The seasonal real estate market here in the Northern Palm Beaches has been white hot over the past couple months. Since January 15th buyers have been active snapping up deals with inventory levels growing and over priced sellers lowering their expectations and asking prices. Median prices on condominiums and single family homes have been under downward pressure for about 8 months.​

As of March 15th, the median condo price in the Jupiter area was up to $210,650 compared to $208,000 one month ago. This is the highest we have seen condo prices in the area since October. When compared to year ago numbers median condo prices are up 5.3%.

Watch inventory levels, which have finally stopped rising, and interest rates to get an idea of where we go from here. Inventory levels hit their highs in, and around, the Jupiter area on February 15th. It had been about three years since buyers had more choices. Since then inventory has stabilized and moved ever so slightly down. If inventory starts pulling back this will be bullish for prices.

Even though the Fed raised their prime rate on March 15 interest rates on a conforming 30 year loan are down. When the Fed raised their rate the 30 year loan was at 4.17% and today it is at 4.01%. No one factor moving forward will be as important as what happens to interest rates so keep a close eye on them.

For now, we see prices moving higher on Jupiter condos over the next month. If you are buying, or selling, get educated and make informed decisions. Each property is different and decisions must be made understanding the numbers that effect that particular homes’ value. Always interview at least three brokers before trusting them to assist you in a very important financial decision. Don’t get sold, get educated as it can mean a lot more money in your pocket where it belongs.


Fins up......




#jupitercondoprices

Paradise Sharks has told you for years to not worry about interest rates. Believe me, we truly care about where interest rates go as nothing else plays a bigger role in how much real estate sells and at what prices. However, we also understand the markets are manipulated and if interest rates rise too far, well how much real estate is selling would not be our main concern.​

To prove our point, look at what happened this week. On Wednesday, the Fed raised the benchmark federal funds rate by .25%. Guess what? Since they did the average overnight rate on a 30 year conforming mortgage has dropped by 10 basis points. The Fed raises rates and you can lock in a 30 year mortgage at a better rate. Go figure.

This isn’t something new. On December 14th of last year, the Fed also raised their base rate by .25% but look at the chart below. This shows the average overnight rate on that 30 year conforming loan from right before the initial cut was made back in December. If the cost of banks to borrow money has increased by .50% one might ask themselves why the cost for home buyers to borrow money has gone up only 5 basis points.

It’s the same reason the stock market is trading at record highs. Nobody believes the Fed can keep raising rates as the results would be disastrous. Sure rates can go up a bit. After all, it has been over 6 years since the rate on that 30 year fixed mortgage was at 5%. Could it go there again? Certainly. But much higher then watch out. At least until we get debt and spending under control.

You see the national debt here in the United States is getting ready to cross over the $20 trillion dollar threshold. Every 1% in interest rate increases means a $200 billion increase to a budget that hasn’t been balanced for two straight years since Dwight D Eisenhower. Ike left office over 65 years ago. President Trump, love him or hate him, has vowed to be the first President to balance the budget since Ike. I pray he is able to succeed.

But the national debt is only part of the equation. Money has been so cheap corporate America has been borrowing too. A lot. Since the first quarter of 2009, corporate debt has grown by about 60%. The reality is both our government and out corporations need to get spending under control before interest rates can rise too far or the results could be disastrous. 

So don’t worry too much about interest rates. Sure they can go up but don’t look for them to move too high. If they move too high the value of your home will probably be the least of you worries. 

With real estate Paradise Sharks wants buyers and sellers to make educated decisions. Always interview three brokers when doing anything real estate. Ask a lot of questions and find someone you trust to assist you with what is a huge financial decision. If you are anywhere in Palm Beach or Martin County Paradise Sharks would be honored to be included on your interview list. You can reach us any time at info@paradisesharks.com or 561.308.0175.


Fins up.....





#interestrates

Home buyers in the Jupiter area are enjoying more choices than they have had for quite a while. Home inventory levels are the highest we have seen in 3 years and interest rates have been treading water at historically low levels. Buyers have been acting and taking advantage of both of these trends. Jupiter pending home sales, and those throughout the Northern Palm Beaches, have put in another strong performance for the first half of March.

As of March 15th, pending home sales in the Northern Palm Beaches are up 7.8% since the first of the month and up 15.5% over the past 30 days. Over the same time periods in 2016 pending home sales in the area were up 4.1% and 17.2% so we are in line with last years’ performance. Keep in mind that last year total home sales in the Jupiter area were the 2nd highest we have ever seen. Through the end of February more home sales have closed in the Northern Palm Beaches this year. 

We are experiencing quite an amazing turnaround as just 2 months ago pending home sales were at the worst levels we had seen in years. Since then, pending home sales in the Jupiter area are up a dramatic 61%. In just two months, we have gone from wondering where the buyers were, to being on track for potentially a record breaking year of home sales.

Prices have been trending lower for months on both single family homes and condominiums. In Jupiter, at this moment, there are 824 properties available for sale. Over the last week 100 of them have reduced their list prices. Buyers are shopping for value and prices are still dropping. Over 12% of all home sellers in Jupiter have lowered their list prices over the past week. With pending home sales up over 60% in two months such a large percentage of sellers would not be lowering their prices unless they were over priced. The odds are many still are, and on the front lines buyers are still very, very price conscious.

Inventory levels had been climbing higher for 6 straight months but as of March 15th we have finally seen a decline. Well, not much of a decline, with 1 fewer unit than a month ago but at least we are seeing the number of available homes leveling off. This trend, it if continues, should provide some support for prices.

The other metric we are closely watching this week is interest rates as the Fed is meeting and all signs point to higher interest rates ahead. We have now been threatened with this for years and at some point the manipulation will have to end. As of this morning, interest rates on a 30 year conforming loan are back up to 4.2%; the highest levels we have seen since July 2105. As our national debt is about ready to hit $20 trillion dollars interest on that amount is scary and at higher rates even scarier. President Trump seems to be reigning in government spending and it is certainly going to be an interesting year ahead in Washington.

The value of a families’ home is typically a huge factor in their overall financial picture. Timing is everything and with affordability a huge factor in the Northern Palm Beaches, anyone buying or selling, needs a broker on their team that can understand their goals and help meet them. Seek knowledge, interview at least three brokers and ask direct questions. Find a broker you trust, one that wants to educate you, and if you haven’t found them, keep interviewing. If you are anywhere in Palm Beach or Martin County Paradise Sharks would love the opportunity to earn your business and you can reach us anytime at 561.308.0175 or info@paradisesharks.com for a complimentary interview.



Fins up......




#jupiterpendinghomesales

As of March 1st, the median priced single family home in the Northern Palm Beaches sits at $425,000, unchanged over the past month. Compared to year ago numbers, the median price single family home in the Jupiter area is up by only 1%. While we have seen minor variations in this median price there has been little measurable change since August of last year when the median price sat at $427,500.

With affordability a lingering concern there is no doubt that buyers have become very price conscious in most market segments. After a steep eight month drop, pending home sales have now been up for 2 straight months which should provide a boost to prices in the weeks ahead, The number of homes for sale in the Jupiter area finally leveling off after moving significantly higher over the past 6 months. This increased inventory is one reason prices have stagnated a bit.

Mortgage rates have traded in a fairly tight range after they jumped about a half a point after the election in November. Keep your eyes on interest rates as the Fed continues to send out mixed signals. Over the past week the rate on a 30 year fixed conforming loan has jumped 12 basis points and sit at 4.09%. That is the highest we have seen rates since December.

The stock market keeps hitting new highs and the overall economy remains a key component of what happens to real estate in the months ahead. Confidence returned to the Jupiter market with pending home sales jumping 49% since January 15th. That confidence has remained with us for the first week of March but pending home sales have lost some of the luster we saw over the past 45 days.

Watch for median prices for single family homes in the Jupiter area to move slightly higher over the next month with buyers remaining very price conscious. Keep an eye on interest rates as any sustained significant increases will put a chill on the market.

Always interview at least 3 brokers before doing anything real estate. Ask lots of questions. Get educated, not sold. If Paradise Sharks can ever be of help in any way please feel free to reach out to us at 561.308.0175 or info@paradisesharks.com.



Fins up.....

We own and operate a boutique real estate brokerage and when we named our firm we were blessed to come up with Paradise Sharks. We truly live in paradise and always on the hunt, not only for great homes for our clients, but for places to enjoy life. Our 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. If you decide you want more of Jupiter Florida then we should talk.
In no particular order here are 10 things that should be on your “must do” list while in Jupiter Florida;
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 with raspberry jam from Nina’s Fresh Bakery, 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. http://www.ninasfreshbakery.com​

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. 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 bring frozen daiquiris or margaritas you are keeping cold in that amazing Engel cooler. You bought that because you know it is just another great piece of the Jupiter family. 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 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. http://www.engelcoolers.com

Happy hour and dinner at Lynora’s – OK this is a new one but so good it represents what the best of the new Jupiter is all about. Boutique Italian restaurant who has been blessing Palm Beach County with their food since 1976. The Jupiter location is new and amazing but you better arrive early. If you do not have a seat at the bar by 4:30 you will probably be shut out. The food is enticing and delicious as is the vibe. Last night one of our biggest sports celebrity residents was in the house so you just never know who you might run into. We think food is a huge part of living and Lynora’s is a top choice for an evening out. Uber there, drink a lot of wine, and Uber home. Thank Angelo and his team because you are going to have a blast. http://www.lynoras.com/jupiter/

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. http://www.floridastateparks.org/park/Jonathan-Dickinson

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. http://www.marinelife.org

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. http://www.nature.org/ourinitiatives/regions/northamerica/unitedstates/florida/placesweprotect/blowing-rocks-preserve.xml

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. http://www.youtube.com/watch?v=BPCjC543llU

Lunch, dinner, anything at Captain Charlie’s Reef Grill – 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. http://www.youtube.com/watch?v=eZTodqIH3fA

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. http://www.friendsofjupiterbeach.org

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. 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 info@paradisesharks.com. We love Jupiter and hope you will too.


Fins up…….




#jupiterflorida

Confidence is a funny thing. Six weeks ago confidence in the real estate market in Jupiter was not real good. Pending home sales had not picked up after the 1st of the year as we had hoped. In fact, this very important metric had fallen to 8 year lows and we were searching for answers.

Since then we have had answers. Pending home sales in the Northern Palm Beaches are up a rather dramatic 49% since January 15th. That is a really big number and brings confidence back into the game. Interest rates are down below 4% on a conforming 30 year fixed loan. The meteoric rise in inventory has abated. Median single family home prices in the Jupiter area are down almost 4% over the past 5 months giving us some relief to the affordability issue which is still significant. Even the political dissidence in this country seemed to improve greatly after last nights performance by President Trump in front of Congress and the world. Yes confidence is a funny thing.

Can this confidence continue? That is the key. Season is only half over and what happens between now and May 1st will go a long way to how this year plays out. Since January 15th pending home sales in the Jupiter area are up 49%. Last year over the same period they were up 29%. in 2015 we were up 51%. At this moment 2017 is looking a lot more like 2015 than 2016 and that is a good thing. 

Even the steep climb in inventory has abated with essentially no change over the past 30 days. But as anyone who follows this market knows, things can change in the blink of an eye so keep yours open. Your ears too. Listen to what the market is telling you. Inventory levels are still 10% higher than a year ago. Pending home sales are only up 7% since February 15th. Confidence is a funny thing and it can change very quickly. Right now things in real estate are looking pretty darn good. But we are in the middle of “season” here in Jupiter and we expect it.

If you are contemplating any moves make sure you interview at least 3 real estate brokers and seek answers to your questions. Quality of services and the fees associated with those services can vary dramatically so be informed. You can always ask any question to the Paradise Sharks team who can be reached at 561.308.0175 or info@paradisesharks.com. We would be honored with the opportunity to earn your trust.