Jupiter Home Sales
Jupiter Homes for Sale
It has been two weeks since my last Jupiter Report and we saw home sales continue to be strong with 67 properties selling again this week. I saw some interesting data for Palm Beach County this week. The median price for homes was up 15.7% and condos/town homes were up 25.4% from last year. This is a dramatic rise in sales prices in just one year. Figure the average appreciation is 3-5% per year so we saw 5 years of condo appreciation in the past year. What can we expect in the upcoming year? Strong buyer demand still seems to be pushing prices higher. The strongest markets seem to be the lower and upper end homes. We have very few oceanfront condos available for sale here along the beach. The least expensive direct oceanfront is $415,000 in the Tower. This gets you a 2bd/2ba 1970’s condo that needs remodeling. No garage parking for most units and exterior catwalks. Want something with 9ft ceilings in Juno. The least expensive Jupiter Oceanfront condo will set you back $1,195,000 asking price. What a dramatic difference from last season. A similar unit sold for just under $800,000 last year.
What I continue to see is several communities really pushing their prices to record levels and some communities/ homes continue to lag behind. Jupiter Ocean Grande is down to just 5 condos for sale with 4 of the 5 units for sale on lower floors.
Juno Beach Condos
Juno Beach is probably the hottest beach area right now with houses selling in days. I just saw a San Remo town home go under contract that was listed at 2 million. They just listed some new town homes on the ocean at nearly 2 million dollars. Buyers are paying $500,000 plus for tear-downs just for the dirt.
The same problem is happening for rentals. Unless you want three months for season you will be hard pressed to find anything. Don’t even think about negotiating rental prices, just take the first rental you find. I have already booked all my available rentals for next year. I have a list going with renters but no places to show them. A few renters have thought about looking for different rentals for next season and most have just decided to stay put.
