Jupiter Yacht Club Foreclosure Coming to Market


Strong market in The Pointe at Jupiter Yacht Club makes this interesting

On April 9th under Case #2010CA000211 Guaranty Bank finalized a foreclosure process on Unit 202 of the Pointe in Jupiter Yacht Club. They outlasted a 3rd party bidder who went up to $625,700 before ending their efforts. One wonders if they should have given up so quickly as the banks final judgment was only $779,049.98 and the market in the building has been red hot.

Paradise Sharks YC

The real estate market in the building has been exceptionally strong over the past five months with sales numbers that are pushing those during the height of the market back in 2005/2006. In fact, if you take penthouse units out of the equation, there have only been three sales in the building through the local real estate community listed in our MLS over the $1,000,000 benchmark since 2005. Two of those sales have been over the last 5 months. We are still waiting for another unit to close that was listed at $1,095,000 and went under contract in literally days after hitting the market. One would presume that closing would also be over the $1M mark even though it had been listed at a substantially lower price up until December 27th of 2013.

Banks over the most recent past have tended towards pricing their assets above market value but this one is interesting. While three bedroom units have been under high demand in The Pointe Building at Jupiter Yacht Club the unit immediately above this foreclosed property has been on the market since December 11th with no takers. The list price has been dropped during that span from $1,150,000 to $1,095,000. So where the bank prices this one when they put on the market may create an opportunity. Or it may be priced higher than the current market will support now that the season is quickly coming to an end. We are sensing changes coming to the market over the summer months.

Paradise Sharks loves Jupiter Yacht Club and if you are contemplating a purchase or sale in the development please feel free to contact us for the highest level of marketing and most favorable pricing available anywhere. We truly are different….by design. Always interesting, always fun.

Fins up……….

Tom Priester
Principal Broker

Paradise Sharks Real Estate
Direct Line 561 308-0175
tom@tompriester.com

http://www.paradisesharks.com

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Tom Priester

After spending years among the top individual performers at one of Palm Beach County’s largest and most successful real estate brokerages, Tom Priester knew there was another way to do real estate. A better way. Real estate services focused on the customer. Like the old days when the customer truly was #1. He tired of listening to why he should be going out to have his customers sign one sided buyers’ brokerage agreements. He tired of hearing how he should be selling customers why paying higher commissions, like 7% and 8%, was to their benefit. He tired of hearing how he should sell his clients on why they should be paying hundreds of dollars in additional “transaction fees”. The business had slid way too far from being focused on the customer. His customer. So he decided the time was right to be different…..by design. To start his own unique boutique real estate firm truly focused on his customers. They will now have access to a process focused on them. Only the best marketing techniques to sell their homes. No cutting corners. Commission structures based on his clients needs not his. Paradise Sharks was born out of Tom’s passion to return this business to the customer. Where it belongs. If you want a real estate experience that benefits you, just give Tom a call at 561 308-0175 or send him an e-mail at tom@paradisesharks.com. You can always pay more and receive less but that just would not make any sense. Would it?

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