The top end of the Jupiter real estate market continues to strengthen as the 2015-2016 season starts kicking into high gear. A unit in the Commodore building at the Jupiter Yacht Club hit the market on Wednesday at what seemed to be a lofty price but it appears to have been snapped up very quickly as well healed buyers scramble for properties in the best locations.
The Commodore is the 4th of 5 buildings at the Jupiter Yacht Club, was built in 2005 and contains 33 units. When apartment #310 hit the market at $1,575,000 three days ago it looked to be priced a bit “ahead of the market”. After all, through our Multiple Listing Service, the highest closing price ever in the building sits at $1,363,750. The highest price ever in the 10 stack closed at $1,250,000. But it took just 3 days for an anxious buyer to jump on a new listing in a market still starved for quality inventory.
The unit sold new in “decorator ready” condition back in 2006 for $1,050,000. The seller paid $725,000 back in December 2010. Yes, new record real estate prices are coming this season to Jupiter. How heated the overall market gets is still to be determined but this is a sign of what can happen with strong demand and limited supply.
In the Northern Palm Beaches at this moment the median condo price sits at $195,000 down from $200,000 a month ago. We have not seen a monthly increase in the median condo price in the Jupiter area since June. Back in both 2005 and 2006 the median condo sales price for each year ended at $280,000. Today’s median price still lags behind the “good old days” by over 30% in the overall market.
But in the real world of buyers with cash looking for their slice of paradise it’s a different story. And another record price in what could be a really big season. If you are looking to be positioned to find the right opportunity at the right price put together a well designed game plan. If you need any help please feel free to reach out to Paradise Sharks at email@example.com for a complimentary consultation.