Jupiter Real Estate
I attached both a graph and a list of Jupiter real estate information for the town of Jupiter above. It's broken down into single family homes and condos/townhouse communities. The graph goes back to 2008 with the red line being Jupiter and the blue line representing the rest of our MLS listings. You quickly notice that Jupiter prices for single family homes are nearly double the average of our MLS while condos/townhouse are about 25% higher. This goes back to the changing demographics of Jupiter as more full time residents are calling Jupiter home. We continue to see many new corporate companies coming to the North end of the County driving up demand for single family homes for families relocating. Our excellent Jupiter schools are also a large contributing factor to the demand for Jupiter homes. We are seeing average home prices here in Jupiter starting at $500,000 and quickly rising. This week I received a half dozen calls from people moving to Jupiter looking for single family homes to rent. They just couldn't find any under $3,500/month.
The condo/townhouse market has changed dramatically since 2008 as well. You can see the steep decline in condo prices from 2008 where we saw nearly a 50% drop in condo prices from 2007/2008. This is our affordable housing market which includes newer condos built during the boom of 2005/2006 which sold at crazy prices to flippers. That crash also had a tremendous impact on snowbirds condos as well. I remember my neighbor telling me he bought two one bedroom condos in Jupiter Racquet Club and paid $315,000 for each. I told him ten years ago that same condo was $45,000. It crashed down to just over $100,000 and today it's still only selling for under $200,000. Jupiter real estate continues to thrive in many communities.. Singer Island condos have also seen a strong rebound and Juno Beach condos are through the roof.
Our condo market in many cases has come back to 2008 prices and here in Jupiter many have come back to their peak 2006 prices. The demand for affordable homes has finally pushed the entry level condo market back with many 2 bedroom condos starting at just under $300,000. Many condo buyers are retirees priced out of single family living and younger couples where their parents are purchasing the condo or giving them the 20% down payment.
What lies ahead from here is the question we all ask? Locals are saying how much more can prices rise as they are being priced out of the market based on area wages. Palm Beach County and Jupiter is quickly becoming a high rent district. We are seeing buyers driven North. Last week I read an article with Orlando and Melbourne being the fastest growing areas in Southeast Florida. You can purchase new homes starting in the low $300's compared to Jupiter where you are looking at double the price for new homes.
Our interest rates have climbed a bit but still not enough to affect our housing market and I'm not sure if we will see increased rates this year or not. One thing I can count on is you won't see the appreciation we have seen in Jupiter over the past 20 years. When I first moved here you could purchase a condo in Oceanside Terrace for around $80,000. Today it is selling for around $300,000. That is quite an impressive return in 20 years. In the next 20 years will you expect to see that same condo sell for $900,000 + and match the appreciation from the past 20 years? I highly doubt it no matter how much demand there is for housing. Everyone needs a place to live so your home may not be the savings account it has been in the past.
If you have any questions about the real estate market feel free to contact me anytime. I'm happy to offer you any advice or point you in the direction to answer your questions.
If you or any of your neighbors are thinking of selling or upgrading to a new home feel free to contact me for a market analysis of your home. We offer professional aerial photos, video tours and outstanding web exposure.
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If you have any questions about the different areas feel free to contact me for information. I travel and sell the different beach areas so I know what each offers and what each lacks but I will give you my opinion and you can make your own decision.
Watch the new listings and especially the price changes in the coming weeks. Feel free to email me and I will setup a search for you so that you receive the newest listings and price changes that fit your buying criteria.
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.
If you are looking at new construction in the Jupiter area you may want to call me to save you money. Developers don't like to discount prices in new neighborhoods but I can negotiate allowances as well as offer incentives back to the buyer to save you money. Call me before visiting any of the new developments here in the area.
Top Ten Listings
Our top ten listings link can be found on the top left corner under recent Sold's. I added a few new properties this week. Some of the listed properties have sold and I'm constantly looking for great properties to put on my Top Ten List.
Take a look and see what new Jupiter condos & homes we have for sale. Several of our ten best properties are now under contract.
Don't forget to look at our other websites for Boca Raton condos or Hutchinson Island condos. Hutchinson Island offers affordable oceanfront living with a more relaxed atmosphere reflecting Old Florida.
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