This week we saw Jupiter home sales continue to rise to 66 homes from 61 homes last week. We should start to see a little lull in home sales in the next few weeks as we enter our quiet time of the year. I could be wrong but in the past this is our slow time. I continue to see strong sales at the Ritz Carlton in Singer Island as another 2 plus million dollar condo closed this week. We also saw quite a few waterfront homes sell this week again as demand for waterfront properties continues to be strong. See Loxahatchee Dr which was listed at $750,000 was raised to $850,000 in my 10 best list below.The Bluffs homes had 4 sales this week and the sales prices continue to climb in that neighborhood with 3 of the 4 homes at $400,000 plus. Today I saw an original condition home on the Ridge come on the market for $449,000.
Palm Beach Post News Article
South Florida housing inventory down 34 percent
The article is basically saying what I have been saying for the past year as I continue to watch inventory levels diminish and investors scooping up lower priced homes from first time home buyers. Banks are favoring short sales as they are getting more money from short sales then selling their foreclosures. Again I say short sales are the "deals" that everyone is looking for.
When you see a property you like and it is a short sale write a contract ASAP for a reasonable number and get the seller to sign it. At least you have the property tied up. Don't hesitate and don't try to steal the property. One, the owner will not sign off on the contract and secondly it doesn't matter what you offer. The bank makes the final decision. Sellers won't sign off on a sales contract if the price is to low because if the bank comes back with a number closer to asking price many times that buyer will walk and the seller is out looking for another buyer again. You will get a good deal but the banks are going to look at comps and not come off the appraisal. If the recent sales have been $240,000, $255,000 and $220,000 don't expect the bank to sell it for $200,000. It's not going to happen. The good news is the bank has no emotional ties to the property and it's just numbers to them.Posted by Jim McLane on