Jupiter waterfront homes 

 

Jupiter Home Report

 Welcome to our Newsletter   

This week we saw  Jupiter home sales  fall back from a high of 89 homes last week to 67 homes this week.  Inventory levels continue to fall and are down about 5% from just 6 months ago. Basically we are seeing a 1% per month drop in inventory and your choices are becoming slim. In this weeks solds you will see Xanadu had two homes sell. Both were $750,000 and higher. Two years ago you could have bought similar homes for $100,000 dollars less. Smaller townhome communities such as Jupiter1 , Sea Brook, Oceanside Terrace where you can walk to the beach for $250,000 or less are limited by inventory. In all three communities there is just 1 townhome for sale and it is a project. It is listed at $199,000 and needs $50,000 in renovation work. It is located in Sea Brook. In my 15 years here in Jupiter I can never remember where we had so few townhomes along the beach for sale. 

High end Jupiter luxury oceanfront condos are also difficult to find. If you have a million dollar budget and said I want an oceanfront condo with 9 ft ceilings, built after 1995 and anywhere from Singer Island to Jupiter Island I would have just 7 condos to show you for sale. Only 3 would be direct oceanfront with what I call true ocean views. This would be quite an easy day and you are spending a million dollars. Ponder that a bit and you soon realize how slim are inventory choices are in todays market. 

Take a look at the headline below from the Sun-Sentinel. Yes this agent is walking the streets putting door knockers on homes to try and get listings

             Real estate agents pounding pavement for listings 

                                       Jupiter Condos for sale 

 

Buying a new home and want to make Jupiter your new residence? There are many tax advantages to doing this. We have no state income tax and our property taxes are still less than New York and New Jersey areas. Once you close you may want to take your deed and go down to the courthouse in Palm Beach Gardens and file for homestead. The list of what you need can be found on the property appraisers website for Palm Beach County. With homestead, it limits the rate of taxable value your home can go up each year.  Lets say your $500,000 home goes to $1 million in 5 years. Homestead limits the annual amount of taxable appreciation to 3% per year or the cost of living index whichever is lower. The most your home could be taxed after 5 years is on the value of $579,000 even if the house is now worth a million. After 5 years without homestead your tax bill could be approaching $20,000 per year while homestead your tax bill would be just under $12,000 per year. This is a huge benefit to Florida residents.This is why you will see some of the tax amounts on similar properties vary greatly. If you have any questions feel free to contact me.  Before you buy that new Jupiter home look into homesteading the property as your primary residence.

Posted by Jim McLane on

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