Jupiter Real Estate 2019
Jupiter Real Estate 2019
Searching for properties can be exciting and challenging. See what’s happening in the Jupiter real estate 2019 market. Are home prices falling, rising or staying the course? Jupiter homes may be a different market than Jupiter condos. New construction homes in Jupiter may be selling faster than older homes even though they are more expensive. New communities such as Sonoma Isles and Jupiter Country Club are pushing our boundaries West. Tear downs along the beach are becoming more prevalent as older wood frame homes are being replaced with new CBS homes. Here is where you will find the trends of our Jupiter real estate market.
Florida Real Estate Trends
Florida use to be a retirement destination for people from the Northeast to either snowbird or move full time here to the area. The demographics are changing as new industry is moving here and Florida is inviting industry to the area. Many are white collar upper scale businesses that are relocating from more expensive areas. We still have a fair share of snowbirds but more corporate and family buyers are looking for Jupiter Luxury Homes that are usually over 3,000 sq. ft which is a far cry from older homes and condos that were much smaller.
The average condo built before 2005 was around 1,200 sq. ft while most homes were rarely over 2,000 sq. ft. The newer homes and condos now dwarf the older units catering to more full time buyers. Right now the Jupiter single family home market is hot as condos are just not big enough for the average family. Places like Sonoma Isles start at 2,500 sq. ft and a price of nearly $800,000. But buyers like the new home styles with tall ceilings, white cabinets and a cleaner modern look. The condo market has been sluggish as both prices and carrying costs have eliminated them has affordable vacation homes. The entry level Jupiter oceanfront condo has taxes of $10,000/year plus another $12,000 /year in condo fees. It’s basically costing you around $24,000/year even if it is paid for. You can rent the same condo for $16 to $18,000/ year for the 3 months you will want to be here. Put the $500,000 in the bank at 2% and it is costing you $8,000 for those three months. You can see why the rental market is so strong.
Our Jupiter Market report is published monthly and has lots of important information about the Jupiter real estate market. Sign up on any of our websites.
