1,776 sq. ft under air
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Jupiter Report March 15, 2011
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This week we had 53 homes close, down from a record 82 last week. This is about the average number we see sell each week. I’m actually starting to see good news regarding home prices and the real estate market on TV. This is the first time in a long time where the news hasn’t bashed down the real estate market. This week I have two good articles on home prices in Palm Beach County and a report on New Haven in Abacoa. I also have an great article regarding home sales from a national magazine.
Click the Home price link below and see home prices in the county from 2006 to 2010.
Look at home prices in Jupiter and Juno Beach. Higher then Boca Raton. Twice as high as Delray Beach and three times higher then West Palm Beach. Jupiter median sales price including condos and townhomes is $231,000. So you can see that Jupiter is not an inexpensive place to live.
Palm Beach Post article regarding New Haven in Abacoa. Each week the post runs an article about diffferent communities in Palm Beach County. Of the four neighborhoods they have featured New Haven has dropped the least amount in value since 2005 and has only 10 homes out of 405 in some sort of foreclosure. The median price of qualified or
arm’s length transactions in New Haven last year was $364,900 for single-family homes. The 2010 single-family home figure was down 30.5 percent from the 2005 peak of $525,000, but up 7.3 percent compared to 2009.
Insurance Corner
I am buying a condo. Is there a Federal requirement that a borrower have insurance coverage of at least 20 percent of fair market value on contents in order to qualify for a loan?
A: Yes. You may be surprised by this because requirements for contents coverage were just changed last year. Let me start by saying that “contents coverage” is exactly what it sounds like — coverage of what’s inside your condo — your furniture, clothing, media, decor, etc.
It’s a good idea to have the coverage. What if there’s a leak in your ceiling and it drips onto your piano?
Now, in terms of a “Federal requirement,” according to FHA, Fannie Mae, and Freddie Mac, they all require HO-6 insurance, a requirement that was added in 2009. HO-6 insurance is a fancy way of saying contents insurance (also sometimes known as “walls-in” insurance or “studs-in” insurance).
“Twenty percent of fair market value” is just what it sounds like: if you’re buying a $400,000 condo, you need $80,000 of contents insurance. This will typically come with a small liability policy on the side.
Rentals- Bluffs Ocean South furnished – ocean views seasonal or annual. 2 bedroom 2 bath. Off season short term. $1,800 furnished. Seasonal – $3,800 per month.
The Estuary – 2 bedroom 2 bath with loft overlooking the par 3 golf course. Single car garage, community pool. Walk to beach. Gated community. Fully furnished for next season. 3 month rental at $3,600 per month. Available off season too.
Sea Brook – 2 Bedroom 2.5 bath. Walk to beach. Gated community. Large patio. Great beach community. Available July 1.
$1,400 per month annual lease.
Click below to View Trendgrahix
Top Ten Report
This week I added a few properties to my 10 best. Seaview a beautiful townhome in Juno Beach. Walk to beach, remodeled and asking $359,000.
I also added the Sea Brook short sale that was all remodeled. Just reduced to $241,900.
Home buyers look at Tequesta Country Club with a beautiful pool overlooking the golf course. Great neighborhood with community boat ramp. In Jupiter High school district.
Jupiter Yacht Club Pointe building #506 is still available. It is well priced and has incredible views. Watch the boats go by on the Intracoastal. My favorite for the week.
Oceanfront condos , The Surf ground floor corner unit is another favorite. Feels like you are sitting on the beach.
Surf #406 reduced again today from $365,000 to $345,000. Incredible direct ocean views. New hurricane windows and sliders. Best Deal in Juno Beach!
Looking for a beach home? Checkout Ocean Walk, just reduced to $590,000. Large D model, shows great and priced well. Best Priced beach home!
