new kitchen is just a reface and not a brand new kitchen.
Remember an As/Is contract allows you to purchase a property with a 10 day inspection period. During that inspection period you may cancel the contract at anytime without a penalty. This should give you enough time to fly down and see the property without the fear of losing the property. Imagine flying down to make an offer only to find out the property sold before you got here.
Jupiter Rental Market
The Bluffs Ocean South- Furnished short term seasonal rental available January 1, 2016. Ocean views, walk to the Jupiter Beach.
Fully remodeled and shows beautifully. Southern exposure
$4,500/month for season. 90 day minimum.
All rentals are 90 day minimums due to the strong demand for seasonal rentals.
All rentals are non-smoking and no pets.
Top Ten Listings
Our top ten listings link can be found on the top left corner under recent Solds. We added a few new properties this week and price range from just under $200,000 to nearly 2 million. Take a look and see what new Jupiter condos & homes we have for sale.
Need a Ray of Sunshine this winter?
Click here to view Jupiter beach cam
Click the link below to view new Jupiter homes.
Ritz Carlton Power Broker 2012