Good news on affordability of Jupiter homes

Here at Paradise Sharks we watch what is going on with the local real estate market very closely. We have to if we want our clients to have the most accurate, up to date, information on which to base educated decisions.

Condo Rents with logo

Over the past month something big has happened with the median rental price of a Jupiter condominium. For the first time in 10 years, it has actually gone down. We field comments on a daily basis about the cost of housing in the Northern Palm Beaches. It’s expensive and buying a home is but a dream for many of our neighbors. The cost of monthly rent has forced people to Martin and St. Lucie Counties and long commutes which causes more traffic. There are no easy solutions to affordable housing and it is good to see the condo market doing a bit of self correction. Every little bit helps every budget.

The year after that big bubble popped in the real estate market here in Jupiter, the median price to rent a condominium was $1,200. Straight up it went year, after year, after year, to $1,700 in 2016. Until a month ago, we were looking an another gain in 2017 with the median price sitting at $1,725. But that changed over the past month and for now the 10 year climb in condominium rental prices has stopped.

As of this morning, the median cost of a condo rental is Jupiter is $1,650. Down 4.3% from a month ago. Down 3% from year ago numbers. Not huge drops, but something to keep our eyes on. It has been a decade since the median rent on a Jupiter condo has moved lower. Single family home rents are also down significantly over the past month but holding on to slim gains over 2016 figures. It’s a healthy sign and a tiny bit of help for those looking for housing here in paradise.

If you need help sorting out this giant real estate puzzle please feel free to contact Paradise Sharks anytime at info@paradisesharks.com or 561.308.0175. We are puzzle solvers and would love to be on your team.

 

Fins up…….

 

 

#affordablehousinginjupiter

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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?

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