Jupiter Real Estate
Jupiter Real Estate
Our Jupiter real estate market continues to show strong numbers with over 200 sales during the last two weeks of May. Our biggest problem continues to be inventory choices and overpriced Jupiter properties. Many buyers are waiting for properties to hit the market while others have given up their search for one of several reasons. They have become tired of looking, prices have risen above their budgets or they just can’t find a property that meets their expectations. Prices have reached levels last seen back in 2006 in many communities except for the low end condo market where financing has crippled their appreciation. The $200,000 market is long gone and most entry level places are reaching the $300,000 plateau. New construction is well over $250/ sq. ft for basic homes. Average used Jupiter single family home prices are starting near the $500,000 mark and new home prices are $650,000 or higher.
Along the beach we saw several properties all break the $300,000 mark in communities like Oceanside Terrace, Ocean Cove and Sea Brook. Right now in those three communities we have only two Jupiter properties for sale. There are nearly 400 total properties in those three communities or about 1/2% of total homes are for sale. This is an excellent example of our inventory problems we are facing. This is our entry level market along the beach which buys you a 1,200 sq. ft townhome walking distance to the beach.
[idx-platinum-widget id=”17032-25678″ ]
Jupiter Oceanfront Condos
Our oceanfront condo market isn’t in much better shape for inventory with prices starting about $450,000 and the luxury oceanfront buildings are all over a million now. Most of the better buildings are $1.4 million and higher but we aren’t seeing much movement in these buildings. Jupiter Ocean Grande just listed their largest unit and one of the best units in the complex at $2,000,000. That is nearly double the price of the highest sale ever in that complex. It’s going to be a tough sell when Ocean Royale units are struggling at the $1.4 million mark. New Jupiter waterfront condos are all priced near the $1.5 million mark and higher.
Along the beach single family home choices are limited as well with the least expensive home listed in Xanadu at $649,000. It was originally listed on the market at $795,000 but with many price reductions it is down to its present asking price of $649,000. Both agents and sellers had become unrealistic in pricing many properties based on inventory and demand. Many became a bit overzealous with their pricing which led to substantial price reductions. There is another home in Xanadu that was originally listed at $895,000 and is now down to $749,000. You can see both Jupiter homes were extremely overpriced and have not sold even with a limited inventory. I posted a blog about 4 months ago predicting the selling prices of both of these homes. Let’s see how close I am. The last sale in Xanadu I was off by $25,000. It was listed for sale at $625,000 and it eventually sold for $525,000. I predicted a $500,000 selling price. I was much closer than the agent who listed it at $625,000.
The market is both very complex and strange right now. Limited inventory should push prices higher but we are seeing resistance from buyers even though their choices are limited. I’m still seeing many new listings being overpriced only to see price reduction after price reduction. Many agents are doing constant price reductions of a few dollars on properties just to keep the property in our price change hot sheet. Many of the sellers are starting to question why the limited number of showings or no offers when they have little competition in their community.
I’m forecasting a slowing in properties above $500,000 and a rise in property values in the under $350,000 price range. Demand for the sub $350,000 property is far stronger than higher priced properties. More second home buyers are limiting their budgets as the costs to carry properties continue to rise. More Jupiter beach homes for sale next week.
Search for Singer Island condos and Hutchinson Island Condos at our other websites.
