Jupiter Real Estate - The Jupiter Real Estate Report

JUPITER, Fla. - Oct. 4, 2015 - PRLog -- Jupiter Real Estate

My featured Jupiter Yacht Club condo overlooking the marina has been put under contract. It took about 1 week for this property to go under contract. This was a well priced property in a great building. It is a short sale so it may take some time to close. Even though it had   just a marina view it was priced well below other units n JYC.

It shows what I have been emphasizing about the lack of well priced good properties available here in Florida. New listings that are good properties will get many buyers looking and offers in a short period of time. Here in Jupiter and most of Florida we have very few newer condos and homes so demand for a newer home is always greater due to the limited supply.

As you look at sold listings  you will see 25% of the properties sold in under 30 days and nearly 50% sold in under 45 days. This is from contract to closing. In fact a saw several new properties listed this week go under contract in a day or so as well. Jupiter real estate is exploding. Visit us at www.Jupiter1oceanfront.com.


There is an interesting article that was published by the Realtor Association about home prices and marketing below. Take a few moments to read and hear what some agents are saying. Even with a strong market pricing a property correctly is important. Every seller has the best home and they may be right but you need to show them what else is for sale and what has sold. Don't expect a huge increase from a recent sale. Comparable properties will fluctuate maybe 5% either way.  You have to be somewhat realistic in your expectations. You may set a record sales price but expect it to be somewhere within that 5% margin.

Inventory is down 9% in Palm Beach County from last year  but 26% of the homes have been on the market for over 6 months. Usually one of two reasons, pricing or condition or a combination of both. When I show homes I'm seeing very few updated homes. The comments I am receiving from buyers are the home prices are high and they still need a lot of work. I explain to them the demand for properties here in the Jupiter area and along the coast is incredible. Location , location and location. See condos at www.jupiteroceancondos.com


I meet with an appraiser this week as well as a local mortgage broker to get their views on our local market. The appraiser stated many appraisals were coming in below sales prices and banks are becoming very strict on appraisers justifying their values. The mortgage broker said many of his customers have decided to rent as prices have escalated and they were just unable to find the right home due to limited inventory. It's interesting to get perspectives from others in the real estate world.

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         Sellers
Excellent article on home prices in South Florida.
Click link to preview.
Florida Home Sellers

Buyers comments I am getting when showing properties are all quite similar. They are saying the prices are high but the condition of many of the homes are requiring a huge added expense to get the homes to how they would like them. Many condos are second homes here and the owners haven't put in new kitchens, baths or upgraded appliances. They are suitable for their needs and can't justify the added expense to upgrade second homes.
Sellers spend a few dollars with paint and carpet cleaning. Throw out excess furnishings, clean your windows and open up those blinds. Buyers like a lot of natural light. That's why they are moving here for the sunshine. Think of it as going to a restaurant where presentation is everything.