If you own property in Palm Beach County, your 2019 Notice of Proposed Property Tax statements are in the mail and also posted on-line. If yours is not a homesteaded property you are probably in for a pretty significant increase in your tax bill this year. Not understanding the property tax game can end up costing you a ton of money each and every year. If you have purchased a Palm Beach County home in 2018, or 2019, as your primary residence and need help please feel free to contact Paradise Sharks. As always, we are here to help.

The market value on our little house in Tequesta, according to the Palm Beach County Property Appraiser, has increased by 1.8% since last year. In 2018, the median single family home in the Village of Tequesta sold for $475,000. So far in 2019, the median single family home price in Tequesta is all the way up to $572,500. That represents an increase of over 20%, so actually the appraiser’s number makes me very, very happy.

Luckily, we are homesteaded, which means we get a $50,000 exemption to our assessed value. But even more important, is the fact that by law under the Save Our Homes Assessment the appraiser has a cap on what they can raise our assessed valuation. Every year this benefit allows us to stay in our home without the worry of taxes forcing us to leave.

Paradise Sharks cannot stress this enough, but the first August you own your home is when you have to react to the county’s tax procedure. Failure to act in your own best interest in the coming weeks, may cost you more money than you might imagine. As critical is the filing of your homestead exemption immediately after you have lived in your home as your primary residence on a January 1st. We have only been in our home about 7 years and because of these exemptions and caps our taxable valuation is now only about 50% of market value. If we were not homesteaded our property tax bill this year would be about $6,000 higher. More taxes, less freedom.
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If Paradise Sharks can help you sort out how our somewhat complicated property tax system works here in Palm Beach County please feel free to contact us anytime at 561.308.0175 or tom@paradisesharks.com. But do not delay as this year the last day you can protest your valuation is September 19th.


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#palmbeachcountypropertytaxes

Last year, there were 373 home sales in the Village of Tequesta, with a median sales price of $327,000. So far in 2019, there have been 234 sales, with a median sales price of $429,700. It’s a pretty impressive jump. Historically impressive.


When you consider only once, have we ever seen an annual price increase, anywhere close to that number in the overall Northern Palm Beaches market. That “once” was back in 2005, and we all know what happened right after that record jump. Are we being set up for a major crashing of house prices in the Village of Tequesta? Hardly. 

Look at the median price increase in neighboring Jupiter. Last year it was $391,00, this year it is $400,000 or an increase of just 2.3%. In the overall Northern Palm Beaches market, it’s 4.1%. So what on earth is going on in Tequesta.

Part of it is the lifestyle and what living in Tequesta is all about. The population of about 6,000 and nowhere to grow, the sidewalk lined streets, the oak canopy, water everywhere, awesome schools, friendly people, laid back “old Florida” golf clubs, amazing restaurants, shops and beaches, historical late mid century homes, golf carts on the street. It’s certainly all that, and as more and more people learn about why our small town village is an incredibly special place it creates demand that other municipalities simply don’t enjoy. Look at the growth and traffic going on next door in Jupiter and you get the picture. Like real estate brokerages, when it comes to your hometown, small is good.

Demand, with limited supply, means buyers, especially when the economy is doing well, are willing to pay more. This year, in Tequesta they are doing just that. Paradise Sharks is quite proud that this year we broke a neighborhood price record by over 33% on one sale. With the right timing, marketing and luck you get prices that nobody would ever expect, but it’s not easy. Tequesta makes it easier. One single family home, on an interior lot in the Tequesta Country Club, sold for full price to the first cash buyer in the door. It sold for $865,000 which also broke the old record by a country mile. Demand for quality, location and timing has increased the value of Tequesta properties so far this year.

Another huge reason that is driving prices in Tequesta is taxes. In particular, rising taxes in cash strapped, debt choked, states where their income taxes are no longer deductible on federal returns. People are running, and they are running to Florida more than anywhere else. Florida’s state income tax situation attracts them, like it attracts the world top golfer’s, and many are ending up right here in the Village of Tequesta. 

You see, these buyers are not shopping for a median priced home. They are looking at the top end of the market, where homes sell in excess of $1,000,000. Remember that “water everywhere” that we enjoy here in the Village of Tequesta? Well it also means waterfront homes everywhere, and they are selling like hotcakes at a church picnic. Canal homes being purchased for almost a million dollars and being torn down for grander digs. On the Loxahatchee River, buyers are knocking down homes they paid well over 2 million for. Tequesta is hot, and it’s driving prices higher.
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If you are looking to purchase, or sell, real estate in the Village of Tequesta, or anywhere throughput Palm Beach and Martin County look no further than Paradise Sharks. We are your local, small business, real estate brokerage where we take great pride in customer service and offering our clients the best value to be found anywhere in the industry. We don’t pay franchise fees, we don’t share our commissions with brokers, and we have effectively kicked the middleman right out of the real estate transaction. Those middleman costs add up to a lot of money and we simply give it back to our clients, where it belongs. If you want to see what decades of experience, and a sincere dedication to our clients goals means to you, please feel free to contact Paradise Sharks anytime at 561.308.0175 or tom@paradisesharks.com.


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#villageoftequesta

If you have been shopping for a home in the Northern Palm Beaches, we do not have to tell you how poor the selection is. It’s terrible and a lot of the offerings are either overpriced, or in poor condition, or both. As of today, the number of homes on the market for sale is at the worst levels we have seen in almost 4 years. Compared to one year ago, inventory levels in the Jupiter area are down 6% and the odds are pretty good we will see another decline over the next few weeks.

If you are thinking about selling your home, you need to understand the dearth of good listings and use this to your advantage. Interview brokers and ask them not only what they are going to do to sell your home for the most amount of money, but also how much they are going to charge you. Ask about price records they have set and don’t be shy about seeking documentation. If your property is in high demand, properly priced and marketed it should sell in days in many neighborhoods. When interviewing brokers, ask what the broker is going to do for you if your home sells in less than a week. If they do not offer a credit you might keep interviewing. There are some brokers still asking for 6% commissions and in many cases Paradise Sharks can provide our “let’s set a record price” marketing for as low as 4%. The difference between 4% and 6% on the median single family home sale so far this year in Jupiter is $10,469. If your house is desirable that money belongs in your pocket, not the real estate brokers.

The number of homes going under contract in the Jupiter area is also down this month. For the 4th straight month the number of sellers with smiles on their faces has declined. Lots of this is because many sellers are still priced too high and others have homes that do not present themselves well. It’s also seasonal as the reality is after May, home sales in the Northern Palm Beaches slow significantly over the remainder of the year. It’s not interest rates, that today sit at the lowest levels we have seen in 2 years. Its not demand, as even though sales are falling, they remain 5% higher than they were a year ago.

The key to this market remains sales at the top end that remain at the highest levels we have ever seen. It seems that day after day, week after week, month after month, new records are being set for resale homes that close in excess of $1,000,000. So far, no signs of that slowing down, but watch the economy closely.  These sales have kept strong upward pressure on median home prices and while we are seeing some leveling off, median prices this year in Jupiter are still up 2.5%. If you want proof that location matters, and what happens to prices when a neighborhood has a lot of million dollars homes in a hot market, the median sales price in Tequesta this year is up an astounding 31%. Location, location, location and timing. You need to understand where your home fits into the equation as every home, street and neighborhood plays by very different rules.
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We still have 5 more months before seasonal home buying starts boosting home sales numbers in the region. Inventory is going to be key. The economy and political craziness that is going on will play an even more important role. If you are planning on doing anything real estate, seek education and make informed decisions. Interview brokers if you are selling, or buying. Paradise Sharks would love the opportunity to interview and earn your trust and your business. We guarantee a high level of customer service and the best prices you will find anywhere. Contact us anytime at tom@paradisesharks.com or 561.308.0175 and we will be happy to show you what the future of real estate looks like.


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#jupiterhomeinventory

If you are out looking for the perfect home to purchase in the Northern Palm Beaches, you know what I am saying when I say good luck. Over the past 10 months, buyers had more selection that they had the previous year. One month ago, buyers had more choices than a year ago, but something happened during July. The number of homes on the market took a large tumble, down almost 8%, and for the first time in almost a year, buyer’s have fewer choices than they have had in a long time. Throw in prices that have been moving higher for 10 straight months. Throw in seller’s who are priced ahead of the market. Throw in homes where condition is a significant issue. Throw in neighborhoods where there is no selection and you can see the frustration todays buyer’s are having in the Jupiter area.

There is no reason to believe that traditional seasonal factors will bring us more inventory for at least another 2 or 3 months. Home owners are staying put for a number of factors and this will create more inventory problems for home buyers in the months ahead. People are staying in their homes longer than they ever have before. The latest numbers show the average homeowner stays put for over 8 years. That may sound like it’s not a very long time, but back about 10 years ago they barely stayed put for 4 years. They have nowhere to go. The inventory challenges home buyers face isn’t a game they want to play. And who can blame them.

Demand does not appear to be an issue, it’s supply. Look at the $1M+ market where sales are at all time record highs. Blowing away last year’s record numbers by16% with new records set in 6 of the 7 months so far in 2019. When you realize these numbers do not include the vast majority of new construction, the top end of the market is thriving. For the rest of the market, it’s poor inventory and affordability where we are seeing problems.

Overall, the number of homes under contract in the Jupiter area fell again during July for the third straight month. They have managed to hang onto year over year gains. The bad news is, we still have 5 months where the odds are sales will continue to fall. Interest rates are fantastic, buyers are out there, but finding the perfect home is not an easy game.

Buyers need a game plan. They need to be working with a real estate broker who understands how to set up a game plan so their clients win the game. It takes pinpoint accuracy on search criteria. It takes the ability to react immediately to new opportunities and be the first one in the door. It takes a complete understanding about how the condition of any home and the desirability of the neighborhood will effect price. It takes the ability to make decisions fast and submit offers even faster.
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The good news is there are real estate brokers out there that know how the game is played and it’s why home buyers need to interview them and get educated so they can end up with a winning game plan and a successful, informed purchasing decision. Paradise Sharks love to interview. We give all our buyer clients significant credits at closing and our small business, can-do, culture means a level of service the big box brokerages can only dream about. To learn more about the future of real estate please contact Paradise Sharks anytime at 561.308.0175 or tom@paradisesharks.com.


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#jupiterhomebuyers

Let’s face it, there is a ton of money in South Florida real estate. So far this year, over 3,250 properties have changed hands in the Northern Palm Beaches. The median single family home price today sits at $510,000. Here in Tequesta, it is $585,000. In our little village, the median days on market for sold single family homes so far this year is only 26 days. Over 26% of all single family home sales sold in a week or less. The median commission offered to the buyers broker sits at 2.5%.

So, let’s take a look at that median sale price of $585,000 here in Tequesta, with that median days on market and that median co-broke commission of 2.5%. Assuming both brokers received the same compensation it would mean a total commission of $29,250. If the listing broker worked 8 hours a day, on nothing else but this listing for the 26 days on the market the seller paid their broker over $140 an hour. That equates to almost $300,000 for a full time job, selling one house at a time, with nothing else to do. It’s a lot of money and sellers should be asking a whole lot of questions, interviewing brokers, and finding one who will not only professionally market their home, but also charge them a fair fee for their services.

Selling a house in Florida is not an inexpensive proposition. If a seller pays a 6% commission on the median priced home in Tequesta and you add in the State of Florida Documentary stamps on the deed, the owner’s title insurance policy and a moderately priced firm to handle the title and closing work, their total closing costs will be over $37,000. Some brokers even charge additional transaction fees and many closing agents are not would I would call moderate. That’s a whole lot of money to sell a house and that’s on a median priced home. When you realize that 1 in 4 single family homes in Tequesta this year sold for over a million dollars and the median pricer of those home is $1,662,500, well you can image what their commissions and closing costs look like. They run right up into the 6 figures in a hurry.

Buyers are mistakenly informed they do not pay for real estate commissions. Maybe directly they are not responsible, but believe me, seller’s price commission expense into the equation and indirectly buyers are responsible. They too need to be informed, ask questions and interview brokers if they want proper representation.

There are more brokers out there than ever before, many have little experience, and you must be careful. Very careful. A new Realtor, in many instances does not have a clue why a buyer should understand that buying a frame constructed home may be a mistake, why that roof might cost them $25,000 next year, or why that great deal really isn’t one at all. All they have to do is buy a zip code from realtor.com, zillow.com, trulia.com, homes.com or the hundreds of other websites out there. Just like that they will show up on your screen as the local expert. 

The downside to an inexperienced broker is even greater for a seller where many thousands of dollars are on the line besides those crazy expensive closing costs. Many brokers will give an inflated value of a home on a listing appointment to secure the listing. The reality is your home is worth exactly what a ready, willing and able buyer is willing to pay and the closer you list to that number the higher the odds of you getting what your home is worth. Testing the market makes sense at times but all homes, and sellers are different. 

Online price estimates are as bad as an unexperienced agent so be very careful about what you feel the value of your home may be. Zillow says our home is worth $657,580 while realtor.com says it is $588,900 and both estimates are far below reality. There are other homes were estimates are far above real world numbers. Sellers must ask questions and get informed to select a broker who is equipped to assist them in effectively meeting their goals.
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If you are buying, or selling, real estate anywhere in the country please reach out to professional brokers, interview and ask a lot of questions. If you are in Palm Beach or Martin County please feel free to reach out to Paradise Sharks at 561.308.0175 or tom@paradisesharks.com. Paradise Sharks would love the opportunity to meet you and help you make an educated decision. We have been doing nothing but selling and building real estate for a career that has spanned many decades. Paradise Sharks give all of our buyers sizable credits at closing and our “let’s set a record price” marketing programs start as low as 4%. Paradise Sharks is in our 6th year and we are small on purpose. We have no franchise fees to pay, no broker taking a cut or our earnings and no middleman to raise the cost to our clients. We save our clients lots of money and if we do not do exactly as we insist they fire us. It’s simple. We are an open book and our goal is to provide you world class service and save you tons of money. Its just what we do.


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#realestatecommissions

Median condo prices in the Northern Palm Beaches have been rocketing higher now for 7 straight months. During that span, prices are up 10.8%. You have to go back to 2018 before finding a month where median condo prices in the Palm Beach Gardens area have been lower than the month before. As of today, that median price sits at $254,950, up from the $252,750 we sat at one month ago. 

Prices are the highest we have seen since 2006, and for the first time an all time record price, is within our sights. We may have to wait a bit longer however, as even though prices did move higher last month, sales volume was not very strong. In fact, we have to go all the way back to February of 2018 to find a month with fewer condo closings. Compared to the same period last year, sales were down 24% which is a significant decline. Slower sales will most likely keep a damper on prices moving much higher from these levels.

Inventory once again is a problem, as today’s prices stretch the budget for many first time buyers who simply can’t afford the price tags we are seeing in the single family market. There are 26% fewer condos on the market in the Palm Beach Gardens area than we saw just 6 months ago, so buyers options have been shrinking. On the good news side, is the fact in another 30 to 45 days we should see seasonal listing activity start picking up and we remain hopeful this will once again create some added demand for Palm Beach Gardens condos. Interest rates remain favorable, but demand will need to pick up if prices are to continue marching higher. 
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Paradise Sharks is watching the numbers that effect the value of your home very closely, so if we can ever be of help please feel free to reach out to us at tom@paradisesharks.com or 561.308.1075. Having been involved with nothing but real estate for decades our boutique brokerage is half way through our 6th year and our culture allows us to provide a higher level of service at lower costs than many other brokerages. With no franchise fees, broker splits, or other middlemen expenses, we pass those savings directly to our clients. Complete world class listings with Paradise Sharks start at low at 4% and we now always give our buyer clients substantial credits at the closing table. If you are ever interviewing real estate brokers please keep us in mind. We guarantee we will save you money and put a smile on your face.


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#palmbeachgardenscondos

Those looking for the perfect home buying opportunity in the Northern Palm Beaches are finding out it’s not all that easy. Inventory levels as of July 15th are down once again, for the 4th straight month. They currently sit at the worst levels we have seen since September and are almost certainly going to fall further over the next 30 to 60 days. If you are looking for lots of options from which to pick your perfect home, you will be disappointed in many neighborhoods and price points.

Poor inventory, coupled with historically slow summer home buying activity, means pending home sales are also lower. As of today, they are down for the 3rd straight month and odds are very high they will continue to fall for another 6 months. If you are out looking for a new home this summer, hoping to take advantage of the lowest interest rates we have seen in 19 months, you better have a winning game plan.

You need to be aware of any new listings as soon as they hit the market. You need to know if that new listing has a price in line with current market conditions, as you certainly do not want to overpay for your house. Especially in a market where single family home prices have been rising significantly for about 10 months and sit at all time record highs. Along with good news on the interest rate front, Palm Beach Gardens area home prices have started to settle and have remained unchanged now for about 90 days. You also need to the ability to act quickly, as if a new listing is a good deal there are buyers lined up trying to submit a winning offer. You need to be working with a broker who knows how to get you in a position to make a solid offer before somebody beats you to the punch.

Interestingly, even though pending home sales are down about 11% over the past month, they too have stabilized over the past two weeks. This is mainly because of some surprisingly strong home buying activity in Palm Beach Gardens so far in July. The same cannot be said for other Northern Palm Beaches communities, so as usual, location is very important. You need to know what is going on with the numbers surrounding any property you are looking at. Every home is different, every street is different, every neighborhood is different. It’s critical you understand what the true value of any home is.

With prices high and inventory low, Paradise Sharks continues to strive to not only bring our clients the highest quality customer service but also the very lowest prices available in the Palm Beach Gardens market. All Paradise Sharks buyers get substantial credits at closing as our way of saying thank you for trusting us with your business. Paradise Sharks marketing programs for our sellers are always designed to get them the very largest check at the closing table and our full service, world class, marketing agreements start with total commissions as low as 4%. Contact us anytime for your complimentary consultation at 561.308.0175 or tom@paradisesharks.com and learn why we feel strongly we should be your realtor for life.


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#palmbeachgardenshomes

June is almost always the month we see more single family home sales than any other month during the year. We have to go back 8 years to find a year that June did not rule the roost. That was, until this year, as single family home sales in the Northern Palm Beaches fell 9.5% over May numbers. Last year in June, sales were up 5.6%.

It’s not a great sign for a market that has been carried along by the top end of the market where homes sell for a million dollars or more. Median single family home prices in the Palm Beach Gardens are unchanged at $515,000 but seem to be losing steam as affordability and condition continue to be significant concerns. There is good news, as those $1M+ sales continue to amaze and, as of today, are up a significant 14% from last year’s all time record high. Interest rates are within 2 basis points of 19 month lows and that is very helpful for those who are able to find homes that meet their needs.

While median single family home prices continue to climb, there are signs that climb may be coming to an end, or at least resting to catch it’s breath. In Jupiter, the median single family home price in Abacoa, so far in 2019, is down 4.3% from last year. In another popular community, prices in Jupiter Farms are also down from 2018 numbers.
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June numbers may be a sign that the next few months are not going to be the best for real estate in paradise. If buying, or selling, please make sure you are working with a real estate broker whose goal is to educate you, so your decision is an informed with. Be extremely leery of those Realtors using scripts and trying to sell you to line their own pockets. If you want the straight scoop on any property, from a broker who has decades of real estate experience and can not only provide you our “let’s set a record price” marketing that start as low as 4%, but also gives each of our buying clients a significant cash rebate at closing. For real estate guidance of any kind please feel free to contact Paradise Sharks anytime at 561.308.0175 or  tom@paradisesharks.com. We’ll be happy to show you why small business can do what the big box brokers can only dream about.


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#jupiterhomesales

Sure, it’s summer and the local real estate market slows over the hottest months of the year. Pending home sales in June were down 12.7% in the Jupiter area, but that’s not necessarily bad. You see, last year during June, pending home sales in the area dropped 20.5%. In fact, pending home sales as of July 1st are 7.2% higher than year ago numbers and that is the first time we can say that in 9 months. So while it’s summer vacation, and real estate sales slow, this year they haven’t slowed as much and that is a good thing.

The fact that buyers have fewer options available, just makes the positive buying news even more positive. The number of homes on the market for sale fell again during June. It was the 4th straight monthly drop and the number of homes that buyers have to choose from are now at the lowest levels we have seen since October. The problem for those actively shopping for a home is inventory levels will almost certainly fall further over the next three months.

Less choice, with stronger than expected sales, is bullish for prices and here in the Jupiter area the median price of a home has been strongly to the upside over the past few months. The big question is, will buyers remain more active this summer and keep those prices moving higher?

The million dollar plus market remains on a strong path but more and more we are seeing warnings of a potential slowdown in the overall economy. Keep a close eye on the Fed, as if they start cutting their interest rate, as many project, it is a sign that the economy needs a prod to push a possible recession further down the line.

We are blessed to live in an area where demand is not what we would see in a more traditional American community. So many of our residents are well heeled seasonal visitors both from this country and abroad. Others are part of the significant inflow of new Florida residents escaping taxes in states that are having a very difficult time meeting their financial obligations. All these things are very bullish for Jupiter area real estate.

However, for real long term strength we need an economy that continues to prosper and pushes wages higher. Median incomes do not come close to qualifying for median priced homes and that is a problem for our young adults. Either wages need to rise, or prices need to fall. It’s pretty simple math and it tells us that many are priced out of owing a home in the Northern Palm Beaches.

As Paradise Sharks tells you almost every week, anybody doing real estate needs to be educated and know the real story about the property they are considering either a purchase, or a sale. It’s not easily found, as the national and local press tend to report numbers about 30 to 60 days after they happen and are no longer valid. They also gear their news to what’s going to get consumers to watch their broadcast, or buy their newspaper. Fewer are, so the need for more sensational headlines, continues to grow. Real estate mistake can be very expensive so trying to avoid them is very important. 
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If you are looking for the most accurate information, on the street level of your neighborhood, feel free to contact Paradise Sharks at tom@paradisesharks.com or 561.308.0175. Not only have we been doing nothing but real estate for decades, our small business culture is based on a very high level of customer service and true value that many brokers can only dream about. No middlemen, no franchise fees, no broker splits, no scripts to sell you, just straight forward customer service at the best value in the industry. It’s what we do and we would love the opportunity to interview for your business and earn your trust.


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#jupiterpendinghomesales