As of April 1st, the median single family home price in Jupiter, and throughout the Northern Palm Beaches, soared to a brand new record high. During March, that median price jumped an amazing 5% and took that median price all the way up to $549,000. That my friends is a lot of bread for the median priced home. Over the past 90 days median single family home prices in the Jupiter area are up 11%.

If you are a homeowner in the Jupiter area, stand up, jump up and down, wave your arms in the air and scream hell yes. Then quickly sit down because that is where the value is going from here. Down. 

Paradise Sharks told you in this column back in February that “all signs have been flashing the green light for home prices to start moving higher in the Northern Palm Beaches”. Since then prices are up 11%. Last month in this column Paradise Sharks told you “there are certainly things we need to watch as the threat of a recession is out there and the current coronavirus scare is certainly adding fuel to the fire”. Today we are telling you Jupiter home prices are going to fall from these levels.

Sales that closed before the end of March were pretty much unaffected, even though by the middle of the month our government had started to shut things down. We personally went into  quarantine on Sunday, March 15th, but at this point my patience is running thin. We were in the middle of real estate season here in the Jupiter area. Our best time of the year. This year during March, pending home sales in the Jupiter area were down 19%. Last year they were up 11%. For the first 5 days of April, they have fallen another 8.5%. Prices are heading lower because of a significant decline in demand. It’s simple economics.

The government shut down of America is going to have significant economic effects that there are still no way to measure with any level of accuracy. Jupiter home prices are going to be under pressure. The fall may be insignificant, the fall may be huge. There are still people who have to buy and soon more will be buying. There are still people who have to sell and soon more will be selling. Right now the market favors buyers and that is the big change everyone needs to understand. 

Don’t panic. The sky is not falling and as each day passes I am becoming more and more convinced that the way this entire situation has been handled by Washington was a bad, and very expensive, mistake for most Americans. Paradise Sharks is open for business, still staying 6’ away and not touching anything without an antiseptic wipe. Don’t be afraid, but do be informed. That is true for real estate and it is true for pandemics. 

If you want straight talk about your real estate decisions feel free to contact us anytime. Paradise Sharks can list any vacant home, anywhere in Palm Beach or Martin County for 3.5%. We can list any home in the Jupiter area for 4%. We give almost all of our buyer clients a substantial credit at closing. We are different…..by design. If you would like to learn more please feel free to contact Paradise Sharks for a complimentary consultation at tom@paradisesharks.com or 561.308.0175.


Fins up…..

​

#jupiterhomeprices

It’s April 1st. Many millions of our friends, family, neighbors and co-workers across this great country have rent due today. Many do not have the money. If you do not fully understand the severity of this crisis you might pull up President Trump’s briefing from last night. You’ll have a dose of reality slap you upside the head.

America has been shut down and it’s really just getting started. The projections for the next two weeks are devastating. Last week’s unemployment filings were 3,283,000. It was a record. The old record was set almost 40 years ago. It was 695,000. Folks this is very serious. A massive $2 trillion dollar relief package will help, but the road ahead is rocky. The rocks are big. Really big.

Here in paradise, we are supposed to be in the very best season we will have for real estate all year. Life has changed in an instant and we all need to understand there are no answers at this point. We are all in this together. People will still have to sell real estate, people will still need to buy real estate but the numbers have changed and they will continue to do so in the months ahead.

It’s not the end of the world. People will have questions about real estate. What if they cannot afford rent? What if they do not have the money for the mortgage payment? Silence in this case is not golden and the harsh realities of the real world cannot be ignored. If I can help, please feel free to contact me. My direct line is 561.308.0175. My email is tom@paradisesharks.com. Paradise Sharks is open for business and we are here for you. It’s what we do, so please do not be shy, or ashamed.

There were concerns about the local real estate market before anyone knew about this virus. Affordability and inventory were serious problems. This virus will undoubtably help with both those issues. How is that for a silver lining?

Pending home sales in the Jupiter/Tequesta area had been solidly ahead of year ago numbers for 5 months. Things weren’t great, but they were good. That all changed in March. Pending home sales dropped 19% during the month. Last year, over the same period, they were up 11%. We are no longer ahead of year ago numbers. The good times were wiped out almost instantly and the number of homes under contract are at the lowest levels we have seen on April 1st in well over a decade. They are 16% below last year and further declines are certain to follow.

This virus could cripple the real estate market. Prices could drop significantly. The volatility of mortgage rates is something we have never seen. Consumer confidence has plummeted. Life as we knew it has been put on hold. People are scared to death and people do not buy when they are fearful. The length of this shutdown. The total cost to the county. Many questions and few answers. It’s no longer business as usual in the Jupiter area real estate market. Demand just got punched in the gut and it hurts. 

How far will prices drop is anyone’s guess, but they will retract. Condition of homes will be more important than ever and it was already very important. We are seeing a multitude of price reductions and contracts falling through. Showings have slowed to a trickle. The real estate market is on hold.

Paradise Sharks has always taken great pride in not selling our clients, but educating them. Never, and I mean NEVER, has this been more important. If you are one of those that must sell a home, if you are one of those who must buy a home, you need to understand the specifics and the numbers that are important to making an informed decision. You need a broker who won’t charge you more than 4% to list a home. You need a broker who will give you a sizable credit at closing if you are buying.

This slowdown will continue for months. It’s not the end of the world but things have changed.Paradise Sharks is here to help you in any way that we can. We are open for business. We are here to educate. We always watch the numbers so this isn’t new to us. We told anyone who would listen in 2005 that it may be a good time to sell. We sold and we rented for 6 1/2 years. This isn’t 2005. But it’s not a time to make uneducated decisions. Contact us anytime. We are easy to reach at tom@paradisesharks.com or 561.308.0175.  Things will look totally different in a few months. Pay attention. It may not be that bad once the dust settles. But right now there is a whole lot of dust flying around.


Fins up……


​
#coronavirusandrealestate

The real estate industry has been changing for years. The current Coronavirus crisis is changing it right now. Something else will be changing it tomorrow. One thing that almost always holds true is somebody selling their home is looking to get the highest price. This is not the shortest article you will ever read, but if you are thinking about selling your Abacoa home, it may end up the best time you will ever spend.

Selling a home for the highest price is not easy. It takes a game plan with a broker who understands the market and how it operates. There are a lot of excellent real estate brokers out there, but there are also a lot who aren’t so good. Paradise Sharks always suggests anyone seriously looking at selling their home to interview brokers and ask questions. Lots of them. You want to find a broker who is going to help you meet your goals, while disrupting your life as little as possible. You want to find out what they are going to do for you and how much it will end up costing you.

In Abacoa, the costs of selling a home are not inexpensive. In almost all transactions, the seller will not only be responsible for real estate commissions, but also title work, State of Florida documentary stamp tax on the deed transfer, owners title insurance policy and a variety of other charges depending on a number of factors. When interviewing, make sure that you are made aware of these expenses as they too affect your bottom line.

At this moment, there are 43 homes on the market in Abacoa with list prices between $178,500 and $1,600,000. Don’t be fooled into thinking a less expensive house is easier to sell, because that is not necessarily true. One Abacoa home that sold recently closed at $139,000 and was on the market for almost 100 days. Another home that sold for $1,495,000 only took 4 days.

Paradise Sharks looks at the real estate transaction a little differently than most brokers. We consider what that sale is going to take from a time perspective. We would much rather, as would most of our clients, sell a home quickly. But we also want to sell it for the most amount of money. It’s a fine line and there are no right answers. It’s that moment in time when a ready, willing and able buyer, who has a large set of variables about that home, their needs, market conditions and each parties motivation meet and a final sales price is determined. It’s complicated and a seasoned broker is your best friend to ensure you make educated decisions.

Recently, Paradise Sharks sold a home that our research told us was worth around $430,000 to $435,000. It was at the height of market strength and our clients were relocating out of state. Their motivation was high. We felt the right strategy was a list price of $429,900 and were confident this price would attract numerous buyers the first week and a sales price with multiple offers that would drive the sales price into that $430,000 to $435,000 range. Our client felt that was too low and they wanted to list the home at $449,000. Paradise Sharks wants to educate our clients, but we are also happy to do as they wish as in the end we are working for them and there are times we are wrong.

After two weeks on the market, we had a total of two showings scheduled and my weekly update to the clients included a strong recommendation to lower the price. They agreed after much discussion and that evening we lowered the price to $435,000. Mind you, after two weeks, we had just two showings and no offers. What appeared to be a fairly insignificant cut of $14,000 was not insignificant at all. We had 7 showings the following day, 3 offers and the house closed at $435,000. Selecting the right list price is critical. Reacting to what the market is telling you during the listing period is critical. Hiring a broker who understands this is critical to your success.

Back in the day, almost everybody paid a real estate broker 6% and few asked questions. I remember about 12 years ago when I hung my license at a very large Jupiter brokerage and an established, well respected, broker told me she would not show a house if there was not a 3% co-broke commission offered. I told her that was OK as there were plenty of brokers who would and that she would not be in business long without the ability to change with the times. She is no longer in business, The vast majority of listings these days offer a 2.5% co-broke and so far Paradise Sharks has kept that as our co-broke commission but realize one day that too will change and 2% will be the next threshold.

Paradise Sharks can list any home in Abacoa for a total commission of 4%. We offer 2.5% as a co-broke so our fee for marketing your home and handling the sale is 1.5%. Last year, the median single family home in Abacoa sold for $610,000. The median days on market was 26. At 1.5% we would be paid a commission of $9,150 for a part time job that lasted less than a month. If your home is worth more than a million dollars, the commissions are larger and we can typically handle those sales at 3.5% or even less. If your home is in remarkable condition, sells within a week, is vacant, or if Paradise Sharks handles both sides of the transaction, we can save you even more money. Our passion is providing world class service at the best value in the industry.

Commissions are 100% negotiable and you should have a frank discussion about them when interviewing brokers. But that commission is only part of the equation and getting you the best price is even more important. Don’t let brokers tell you that a 4% commission will get you cut rate service as that is not true. In fact, I can show you plenty of sellers paying far more in commission that are getting far less service than Paradise Sharks offers. We have been doing nothing but real estate for decades. We have been a licensed contractor in three states, we have been a licensed Realtor in two states, we have owned our own construction company and we own our own real estate brokerage. I would love to find anyone with more experience in the industry.

Paradise Sharks insist that our clients fire us if they are not satisfied anytime during the listing period. We want educated clients, we want happy clients and never would consider otherwise. Our clients expect the best and we give it to them. In Abacoa, your 4% total commission with Paradise Sharks gets you outstanding service and a broker who wants to ensure your happiness. Our future relies on your happiness. Here is what you should expect, and really demand, from any real estate broker, no matter what you pay them;

1. Initial meeting with a frank discussion of your goals and needs. How are those going to be met? What needs to be done to best prepare your house for photos and showings? Ask a lot of questions. Look into their eyes and find someone you trust, or keep looking.
2. An honest and well documented projected list price and pricing strategy. Ask questions, and remember the example above. A list price that is too high usually costs a seller money. It’s the worst mistake a seller can typically make so dig deep and ask questions. Be prepared to react to what the market tells you.
3. A professional high resolution photo shoot. You want your house to shine on every computer, phone and tablet screen. Well over 90% of all buyers shop on line before contacting a broker. If your house does not shine online, the odds of getting the best price are diminished. Be careful, as more pictures is not better. In fact, they hurt you. The purpose of pictures is to attract the prospective buyer enough to make the next step and that is to schedule a showing, There are almost 1.500 single family homes on the market right now in Palm Beach and Martin County with over 50 pictures online. There is one listing with 159 pictures. It’s overkill and it hurts your odds of getting traffic that will get you the best price.
4. As important as professional pictures, is the written description of the property. Again, not too long, but enough to make the prospective buyer want to learn more  and schedule that showing. Too few listings overlook this very important aspect of marketing.
5. A strategy to hit the market at the right time, with the right information, to create the most demand. Don’t just put the home on the market without a strategy both for marketing and pricing. What marketing is going to take place besides putting the home on the market? Discuss these in detail during any interview. Ask questions!
6. Make sure your calls and emails will be answered expeditiously by the broker you are hiring. Call a broker directly when scheduling an appointment. Leave a message if they do not answer, and if they do not call back in less than an hour then you are probably better calling someone else who is more attentive to your needs. Please make sure you leave a message as in today’s world, robocalls are so prevalent it prevents many of us from answering a call unless we know who it is on the other end.
7. Constant communication during the inspection period. Paradise Sharks provides detailed weekly updates that include feedback from that week’s showings, what happened to other listings in the neighborhood and what happened in the overall market. It will include any recommendations for future action to ensure we are keeping on top of ever changing market conditions.
8. Professional representation and consulting through the contract negotiations, inspection, appraisal, title work and closing. Its a complicated process and you need a professional handling this for you.

Selling a home is not easy. It takes a lot of communication and it is a team event. You are hiring someone you must trust and respect their expertise. If you have not found that broker, you need to keep interviewing. You can pay someone whatever you want. You can pay far more than 4% but you do not have to. No matter what you pay, you need world class representation as without you will not get your best price. Mistakes in real estate are very expensive and interviewing brokers and asking questions is your best method for minimizing them. 
​
Paradise Sharks love to interview. We love to answer your questions. We love saving you money and we love doing our best to get you the very best price and service. We won’t hold you to any listings agreement if we are not doing what we promise. If you are in Tequesta,  we won’t charge you over 4% and can save many even more. It’s super easy to reach us at 561.308.0175 (remember to leave a message) or tom@paradisesharks,com. Sure, you can pay more, and get less, but you certainly don’t have. If you interview and ask questions you can make a fully educated decision and that’s what truly is important.


Fins up…….




#abacoarealestate

As of March 15th, the median condo price in the Northern Palm Beaches sits at $250,000. It’s the third straight month they have been stuck on that number. While there have been some ups and downs, the median price back on May 15th of last year was $250,000. Median Jupiter condo prices have not moved now for 10 months.

Then comes the coronavirus and we are all living that nightmare. We are in this together and it’s not going to be easy to recover from. I am trying to stay focused and not let the daily onslaught of bad news affect me. I am going to have to work harder than ever, we all are. In the real estate market, it’s going to be a tough climb. Showings have already basically stopped, except for some new listings that hit the market. The Fed cut their interest rate to 0%, but so far mortgage loans have gotten more expensive. They will come down and test all time lows in the not too distant future, or we all are in a lot of trouble.

Sales of condos in the Jupiter area were up over the past 30 days and also compared to last year’s numbers. Because of closings in the pipeline, I think we will see median prices sneak out small gains next month, but after that it’s anyone’s guess. Anyone hoping for higher prices in the months ahead is probably going to be very disappointed.

With everyone told to stay home, there is going to be a period of far slower than expected seasonal buying activity. The months ahead look to be rocky for the real estate industry. A recession is almost guaranteed and how quickly this country can recover once quarantine ends will be the key. Until then, expect fewer new listings and far more difficult times for seller’s, unless they have a highly sought after property. There will be delays in everything, including closings. With inventory levels so poor, prices falling steeply does not appear to be a likely outcome but the depth and length of the recession may change that.

Lots of uncertainty ahead and if you are planning on doing anything real estate, the need to be making educated decisions is more important than ever. Paradise Sharks is open for business. We are here to help. Our prices are still the best you will find anywhere and our service is designed with our client’s happiness in mind. Please feel free to contact us anytime, even if it’s for a simple question, we are here to help. Just email us at tom@paradisesharks.com or give us a call at 561.308.0175. Together, we will make it through a most difficult period. Brighter days are ahead. Stay positive…….


​
Fins up…….


#jupitercondoprices

The real estate industry has been changing for years. The current Coronavirus crisis is changing it right now. Something else will be changing it tomorrow. One thing that almost always holds true is somebody selling their home is looking to get the highest price. This is not the shortest article you will ever read, but if you are thinking about selling your home, it may end up the best time you will ever spend.

Selling a home for the highest price is not easy. It takes a game plan with a broker who understands the market and how it operates. There are a lot of excellent real estate brokers out there, but there are also a lot who aren’t so good. Paradise Sharks always suggests anyone seriously looking at selling their home to interview brokers and ask questions. Lots of them. You want to find a broker who is going to help you meet your goals, while disrupting your life as little as possible. You want to find out what they are going to do for you and how much it will end up costing you.

In Tequesta, the costs of selling a home are not inexpensive. In almost all transactions, the seller will not only be responsible for real estate commissions, but also title work, State of Florida documentary stamp tax on the deed transfer, owners title insurance policy and a variety of other charges depending on a number of factors. When interviewing, make sure that you are made aware of these expenses as they too affect your bottom line.

At this moment, there are 61 single family homes on the market in the Village of Tequesta with list prices between $285,000 and $9,500,000. Don’t be fooled into thinking a less expensive house is easier to sell, because that is not necessarily true. One Tequesta home that sold recently closed at $273,000 and was on the market for 248 days. I can show you many multi-million dollar sales that closed over the past year at a fraction of that time. Many sell in a week or two.

Paradise Sharks looks at the real estate transaction a little differently than most brokers. We consider what that sale is going to take from a time perspective. I would much rather, as would most of our clients, sell a home quickly. But we also want to sell it for the most amount of money. It’s a fine line and there are no right answers. It’s that moment in time when a ready, willing and able buyer, who has a large set of variables about that home, their needs, market conditions and each parties motivation meet and a final sales price is determined. It’s complicated and a seasoned broker is your best friend to ensure you make educated decisions.

Recently, Paradise Sharks sold a home in the Tequesta Country Club that our research told us was worth around $430,000 to $435,000. It was at the height of market strength and our clients were relocating out of state. Their motivation was high. We felt the right strategy was a list price of $429,900 and were confident this price would attract numerous buyers the first week and a sales price with multiple offers that would drive the sales price into that $430,000 to $435,000 range. Our client felt that was too low and they wanted to list the home at $449,000. Paradise Sharks wants to educate our clients, but we are also happy to do as they wish as in the end we are working for them and there are times we are wrong.

After two weeks on the market, we had a total of two showings scheduled and my weekly update to the clients included a strong recommendation to lower the price. They agreed after much discussion and that evening we lowered the price to $435,000. Mind you, after two weeks, we had just two showings and no offers. What appeared to be a fairly insignificant cut of $14,000 was not insignificant at all. We had 7 showings the following day, 3 offers and the house closed at $435,000. Selecting the right list price is critical. Reacting to what the market is telling you during the listing period is critical. Hiring a broker who understands this is critical to your success.

Back in the day, almost everybody paid a real estate broker 6% and few asked questions. I remember about 12 years ago when I hung my license at a very large brokerage and an established, well respected, broker told me she would not show a house if there was not a 3% co-broke commission offered. I told her that was OK as there were plenty of brokers who would and that she would not be in business long without the ability to change with the times. She is no longer in business, The vast majority of listings these days offer a 2.5% co-broke and so far Paradise Sharks has kept that as our co-broke commission but realize one day that too will change and 2% will be the next threshold.

Paradise Sharks live in Tequesta and we can list any home in Tequesta for a total commission of 4%. We offer 2.5% as a co-broke so our fee for marketing your home and handling the sale is 1.5%. Last year, the median single family home in Tequesta sold for $552,500. The median days on market was 24. At 1.5% we would be paid a commission of $8,280 for a part time job that lasted less than a month. If your home is worth more than a million dollars, the commissions are larger and we can typically handle those sales at 3.5% or even less. If your home is in remarkable condition, sells within a week, is vacant, or if Paradise Sharks handles both sides of the transaction, we can save you even more money. Our passion is providing world class service at the best value in the industry.

Commissions are 100% negotiable and you should have a frank discussion about them when interviewing brokers. But that commission is only part of the equation and getting you the best price is even more important. Don’t let brokers tell you that a 4% commission will get you cut rate service as that is not true. In fact, I can show you plenty of sellers paying far more in commission that are getting far less service than Paradise Sharks offers. We have been doing nothing but real estate for decades. We have been a licensed contractor in three states, we have been a licensed Realtor in two states, we have owned our own construction company and we own our own real estate brokerage. I would love to find anyone with more experience in the industry.

Paradise Sharks insist that our clients fire us if they are not satisfied anytime during the listing period. We want educated clients, we want happy clients and never would consider otherwise. Our clients expect the best and we give it to them. In Tequesta, your 4% total commission with Paradise Sharks gets you outstanding service and a broker who wants to ensure your happiness. Our future relies on your happiness. Here is what you should expect, and really demand, from any real estate broker, no matter what you pay them;

1. Initial meeting with a frank discussion of your goals and needs. How are those going to be met? What needs to be done to best prepare your house for photos and showings? Ask a lot of questions. Look into their eyes and find someone you trust, or keep looking.
2. An honest and well documented projected list price and pricing strategy. Ask questions, and remember the example above. A list price that is too high usually costs a seller money. It’s the worst mistake a seller can typically make so dig deep and ask questions. Be prepared to react to what the market tells you.
3. A professional high resolution photo shoot. You want your house to shine on every computer, phone and tablet screen. Well over 90% of all buyers shop on line before contacting a broker. If your house does not shine online, the odds of getting the best price are diminished. Be careful, as more pictures is not better. In fact, they hurt you. The purpose of pictures is to attract the prospective buyer enough to make the next step and that is to schedule a showing, There are almost 1.500 single family homes on the market right now in Palm Beach and Martin County with over 50 pictures online. There is one listing with 159 pictures. It’s overkill and it hurts your odds of getting traffic that will get you the best price.
4. As important as professional pictures, is the written description of the property. Again, not too long, but enough to make the prospective buyer want to learn more  and schedule that showing. Too few listings overlook this very important aspect of marketing.
5. A strategy to hit the market at the right time, with the right information, to create the most demand. Don’t just put the home on the market without a strategy both for marketing and pricing. What marketing is going to take place besides putting the home on the market? Discuss these in detail during any interview. Ask questions!
6. Make sure your calls and emails will be answered expeditiously by the broker you are hiring. Call a broker directly when scheduling an appointment. Leave a message if they do not answer, and if they do not call back in less than an hour then you are probably better calling someone else who is more attentive to your needs. Please make sure you leave a message as in today’s world, robocalls are so prevalent it prevents many of us from answering a call unless we know who it is on the other end.
7. Constant communication during the inspection period. Paradise Sharks provides detailed weekly updates that include feedback from that week’s showings, what happened to other listings in the neighborhood and what happened in the overall market. It will include any recommendations for future action to ensure we are keeping on top of ever changing market conditions.
8. Professional representation and consulting through the contract negotiations, inspection, appraisal, title work and closing. Its a complicated process and you need a professional handling this for you.

Selling a home is not easy. It takes a lot of communication and it is a team event. You are hiring someone you must trust and respect their expertise. If you have not found that broker, you need to keep interviewing. You can pay someone whatever you want. You can pay far more than 4% but you do not have to. No matter what you pay, you need world class representation as without you will not get your best price. Mistakes in real estate are very expensive and interviewing brokers and asking questions is your best method for minimizing them. 
​
Paradise Sharks love to interview. We love to answer your questions. We love saving you money and we love doing our best to get you the very best price and service. We won’t hold you to any listings agreement if we are not doing what we promise. If you are in Tequesta,  we won’t charge you over 4% and can save many even more. It’s super easy to reach us at 561.308.0175 (remember to leave a message) or tom@paradisesharks,com. Sure, you can pay more, and get less, but you certainly don’t have. If you interview and ask questions you can make a fully educated decision and that’s what truly is important.


Fins up…….




#tequestarealestate

Everyone is being affected by this pandemic and it’s more than a little bit scary for us all. Never would I have imagined a scenario like this playing out in today’s world. We have elderly family members we are extremely worried about, we have young grandchildren we are even more afraid for. The health crisis is enough of a burden with not too much focus yet pointed in the direction of the economic crisis.


After mortgage interest rates spiked significantly last week, we are expecting them to pull back to all time record lows after the Fed’s dramatic cut of interest rates to 0% yesterday. The government is trying their best to control the spread of the virus and the collapse of the economy with a 22% drop in the stock market, so far. Today could be a bloodbath in equities.

One cannot time a pandemic, but no doubt this virus is going to have far reaching effects that are too early to see. Pending home sales in the Tequesta area jumped 12.8% over the past thirty days and that was in line with the 13.5% growth we enjoyed last year. Today, the number of homes under contract are 15.3% higher than last year and that’s an impressive number considering options for buyers are extremely poor.

Too few good options at many price points and in many neighborhoods and that just isn’t going to get any better, anytime soon. Inventory levels in the Tequesta area did increase over the past month. As of March 15th, inventory in the Northern Palm Beaches was up 1.6% compared to 2.5% last year. However, the number of homes on the market today is 16.5% lower than last year. We would have to go back well over a decade to find lower inventory on this date. If history rings true this year, we will see the number of homes on the market in the Tequesta area dwindle even further over the next 6 months.

We have decided, for a number of reasons, to put our home on the market in the weeks ahead. The picture in this article is our kitchen and we are located in the Tequesta Country Club. One lucky buyer is going to snap this home up so keep your eyes and ears open as we will be making pricing and timing decisions this week. Paradise Sharks is doing everything we can to find quality inventory!

With limed supply and strong demand, one would expect home prices to be moving higher. Median condo prices have been unchanged now over the past 10 months and are still far below the record high we last saw back in 2006. However, median single family home prices are up 4.6% over the past 10 months and just set another new record high of $523,000. 

Paradise Sharks had a number of showings cancelled over the past week and we expect to see more of that in the days and weeks ahead. There will be buyers out there, but their financial situation may change, depending on the length and depth of the shutdown surrounding the spread of this virus. Interest rates will probably hit all time lows and the best new listings will still be selling as buyer’s look to take advantage of the cheapest borrowing costs ever. Right now we are hearing that a 14 day mandatory quarantine for the entire country may be put in effect at any time.

The typical buying season will be effected by the coronavirus shutdown. Consumer sentiment will shift. We are expecting a general slowdown but still see qualified buyers reacting to the right opportunities. Paradise Sharks needs new listings in Tequesta to meet demand. We can list any property in Tequesta for a total commission of 4% and if your home is valued above a million dollars, if it is in exceptional condition, if it is vacant, if it sells in less than a week, or if Paradise Sharks handles both sides of the transaction we can save you even more money. Almost all of our buyer clients receive a significant credit at closing as our little way of saying thank you.

We are in uncharted economic territory with what is happening right now, not only in America, but throughout the world. Prepare, don’t panic. Keep informed and know that Paradise Sharks will be keeping very close tabs on everything real estate. If we can answer any questions, or be of help in any way, please contact us anytime at 561.308.0175 or tom@paradisesharks.com. We love helping, we love blowing away our client’s expectations, and we love saving them money.


Fins up……

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#tequestarealestate

It’s absolutely bonkers what I am watching around me. As of this minute, the Dow Jones is trading at 21,298 or down 28% from the recent high of 29,568. This is more than a flu bug and may be pointing out some serious issues with the underlying economy here in the United States, and across the world. Sure, this is a serious virus and if you are very young, very old or very sick, the risks are very real and we all must be careful. Very careful.

College sports shut down, colleges shut down, professional sports shut down, air traffic halted, cruise lines shut down and it appears we are only getting started. If you are heavily invested in equities and you are worried about your homes value, you have every right to be.

The Jupiter real estate market has been held up by the top end of the market for a couple years now. Sales of homes that sell in excess of a million dollars have been off the charts. That probably is going to change, and the length and depth of this virus will have a great effect on future sales and home values.  In January, homes that sold at these prices in the Northern Palm Beaches soared past all records. The number of million dollar resale homes has closed higher every year since 2015. They were up 17% in 2016. Up 7% in 2017. Up 10% in 2018. Up 12% in 2019. Guess what they did this year from last years all time record high? They shot up 43%. 

This, my friends, is not what we consider normal appreciation. Nor was the Dow Jones knocking on the door of 30,000. What goes up, must come down. Nothing goes straight up forever. Median single family home prices have now been up in the Jupiter area for 8 straight years. The negative consequences of the economic effects of the coronavirus shut down will be deep if they last for very long. It will be devastating to everyone. 

Look at the long faces at the country club  bar as portfolio values are discussed. Look at the uncertainty in the eyes of those who live pay check to pay check. Look at the political climate and hatred in this country. If it doesn’t concern you, it probably should. It concerns me.

The reality is, nobody knows what happens from here. I do know the odds of your home’s value going down in the near future are pretty good. I do know there is little inventory to meet current demand under the $600,000 price point. I know it’s probably a very good time to sell if you are so inclined. 

At Paradise Sharks we are going to be watching million dollar sales and distressed properties like a hawk in the weeks ahead. The number of short sales and bank owned single family homes on the market in the Northern Palm Beaches has jumped 60% over the past month. Pay attention if your home’s value is important. Pay very close attention.

Do not be afraid but do be educated. Ask questions if you are concerned. Paradise Sharks is here to help you however we can. We can list almost any home in the Northern Palm Beaches for a total commission of 4%. We can educate you and that education is complimentary. Contact us anytime and we would be honored to sit down with you and discuss your particular situation. You can reach Paradise Sharks at tom@paradisesharks.com or 561.308.0175 and we love helping people. It’s what we do.
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Stay safe, keep positive and seek education. The future is more uncertain than ever and we need to work together.


Fins up……




#jupiterrealestate

If you own a single family home in the Northern Palm Beaches, it is probably worth more this morning than any other morning in the history of the world. During February, the median single family home price in the Jupiter area jumped 2.5% to an all time record high of $522,500. This was up from $510,000 in January and took out the previous record high of $515,000 set in June of last year.

One month ago in this column, Paradise Sharks told you that “all signs have been flashing the green light for home prices to start moving higher in the Northern Palm Beaches”. Those signs are still flashing and we expect even higher prices coming your way in the months ahead. There are a number of reasons why prices should continue their march to higher plateaus. Inventory levels of single family homes are down 22% in the Jupiter area compared to last year, pending home sales should continue to spike through the end of May, and fueled by a significant cut in interest rates by the Fed we should be also be seeing new records when it comes to the historic low cost of borrowing money.

There are certainly things we need to watch as the threat of a recession is out there and the current coronavirus scare is certainly adding fuel to the fire. The Dow Jones was down another 970 points yesterday and over the past few weeks is down a rather dramatic 12%. Million dollar home sales in the Northern Palm Beaches did not have a great month in February.

There is no doubt that inventory is badly needed, and if you are even thinking about selling your home, there may not be a better time. Paradise Sharks doesn’t want to be the biggest real estate broker in town as we know that with size comes expense. After doing nothing but real estate for decades, we realize that outstanding customer service coupled with the best value in the industry is badly needed in today’s world. We can list almost any home for no more than a total commission of 4% and if your home is worth more than a million dollars, is in exceptional condition, or sells in less that a week, we can save you even more money. If you are buying, and Paradise Sharksrepresents you, it almost goes without saying there will be a significant credit from us on your closing statement as our little way of saying thank you for your business.

If you want to learn more, or Paradise Sharks can be of help on any way, please feel free to reach out to us at tom@paradisesharks.com or 561.308.0175. In today’s world education is the key to success and we’ll show you how to save money whenever you are doing anything real estate.


Fins up……..


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#jupiterhomeprices

Paradise Sharks took yesterday off to enjoy a beautiful day out at PGA National for The Honda Classic with friends and neighbors. Congratulations to Sungjae Im on his very first PGA Tour victory. Very well played.

We really had a tremendous time away from it all and that is why Paradise Sharks first of the month market update is a day late. Realtors in the Jupiter area are all going to have more time on their hands as there just isn’t much to sell right now and it’s about to get worse. Probably a lot worse.

Let’s just look at where we are as of March 1st. The number of homes on the market through the real estate community in the Jupiter area fell during February. While the fall was not sizable, just a little over 2%, it dropped inventory levels even further from what we typically see this time of the year. As of today, buyer’s have far fewer options than they did a year ago, 20% fewer. A rather dramatic fall. The bigger problem is we are kicking off a seven month stretch where inventory levels almost always drop. Significantly. Last year, between March 1st and the end of September, inventory levels in the Jupiter area dropped about 30%. Buyers better prepare, as even though the shortage of homes they have to choose from today is bad, it’s about to get even worse.

Interest rates today sit at the lowest levels we have enjoyed for well over 3 years and it’s somewhat bittersweet as locally buyers have little to choose from. With the economic and viral scare that has crossed our threshold here in the United States, interest rates are probably going to be falling even further. New record lows may not be far away. But to find your dream home, well that’s a different story.

Jupiter area home buyers are doing what they can to take advantage of the low interest rates and even with limited options are making deals. It’s season and we expect solid sales and in February pending home sales in the Jupiter area were up a very impressive 25%. Last year, over the same period, pending home sales were up 18% so buying last month was still very solid. The number of homes under contract in the Northern Palm Beaches is up 16% from last year’s figures. With interest rates so low, imagine what sales would look like if there were more choices for buyers.

There are new construction options, on line, and coming on line, but in the Jupiter area they are very limited and priced well above resale prices. Way out west, we are seeing communities like Avenir by Toll Brothers taking shape and if a beachside location isn’t important they will provide some relief to buyers. Watch for Paradise Sharks detailed article on Avenir that will be published soon as we show you how to save thousands and thousands of dollars and make the right decisions when buying new construction.

With interest rates low, inventory heading towards record lows, and strong seasonal buying, we have been watching for median home prices to be making substantial moves to the upside. So far, that has not happened. Median condo prices as of February 15th were unchanged and still below recent highs. Even more interesting is median condo prices today are still 12% below the all time highs last hit way back in 2006. Interestingly, inventory levels for condo buyers are far better than what single family home buyers face. The number of condos available in the Jupiter area is only down 4% compared to a year ago numbers, while single family inventory is down 23%. 

Single family home prices have been moving higher, but not as dramatically as we would expect. As of February 1st, they were up to the highest levels we had seen since July of last year and within $5,000 of all-time record highs. When Paradise Sharks reports on February numbers next week we fully expect that we will be telling you about record prices being hit.

There are always a lot of questions surrounding real estate decisions. The key is education, as informed decisions will save you a lot of money. If you are selling, you should be able to negotiate a great sales price and an even better real estate commission. There are not many homes that Paradise Sharks cannot provide our world class marketing for a total commission of 4%. For homes valued above the $1 million dollar threshold, are in exceptional condition, or that sell within a week, we can save you even more money. If you are buying, Paradise Sharks typically provides our client’s a substantial credit at closing as our way of saying thank you for trusting us with your business.
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If Paradise Sharks can ever be of help, answer any questions, or just provide professional advice just let us know. Our passion is to help and you will find us very easy to reach at 561.308.0175 or tom@paradisesharks.com.


Fins up…….


#jupiterinventorylevels

I have to admit a bit of surprise as I put together the numbers for this week’s Paradise Sharksmarket update. A month ago, the table looked set for median condo prices in the Northern Palm Beaches to move higher, but that did not happen. Interest rates were low, inventory levels had improved for 5 straight months, and were the highest we had seen in almost a year. Pending home sales were just starting to move higher and prices, one would think, would follow them to new highs.

But, prices have stalled. Closings over the past 30 days declined about 15%, but stayed slightly ahead of year ago numbers. Interest rates are lower than a month ago and seem happy staying at the lowest levels we have seen in over 3 years. Inventory still not good and possibly the reason we did not see price movement to the upside. 

Last year, over the same period, median condo prices in the Jupiter area moved higher. It was the 1st of six straight monthly increases and over that span we saw median prices jump almost 11%, to the highest levels we had seen in 14 years.

So, yes, I am surprised that prices did not move higher this month, but still see pricing pressure to the upside. A macro economic event could derail this market, but assuming the economy stays on strong footing, we expect brighter days ahead for condo prices. Surprised we don’t see them today, not as bullish over the next month, but still see a new 14 year high before the snowbirds fly away for the summer.

Paradise Sharks passion is to ensure everyone has world class real estate service available to them at prices that keep more of our clients money in their own pockets. If you are thinking about selling, our full service commissions typically start at 4% but can go lower if your home sells within 7 days, is in exceptional condition, or has value above the million dollar threshold. Our buyers typically get significant rebates at closing and don’t even need to ask. We just do it as our way of saying thank you for trusting us with your business. 
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Complimentary consultations are easy to schedule at 561.308.0175 or at tom@paradisesharks.com. We look forward to the opportunity to be of service.


Fins up……


#jupitercondoprices