Jupiter Real Estate Market

Juno Beach Condos

 As season winds down for 2016 and many snowbirds started home it's time to review the real estate market here in Jupiter. Inventory choices are still below what we have seen in the past and both buyer's and seller's are fighting over who is controlling the market. The number of new listings are growing which will increase buyers choices for homes. What I have seen this year is properties are either hot or ice cold and very little in the middle. The hot selling properties are the one's that have been updated nicely and require no work at all. Buyer's are willing to pay a premium for these properties and some of the prices are surprising me. Unique properties are also commanding top dollar and are seeing multiply offers. 
 
Even nice properties that have been updated in the past 10 years are struggling to sell. Buyers are going in and wanting walls moved, carpets changed out and updating to today's standards. If a property needs more than a few minor updates buyer's seem hesitant to make offers on these properties or they are throwing low offers out to sellers. The higher asking prices may have a bit to do with this as well.  
 
I am also seeing a lot more flips. They are very easy to spot with new kitchens and flooring. Some are updating just those features while others are updating everything. Many of these properties were bought in 2012/2013 at a depressed price and are now being flipped. They are commanding top dollar and are getting it in most cases as buyers don't want to do updates. 

                             

                      Jupiter Beach Condo Report

 
Along the beach we have seen a weaker than normal market in the million dollar plus condo market. We have seen just 6 condo sales over a million in 2016 and 3 recent contracts on million dollar properties. The greatest rise was in Juno Beach condos. The Beachfront at 530 Ocean Drive where a direct oceanfront condo recently sold for 2 million. This same condo just 4 years ago was a 1.2 million condo. Two Waterfront condos at 800 Ocean Drive in Juno Beach also sold at just over a million which was about a 20-25% rise from a few years ago.  The biggest surprise was Ocean Royale which usually sells several condos during season. We have seen only one condo sell at 1.2 million. Many of the asking prices in Ocean Royale are up over 50% from just a few years ago which could be a reason for the sluggish sales.
 
Even our newest buildings like Jupiter Ocean Grande and Ocean Royale are quickly aging. They are now 12 to 15 years old and many are now requiring updates. The best selling market seems to be the Jupiter Yacht Club condos which I can attribute to their prime location. Located walking distance to the new Harbourside Place on the Jupiter Riverwalk. You can now walk to more shops and restaurants than ever before which appeals to many condo buyers. The new Harbourside Place and the development of Love street should increase the values for many condo communities such as Jupiter Harbour, Jupiter Inlet condos and the Jupiter Dunes communities.   

We continue to see strong demand for prime properties here in the Jupiter area and even North along the coast up to Hutchinson Island.

                          Alton Place

This week I visited Palm Beach Gardens newest community, Alton Place on the corner of Donald Ross Rd and I-95 just across from Abacoa. I walked through several single family homes and townhomesThe three story townhomes are rather large with over 2,500 plus sq. ft of living space and a two car garage. The first level features either a den or guest bedroom option. The second floor contains an expansive kitchen with large center island and plenty of cabinets. The large living/ dining area affords you more room than most will need with a large slider and balcony. The third floor features all your bedrooms. The master features extra large closets and a master shower plus soaking tub.  All the windows and sliders are low-e PGT impact rated. 

The Alton Single family homes features single story homes from 2,000 sq. ft to over 5,000 sq. ft. two story homes. Prices start at $549,000 for the 2,000 sq. ft model and rise to over a million. The two home collections are the Park and Edge models. They feature several upgrades including a 3rd garage, bonus rooms over the garage and various different floor plans.

The community features three style of homes including a Contemporary, a Key West and a Spanish architecture. The community also features natural gas appliances which is seldom seen here in Florida. 

Alton Place features a resort style pool with walk in beach access and swim lanes. A fitness center with cardio room as well as an outside  beach volleyball courts, tennis courts and children's playground. 

Alton Town Center will feature restaurants, grocery stores and a home improvement center. You will also find a health club and numerous other retail stores. Feel free to call for more information.


                           Hutchinson Island Condos

This week I spent some time showing oceanfront condos on North Hutchinson IslandI continue to see a fair amount of new construction going on here. Tarpon Flats a new beachfront community seems to be going strong. There are several new homes under construction and the builder says demand is high. I have a home in Tarpon Flats in my 10 best listings this week. Along the ocean there are several new oceanfront homes being built as well. It seems buyer demand for Florida beach properties continue to remain strong. North Hutchinson Island is just a short ride to Vero Beach and many buyers are seeking this as an alternative option to the much more expensive Vero Beach. 

You can find Hutchinson Island oceanfront condos at just over $200 per sq. ft for direct ocean condos. Places like Hibiscus by the Sea offer access to beautiful unspoiled beaches starting at just under $300,000.  Oceanique offers luxury hi end oceanfront condos with over 2,700 sq. ft of living space starting at just over $500,000. Built in 2009 it is one of the newer Hutchinson Island condos. Come see affordable oceanfront living on North Hutchinson Island. Just a short ride and minutes to Downtown Vero Beach.  
Posted by Jim McLane on

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