Jupiter Real Estate – Market Report
Jupiter Real Estate Market
Our Jupiter real estate market continues to maintain a consistent number of sales each month with just under 200 sales during the last two weeks of June. I reference different communities from time to time and this week we saw another home in Xanadu sell. 702 Xanadu was originally listed at $749,000 and I decided to write an article about what they different homes in the community would finally sell for. My initial guess was $550,000 or $200,000 under the asking price. Quite a difference and a very hopeful owner and realtor. Well 11 months later it finally sold for $575,000. Not quite as low as I predicted but far closer then what the agent and homeowner listed the property at.
We are seeing a lot of the overpriced properties being listed by agents who either just want the listing, do not know their market or have not educated their sellers. Listing a property that much over what it should have been listed for not only dragged on the sale for the seller but I imagine the seller was very disappointed in the final sales price that was 23% below their list price.
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In today’s market I want to see a lot of traffic in the first 30 days and possibly an offer. If we don’t have any offers or the traffic is below what I expect we need to adjust the price or make some changes in the house presentation. I do an extensive follow-up for feedback about what the buyers are saying and look at correcting any faults if we think they are reasonable. The actual listing price should be not higher than 10% of the expected selling price.
This market can be quite challenging due to limited inventory and few comparable sales. Sometimes it can be hard to accurately predict a good listing price. This is where you really have to know not only your local market but what else is available in surrounding areas. Just because their is a limited supply of inventory in your community doesn’t mean the buyers are going to overpay. Buyers will go outside that community or town to see other options. Buyers have seen a dramatic rise in asking prices and are well educated in the local market. They are really researching recent sales and are looking at what work is needed to the property.
This week I made an offer on a property with the last similar comp sold for $537,000. Same stack in the same building, so you can’t get a better comp. The asking price is $589,000. It had been on the market for 250 days and hasn’t sold. They are within the 10% range I mentioned but are not budging much off their asking price. Most buyers will pay a small premium above the last sale but not $40,000 +. It hasn’t sold in 10 months and they haven’t reduced the price. Sometimes you get seller’s who have high expectations because of the limited supply of inventory. Instead they held in for 10 months at probably a $2,000 per month carry cost and it is still not sold.
This is why I’m saying it’s a very difficult and crazy market right now. Inventory choices are low but unless buyers have to buy they seem to be waiting for the right property at the right price which eventually will happen. Most seasonal buyers have patience and time and will wait for the right deal.
During summer beach properties tend to sit as most buyers aren’t actively thinking about a Florida vacation home while they are enjoying their short summer season up North. This is where I watch the Abacoa properties to see what is happening there’ This is their selling season. In all the Abacoa communities we see about a dozen townhomes for sale yet some are still sitting on the market for 90 plus days. Prices are $339,000 to $429,000 which is the normal range for that community. Why are we seeing some Abacoa properties staying on the market for so long even with a limited supply of inventory.
Abacoa single family homes have really spiked in price as new construction single family homes are asking $750,000 or more. This has put a lot of pressure on rising home prices for Abacoa single family homes. Right now we are seeing just 6 – Abacoa homes under $600,000. I’m seeing about two dozen single family homes for sale in Abacoa.
Jupiter waterfront homes are also lacking inventory choices. There are 6 or so homes on the deep water under $2 million. The least expensive canal home is listed at $829,000 and there are just three under a million.
You would think with inventory choices so limited that new listings or active listings should be sold in a short timeframe yet many are not. There seems to be no specific reasons why some are selling and others are not. Even as prices are reduced I’m still seeing properties sitting. Are buyers going elsewhere? Down South in Boca and Delray prices are much higher than here in the Jupiter area. Are buyers moving North to Stuart or beyond? I’m really not sure and it seems other agents questioning it as well.
I guess we have to sit back and watch the market and see which direction we will be heading. Somewhere either the buyer or the seller will take control of the market. I’m just not sure which one but I’m predicting it is sliding towards a buyers market.
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RENTALS
270 Bella Vista Ct N
Seasonal rental . 3 month minimum preferred. 2 bd/2.5 ba plus den.Walk to beach and sits on Carlin Park. $3,750/month
902 Xanadu Place
Seasonal rental. February/March 2018 only. Beautiful pool home in gated beachfront community. 3bd/3Ba with ground floor master.
$7,500/month
Seasonal rentals are in short supply and anything less than 3 months is almost impossible to find. I do have a 3 bedroom one level Sea Colony coming up for season just across from the beach if you are interested. I will have more information including photos soon.
If you have any questions about the different areas feel free to contact me for information. I travel and sell the different beach areas so I know what each offers and what each lacks but I will give you my opinion and you can make your own decision.
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.
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.
Click to view Jupiter New Construction
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 the listed properties have sold and I’m constantly looking for great properties to put on my Top Ten List.
Take a look and see what new Singer Island 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.
Need a Ray of Sunshine this winter?
Click here to view Jupiter beach cam
Sincerely,
Jim McLane (561) 744 7025
jimmclane@att.net
Ritz Carlton Power Broker 2012
Virtual Global Realty
