Jupiter area condo prices down for 2nd straight month

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by Tom Priester

Ever since the end of the election 13 days ago the markets have been nothing short of crazy volatile. The massive bond market sell off has pushed interest rates to the highest levels we have seen in a long time. Look for them to pull back as Paradise Sharks will remind you again that there is a sovereign debt crisis here in America and the rest of the world. A one point move in interest rates means another $200 billion dollars in annual carrying costs for America and frankly we can’t pay our bills now. One day the debt bubble is going to burst but probably not yet. If this is the start of that bubble popping hold on for the ride. But we do need somebody to start buying our bonds again and in my opinion the only way that is going to happen is the Fed keeps buying or President Trump shows very quickly that his promise of paying down our national debt in a “big league” way is reality and not just another campaign promise. It certainly isn’t going to be easy. But it will be very, very good for our bond rating.

condo-prices

These rising rates have buyers and sellers scrambling a bit and the first “post election” week brought a strong surge in pending home sales in the Jupiter area. Up 15% since the first of the month but we have seen them pull back a bit over the past few days. As of November 15th, the median priced condo in the Jupiter area has sold for less money for the second straight month to the lowest price levels we have seen since April.

Sales of condos over the past month in the Northern Palm Beaches were at the lowest levels we have seen since February. Some of this is seasonal but compared to last year condo sales this month were down about 10% from 2015 numbers. Pricing pressure remains to the downside but median condo prices in the Jupiter area remain 4.25% higher that one year ago. Look for sales and prices to be under pressure for the next 30 days.

If you are doing anything real estate this market can move quickly and every location and market segment is seeing different realities. Do complete research, interview at least three real estate brokers and make informed decisions. If Paradise Sharks can ever be of assistance we would love the opportunity to earn your business. Complimentary consultations are super easy to set up at 561.308.0175 or info@paradisesharks.com.

Fins up…….

#jupitercondos

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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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