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.
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.
Paradise Sharks Real Estate
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