If you have been paying attention, you know that pending home sales in the Northern Palm Beaches have been going crazy. Not only were they up almost 27% during June, they are almost 20% ahead of year ago numbers, and the highest we have seen in well over 2 years. What pandemic?

Buyers have terrible selection in most price ranges and neighborhoods, and that is why new listings are so highly sought after and selling very, very quickly in many cases. Paradise Sharks can save you tons of money if you are looking to sell, so please feel free to contact us anytime for advice and learn how to save huge money on commissions. Inventory levels are the worst we have seen in well over a decade and not getting better.

The old rules of supply and demand tell us that when sales rise to record levels, and the number of homes for sale drop to record lows, we should see prices moving higher. But we aren’t. Median condo prices in the Jupiter area just dropped to the lowest levels we have seen since last year. Single family Jupiter home prices had been doing better and just 30 days ago set an all time record high. But, during June median single family Jupiter home prices, and those throughout the Northern Palm Beaches, fell 2.8% to $530,000. Last month they were at $545,000. Today's median single family home price is down to the lowest level we have seen since March.

Single family home sales in the Northern Palm Beaches were up an amazing 66% in June over May but remain 22% below year ago numbers. Over the first half of the year, sales of single family homes are down 17.3% compared to 2019. We have seen dramatic drops in sales of homes priced under $500,000. With interest rates at unbelievably historic low numbers the problem is not so much demand, but affordability and poor inventory.

Pending home sales for homes priced above $1 million dollars are off the chart. In fact, they are at all time record highs and just soared past the old record by 23%. Compared to last year's record sales, they are up an astounding 100%. During the first 6 months of 2020 sales at the very top end of the market were down 11.7% but that’s about to change. As these pending sales close, they are going to drag the median home price higher. Especially when there is hardly anything decent for buyers looking under the $500,000 threshold. Today, in that market segment there are a total of 165 active listings. Last year homes in that price range were selling at a clip of about 133 each month and interest rates were far higher.

There is much going on economically, politically and with thi virus. The old rules mean little and the new rules are hard to understand. If you are going to do anything with real estate, seek information and make informed decisions. Paradise Sharks would be honored to sit down with you and review your specific needs. If you are a buyer, we typically will provide you a significant cash rebate at closing as our way of saying thank you. If you are a seller, we will provide you the lowest commissions in the business and they will be geared towards your individual needs. Each house is different. Each marketing strategy is different and we discuss your options and show you exactly what your costs will be. Feel free to reach out to us at 561.308.0175 or tom@paradisesharks.com as we are proud to show you why we are different…..by design.


Fins up……

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#jupiterhomeprices

No doubt about it, when we look back in the rear view mirror, 2020 is going to be historical. Anything can still happen with over half the year left and perhaps the most important election in our lifetime just 131 days away.​

I just finished an interesting interview with Suze Orman where she reminded us to remember the stock market is not the economy and there is plenty to be afraid of. Like me, Suze stated she is not believing anything “they” tell her. Like me, she believes it’s going to be a rough road ahead. We are going to see lots of foreclosures, lots of bankruptcies and Suze feels 40% of the jobs lost during the coronavirus will not be coming back. The debt in this county is off the chart and lots of concern in the air with the hatred and divide we are seeing politically.

But, for now the stock market is doing well and locally the real estate market has never been stronger. However, over the last 30 days the median price of a condo fell below the $250,000 benchmark for the first time since December. Granted the fall was not big, from $250,000 to $249,000 but a sign that around the corner things may not be quite as bright.

Condo sales for the month were low. Almost 20% above last month’s dismal, historically low performance, but 31% below last years numbers and below every other year for the same period since Paradise Sharks has been keeping records. 
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Life is a roller coaster and America is on one wild ride both economically and politically. A limited supply of homes, still strong demand and historically low interest rates have kept the real estate market in the Northern Palm Beaches very strong. Keep your eyes and ears open if the value of your home is important to your peace of mind. Keep informed and if Paradise Sharks can be of help in any way please feel free to contact us at your convenience at 561.308.0175 or tom@paradisesharks.com. Our small business model has kicked the middleman out of the real estate transaction and saves our clients thousands of dollars on every transaction. We sell homes fast, we sell homes for record prices and our commissions are so low it will make your bank account very happy. And if we do not do exactly what we say we insist you fire us. It’s as simple as that.


Fins up…..




#jupitercondoprices

What a crazy year it has been for real estate here in the Jupiter area. Through all the craziness, home prices continue to rise, as does the cost of just about everything we buy, even though we are told that inflation is in check. Maybe they are figuring real estate commissions paid by single family home sellers in Jupiter into the equation, as those commissions are one thing that have been dropping year after year. After year, after year, after year, after year. In fact, the number of Jupiter single family home sellers agreeing to pay a 6% real estate commission is down again in 2020 and this is the 11th straight year of declines.

It is critical for everyone to understand that real estate commissions are 100% negotiable, as are the services home sellers receive for their hard earned money. Home sellers need to interview brokers and ask questions about what they charge and what they do for that money. An educated decision is a wise decision and there is no better way to get informed than by interviewing brokers and asking a lot of questions.

It is also important to recognize that without having access to every single closing statement of every single home sale in Jupiter, it is impossible to know what every seller actually paid in total for commissions. What we do know is what is offered as a co-broke commission through our local Multiple Listing Service. Back in 2009, 77% of single family home sales in Jupiter through the real estate community offered a co-broke commission of 3%. For the purpose of this article, we are assuming that the listing broker was also being paid 3% which would add up to a total commission paid of 6%. Fast forward to 2020 and the percentage of single family homes sold in Jupiter where a 3% co-broke commission was paid is down to less that 22%. Stunning drops, every year, for 11 straight years. A total drop of over 71%.

Why the decline? It’s pretty simple and there is one word that is the main reason. Competition. Back in 2009 there were about 113,000 Florida Realtors who were members of the National Association of Realtors. Last year, the number had swelled to about 186,000. That’s a jump of almost 65%. There are far more Realtors chasing the same business than there were back then. Like banks, restaurants, gyms, grocery stores and just about everything else there is more and more competition chasing the same customer.

And you know what. Commissions are probably going to drop even further unless we see a significant drop in the number of Realtors. Some people will tell you that if you do not pay a higher commission your home will not get the attention it deserves. It’s just not true. Well over 90% of all buyers shop online for a home before calling a Realtor. They do not know, and typically do not care, how much commission is being offered for their business. What does matter is how that property looks and sounds in relation to its price and location. If it looks of interest to a potential buyer they are going to make a call and seek more information and ultimately schedule a showing.

Sellers must be educated, as professional marketing is what will get them the highest price for their home. Asking questions, interviewing brokers and being informed. Again, ALL real estate commissions are negotiable and those seller’s who interview and ask questions improve their odds of ending up with a larger check when they stand up from the closing table.

Paradise Sharks has long recognized the fact that competition is putting pressure on commissions in the real estate industry. We have been doing nothing but building and selling real estate for decades. We believe the strength of America is in its small businesses and we know Paradise Sharks can provide a higher level of customer service for less money to our customers. It’s what we do. We have no franchise fees, we have no broker taking a chunk of our commission at the closing table and we pass those savings directly back to our client’s where we feel it belongs. In their pocket, not ours. It’s as simple as that.

For most home sellers, in the Northern Palm Beaches, Paradise Sharks can list the majority of single family homes for a total commission of 4%. If the home is in superb condition, worth over a million dollars, is vacant, sells in less than a week, or is in a highly desired neighborhood, we typically can lower that maximum commission to 3.5%. You will find the vast majority of co-broke commissions offered on our Multiple Listing Service are currently at 2.5%. We are starting to see some brokers offer a smaller co-broke to the buyers real estate brokerage and if our clients wish to explore that we are happy to discuss those options in greater detail and perhaps even save them additional money.

Paradise Sharks loves interviewing, we love educating and we love saving our clients money while providing a very high level of customer service. It’s our passion. Our homes are selling quickly, we are setting record prices for our clients and we would love to meet with you and discuss your unique situation in further detail. If you are buying, we can also save you a lot of money. Almost all of our buyer clients are getting substantial credits at closing as our little way of saying thank you. Our clients do not even have to ask, we just do it. Our consultations are complementary and easy to schedule by contacting us at 561.308.0175 or tom@paradisesharks.com.


Fins up…..

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#jupiterrealestatecommissions

More and more of the world has woken up to what a special place the Village of Tequesta truly is. Those of us who live here already knew it, but our little secret is out. Last year, the median priced single family home in neighboring Jupiter increased in value by 2%. In the Village of Tequesta it jumped 16%. Yes sir, the little secret about our seaside village is out.​

Much of this has to do with the small town, oak lined streets, old Florida charm and small town vibe that is hard to find in paradise these days. Some of it is families wanting to escape the crowds and traffic in Jupiter and Palm Beach Gardens. Some of it is the highly rated public schools that Tequesta is zoned for. Some of it is because two of the best old school golf clubs in the Palm Beaches are located in Tequesta. Some of it is wealthy people fleeing states in severe financial distress to our north and seeking the shelter of tax friendly Florida. Some of it is the water that surrounds Tequesta almost anywhere you look. Some of it is the sidewalks that create the neighborhood feel that has been lost in today’s fast paced world. 

Tequesta hasn’t changed much, but we’ve been discovered. People are buying older existing homes, tearing them down and replacing them with grand high-end estates. Homes with values up to a million dollars on a canal, homes with values far above two million dollars on the Loxahatchee are being purchased and immediately demolished. Others are taking older Florida homes, that are part of Tequesta’s history and spending lots of money bringing them up to date.

Last week one of those older homes, a non-waterfront home on Country Club Drive sold for an eye popping $765,000. It smashed the old record of $585,000* that was set way back in October of 2006. It sold to the 2nd prospect through the door. It smashed the record by an amazing 31% and it sold in the middle of the worst pandemic this country has seen in over 100 years. 

Now don’t get me wrong, the buyer got a fantastic home at a great price. It has a wonderful 4 bedroom, three bathroom floor plan with natural light that highlighted a resort styled back yard. It had a level of finish that would make many an owner of a multi-million dollar waterfront estate envious. It was a great buy. It actually opens up the door for even higher home prices in the Village of Tequesta. It sets a new benchmark for prices in the Tequesta County Club area.

Still, it erased a record that stood for a 163 months. It helps increase the current and future values of homes along the busiest road through the Tequesta Country Club. Paradise Sharks is very proud of this sale. Not only did we list and sell the property but it was our home and the headquarters of Paradise Sharks since our inception. 

Paradise Sharks almost broke that old record last year when it listed and sold the home at 354 Country Club Drive for $572,400. We sold that home to the 1st prospect through the door. Paradise Sharks takes great pride in setting record prices. Paradise Sharks takes great pride in selling homes fast. Paradise Sharks takes great pride that we can list any single family home in Tequesta for a maximum total commission of 4% and many homes we can save our clients even more money on. Buyers we represent in the Village of Tequesta typically get a substantial credit at closing as our way of saying thank you for trusting our small business with your business. It’s what we do and we are very proud of this latest price record. We would love to set one for you and complimentary consultations are easy to schedule at tom@paradisesharks.com or 561.308.0175.


Fins up…..


#tequestahomeprices
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*$585,000 is the highest previous sale through the real estate community per Multiple Listing Service records on May 28, 2020

Opportunity knocks, as Paradise Sharks is looking for the ideal associate to become a part of our team. If you are looking for a great opportunity, in the dynamic real estate market of the Palm Beaches, please read on.​

First off, the most important part of success in real estate is the ability to listen. Paradise Sharks will not respond to any phone calls, or texts, to start this process with any applicant. Anyone interested in learning more about this position, has any questions, or needs additional information, will need to submit inquiries to our email at tom@paradisesharks.com. We will not respond initially to any communication not sent through our email. 

Paradise Sharks is in our seventh year and at this point, will remain a small, boutique real estate brokerage servicing buyers and sellers, throughout the Palm Beach and Martin County region. Our size is our “special sauce” and it is our goal to keep operating as a small, local business providing an extraordinary level of service at values most other real estate brokerages find hard to compete with. We are proud to be able to claim there are few properties we cannot list for a maximum commission of 4% and offer buyers a sizable credit at closing. The ideal candidate will share our zeal for providing the most value of any real estate brokerage in our market area.

We are going to be spending a significant amount of time on the road this summer taking a serious look at a second location in the mountains, most probably in close proximity to Asheville, North Carolina. Our goal is to have two locations and a well qualified associate to partner with us in each office.

At this point, we are looking for the ideal individual to join our team here in the Palm Beaches. It is crucial that the ideal associate completely understand our value proposition and our dedication to providing, not only great value and world class customer service to our clients, but a true passion of ensuring they make educated and informed real estate decisions. We work for our clients and our passion is ensuring their complete satisfaction.

The ideal candidate will have thoroughly reviewed our weekly market updates that can be found at tompriester.wordpress.com. There are years of updates and you can also get a very good idea of who we are by visiting our personal Tom Priester page, and our business Paradise Sharks page, on Facebook. The perfect candidate will understand who we are, and have skills and qualifications that will not only compliment ours, but challenge us both to improve, grow and offer even more quality and value to our clients.

While a valid Florida real estate license is highly preferred, it is not required initially. A proven record of success in a sales related position is highly preferred, but not required. A formal resume is nice, but also not required. We want to hear from you what you will bring to our team and make the Paradise Sharks brand even more valuable.

You may present your case as to the value you will bring to the table in any way you would like. Paradise Sharks is brand we are very proud of, and how you can help us strengthen and grow that brand well into the future is what we want to know. Your initial presentation should touch on what you are looking for as initial compensation, hourly or commission based. It should describe what you will do to compliment what we are doing. You must be self driven with the ability to get things done without being managed. What you will do to make me want to get together for a face to face meeting over a margarita. That is what I am looking for. We take great pride in the fact that we are different, by design, and are looking for an associate that fits well into our unconventional world.

We love what we do and Paradise Sharks is our passion. We are looking for someone to join us with a passion that will allow us, working together, to share this passion with more customers well into the future. All inquiries must be submitted to tom@paradisesharks.com and will be held in the strictest confidence. We will respond to each inquiry we receive. We know the perfect associate is out there and we are very excited to meet you and learn more about how you can help us swim into the future.


​Fins up……

As we watch America slowly starting to get back to work, it seems there are more questions than ever. I have been getting back to life. I am going to the stores. I am going out to eat. I am going to the beach. I am going to friends homes for get togethers. I am showing homes. I am selling homes. But it’s different, very different, and from what I see it’s going to stay different for the foreseeable future. 

The stock market is soaring, but for the most part streets, stores and restaurants are looking very empty. I talk to a lot of people. They are worried. I am worried. I’m guessing you are worried. There are a lot of questions and not many answers. The unemployment rate is off the charts but many who are sitting home are making more money not working. Pending real estate sales in the Northern Palm Beaches are down 30% from year ago levels but the best listings are selling like hot cakes. Interest rates are about as low as we have ever seen them and the massive debt being created in Washington is mind boggling. I feel like I am missing something, but I am not sure what it is.

So, we will move forward, keep providing detailed information about the local real estate scene and watch closely to see what happens. Paradise Sharks is going to keep you informed.

Median condo prices in, and around, Jupiter were down as of May 15th for the first time since December. The drop wasn’t big. Last month the median condo price was $255,000. This month it is $250,000. Condo sales over the past month have been dreadful. They were down 55% from last month’s sales volume. They were down 51% from the same period last year. It is the slowest month for Northern Palm Beaches condo sales since I have been keeping records and I have been keeping records a long, long time.

Again, I feel like I am missing something. The stores are empty but the stock marketing is climbing. I am being cautious. I feel like there is a surprise around the corner waiting to jump out and scare us. I don’t know what it is. It may never jump out, but I am watching. For now, Jupiter condo prices are looking very strong when looking at the number of sales. Lots of people still fleeing states in deep financial trouble. They are coming to Florida. Inventory still stinks and lots of people whose income has been unaffected by this pandemic. Interest rates are at all time lows. Maybe that surprise isn’t out there but we are watching so stay tuned.
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One thing that has not changed is Paradise Sharks passion to bring you the highest quality real estate services at the lowest possible price. There aren’t many homes we cannot list for 4% and in many cases we can save you even more money. Almost all of our buyer clients get credits at closing as our way of saying thank you. We don’t pay franchise fees. We don’t give a broker a cut of our earnings. We are a small local business doing our best for our clients and we would like to invite you to be one. The invitation is always there and to open it just let us know how we can help by reaching us at tom@paradisesharks.com or 561.308.0175.




Fins up…….




#jupitercondoprices