Here at Paradise Sharks we take our clients’ welfare seriously. Our passion, when we started this business, was our clients’ and they will remain our focus as long as I am around, which I hope is a long, long time. We feel strongly that everyone should have a high level of quality and value from their real estate broker. We want to think outside the box and change the way things are done.

We do a multitude of things to keep our clients expenses low, as we tire of seeing fees added on their closing statements that do not need to be. One thing we do when we are working with our sellers, or buyers, when they are responsible for an owners title policy is put the title and closing work out for bid. We did just that yesterday and were so happy to wake up to this e-mail today. This is why we work so hard to save our clients money. We typically hope to save our clients a couple hundred dollars through this bidding process. Here is the e-mail we sent out inviting the vendor for a proposal;

Rick,

We just went bilateral with this property and have attached a copy of the contract. It is a VA loan and we are asking three title companies for a bid to handle the title work and closing duties. This is a new home.

Please let me know what your charges, including search fees, that will be charged and we look forward to potentially working with you on this transaction.

Here is the response we received;

Good morning Tom......

My name is Pamela and I am a closer at _____ Title. Your email was forwarded to me by Rick. I have attached a prelim HUD-1 per your request.

I based the purchase price on the contract you attached at $380,000.00. I used a 6% commission base with a 50/50 split. I do not know if you charge a transaction fee so I did not place one on the prelim HUD-1. If there is anything you would like me to add please do not hesitate to respond with any changes you may need. 

In regards to our settlement fee I charged $0.00 to your sellers. It is my goal to earn your business not only with this contract but with any future contracts you may have. Per your email you are in the process of obtaining a quotes from additional title companies. If you receive a quote that is lower then the one I am providing please do not let that deter you from choosing _____ Title. I will match any quote you are given. I would like to thank you for your time and I look forward to hearing from you soon. Make it a great day!

So, in this case we did not save our clients’ a couple hundred dollars. We saved them much more and we have a new vendor who will be bidding future closings for us if they perform admirably on this one. And the savings to our clients do not stop there as on this transaction we charged them far less than 6% for commissions and NEVER charge them a transaction fee.

Watching out for our clients is what we do. Changing how real estate is done is what we hope to do. If we can ever watch out for your best interests for anything real estate throughout Palm Beach or Martin County please feel free to contact us at 561.308.0175 or info@paradisesharks.co


Fins up for saving our clients money.....





#jupiterrealtor

Median condo prices in the Northern Palm Beaches have made significant gains for each of the past 4 years. Since 2011 prices have moved higher each year and 2 1/2 months into the new year it certainly looks like a 5th straight year of increases is well underway.

As of March 15th, the median sales price of a condominium in the Jupiter area is up again, about 1.3% over the past 30 days. Not a huge increase but it brings us back up to $200,000 for the 1st time in 4 months. Seasonal purchases have been decent and all signs are pointing to median prices increasing in the months ahead.

Sales have slowed considerably when compared to year ago numbers. Over the first two months of the year the volume of closed condo sales in the Northern Palm Beach market are down 15.5%. A warmer than normal winter up north shares the blame with limited inventory of well priced units and fewer international buyers because of a strong US dollar.

Todays condo prices look a bargain when compared to prices in the single family home market. Consider the reality that the median condo price in the Jupiter area is still 28.6% below the market highs before the bubble burst in 2006 while the median single family home prices is only down 12.4%.

Each individual condo has a different set of current demand and competition that needs to be analyzed. If you are buying, or selling, real estate anywhere in Palm Beach or Martin County and want to learn how to get the most value and the very highest level of customer service please feel free to contact Paradise Sharks anytime at 561.308.0175 or info@paradisesharks.com






#jupitercondoprices

The number of homes for sale in the Northern Palm Beaches continues to grow. For 6th straight months the inventory of properties from which buyers can choose from has increased. As of today, there are more homes available for sale than anytime since way back in June of 2014. With more options on the shelf home buyers in Jupiter, and the surrounding villages, are writing contracts, lots of them.

The increases in inventory have been strong and across the board. Over the past 2 weeks inventory levels have increased by 3.7%. Over the past month they have increased by 2.7%. Since September, when this string of increases began, homebuyers have almost 30% more homes to choose from.

The good news is with more options sales have also perked up. Over the past two weeks pending home sales in the Jupiter area are up 4.1%. Over the past month they are up 17.2%. We continue to lag year ago numbers, but remember that 2015 was the year we shattered the all time record highs for homes sold in the Jupiter area.

Seasonal visitors are buying, spring buying season is underway and interest rates are low. Buyers are buying. Prices are rising. Median single family home prices have been up for 3 out of the last 4 months and we already predicted a big jump when we next report those numbers in another 3 weeks. However, realized prices on closed single family homes so far in March have been far lower than expected. While we still expect prices to increase next month it is most probably not going to be the big number we had predicted. Median condo prices were up last month for the first time since June of last year. Still another week before we bring you the latest numbers in this category but look for them to be up again. 

The buy is on, prices are up, but it’s season. We expect strength and we are getting it. Remember each home, in each neighborhood is different and the factors surrounding its value are different. Whether you are buying, or selling, know these numbers and make fully educated decisions. If Paradise Sharks can help in any way please feel free to reach out to us at 561.308.0175 or info@paradisesharks.com


Fins up.....




#jupiterhomeprices

At some point residential real estate changed from the “American dream” to just another commodity. Volatility of median single family home prices in the Northern Palm Beaches is not for the faint of heart. It shouldn’t be that way, but it is so get used to it. It’s one reason we tell you to only buy a home you can afford in good times and bad. Otherwise, you may be flirting with disaster. Make sure with anything real estate you are making educated, fully informed decisions.

Remember back to the good old days? In 2001 median single family homes in the Jupiter area were up 16%. In 2002 they were up another 14%. 2003 they jumped another 18%. Things were just starting to get crazy and people thought you couldn’t lose buying and flipping anything you could get your hands on. In 2004 median homes prices jumped 25%. Not to be outdone in 2005 they jumped another 29%. 

It made no sense. It wasn’t logical. 

I was working for a developer in 2005 and anyone who would listen I told to sell their home. People thought I was crazy, loco, insane. We put our home on the market and made damn sure it was the lowest priced home in the neighborhood. My neighbors told me I was ruining values in the neighborhood. Well, I told them but they didn’t listen. We sold our house for a profit and by the time the bubble fully deflated it sold a few more times for less than 1/2 of what we got. We weren’t ruining neighborhood values, we were getting out as we knew those numbers made no sense. We made an educated, fully informed decision.

As you know, it all ended and 2005 marked the highest price median home prices we have ever seen in the Jupiter area. For that year, the median single family home sold for $485,000 up a whopping 252% from just 5 years earlier. We thought last year at this time we were going to get back there this season but the winds have changed again. Sure we have seen prices rise for 4 out of the past 5 years but the gains were far more “reasonable”. 4%, 7%, 9%, 6%, 9%. Add them all together and you don’t get much higher than the gains that one year in 2005 gave us.

As of March 1st the median single family home price in the Jupiter area declined for the 1st time in 4 months. Not a huge drop, 2.1% but is takes the median price down to $426,000. But it’s a one month drop as next month at this time median prices will be up and we think significantly. We know because we are out there showing homes every day. We know because we track these numbers daily. It is our life. We know that expensive homes are selling well. We know what is going under contract. I am very comfortable telling you that next month we will announce a significant move higher. $20,000 maybe more. Maybe $30,000. Somewhere between those numbers is my bet. We know and want you to know. For now the record highs of 2005 are safe but we will be gaining. For now.

If you are buying or selling real estate anywhere in Palm Beach or Martin County we want to make sure you are making fully educated decisions. Each home, on each street, in each development is different. If you need help figuring out what to do please feel free to contact us anytime at 561.308.0175.


Fins up....





#jupiterhomeprices

The seasonal buying of property in, and around, Jupiter continues but the strength is not what we had hoped. A volatile stock market has not helped. Limited inventory of well priced homes in the best locations has not helped. Rising median prices of single family homes has not helped. The craziest Presidential campaign ever has not helped. But still we are seeing positive seasonal buying of property here in paradise. Dirt cheap interest rates do help but they are back on the rise, up over 30 basis points in just the past 2 weeks.

The wealthy continue to buy, with home sales in the $1 million+ categories rising both in January and February when compared to last years numbers. However, median income families have little to choose from. In Jupiter, the median household income is about $66,713 according to Sperling’s. When factoring in realistic numbers for property taxes and insurance, assuming you have no other debt and a substantial down payment you might qualify for a $300,000 home. With a median single family home selling these days in the Jupiter area for $427,250 you can see the problem. If you are in the 50% of our population under the “median” income your housing problem is a big one.

As of March 1st, pending home sales in the Jupiter area are up for the second straight month to the highest levels we have seen since August. They were up 22.5% over the past month which is a significant jump. However, last year during the same period pending home sales jumped 31.7%. Total pending sales as of today are down over 15% from where they were in 2015. Solid performance, but it is easy to see the strength in today’s real estate market so far in 2016 has fallen well short of last year.

Meanwhile the number of homes for sale continue to climb, up for the fifth time in six months to new 12 month highs. Many sellers still priced ahead of the market, many homes still in poor condition relative to price. In the best locations any well priced home in good condition that is properly marketed is getting activity, lots of it. Both sellers and buyers need accurate, up to date information, to make wise decisions. The information is out there and if Paradise Sharks can be of help in any way please feel free to reach out to us at 561.308.0175 or info@paradisesharks.com.


Fins up.....




#jupiterhomes