The old record for median condo prices was set way back in 2005 and 2006 before the bubble burst. Back then, the median condo price hit $280,000 and it was a record that lasted for 15 long years. Pre-bubble, single family price records were taken out a long time ago, but condo price lagged far behind for a long, long time. Not anymore, as median condo prices this morning sit at $285,000 and my bet is if they do not hit $300,000 before I write this article one month from now, they will be getting very, very close. Jupiter condo prices are on fire and the fire, fueled by seasonal sales, is just getting started. It's nuts!
I keep telling you that what is going on in the Jupiter area real estate market is insane. Granted, the market is very strong in many places but what is going on here is nuts. As Governor DeSantis has the Florida economy booming compared to most parts of the country and bankrupt states like New York chasing people away by higher and higher taxes, the flood of new residents to Florida only has been intensifying. For now, prices will be climbing, and the climb could be substantial.
If you are selling in this market, make sure you are asking enough for your property. Interview brokers and get informed. If you are buying, be very careful as this market could change dramatically depending on the tax policies that are coming our way for high income individuals.
Keep your eye on million-dollar home sales that have been leading this market for years. Right now, it’s Governor DeSantis and his policies that have more and more northerners bringing their businesses, their families and their lives to the State of Florida. Last year, million-dollar home sales in the Northern Palm Beaches broke the old record by 50%. As of this minute, pending home sales above the million-dollar mark in the Jupiter area are up 234% from one year ago. It’s nuts. Since January 1st they have climbed another 61%. Right now, there is nothing stopping the surge of popularity of calling Florida your home. But things change, so stay informed.
Paradise Sharks take great pride in educating our clients, friends and neighbors. It’s why we write these weekly articles. The crazy thing is anyone doing real estate can save dramatic sums of money using Paradise Sharks as their broker and if we don’t do exactly what we say we insist you fire us. Our value can be described in one word. Nuts! There are few homes we cannot list in the Northern Palm Beaches for a total commission of 4% and that includes a 2.5% co-broke. If we handle both sides of the transaction your maximum total commission drops to 2.5%. If you want to explore a 2% co-broke a long list of brokers have been using, we can save you even more. If your house sells quickly even more. It’s nuts.
If you are even thinking about doing anything real estate give us a call at 561.308.0175 and schedule a complimentary consultation. We are easy to reach and we LOVE to help.