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

Last year, the real estate market in the Village of Tequesta led the way for all the municipalities in the Northern Palm Beaches. In 2019, median single family home prices in the Village jumped 16% to $550,000. Compare that to Jupiter, where last year median single family home prices were only up 2% to $520,000. It seemed like everyone wanted to live in Tequesta and that demand drove prices to the highest levels in the region.

It’s still early in the year, but easy to see that so far the demand for the perfect home in Tequesta is growing faster than the Coronavirus. Pending home sales in the Village are up 46% compared to last year at this time. On it’s own, that is a pretty fantastic number but when you look at the number of homes buyers have to choose from you realize just how extraordinary demand for Tequesta real estate truly is. Inventory levels in Tequesta are down 27% from year ago numbers. 

Stunning to look at a market where sales are up 46% with supply down 27%. It’s the small seaside village, away from the hustle and bustle of South Florida that has families scrambling to find a home. It’s the great Jupiter school system where young families want their children to learn. It’s the miles of waterfront property that attracts those running from northern states that were taxing them to death. It’s a community that can’t grow and opportunities to find the perfect home are few. 

Sellers are in control and anyone looking to sell a home should not only be expecting to get top dollar but also to find exceptional value from the real estate industry. Paradise Sharks charges a maximum 4% total commission for our neighbors in Tequesta. Remember those days when Realtors demanded 6%. Well, those days are over. Shop around, ask lots of questions and get informed. It will save you a lot of money and help ensure you also get world class service.

Realtors are contacting homeowners in Tequesta out of the blue to see if they would consider selling. Paradise Sharks has a stunning pocket listing that we will be putting on the market in April, If you want to beat the crowd, and are looking in the $800,000 to $900,000 range, need 4 bedrooms, three baths and a pool you might give us a ring. There just is not much out there and it’s not bound to get better anytime soon.

Interest rates dipped again this week to the lowest levels we have seen in over 170 weeks. Yesterday a fixed 30 year conforming mortgage was priced 18% lower than one year ago. If you are borrowing money you can afford more with such favorable rates and in Tequesta you are going to need that advantage. You also might consider calling Paradise Sharks if you are buying a home as most of our buyers get a substantial credit at closing as our way of saying thank you. Those credits can start as low at $700 for a one bedroom condo at Riverbend and climb all the way up to $80,000 for a custom waterfront residence in Coconut Cove. The crazy thing is you do not even have to ask for the credit, we just give it to you. 

In a town where the median single family home price is $550,000 it’s easy to give back and if you want more details contact Paradise Sharks anytime for a complimentary consultation. We are super easy to reach at tom@paradisesharks.com or 561.308.0175.



Fins up………

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#tequesta

All signs have been flashing the green light for home prices to start moving higher in the Northern Palm Beaches. Inventory is poor in many price ranges, demand is perking up as it always does this time of the year, the economy keeps gathering strength, interest rates are at the lowest levels we have seen in well over three years and the stock market keeps hitting record highs.

Even though the number of single family home closings in the Jupiter area fell by 23% in January, median prices jumped from $496,000 to $510,000 and just like that, we are up to the highest prices we have seen since way back in June when we hit a new record price of $515,000. In all honesty, there is nothing that should stop us from reporting a brand new record high when we write this column one month from today. With all the green lights flashing we actually should blow that old record right out of the water.

We kick off the new year with the top end of the market red hot. We are talking about homes that sell for over a million dollars. Last year, resales of these luxury properties broke the old record by well over 10% and things keep getting better at the top. January sales of million dollar properties eclipsed the old record by 27%. These are huge numbers and the main reason median home prices are off to the races.

Homes priced under the $600,000 range remain in very high demand with buyers watching prices and condition very carefully. Anything that is priced well, under that threshold, and in move in condition tends to fly off the shelf. The next 5 months are the best we see all year for single family home sales and right now it looks like median prices should be heading significantly higher. Those green lights are flashing like crazy!

Just because prices are climbing, does not mean you will be priced out of your dream home. Interest rates have been falling and lower your cost of ownership. You also can save a ton of money if you shop around for the best value from the real estate community. It does not matter if you are buying, or selling, interviewing brokers and asking the questions that matter, in the end will keep more of your money in your pocket.
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Paradise Sharks has been doing nothing but real estate for decades and our boutique brokerage is in our 7th year. We are proud to bring value to the market that most of our competition can only dream about. Almost all of our buyer clients get significant credits at closing as our way of thanking them for their trust. They don’t even have to ask as we just do it. Our seller’s end up saving tons of money with our “let’s set a record price” marketing that starts at just 4%. We would love the opportunity to earn your trust, and your business, and if we can ever have the opportunity to interview we would be honored. You can reach Paradise Sharks at tom@paradisesharks.com or 561.308.0175 to schedule your complimentary consultation.


Fins up…..




#jupitersinglefamilyhomeprices

The 2020 real estate season has kicked off, and over the last month pending home sales are up 22% in Palm Beach Gardens. Not a bad start, but their numbers are actually lagging the remainder of the Northern Palm Beaches, where we saw a 31% increase over the past 30 days. These numbers are in line with, but slightly behind, year ago figures when pending home sales jumped 35% over the same period.

Considering that buyers have very limited inventory in many neighborhoods, it was good to see that sales strength was solid. While inventory levels increased 5.3% in January, they actually fell slightly over the past 2 weeks. The key factor is, compared to last year, the number of homes on the market for sale is down a very significant 15%. It has been many, many years since we have seen so few choices for home buyers in the Palm Beach Gardens area. It’s not bound to get better anytime soon.

Interest rates were down again this week, and now sit at the lowest levels we have seen since way back in November of 2016. There has never been a better time to borrow money. Demand for homes is high, with people pouring into the state of Florida. Interest rates are low so they can borrow more, but there just isn’t much for them to buy. The economy remains strong, but the divide in this country is as deep as it has been in 50 years, and maybe even longer.

Limited supply mixed with a healthy demand is, in a perfect world, a recipe for price increases and that is where this market appears to be heading. Home prices had been stagnate in the Palm Beach Gardens area for about 8 months, but with seasonal home buying kicking into gear prices should be climbing. Watch for brand new 14 year highs in median condo prices and a new all time record high in single family home prices in the weeks ahead.
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Living in paradise is a real treat, but an expensive one. It’s one reason Paradise Sharks continues to do everything we can to keep our customer service high, our marketing world class and our value at levels most of the competition can only dream about. Our “let’s set a record price” marketing starts at commissions as low as 4% and our buyer clients almost always get a substantial credit at closing. They don’t even have to ask, we just do it, as our little way of saying thanks. Paradise Sharks loves to be creative and we love to save our clients money. Complimentary consultations are easy to set up by contacting us at 561.308.0175 or tom@paradisesharks.com. Take a bite out of high real estate costs by swimming these waters with the shark.


Fins up…..




#palmbeachgardensrealestate

Seasonal home buying is already underway, and as expected, pending home sales are already moving higher. Pending home sales in the Northern Palm Beaches are up over 13% so far in January, and that climb should continue for 5 more months before starting to taper off. It’s the best 5 months of the year if you are in the real estate business in the Jupiter area.

Jupiter condo prices, and those throughout the Northern Palm Beaches, were up as of January 15th for the 1st time in four months. It’s a most welcomed sign after prices had declined over the previous 7 month stretch. Median condo prices today sit at $249,000 and this is up $4,000 over the past 30 days. It’s also the highest median price we have seen since September.

The good news for condo owners, and the bad news for condo buyers, is prices are going to move higher from here. Condo sales should continue to strengthen and over the past thirty days were up 32% from the previous month which was a strong move. Even better news is, they moved ahead of year ago numbers which is the momentum we like to see heading into the strongest buying season of the year.

While the overall inventory levels are poor, condo buyers have better choices than those shopping for a single family home. The number of condos on the market for sale has increased now for 5 straight months and are at the highest levels since February of last year. Compared to year ago numbers, those shopping for a condo have 9% fewer options, but that compares very favorably to the 17.5% reduction in single family home inventory.

So, condo sales will continue to improve, inventory isn’t great, and interest rates remain at very favorable levels. When you add it all up, Jupiter condo prices are going to be moving higher over the next few months. How high they go is anyones guess. Could we finally take out the old record high of $280,000 from way back in the “bubble days”? That would take a very strong season and is doubtful, but taking out the more recent record of $255,000 set back in July is pretty much a sure thing. In fact, one month from now I would not be surprised if we are telling you that number has been surpassed. Watch for median condo prices above the $260,000 mark for the first time in 14 years very soon.

With Jupiter condo prices rising, there are still a few ways to save money when buying, or selling, a property anywhere in Palm Beach or Martin County. The best way is to team with a real estate broker who has decades of experience, knows the markets and current trends like the back of their hand, and is going to give you the best value. It’s funny as that is just what Paradise Sharks does. Our “let’s set a record price” marketing plans start at total commissions as low as 4% and most of our buyer client’s get substantial credits at closing from us as our little way to say thank you. 
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You can always pay more for real estate services, and receive less, but that just wouldn’t make any sense. If you want to learn more, please feel free to contact Paradise Sharks for a complimentary consultation at tom@paradisesharks.com or 561.308.0175.


Fins up……


#jupitercondoprices

January 15th is the day that Northern Palm Beach County real estate brokers typically have a big Cheshire Cat grin on their faces. Last year, between the 16th of January and the 15th of February, the number of homes under contract in the area jumped 45%. That’s a huge amount of sales in a market where the median single family home price is right around $500,000.

The economy is booming, the stock market is at all time record highs, interest rates remain near record lows, buyers are lined up for the right opportunities, but that big smile is missing from many of those real estate faces this year. The reason is inventory, as there just are not many good properties on the market for buyers to select from.

The number of homes hitting the Jupiter real estate market has increased now for 4 straight months but those gains have been anemic. In fact, compared to last year’s inventory increases, the number of new houses hitting the market was down by a startling 61%. The number of options todays buyer has, is dramatically lower than it was last year. Never in modern history have we had fewer homes on the market as the real estate season kicks off.

Baby boomers are not moving as they have nowhere to go if they did sell. The current inventory shortage can only be described as severe and there is little reason to believe it is going to get better anytime soon. Pending home sales have been down for 9 straight months and now, when the board is set for sales to start rolling in, there is little out there to meet demand. Inventory is especially poor in the lower to mid-range price categories.

Some inventory is priced ahead of the market, as sellers believe prices are moving higher. With limited supply and strong demand one would think prices are climbing skyward but that just isn’t the case. On May 1st of 2018, the median price of a single family home in the Northern Palm Beaches sat at $498,500. Today, it sits at $499,000. Over the past 20+ months the median cost of a single family home in the Jupiter area has not moved. The same is true in the condo market where median prices back in June of 2018 sat at $247,000 and today sit at $248,000.

Keep in mind that each property plays by its own set of rules and many locations are more desirable than others. For instance, in the overall Northern Palm Beach single family home market, without Tequesta included, median prices were up in 2019 by about 4%. In Tequesta prices jumped 17%. Location, location, location. A hot neighborhood will have a completely different set of metrics than a cool one. Make sure you know the “temperature” of any home before entering into a buying, or selling, agreement. Seek education and make informed decisions.

Even though home prices in the Jupiter area are relatively unchanged over the past 20 months, affordability is still a big concern, especially at those lower and mid-range price categories. Buyers are very conscientious of price but are willing to reach for homes that have a high level of finish. Most buyers still do not want to settle on a home that needs a lot of work to bring it up to current standards. Current inventory is littered with homes in less than desirable condition.

With so many buyers looking for their dream home, and a huge shortage of dream homes, it’s a fantastic time to get your house sold for the very best price. When looking for a real estate broker, interview, ask a lot of questions, and get informed. Paradise Sharks LOVES to interview for the opportunity to earn your trust, your business, and your friendship. We are now in our 7th year here in Tequesta and have decades of real estate experience. Paradise Sharks has removed the middleman from the real estate transaction and offers our “let’s set a record price” marketing packages for total commissions as low as 4%. Most of our buyers get significant credits at closing as our little way of saying thank you. You can always pay more for real estate services, and receive less, but that just wouldn’t make any sense.


Fins up…..


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#jupiterrealestate

When you look at what the average single family home in Jupiter costs these days, you would think nothing about the industry gets less expensive year after year. But, in the case of real estate commissions, they have now fallen for 10 straight years. In 2010 they fell. In 2011 they fell. In 2012 they fell. In 2013 they fell. In 2014 they fell. In 2015 they fell. In 2016 they fell. In 2017 they fell. In 2018 they fell. And once again in 2019 they fell again. Odds are high they will fall again in 2020.

Back in 2009 about 77% of single family home sellers in Jupiter paid a total commission of 6%. Last year that number had fallen to about 25% and the biggest question is, why are so many still agreeing to pay a 6% commission. The usual answer is the seller did not take the time to interview and ask questions. To get educated, instead of sold.

When deciding upon a broker to team with, you should really focus on 3 main areas. Trust, customer service and value. You certainly need all three to ensure your experience is a pleasant one and you pay a fair price for the services you receive. It will also help ensure you sell your home for the highest possible price.

There are more realtors out there than ever before, which means there is a whole lot of inexperience. There are a lot of brokers who will try to convince you that if you do not pay a higher commission you will not get professional representation. Recently, Paradise Sharks interviewed with a seller who told us they wanted to pay 6% because another broker told them nobody would show their home if the co-broke commission was not 3%. We got the listing. On the first weekend, we had dozens of showings, multiple offers and closed on the home within 30 days. The client paid a total commission of 4.5%.

Ask to see what their last 6 listings looked like on line. Closely look at the pictures. Read the written description of the home. Did they draw your interest and make you want to learn more? If not, you might keep looking as well over 90% of buyers are shopping on the internet prior to calling a realtor. If your home is not properly presented online, the odds of getting top dollar go down significantly. Ask if you could speak to those clients and get their feedback of the selling experience with that broker. It’s easy to do and it can save you many thousands of dollars.

You want to make sure the broker’s customer service is excellent. Selling a home is truly a team effort and you want to make sure your teammate communicates effectively. Call them. If they do not answer, leave a message and see how long it takes them to return a call. You would be shocked at how many won’t get back to you expeditiously, if at all. What kind of updates can you expect during the listing period? Can they help you ensure the house shows its best both in professional photos as well as actual viewings by prospective buyers. Will they be present at showings? What do they do to obtain feedback? What will they do if you are not happy with their services? How will they communicate with you. Will they allow you to cancel any listing agreement if they are not meeting your expectations? Why not? If the house sells in the first week do you get a credit? If your broker handles both sides of the sale do you get a credit? Ask questions. Get educated, not sold.

Value is not about the lowest commission, as without quality marketing and representation you won’t get the highest sales price. When interviewing, ask if the broker has set any record sales prices for their clients and what they did to make that happen. Look for value. Fewer and fewer sellers agree to pay a 6% commission. Most brokers these days will accept a 5% commission. Many brokers can provide even lower prices. Everything is negotiable. 

Most of all, make sure you trust the broker you decide to hire. If you can’t look them in the eye, believe what they are telling you, and get that warm and fuzzy feeling you might keep looking.

Paradise Sharks is a unique brokerage and loves to interview and make sure you make educated decisions. We have decades of experience, both in construction and sales. More importantly, we do not have middlemen costs like franchise fees and brokers splits and pass those savings back to our clients. Our “let’s set a record sales price” marketing programs are available at total commissions as low as 4%. Most of our buyers get significant credits at closing as our little way of saying thank you. If you are doing real estate anywhere in Palm Beach or Martin County Paradise Sharks would be honored to interview and have the opportunity to earn your trust, and your business. Complimentary consultations are easily scheduled at 561.308.0175 of tom@paradisesharks.com.


Fins up……

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#realestatecommissions

The Jupiter, Florida lifestyle is world class and even though this list could be much, much longer we wanted to share some of our secrets with those who might be visiting for the very first time. If you are here for a week there is plenty of time and you will leave very satisfied and amazed.


In no particular order here are 10 things that should be on your “must do” list while in Jupiter this season;

Watch the sun come up at Coral Cove Park – head over the south bridge to Jupiter Island, make the corner heading north on Beach Road and soon you will hit Coral Cove Park. Sure there is about 600 feet of Intracoastal Beach on the Indian River but you will want to make your way to the 2,600 feet of beachfront playground along the Atlantic Ocean. You want to get up early and be on the sand about 10 minutes before the sun rises. Bring chairs, bring Bloody Mary’s, bring mimosas, bring a croissant, bring whatever you want, but set a spell. The sea is a magical place and watching a new day dawn among the limestone formations is a spiritual experience. Bring your suits and spend some time as life truly does not get any better.

Snorkel under the bridge to Jupiter Island – Our inlet is so full of life, those who do not take the time to look under the water are missing so much of what Jupiter is really about. Once again you will want to take Bridge Road over to Jupiter Island, but this time stop short of the bridge and park on the shoulder. Walk down to the river from the south side of the road and again bring your chairs, towels, suits, music, snorkels, and some frozen daiquiris or margaritas. Yes, tequila and rum are part of the Jupiter lifestyle. You are at Cato’s Bridge that is definitely old Jupiter. Just act like you know and you’ll fit right in. Get to know the tidal schedule as you want to go while the tide is coming in, about an hour or two before high tide. The water will be it’s bluest for the next few hours and your best snorkeling will be during the slack tide. The last time we were in the water here a huge manatee swam inches from my face. Watch the kids hanging and dropping as the draw bridge goes up. A little slice of “old school” Jupiter, and that blue water which is a huge part of what Jupiter is all about. We use the Tides app for the most accurate information on the tidal schedules.

Happy hour and dinner at Schooner’s – OK there are many dining options for you to enjoy in Jupiter but the food and ambiance here is what Jupiter is all about. Boutique seafood restaurant that is one of the longest operating restaurants in Northern Palm Beach County. The Jupiter location is amazing and make sure you arrive early for a drink or two at the outside bar where you can soak up the excitement going on in the Inlet Village. The food is enticing and delicious, as is the vibe. We think great food is a huge part of living in Jupiter and Schooner’s is what “old Jupiter” is all about and a top choice for an evening out. Uber there, drink a lot of margaritas, eat some of the freshest fish in town, and Uber home.

Canoe the north fork of The Loxahatchee River to Trapper Nelson’s – do this to experience what Florida once was. Start this journey at Jonathan Dickinson State Park that you will find on US1 between Jupiter and Hobe Sound. An incredible state park to explore but you want to go rent a canoe, or if you want to be a little less active there is a boat tour on the Loxahatchee Queen. If you want to be more active rent a paddle board. Everything you need is right here. Spend the day and head up to the end of the river at Trapper Nelson’s camp. The beauty, the history, this is old school Jupiter that too few ever see but maybe that’s a good thing. If you like to read then pick up a copy of Life and Death on the Loxahatchee. If you have the opportunity, read it before you make this trip. Highly recommend spending a few hours experiencing this amazing location.

Check out the turtles at Loggerhead Marinelife Center – the turtles are a huge part of life here in Jupiter and a visit to this Juno Beach institution should be on your agenda while in town. AMAZING organization dedicated to the conservation of ocean ecosystems with a special focus on threatened and endangered sea turtles. They save turtles, they protect their nests, they even have eco adventures and enough programs to keep you busy for days. Stop by, check it out, and see what these people do daily to improve our sea, our world and the world of turtles. If you are a donating person then here is a group that deserves you digging into your pocket as this is a special place filled with special people.

High tide at Blowing Rocks – get out the Tide app from your snorkeling adventure as you want to be here as we reach high tide. The Nature Conservatory has spent well over 50 years protecting great places in Florida and Blowing Rocks at high tide must be seen. Similar, but far more grand, to the limestone formations you saw at sunrise at Coral Cove can be found here. Incoming water is forced through these formations and you are going to want to get your camera out as the plumes can reach 50 feet and higher. Bring your chairs, enjoy the show. It is a good one.

Cocktails and a little live music at the Square Grouper – We love to enjoy life and part of that is a cold drink, water, sand beaches, tiki huts and live music. No place do these things come together in a better mix. Alan Jackson filmed the music video to his massive hit “It’s Five O’Clock Somewhere” here and that is all we truly need to say. Things have changed since then and to me bigger is hardly ever better but they have done a great job of keeping this the best little (but bigger) bar in paradise. If The Helmsmen are in town and you can catch them they too are part of what is really good about the new Jupiter Florida.

Lunch, dinner, anything at Captain Charlie’s Reef Grill just down A1A in Juno Beach  – Head down to this landmark restaurant that remains pretty much how it has been for years and years. Ross has blessed us with this treasure by the sea that we hope never changes. Have the peppered blueberry tuna please. Nothing can tell you more about this funky place with amazing food than this Check Please episode featuring a younger Paradise Shark. Old Jupiter just doesn’t taste any better.

Hang at the inlet in Dubois Park – on the south side of the Jupiter Inlet this is the place to reflect on life and the Jupiter lifestyle. Watch the boats come and go in what can be a very treacherous inlet. Look over to Jupiter Inlet Colony, swim in the lagoon but the best thing is to grab a seat, watch the boats, watch the water and relax. Life is indeed very, very good in Jupiter.

Moonrise on Jupiter Beach – Nothing defines Jupiter more than our beach. Truly one of the most beautiful undeveloped stretches of sand you will find anywhere. Find a night the moon is rising after sunset by at least 1/2 hour. You will once again want your best beach chairs and some very good red wine. Spend a few hours, be thankful for what the good Lord has provided us. Decide right then to get involved and do your part to protect this amazing earth. We hope our Jupiter Town Council does their share here on the local level. If you feel like another donation then the Friends of Jupiter Beach is another most worthwhile organization. If you are here on a weekend they are doing a beach cleanup then go and make some new friends. If they are here they love Jupiter, are amazing people for giving back, and a big reason Jupiter, Florida is so very, very special.

Jupiter, Florida is an amazing place to visit and if you can get in as many of these as possible you will enjoy yourself even more. Jupiter is an even better place to live. Paradise is a choice and it you want to look into a more permanent place in the Florida sun Paradise Sharks would love to help educate you on your options. After decades of doing nothing but real estate we opened our own brokerage 7 years ago. 
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Our boutique company has kicked the middleman out of the real estate transaction and we pass those savings directly to our clients. Paradise Sharks sellers enjoy total marketing packages that start as low as 4% and our buyer’s typically get substantial credits at closing as our little way of saying thanks. We publish weekly articles on the local real estate market that you can always read at tompriester.wordpress.com. Reach out to us anytime at 561.308.0175 or tom@paradisesharks.com. We love Jupiter and hope you will too. If you tell us you read our Top 10 list we would be happy to meet you for margaritas at Schooners. Not only will we educate you on the local real estate scene we will divulge our favorite thing to to that we left off this list on purpose. Even sharks need a secret spot to get away from it all!


Fins up…….




#jupiterflorida

It’s a new day, a new year and a new century. For a Jupiter real estate market that has appeared to hit the pause button, things are about to get interesting. Welcome to 2020 and we are now just 2 weeks away from what we hope is a strong take off for real estate sales in the Northern Palm Beaches.


2019 was another good year for home prices, and the median prices of both condos and single family homes, were up again for the 8th straight year. The number of single family sales were basically flat for the 3rd straight year, while the volume of condo sales dropped to the lowest levels we have seen in 7 years. Interest rates, have been moving higher, but still are low from a historical perspective. Inventory is poor in many neighborhoods and price points, and will impact the market significantly this season. Education will remain a key factor, whether you are selling or buying real estate, over the next few months in the Jupiter area. 

As of January 1st, the number of homes on the market for buyers to select from fell over the past 30 days and remain 11% below last year’s numbers. Limited inventory should be a factor that helps push prices higher from today’s levels. If demand heats up, the economy stays strong, it is hard to see prices doing anything but moving higher over the winter and spring months here in the Northern Palm Beaches.

Pending home sales dropped 14.5% during December, and that was in line with expectations. The number of homes under contract is 12.5% higher than last year’s numbers and if we see typical buying patterns emerge in January, prices should start climbing. Especially in the condo market, as single family home sales lag condos by about 30 days as the buying season kicks off.

Paradise Sharks is proud to be starting our 7th year in business and is committed to another year of bringing you the most accurate information each week on the local real estate market. Our mission remains to provide our clients with the best service in the industry at value much of our competition can only dream about. Because we are unencumbered by typical middlemen expenses, like franchise fees and broker splits we simply can do more, for less. It really is as simple as that. We insist on old fashioned, high quality, customer satisfaction and if we ever don’t do what we say, fire us. We have never been fired.
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Paradise Sharks “let’s set a record price” marketing packages start as low as 4% and the majority of our buyers receive significant cash credits at closing. If you would like to learn more, or if we can be of assistance in any way, please feel free to contact us at 561.308.0175 or tom@paradisesharks.com.


Fins up……




#jupiterrealestate

As we approach the end of another year, and another decade, the condo market in the Northern Palm Beaches is hoping for strong seasonal sales to get things moving early next year. Sales of condominiums just hit the lowest 30 day total we have seen in 23 months. Compared to year ago numbers, condo sales in the Jupiter area, were down a rather dramatic 18%.

Thankfully, we are just about 3 weeks from the date seasonal condo buying historically picks up in earnest. Attractive mortgage rates, and more forgiving loan options for condo buyers, should be helpful. So should resale condo inventory levels that are up again for the 4th straight month. However, the number of condos on the market still lags year ago numbers and the condition of many units is suspect.

A bigger problem for buyers will be acceptance of prices set by seller’s asking too much when compared to market conditions. The perception of many is condo prices are moving higher, but that hasn’t happened locally. Over the past month, median Jupiter condo prices, and those in the neighboring communities, were unchanged at $245,000 and sit at the lowest levels we have seen in 8 months. Compared to year ago numbers prices are up 6.5%.

While we have a few days left in 2019, we know that condo sales in the Jupiter area this year will be the lowest we have seen in 7 years. Median prices will be up again for the 8th straight year. While single family home prices long ago set new all time records, median condo prices in the area still lag 2005/2006 record highs by 12.5%. 

Affordability will remain a real challenge to the Jupiter area real estate market next year. The reality is new construction in the Northern Palm Beaches is expensive and affordable entry level product is extremely scarce, if not non-existent. The economy, and hate filled political climate, facing America are significant concerns to the real estate market moving forward. If you care about your homes’ value you better pray the economy keeps growing.
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In the short term, limited inventory, favorable borrowing costs and seasonal buying activity should help pull prices higher, but economic news needs to stay strong if we are to see a 9th straight year of rising Jupiter condo prices.
Paradise Sharks is proud of another year, our 6th, keeping you informed about the true condition of the real estate market in the Jupiter area. This is our very last weekly market update of 2019 and we are truly looking forward to another year helping our clients with world class marketing and customer service at prices that most of the competition can only dream about. If Paradise Sharkscan ever be of help in any way, complimentary consultations are super easy to schedule at 561.308.0175 or tom@paradisesharks.com.


Fins up……




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