Jupiter Real Estate
Jupiter Real Estate Market
Below you will see two graphs I use in my Jupiter report to track inventory levels and Jupiter home prices. The first graph shows inventory levels declining over the past year with new listings staying at a constant level until January 2017 where you see a sharp spike as our prime selling season begins. The sold listings continue to almost mirror the new listings numbers except for January 2017 where we see a small dip in sold properties.
Our Jupiter list prices continue to creep upwards until January 2017 when we see a flattening out. We will pay close attention to the median list prices over the next few months. We also saw a sharp spike in new list prices for January as more Jupiter high end properties hit the market. The graph we want to watch is the median sold prices which seemed to have peaked in June 2016 and have held pretty steady over the last 6 months. This is the plateau in prices I have been speaking of. With such a large run up in prices the market needs to take a breather and we will watch what happens from here. I’m still seeing strong price appreciation in the sub $350,000 market which is our entry level condo market here in Jupiter. Prices here continue to outpace the rest of the market as buyers look for affordable options.
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Jupiter Beach Properties
Being it is our snowbird season I’m going to look at the Jupiter beach area marketplace this week. Most of the buyers this time of year are looking for vacation homes and future full time homes.
Along the Jupiter beach we have just 4 properties for sale under $200,000. All are located in the Jupiter Ocean & Racquet Club and feature 1 bedroom condos ranging from 740 to 930 sq. ft. Jumping up to $300,000 we now have about 50 properties available for sale. The least expensive 2 bedroom is $229,000 for just over 900 sq. ft built in 1966. The vast majority of the condos in this price range are $275,000 or higher and are about 1,200 sq. ft.
Our least expensive direct oceanfront condo is listed at $399,000 and is a lower floor in Ocean Trail. Ocean Trail is the only Jupiter condo that sits on the sand. Prices quickly jump up from there and most ocean condos are now starting near $500,000 for 1,200 sq. ft of living space.
The high end luxury oceanfront condos are in short supply. Right now we have just 3 newer condos on the sand in Juno Beach for sale with the least expensive being just under 2 million. Yes, you read that right! The best deal in Juno Beach is our featured Ocean Royale Juno Beach condo at just under 1.5 million.
Inventory choices continue to remain scarce for ocean properties which is the reason we are seeing some of the highest prices in over a decade here along the beach. We have plenty of older condos with the 8ft ceilings but just a few of the newer condos with 9 ft. ceilings. This is one of the reasons we have seen such a rapid rise in the luxury oceanfront condo market as well as the cost of new oceanfront condos are all near 2 million or more.
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Jupiter Beach Homes
The Jupiter single family home market inventory is just as scarce with the least expensive home listed at $599,000 in Xanadu by the Sea. This will buy you just under 1,800 sq. ft ,built in 1985 and needing a complete update. It does have a pool. Prices quickly rise to $700,000 in Ocean Walk next door with many Ocean Walk homes nearing a million for a newly updated home. We have just 15 single family homes for sale under 1 million here in Jupiter near the beach.
Buyers looking for a decent 2 bedroom condo within walking distance to the beach should budget at least $300,000 and expect some minor updates to be needed. The most difficult option seems to be finding an updated walk in ready to go condo. They are in such short supply and in great demand.
Watch the new listings and especially the price changes in the coming weeks. Feel free to email me and I will setup a search for you so that you receive the newest listings and price changes that fit your buying criteria.
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Jupiter Pet friendly Real Estate
The demand for Jupiter pet friendly condos continues to be popular but limited inventory as well as very few condos near the beach allow large dogs. There are only 6 condos near the beach that allow 50+ lb dogs. Jupiter Ocean Grande, Jupiter I, The Estuary, Sea Colony, Villas of Ocean Dunes and Ocean Ridge in Juno Beach. The least expensive option is Jupiter I which gives you a 1,700 sq. ft townhouse walking distance to the beach. Prices start about $325,000 and go up depending upon the condition of the condo. Finding a pet friendly condo for a large dog can be challenging so many owners have to look at single family homes here along the beach.
I’m bringing people to pet friendly condos in Hutchinson Island. They seem to have more oceanfront condos that are pet friendly than Jupiter. Ocean House in Ocean Village is one such condo which allows large dogs. The aerials below show the condos and the beach.
Buying or Selling
If you are looking to buy or sell feel free to call me and see what your home is worth today or what is available for sale here in the Jupiter area. The most important thing you should do when buying a home is to watch the new listings each day.
Call me and I will setup a search for new listings for you. If you see a property that interests you call me immediately. I will go over and preview the property and give you a detailed description of what the property may need including A/C age or bad sliders. The property may look great with pictures only to find out that new kitchen is just a reface and not a brand new kitchen.
Remember an As/Is contract allows you to purchase a property with a 10 day inspection period. During that inspection period you may cancel the contract at anytime without a penalty. This should give you enough time to fly down and see the property without the fear of losing the property. Imagine flying down to make an offer only to find out the property sold before you got here.
New Construction
If you are looking at new construction in the Jupiter area you may want to call me to save you money. Developers don’t like to discount prices in new neighborhoods but I can negotiate allowances as well as offer incentives back to the buyer to save you money. Call me before visiting any of the new developments here in the area.
Top Ten Listings
Our top ten listings link can be found on the top left corner under recent Sold’s. I added a few new properties this week. Some of my favorites include 140 Cape Pointe Circle in the Bluffs, 1000 N US Hwy 1 in Jupiter Harbour, a complete over the top remodel. This Penthouse condo feels like a single family home with vaulted ceilings in the main living room and terrific views of the Intracoastal. This condo was stripped down to the bare walls with everything new.
Take a look and see what new Jupiter condos & homes we have for sale. Several of our ten best properties are now under contract.
Don’t forget to look at our other websites for Boca Raton condos or Hutchinson Island condos. Hutchinson Island offers affordable oceanfront living with a more relaxed atmosphere reflecting Old Florida.
