Jupiter Condo Market Continues to Surprise

The upcoming season should be a “doozie”

How strong is the Jupiter condo market? The best locations are in high demand, with limited inventory and new opportunities tend to get snapped up very quickly. Take a unit at The Pointe building in Jupiter Yacht Club that was listed 10 days ago at $1,075,000 and in a week was already under contract. Almost double what the seller paid for it new in 2002. The list price was more than 100% above the county valuation attributed to the property when it was listed. Consider this same unit was listed for almost 7 months with no takers when that listing was canceled on July 7th for $1,045,000. The Jupiter condo market is strong with the best properties setting new price records. Buyers need to be prepared with a game plan to be successful.

Condo Sales

The Jupiter condo market is changing and the divergence I hear on a daily basis is as interesting as the numbers we keep on top of daily. We have to or our clients could not make fully informed decisions. As of August 15th condo sales in the northern Palm Beach County region were up slightly over the past 30 days matching the report we published on single family home sales just 2 weeks ago. Sales are also slightly above year ago numbers. All the while, pending home sales have dropped for 4 straight months in a rather dramatic fashion. Something has to give and the upcoming three months before our loveable “snowbirds” return will be interesting. Watch closely if you care about the Jupiter condo market as if you blink you never know what will happen.

Just like the pending home sales data there are plenty of contrarian signs but so far prices continue to climb and climb as inventory shrinks each month. One client told me a week ago “I have seen this in the stock market before and this is a blow off top. There is too much irrational behavior from both buyers and sellers and expectations are insane”. He feels prices are stupid and buyers are going to stop buying until the prices are more realistic. So far buyers are still buying but looking at the pending numbers his viewpoint is shared by many.

For now the demand from well healed international buyers and United States baby boomers has kept the Jupiter condo market very strong with prices hitting new highs in the best locations. There is new construction planned, and underway, in many Palm Beach County locations but prices will be higher and supply limited. The Palm Beach County Appraiser certainly thinks prices are heading higher as we see valuations on local properties increase almost 50% in some locations on numbers reported this week. Always interesting, always fun.

 

Fins up…..

Tom Priester
Principal Broker

Paradise Sharks Real Estate
561.308.0175
tom@paradisesharks.com

http://www.paradisesharks.com

Advertisements

Published by

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?

2 thoughts on “Jupiter Condo Market Continues to Surprise

    1. SpartaTodd,

      The real estate market is constantly changing and that is why it is so very important we keep a pulse on the metrics surrounding our market area on a daily basis. Our latest pending home sales and inventory numbers won’t be out for another 4 and 5 days respectively but can tell you that inventory in the north county area will be down again for the 6th straight month which points to upward pricing pressure. We are also expecting another drop in area pending home sales which points to downward pricing pressure. Ying and yang if you will. Sales have been strong, especially in the single family home market but those sales will be slowing considerably between now and the 1st of the year. The main question remains is the lack of quality inventory or waning demand the cause of slower sales. Higher prices to date point to inventory as the main cause. The new construction we are seeing in the high end is amazing with tear downs the latest craze. We were on Jupiter Island the other day and counted 12 major projects underway on the water. Never have we seen so much activity at one time. With major new projects coming on line we will have new inventory but prices in communities like Alton will make 2014 numbers look like a bargain. Again watch the numbers; we do and sold when they told us to in 2006 and bought again when they told us to in 2012. So far they are telling us higher prices ahead and until they tell us differently we are bullish. The most important for all buyers is to buy a home they can afford and will be an environment that will provide them, their family and friends the foundation for happiness and memories in the years to come. If their surroundings are a match to their needs and financial circumstances nothing else matters and the value of their home in the end in not all that important.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s