Best neighborhood in the Palm Beaches – Tequesta

OK, so Tequesta isn’t officially a neighborhood. It’s a Village that was incorporated in 1957 and those of us who live here know just how lucky we are. The  public schools are among the best in the area, the beaches are pristine, the water is blue and there is a genuine warmth to almost everyone you encounter. It’s a slice of old Florida that isn’t easy to find. This quiet enclave sits at the northernmost tip of Palm Beach County or the southernmost tip of Martin County. In Tequesta, your home may be in Palm Beach County and an adjacent property may sit in Martin County. This fact adds to the mystique and diversity of what might just be the best small town in either county. 

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Almost anyone looking for a home can hit their price point in Tequesta. There may not be a lot of property listings to select from so buyers need to be prepared with a game plan and understand the current market conditions. At this moment, the inventory of available homes in Tequesta, based on 12 month sales volume, sits at 3.3 months. This is considerably lower than the overall Palm Beach County inventory that sits at 4.9 months. To find the right home in Tequesta is not an easy undertaking.

Prices of homes in Tequesta, sold through the real estate community over the past year, have ranged from $60,500 to well over five million dollars. Like I said, almost anyone looking for a home can find their slice of paradise in Tequesta. Part of what makes Tequesta special is the backyard. You see, last year well over half of the properties sold in Tequesta were built prior to 1980. Only about 11% of sales were of properties built after 2000. Many of those sit on lots where older homes were demolished. Almost everything was developed well before developers learned how to squeeze more onto less. 

To me, being outdoors is what Florida living is all about and Tequesta’s backyards invite one to get outside. Even though my childhood years are well in the rear view mirror, I can still hear my mom informing me I wasn’t going to be a “hot house tomato”. She chased me outdoors and that’s were I stayed. Tequesta’s back yards are as varied as the real estate prices. That $60,500 condo sits in a community that borders on Jonathan Dickinson State Park whose 18 square miles has the amazing North Fork of the Loxahatchee River run through it and 16 different natural communities with a vast array of plant and animal life. Talk about a back yard. That $5,200,000 residence has a backyard perched above the Intracoastal Waterway with amazing views over to Jupiter Island. Turquoise waters rush by twice each day, the boat is ready to go and the inlet to deep water is exceptionally close. That’s a back yard to spoil anyone with no hot afternoon sun beating down on you.

As if the backyard wasn’t enough, there is an abundance of walking neighborhoods with sidewalks that aren’t just for looks. They get used. A lot. People don’t come to Tequesta to get locked up inside a giant house. It’s an active bunch who prefer to be outdoors. The walkable streets with neighbors meeting neighbors remind me of a simpler time. It’s about as close to Mayberry as one can find in South Florida.

Tequesta is upscale but laid back. The median single family home price, so far in 2018, sits at $475,000 but the median list price is currently $895,000. Education and a complete understanding of current market conditions is the key. Many 1970 era structures are just begging to be brought back to life. There is a unique charm about the Village of Tequesta. From one of the most historic golf courses in Palm Beach County to the amazing rock formations on the beach at Coral Cove, it truly is about the great outdoors. Tequesta style.

We have lived in the area for many years and run a boutique real estate brokerage servicing all of Palm Beach and Martin Counties. Paradise Sharks takes great pride in ensuring our clients are educated and make informed decisions whether they are buying, or selling. Whenever doing anything real estate, it is in your best interest to interview at least 3 real estate brokers and ask a lot of questions. Paradise Sharks loves to be interviewed and you can schedule yours anytime by contacting us at tom@paradisesharks.com or 561.308.0175. We promise to save you money, a high level of customer service and to ensure you make educated decisions.

 

Fins up……

 

 

#tequesta

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Condo prices continue to rise in the Northern Palm Beaches

For the third straight month, the median price of a condominium in the Northern Palm Beaches has become more expensive. As of May 15th, that median price sits at $237,250, which is a 6.5% increase above year ago numbers. Jupiter condo prices are even higher than the regional numbers with the median sales price today sitting at $292,500.

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Seasonal buying is pretty much over, so demand slows. Inventory levels also tend to fall during during the summer months, so the interplay between supply and demand gets confusing and where prices go from here over the next few months is anyone’s guess.

Interest rates are up and threatening to move higher. The economy is churning along with the stock market once again gaining momentum, but, like housing, prices have somewhat stabilized. Housing affordability remains a concern. Rental rates on single family homes in Jupiter have pulled back slightly so far in 2018, but rents on Jupiter condos are up again for the eighth straight year. 

With the inventory of resale homes at low levels, especially ones in good condition, we look to new construction for answers. But material costs for developers continue to increase as does the cost of raw land. To keep margins where they need to be, that land tends to be off the beaten path, or very expensive. In Palm Beach Gardens Alton neighborhood, developers sales that have been entered into our Multiple Listing Service over the past 6 months closed at a median price per livable square foot of $234 compared to $216 in the overall market.

If you want to see what off the beaten path looks like, take a trip out to Arden in Wellington where one of the amenities is a 5 acre community farm. The median list price per square foot of homes listed on the MLS in Arden is currently at $152. Pay attention to lot size if being outdoors enjoying the Florida lifestyle matters to you. That Alton home doesn’t have much outdoor space while that home in Arden will probably give you a lot size of 7,000 SF+/- and back up to something with privacy or view. Location, quality, size, age, buyers have very significant decisions to make in this market.

Remember, with new construction do not go it alone. Paradise Sharks takes great pride in giving our clients a credit at closing, on any developer sale where we are your broker, equal to 50% of the total commission we are paid on that transaction. That alone can be many thousands of dollars and help pull new construction costs down. Call us anytime and ask about our New Construction Splash program.

When the rains stop, and that glorious sunshine returns, it will be a great time to get searching for that perfect home. Remember, when doing anything real estate, interview at least 3 brokers and ask questions, lots of them. This is a market, whether you are buying, or selling, to  be educated. If Paradise Sharks can ever be of help educating you it’s super easy to reach us at tom@paradisesharks.com or 561.308.0175. Not only do we love to educate, we love to provide our clients awesome customer service all while saving them money. It’s what we do; adding value to every transaction we touch.

 

Fins up…..

 

 

#jupitercondoprices

Million dollar home sales fuel Jupiter market

Those who follow Paradise Sharks know that twice each month, on the 1st and 15th, we publish a detailed look into the Northern Palm Beaches real estate market. Like clockwork. We may have had an article delayed, but never had one missed. Two weeks ago today, I was laying in Mount Sinai Medical Center in Miami Beach after undergoing a 5 hour surgery the previous day. We missed an article and for that I apologize. 

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The best news is my cardiologist here in Jupiter yesterday was blown away by how quickly my scars were healing. He told me I was doing exceptionally well and in much better condition than you would typically expect only 2 weeks from a major surgery. I am blessed, feeling great and ready to catch up and move forward with my mission of ensuring everyone in Palm Beach and Martin Counties have high quality real estate services available that are focused on their goals, not the real estate brokers. We strive to add value to each transaction we touch.

Season is over, sure there are a few seasonal visitors still around, but the vast majority have pulled out by now. Real estate sales start to slow down and inventory levels also tend to shrink. It’s summer in Florida, things need to slow down a bit. The local market is doing very well and we can thank those buying and selling homes with a value of $1 million dollars or more. It is an exceptionally strong segment of this market and helping to drive prices to brand new record highs. 

Consider than the number of homes that sell for a million dollars or more have increased each and every single year, for the past nine years. In 2017, the number of these homes sold was the highest ever, breaking a record that had been on the books since 2005. But the mind blowing numbers are we are up 16.5% higher so far this year compared to last years record pace.

Million dollars home sales drive markets and that is why we watch them so closely. At least we do here at Paradise Sharks. When million dollars home sales are rising, so typically are prices. So far in May, the median single family home price in the Northern Palm Beaches is up another 2% and firmly above $500,000 for the first time in history. Interestingly, median condo prices are relatively flat this month after an 8.8% run higher so far this year.

Pending home sales go down every year in May. At least they are supposed to. But not this year as since May 1st they are actually up. As of this morning, they are up 1.4%. We also expect the number of homes on the market to pull back this month and they have. But not by much.

This market is tricky. The right properties are selling quickly for record prices. In other neighborhoods and communities we have some stale listings in questionable condition. Million dollar home sales have been driving this train. Being educated about what is driving the market behind each property is key to making wise decisions. Paradise Sharks loves to educate so if you have any real estate problem you need assistance solving please reach out to us. We are easy to contact at tom@paradisesharks.com or 561.308.0175. And if yours is one of those million dollar plus properties you won’t believe the money we will save you.

 

Fins up…….

 

 

 

#jupitermilliondollarhomes

Northern Palm Beaches homes continue to get more expensive

Let’s face it. The economy is on better footing than it has been in many years. The stock market seems to have gained momentum with unemployment now under 4% for the first time in eons. When people are happy with their job, comfortable with their future, it’s a boom for housing. 

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While home sales in the Jupiter area have not been robust, they have been solid, and properties selling for a million dollars or more are breaking record, after record, after record and remain at all time highs, far above last year’s record breaking pace.

Keeping things in check is inventory, as the number of homes for sale in the middle of May are at the lowest levels we have seen since 2015. The quality of that inventory, at many price points, is questionable and to find things “done right” is an expensive venture these days. Interest rates have been on the rise and most experts expect them to head even higher. 

While job growth has been fantastic, many argue that wages are not keeping up and affordability in places like Jupiter is a big problem. At this moment, in Jupiter, if you are looking for a single family home to purchase, you have a total of 421 to consider. In a town where 1,217 homes have sold over the past year that just isn’t much inventory. With the median list price of a single family home sitting at $749,000 affordability concerns arise for most buyers. Over the past year, the median sales price has been $490,000. You start to see some real affordably issues as you start unrolling all of the numbers.

As of May 1st, the median single family home price in the Northern Palm Beaches is up once again for the 5th straight month and currently sits at $497,500. That, my friends, is for the median single family home which means that half the homes that recently sold closed at higher numbers. Finding a single family home constructed of concrete block for under $200,000 is an almost impossible proposition and buyers need to be positioned for any really good opportunity.

Pending home sales are down over the past month, but stronger than expected. Inventory levels are also down, but also higher than we would expect, if we follow trends from a historical view point.

If you are doing anything real estate, please seek education. You need an advocate who cares about your goals and here at Paradise Sharks we strive to add value to every transaction we touch. If we can’t save you money, quite frankly, we have not done our job. If we can ever answer any real estate related question please contact us anytime at tom@paradisesharks.com or 561.308.0175. The right home is out there, we just need to find it.

 

 

#jupiterhomeprices

 

Median Jupiter area condo price hits $235,000

If you have been watching real estate prices in the Northern Palm Beaches you know all about the steep climb they have been on. As of April 15th, the median price of a condo in the Jupiter area is up to $235,000. That is an 8.8% jump since December 15th, which is more than a little bit significant.

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There are many things we can point to that have helped push condo prices to the highest levels we have seen since 2007. Season is here and spring is when we always see our strongest buying. Inventory is not good, so buyers have to compete for the best listings, putting sellers in control, and prices moving higher. Interest rates have been steady for about 10 weeks, after the big jump we saw between November and March. Most signs point to even higher rates ahead, so buyers who are financing see the urgency to buy now. Interestingly, after two and half months of calm, we are seeing interest rates move strongly higher so far this week.

Even so, median condo prices in the Jupiter area are 16% below the all time highs we saw back in the bubble days. While inventory levels, on the surface, are poor, there are still opportunities out there that quite frankly surprise me. An amazing,  professionally remodeled unit in an oceanfront building that should have disappeared with seasonal buying. A community within steps of the oceans edge where inventory levels are at 12 months and pricing is not a problem. A single family boating community where square foot list prices are below recent sales with solid homes still searching for a buyer. 

While prices of condos have been moving substantially higher, it’s the single family market where the real action has been. Recent moves have pushed the median single family home price above the $500,000 mark for the first time in history. The old “bubble” records have been taken out with median single family home prices that have soared about 15% since December.

Be careful out there as the real estate market is in a tricky spot right now. Make sure you are fully educated about any property you are making a decision about. The economy looks stronger than it has in many years yet pending home sales in the Jupiter area are lower this year than we have seen in eons. Home inventory levels so far have increased a bit in April and that never happens. 

Always seek knowledge and don’t get sold. Interview at least three brokers and ask lots of questions. Real estate is expensive, mistakes in real estate are expensive. If Paradise Sharks can ever help you not make mistakes, please feel free to reach out to us anytime at 561.308.0175 or tom@paradisesharks.com. We have been doing nothing but building and selling real estate for decades and would love to get our experience working for you.

 

Fins up……

 

 

#condosinjupiter

Jupiter home inventory poised to tumble

If you are out there looking for the right opportunity in today’s housing market you need to be well prepared and educated. Interest rates haven’t moved much in 10 weeks. Median prices for single family homes in the Jupiter area have been climbing and have finally taken out the old 2005 highs. Condo prices are up about 10% since the beginning of the year. The economy keeps chugging along, but finding a good home to buy is not an easy task.

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Prices have been moving higher and many sellers have been testing the market with even higher prices. Affordability remains a huge concern and buyers, at all price levels, have been forced to throw the budget out the window to find what they want. Buyers had been in charge and even today we see 8.9% of Jupiter single family home sellers lower their list price over the past week. But buyers are starting to reach and the limited inventory, paired with strong seasonal buying, has moved prices sharply higher. Median single family home prices in the Northern Palm Beaches are up almost 15% since December. These are big moves and unsustainable. Sellers have started grabbing some control.

With Easter over, April half over. and the temperatures starting to rise, the season is heading to a close. For home buyers that means both bad news and good news. The good news is pending home sales will start too fall and there will be less competition. The bad news is we are headed for a lengthy stretch of tumbling inventory. There will be less supply and it won’t get better for Jupiter home inventory until perhaps September. Finding a suitable home at the right price will not get any easier.

As of April 15th, the number of homes in the Jupiter area that buyers have to choose from has fallen slightly over both the 15 day and month over month time lines. Unless the market holds a big surprise, we are going to see a sharp drop in home inventory in the months ahead.

If you are selling, you need to be careful to not overprice, but also do not want to leave money on the table. If you are buying, you need to be set up to immediately be notified of opportunities that match your unique goals and be prepared to act quickly when the right opportunity presents itself. Paradise Sharks has our 4.5% maximum commission special available throughout Palm Beach and Martin County through May 31st. We would be honored to sit down with you and review your goals, whether you are selling, or buying, and show you the value we add to every transaction. Contact us anytime to set up your complimentary consultation at tom@paradisesharks.com or 561.308.0175.

 

Fins up………

 

 

#jupiterhomeinventory