Jupiter Real Estate

Before we speak about Jupiter real estate and whats happening in the housing market I want to speak to you about other areas of the country and their real estate markets. I traveled last month and had an eye opening experience of local real estate out West. 

I happened to time the perfect vacation out West this year leaving just a few days before Hurricane Irma visited Florida and caused power losses, empty food shelves as well as gas stations without gas. Instead I spent a few weeks out in Colorado , Jackson Hole and Idaho. It was a wonderful trip and of course being in real estate I spent a fair amount of time looking at homes at every town we visited. I reached out to several local realtors and looked at various properties in different communities. I went from ski towns to suburbs and everything in between. I did find long stretches of farms and infrequent towns on our drive from Wyoming to Colorado and wondered how the pioneers traveled with horse and wagons.


Outside of  Denver in the Colorado suburbs I saw a tremendous building boom happening at every corner. Everywhere you looked you saw new developments in various stages of construction. Both large tracts of homes and single parcel homes being built. A similar townhouse you may see in Abacoa for $375,000 was priced similarly  or higher in many Colorado cities depending upon the city and the location. Many communities are building only townhomes due to the affordability factor of Colorado land. Infrastructure costs seem to be much higher out West than here in Florida.  Along many of the major highways we saw huge rental complexes that were recently built just as we see here in Florida. The real estate market is on fire out here with many new tech companies calling Colorado home. 


We also visited Jackson Hole and several towns just outside of Jackson hole. Here we found prices that gave me sticker shock.  Twenty year old townhomes near town started at $750,000 and new condos and townhomes were all a million or more. Let's just say a million dollars didn't buy you much there. 


Across the pass we visited Victor ID and looked at Teton Springs and Huntsman Springs, both golf course communities. Nearly twenty year old homes in Teton Springs were priced around $750,000 for just over 2,400 sq. ft of living space and a new homes in Huntsmans Springs started at just over a million for similar sq. footage. 


It made the Bluffs homes in the Ridge as well as  many Abacoa homes seem like real bargains priced at $500,000.  Both communities had many new homes in various stages of construction being built. The agent in Teton Springs said this was the best year we saw for sales of pre-owned homes and a record number of new homes being built. Inventory choices here were very limited as well with. They are seeing more new construction than remodels which we seem to be seeing here in Florida. 


After visiting the West our rising Florida prices now more than ever seem like a real bargain. After all we live in a beautiful area with plenty of sunshine and tropical winter days. Not only are we blessed with terrific weather but we are minutes to beautiful Jupiter beaches and crystal blue ocean waters. Everything you need is minutes away, from outdoor activities to fine dining and world class shopping.  

                                              Jupiter Homes & Condos

Back to Jupiter and what's happening here in our Jupiter housing market. Inventory choices are still the biggest challenge for buyers no matter what their budget may be. Both Jupiter homes and Jupiter condos are in short supply. Remodeling is going on in every different community you drive through. Owners are reluctant to sell in many cases and are staying put all while doing updates to their present homes. Rental prices still continue to climb as nice rentals are difficult to find. The other challenge we see are buyers have long wish lists and high expectations. Finding that perfect property is becoming more difficult. Their lists of wants and needs usually have recently updated homes high on their priority list. They are looking to do some painting and minor updates but not full remodel jobs. Unless the home is recently updated in the past few years many buyers are seeing it as a complete remodel being needed especially in the condo market. 


The  above factors have tended to slow certain segments of the market down. The entry level Jupiter home prices continue to rise faster than many other segments due to the lack of affordable entry level housing. High end waterfront homes are in short supply and new waterfront homes coming to market has been slow. Until the entry level prices narrow the gap between some of the more expensive homes we are going to see a softer median home market. The million dollar plus market and the entry level markets still seem the be our best markets. Both buyers and sellers have exceedingly high expectations and in many cases this is causing a slow down of sales and an increase of days on market for home sales. Different market segments  are acting independently  as buyers and sellers in various markets may have to move or may have time to move and can wait. It seems new homes coming up for sale are either selling in days or sitting much longer than expected with price drops until the buyers feel it is an attractive deal. Only time will tell what will happen in 2018.  

                                               Jupiter Million Dollar Homes

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Posted by Jim McLane on


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