Jupiter real estate sales; on your mark, get set, go….

It’s that time. The Jupiter area real estate market is going to pick up steam in a big way. Or at least it better. Season is here and for the next few months buying activity will be the best we see all year.

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The race to land the best opportunities is on, and quite frankly there just is not much quality inventory out there for buyers to look at. Competition for the best listings will be frantic. If a new listing hits the market, in move in condition, priced near fair value and professionally marketed it is not going to last very long. This is especially true for single family homes under the $500,000 mark and condo’s listed under $300,000. We just set up a search this morning for a Paradise Sharks client looking for a very specific opportunity. There is less than a 6 week inventory of properties meeting their unique criteria, which means any new, quality listing is going to sell in the blink of an eye. We have them hopefully positioned to win but it is not easy and a game plan must be clearly understood.

As of January 15th, inventory levels are up again over the past 30 days, for the 4th straight month. However, the total number of homes on the market today compared to a year ago is down by almost 9%. There is no reason to think a whole bunch of good listings will be hitting the market anytime soon. If demand perks up, as anticipated, the odds are extremely favorable for prices to start spiking.

Pending home sales in the Jupiter area fell again over the past 30 days and are down about 7.5% from one month ago. If there is good news, it is that the number of homes under contract is actually about 3% higher than year ago numbers and it has been a very long time since we have been able to say that. Last year pending home sales jumped over 39% between January 15th and February 15th. If we see that same kind of buying action, with limited inventory, prices are going to be heading higher.

As we tell you almost every single week, if you are playing the real estate game in the Jupiter area you must be making fully educated decisions or the odds of making an expensive mistake are high. Please interview brokers and ask questions. Paradise Sharks LOVE to be interviewed and you can reach us any time at 561.308.0175 or tom@paradisesharks.com. Be careful as the waters out there are getting rough and you might just want a shark by your side.

 

Fins up…..

 

#jupiterhomeprices

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Your 2018 bucket list when visiting Jupiter, Florida

We own and operate a boutique real estate brokerage and when we named our firm we were blessed to come up with Paradise Sharks. We truly live in paradise and always on the hunt, not only for great homes for our clients, but for places to enjoy life. The Jupiter, Florida lifestyle is world class and even though this list could be much, much longer we wanted to share some of our secrets with those who might be visiting for the very first time. If you are here for a week there is plenty of time and you will leave very satisfied and amazed. If you decide you want more of Jupiter Florida then we should talk.

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In no particular order here are 10 things that should be on your “must do” list while in Jupiter Florida;

  1. Watch the sun come up at Coral Cove Park – head over the south bridge to Jupiter Island, make the corner heading north on Beach Road and soon you will hit Coral Cove Park. Sure there is about 600 feet of Intracoastal Beach on the Indian River but you will want to make your way to the 2,600 feet of beachfront playground along the Atlantic Ocean. You want to get up early and be on the sand about 10 minutes before the sun rises. Bring chairs, bring Bloody Mary’s, bring mimosas, bring a croissant, bring whatever you want but set a spell. The sea is a magical place and watching a new day dawn among the limestone formations is a spiritual experience. Bring your suits and spend some time as life truly does not get any better.
  2. Snorkel under the bridge to Jupiter Island – Our inlet is so full of life those who do not take the time to look under the water are missing so much. Once again you will want to take Bridge Road over to Jupiter Island but this time stop short of the bridge and park on the shoulder. Walk down to the river from the south side of the road and again bring your chairs, towels, suits, music, snorkels, and bring frozen daiquiris or margaritas you are keeping cold in that amazing Engel cooler. You bought that because you know it is just another great piece of the Jupiter family. You are at Cato’s Bridge that is definitely old Jupiter. Just act like you know and you’ll fit right in. Get to know the tidal schedule as you want to go while the tide is coming in; about an hour or two before high tide. The water will be it’s bluest for the next few hours and your best snorkeling will be during the slack tide. The last time we were in the water here a huge manatee swam inches from my face. Watch the kids hanging and dropping as the draw bridge goes up. A little slice of old Jupiter, and that blue water which is a huge part of what Jupiter is all about. We use the Tides app for the most accurate information on the tidal schedules.
  3. Happy hour and dinner at Lynora’s – OK there are too many Italian restaurants in Jupiter but the food and ambiance here is what Jupiter is all about. Boutique Italian restaurant who has been blessing Palm Beach County with their food since 1976. The Jupiter location is amazing but you better arrive early. If you do not have a seat at the bar by 4:30 you will probably be shut out. The food is enticing and delicious as is the vibe. You might run into one of Jupiter’s biggest sports celebrity residents or a Paradise Shark as yu just never know who you will run into. We think great food is a huge part of living in Jupiter and Lynora’s is a top choice for an evening out. Uber there, drink a lot of wine, and Uber home. Thank Angelo and his team because you are going to have a blast.
  4. Canoe the north fork of The Loxahatchee River to Trapper Nelson’s – do this to experience what Florida once was. Start this journey at Jonathan Dickinson State Park that you will find on US1 between Jupiter and Hobe Sound. An incredible state park to explore but you want to go rent a canoe, or if you want to be a little less active there is a boat tour on the Loxahatchee Queen. If you want to be more active rent a paddle board. Everything you need is right here. Spend the day and head up to the end of the river at Trapper Nelson’s camp. The beauty, the history, this is old school Jupiter that too few ever see but maybe that’s a good thing. If you like to read then pick up a copy of Life and Death on the Loxahatchee. If you have the opportunity, read it before you make this trip. Highly recommend spending a few hours experiencing this amazing location.
  5. Check out the turtles at Loggerhead Marinelife Center – the turtles are a huge part of life here in Jupiter and a visit to this Juno Beach institution should be on your agenda while in town. AMAZING organization dedicated to the conservation of ocean ecosystems with a special focus on threatened and endangered sea turtles. They save turtles, they protect their nests, they even have eco adventures and enough programs to keep you busy for days. Stop by, check it out, and see what these people do daily to improve our sea, our world and the world of turtles. If you are a donating person then here is a group that deserves you digging into your pocket as this is a special place filled with special people.
  6. High tide at Blowing Rocks – get out the Tide app from your snorkeling adventure as you want to be here as we reach high tide. The Nature Conservatory has spent well over 50 years protecting great places in Florida and Blowing Rocks at high tide must be seen. Similar, but far more grand, to the limestone formations you saw at sunrise at Coral Cove can be found here. Incoming water is forced through these formations and you are going to want to get your camera out as the plumes can reach 50 feet and higher. Bring your chairs, enjoy the show. It is a good one.
  7. Cocktails and a little live music at the Square Grouper – We love to enjoy life and part of that is a cold drink, water, sand beaches, tiki huts and live music. No place do these things come together in a better mix. Alan Jackson filmed the music video to his massive hit “It’s Five O’Clock Somewhere” here and that is all we truly need to say. Things have changed since then and to me bigger is hardly ever better but they have done a great job of keeping this the best little (but bigger) bar in paradise. If The Helmsmen are in town and you can catch them they too are part of what is really good about the new Jupiter Florida.
  8. Lunch, dinner, anything at Captain Charlie’s Reef Grill – Head down to this landmark restaurant that remains pretty much how it has been for years and years. Ross has blessed us with this treasure by the sea that we hope never changes. Have the peppered blueberry tuna please. Nothing can tell you more about this funky place with amazing food than this Check Please episode featuring a younger Paradise Shark. Old Jupiter just doesn’t taste any better.
  9. Hang at the inlet in Dubois Park – on the south side of the Jupiter Inlet this is the place to reflect on life and the Jupiter lifestyle. Watch the boats come and go in what can be a very treacherous inlet. Look over to Jupiter Inlet Colony, swim in the lagoon but the best thing is to grab a seat, watch the boats, watch the water and relax. Life is indeed very, very good in Jupiter.
  10. Moonrise on Jupiter Beach – Nothing defines Jupiter more than our beach. Truly one of the most beautiful undeveloped stretches of sand you will find anywhere. Find a night the moon is rising after sunset by at least 1/2 hour. You will once again want your best beach chairs and some very good red wine. Spend a few hours, be thankful for what the good Lord has provided us. Decide right then to get involved and do your part to protect this amazing earth. We hope our Jupiter Town Council does their share here on the local level. If you feel like another donation then the Friends of Jupiter Beach is another most worthwhile organization. If you are here on a weekend they are doing a beach cleanup then go and make some new friends. If they are here they love Jupiter, are amazing people for giving back, and a big reason Jupiter Florida is so very, very special.

Jupiter Florida is an amazing place to visit and if you can get in as many of these as possible you will enjoy yourself even more. Jupiter is an even better place to live. Paradise is a choice and it you want to look into a more permanent place in the Florida sun Paradise Sharks would love to help educate you on your options. We publish weekly articles on the local real estate market that you can always read at tompriester.wordpress.com. Reach out to us anytime at 561.308.0175 or tom@paradisesharks.com. We love Jupiter and hope you will too.

 

Fins up…….

 

 

#jupiterflorida

Jupiter again tops list of Palm Beach Counties most expensive homes

Every year, about this time, we take a look at where prices for the median single family home moved in each of the 11 most active markets in Palm Beach County. Once again, Jupiter remains at the top of the list with a median sales price in 2017 of $470,000. This was up 4.7% for the year and while 6 of the 11 municipalities shown larger percentage gains, was good enough to keep Jupiter on top of the list.

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Last year, the Village of Tequesta was in the runner up position but they slid back 1 position to 3rd place, after annual gains of only 2.3% which was the lowest of all cities in the survey. Tequesta’s median single family home price for 2017 was at $450,000 up from $440,000 in 2016.

Replacing Tequesta in the 2nd place position was Palm Beach Gardens where the median price increased 7% to $460,000. Boca Raton moved closer to the three leaders with an 8.8% increase to $435,000 with no other communities reaching the $400,000 benchmark.

The largest gains were in the cities where median prices are the lowest as the market remains starved for entry level opportunities. For the year, almost 16,000 single family homes sold through the real estate community in Palm Beach County with the median sales price of $350,000. In 2016 that median price sat at $325,000 so a very strong increase of 7.7%.

Now let’s see what happens in 2018……….

Jupiter again tops list of Palm Beach Counties most expensive homes

Every year, about this time, we take a look at where prices for the median single family home moved in each of the 11 most active markets in Palm Beach County. Once again, Jupiter remains at the top of the list with a median sales price in 2017 of $470,000. This was up 4.7% for the year and while 6 of the 11 municipalities shown larger percentage gains, was good enough to keep Jupiter on top of the list.

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Last year, the Village of Tequesta was in the runner up position but they slid back 1 position to 3rd place, after annual gains of only 2.3% which was the lowest of all cities in the survey. Tequesta’s median single family home price for 2017 was at $450,000 up from $440,000 in 2016.

Replacing Tequesta in the 2nd place position was Palm Beach Gardens where the median price increased 7% to $460,000. Boca Raton moved closer to the three leaders with an 8.8% increase to $435,000 with no other communities reaching the $400,000 benchmark.

The largest gains were in the cities where median prices are the lowest as the market remains starved for entry level opportunities. For the year, almost 16,000 single family homes sold through the real estate community in Palm Beach County with the median sales price of $350,000. In 2016 that median price sat at $325,000 so a very strong increase of 7.7%.

Now let’s see what happens in 2018……….

Jupiter home prices gain momentum

A new year. A fresh outlook. Interest rates down for two straight weeks. The annual arrival of snowbirds and what that means for real estate sales in the Northern Palm Beaches. There is more good news about the economy than we have had in a very long time. The stock market is on fire early in 2018 after the Dow jumped 25% in 2017.

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The board is set for a strong real estate season here in the Jupiter area. Buyers of condominiums get started first with the strongest single family buying starting about 4 weeks later. What we do know is the strength of the market over the next 5 to 6 months is going to be as good as it gets. And right now things are looking pretty darn good.

The median single family home price in the Jupiter area increased slightly as of January 1st. That median price is now $439,550, up from the $436,160 we sat at on December 1st, and just slightly higher than the year ago number of $435,000.

So buying season is here. Median home prices are near 12 month lows and well down from the 2017 high of $479,000 reached back in September. Interest rates remain near historical lows with continued “promises” of how they are going up. Inventory levels aren’t exactly good and if demand gets stronger with limited supply, prices tend to move higher.

It looks to be a great time to find that home today, because odds are as time marches on, this year prices should be climbing higher. The biggest risk right now is interest rates actually going higher and that could take steam out of upward pressure on prices. It still looks like single family homes in the Jupiter area should be getting more expensive in the months ahead.

If you are looking, the game is not easy, and you will need a plan and a good coach to succeed. It starts with a detailed analysis of what characteristics, condition and location your target property requires. It takes patience and it takes lightning quick speed. You need a good analysis of value and condition. It’s a process that can make, or break, what you ultimately pay for your home and how happy you are going to be living there, which is the ultimate goal.

Please interview at least 3 professionals before deciding on a real estate broker to team with. As always, Paradise Sharks would be honored to be included, and you can always reach us at 561.308.0175 or tom@paradisesharks.com. It’s a fun game, if you play it right.

 

Fins up…..

 

 

#jupiterhomeprices

Jupiter real estate ready for the New Year

It always amazes me how quickly the years roll by. I always thought growing old would take longer. In 2017, the real estate market in the Northern Palm Beaches has been one with many twists and turns. Uncertainty, about what the future will bring, seems to be a way of life these days. Median prices, for both condominiums and single family homes will be up in the Jupiter area for the 6th straight year but have been trending lower as the year ended.

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Median condo prices were up about 5.8% in 2017, while single family homes gained 6.8% over 2016 figures. Solid performances, but prices have been dropping over the past few months and, as the year ended, median prices were well down from the 12 month averages.

The number of properties that sold last year also fell and it will be the second straight year that sales volume declined for both condos and single family homes.

Pending home sales in the Jupiter area have declined in 7 of the last 9 months and are down another 5.1% over the past 30 days. The number of homes currently for sale also dropped 5.1% from where we stood a month ago. Compared to year ago figures buyers have 8.4% fewer properties to select from.

So far interest rates for mortgages have remained unaffected by the 3 Federal Reserve rate increases of 2017. Talk about uncertainty, as the average overnight rate on a conforming 30 year mortgage sat at 4.16% right before the Fed made their first increase back in March. After raising their prime rate 75 basis points last year, mortgage rates have gone the other way and today sit at 3.85%.

So, we head into the best buying season with median prices that have been pulling back, inventory levels are not good and historical buying trends point to our highest demand for both condos and single family homes just around the corner. Interest rates remain low but most projections show them moving up to at least 4.5% at some point in 2018. Affordability remains a concern with the median price of a single family home in Jupiter sitting at $470,000 for 2017. If interest rates climb, can prices move higher? Certainty. Hardly.

The stock market has been even more bullish than real estate with the Down Jones up last year by an amazing 25%. It was the 7th increase over the past 9 years. History tells us that nothing can go straight up but with the recent new tax plan passed by Washington, everything looks pretty bullish at the moment. One look at the national debt and uncertainty certainly creeps back into any picture of what 2018 may bring for stocks, and real estate. And uncertainty.

One thing that is certain and that is both buyers or sellers of real estate should be seeking knowledge whenever making decisions about any property. Paradise Sharks takes great pride in educating our clients to ensure they take as much uncertainty as possible out of the equation. If we can ever be of help please feel free to contact us at tom@paradisesharks,.com or 561.308.0175. Here is to a 2018 filled with good health, much happiness and as much certainty as possible.

 

Fins up…..

 

 

#jupiterrealestate