So far in 2019, it has been nothing but up, up, up for median condo prices in the Northern Palm Beaches. Over the past 30 days in the Palm Beach Gardens area, the median price of a condo jumped to $250,000 up almost 4% from where we were last month.

Actual condo closings in the Northern Palm Beaches were up for the 2nd straight month and were slightly ahead of last year’s figures. While prices were up to the highest we have seen in 13 years, the all time record of $280,000 is still 12% higher than anything we have seen since 2006.

This year, local condo prices are up 8.7% on sales volume that is slightly ahead of year ago numbers. Compare that to the single family home market where prices are up 7.4% on sales that have been almost 10% below what we enjoyed last year. With affordability a key issue for the Palm Beach Gardens real estate market, buyers are settling for condos when single family home prices are sitting at all time record highs.

Finding a quality home, updated, and in good condition with a price in line with the current market, remains a struggle for most buyers. Many are reaching a bit higher with their purchase price, or accepting condition issues they would rather not have to deal with. Finding the right home remains an exercise of frustration for many buyers in the Palm Beach Gardens area. That frustration and the subsequent "reaching" are helping to fuel recent price increases.
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Having a game plan where new opportunities hit your radar screen immediately, is the key to success in today’s market. Watch for another solid month of condo sales with pricing pressure to the upside and if you have any questions that Paradise Sharkscan help you with please feel free to contact us at tom@paradisesharks.comor 561.308.0175. Our boutique brokerage has kicked the middleman out of the real estate transaction and that means, not only saving you a lot of money, but also a level of customer service we are extremely proud of.


Fins up…….






#palmbeachgardens

It’s been a long time since I wore a watch. I pretty much hate wearing things and a watch fell smack dab in the middle of that category. Once our phones started giving accurate time there was no need for a watch and there hasn’t been one on my wrist since way back when. But a heart attack, open heart surgery and a 5 year battle with atrial fibrillation ended the wrist freedom I had enjoyed for those many, many years.

You see, after that 5 year battle, my amazing electro-cardiologist seems to have cured what once was chronic. But it really does need to be monitored. The problem is, I do not feel my heart beat, so if it starts going haywire I really have no way to diagnose it and I asked him for a solution. When he told me about the amazing heart diagnostic capabilities of the new Apple Watch 4, I was all ears. When our daughter and her boyfriend bought me an Apple gift certificate, I was all in.

At first, I thought I would just put it on when I went out on my daily walk, or to check my heart beat for any signs of atrial fibrillation. Remember, I always have hated watches, but as Bob Dylan sang, the times they are a changin, and this time for the better.

Don’t get me wrong, I am a huge fan of technology, but it’s really gone too far. I run a boutique real estate brokerage and pride myself on our technological driven strategies for our clients. But it has gone too far. Way too far and thankfully many people are starting to feel the same. This watch is helping me take the next step.

Back in the day, I wore a watch so I had an accurate method of knowing what time it was. The cell phone changed that and I happily went along for the ride with that old huge block phone and watched as technology made phones smaller and smaller until I finally had one that would slip easily into a pocket. Then, technology decided small wasn’t cool and the newest phones started getting bigger. Bigger, and bigger and bigger and soon we were are all carrying computers with us, disguised as phones. If you went out and saw a table full of people, usually half of them, if not more, had their noses in their phones instead of enjoying the company of who they were with. I was as bad, if not worse, than anyone and the whole nose in the phone thing started really bothering me.

However, my business really means I need to be dialed in. That massive iPhone needed to be with me. My livelihood depends on it. Then I got this watch. Not only does it watch my heart in a remarkable way, not only does it provide amazing statistics on my daily walks, but it does things that are as important for those of us who are tired of our phones and carrying them everywhere we go. It quietly notifies me when a call or email is coming in. I can quickly glance down and see it it is something that needs to be dealt with. It’s easy to ignore if it isn’t pressing, If I need to take care of it like Dick Tracy, I can make a call with my watch. I can respond to an email or text. Heck it even tells me what time it is.

But it does much more, as it frees me from the shackles of carrying that huge phone with me wherever I go. If you are out and see someone without a phone it may be because they found the path to freedom. I did. It’s called a watch and its very, very cool.


Fins up……


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#applewatch4

The summer slowdown for the Jupiter real estate market is underway and while actual closings, especially for single family homes, will remain strong for another 30 to 45 days, new contracts will slow considerably over the next 6 months.


While pending home sales in the Northern Palm Beaches have moved slightly higher over the first half of May, we fully expect those numbers to start pulling back considerably. Unfortunately, the number of pending home sales in the Jupiter area are at the lowest levels we have seen on this date for many, many years. Coupled with the fact there is little hope of any real sales strength for the remainder of 2019 it’s not a great time for Jupiter real estate. Last year pending home sales dropped 49% between May 15th and January 1st and we expect similar pull backs in the months ahead.

The upper end of the market continues to be the real strength with homes selling above the million dollar threshold setting another record in April. More luxury homes sold this year in April than any other April in history. The fact is, it wasn’t even close with 2019 numbers exceeding the old record by over 8%. These sales helped raise the median single family home price in the Jupiter area to another all time record high. Condo prices are up for the 5th straight month to the highest prices we have seen in 13 years.

Paradise Sharks always keeps a very close eye on million dollar sales and if you care about the value of your home so should you. The numbers are impressive with these sales accounting for 18.6% of all local real estate sales. This is the highest percentage we have ever seen and a testament to the strong economy coupled with an influx of well heeled buyers escaping higher tax states and relocating to Florida for our favorable tax situation. It we start to see weakness in these luxury sales expect prices to fall, something that hasn’t happened for 8 years.

Interest rates are back down below 4%, for a 30 year fixed conforming mortgage, for the first time since January 12th of last year. Rates go down for a reason and a softening real estate market is the main reason rates are heading south. Just another reason to pay attention if Jupiter real estate prices are important to you.

The quality of inventory remains a real issue in many neighborhoods and price ranges so make sure if you are home shopping that you are working with a broker who understands what quality means as frankly there is a whole lot of junk out there. Paradise Sharks takes great pride in helping our clients and not trying to sell them.

Make sure your broker is focused on your goals and not theirs and if Paradise Sharks can ever be of help, in any way, please feel free to reach out to us at 561.308.0175 or tom@paradisesharks.com. We recently started giving each of our buyer clients a credit at closing that can mean thousands of dollars to assist with closing costs. We can list any home with our proven, world class marketing strategies, with total commissions that start as low as 4%. When doing real estate of any kind, interview, ask questions and make informed decisions. 


Fins up…..


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#jupiterrealestate

Over the past 10 years, there isn’t much associated with Jupiter real estate that has become less expensive. The median sales price of a single family home back in 2009 was $322,750 and so far in 2019 it is $535,000. Up 65%. If you look at fees for appraisals, inspections, closing agents, surveys, etc. you will see that over the past decade almost everything associated with a real estate transaction has continued to get more and more expensive.

But, when it comes to the fees paid to real estate brokers representing buyer’s and seller’s of single family homes in Jupiter, the commissions paid over the past 10 years have been falling with about the same speed as a rock dropped off a tall building. Over the same period that home prices jumped 65%, the decline in the number of sellers paying 6% in commissions to sell their Jupiter single family home has dropped a mind blowing 69%. Yes, you heard that right 69%. Back in 2009 almost 8 out of 10 seller’s were paying a 6% commission and so far this year only a little over 2 out of 10 seller’s are paying that lofty rate. Soon, the trend is looking like nobody will be paying a 6% commission and even today those that are should probably be asking why. 

It is hard to see an end to this slide, as so far this year the number of sellers paying a 6% commission has dropped an additional 17%. Commissions are plummeting as technology and easy entry into the profession have driven competition to plunge commission rates lower and lower with no end in sight.

Unfortunately, at some point buyer’s and seller’s are giving up quality of what they get for the money paid. That is why seller’s of real estate should interview and ask questions. Buyer’s too should be interviewing to find proper representation. Not only about what they are going to pay to be represented but what are they going to get for that money. How is that broker going to get them the best price for their home. How is that broker going to make sure you do not overpay for a property. Do they really understand the market, the numbers, the quality, the negotiating? It is becoming more and more crucial for a real estate broker to be fully educated on all aspects of a property and how buyers, who have more information than ever, will be enticed to pay top dollar during negotiations. All brokers are not created equal, and you want to be well represented no matter what side of the transaction you are on. Buyer’s brokers and seller’s brokers have very different agendas if they are properly representing their clients. 

In the sale of any property, there are thousands, and at times tens of thousands, of dollars at risk and being properly represented is critical. An overpriced home can cost a seller a lot of money at the closing table. An uneducated buyer can make mistakes without proper guidance that they will pay for dearly for in the years ahead. It’s not falling commissions a client should be focused on, it’s what kind of representation they receive that in the end will determine the success of any transaction for either party.

Paradise Sharks takes great pride in using our decades of experience and small business culture to provide our clients world class service and great value. In the end, if we have not done our very best to help our clients make informed decisions we have failed. We have the special sauce it takes to provide great quality and the best prices and take great pride in what we do. No franchise fees, no broker splits and our boutique set up allows us to do more, for less, and it’s a position we love to be in. Saving our clients money and making sure they are informed is what we do. If you are doing real estate anywhere in Palm Beach County, or Martin County, and want to learn how we can make sure you are informed and cost effective decisions please let us know. We are super easy to reach and tom@paradisesharks.com or 561.308.0175 so if we can be of service in any way let’s talk.


Fins up…..




#jupiterrealestatecommissions

April was a month that brought us more single family homes sales than we have seen in the Tequesta area since June of last year. During the month, median single family home prices pulled back from the all time record highs we hit just 30 days ago. On April 1st, that median price sat at $507,500 and today we sit at $500,000.

We should see strong closing numbers again next month as we head into June, which is invariably, the strongest month we will see all year for single family home sales in the Tequesta area. Pending home sales have been up for three straight months but a bit of softening is already underway as we head into the slower summer months.

April single family home sales were up over 9% from March numbers, but still lagged 2018 numbers by almost 5%. Median sales prices on single family homes are up only $1,500 from year ago numbers.
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It’s going to be a very interesting summer, and we want to remind everyone that Paradise Sharks is still offering significant buyer credits to all buyers we represent in a transaction. On that median single family home, your credit on a home offering a 3% co-broke commission would equal $5,000. Every transaction, every Paradise Sharks client, gets a closing credit as our way of saying thank you for trusting us with all your real estate needs. Buying, or selling, if you want to learn more about how our boutique brokerage has kicked the middleman right out of the real estate transaction and passes those saving directly to our clients just let us know. We are super easy to reach at 561.308.0175 or tom@paradisesharks.com and would enjoy the opportunity to be of help.


Fins up…..


#tequestahomeprices

The semi’s full of fancy cars have pulled out of town and hurricane shutters are installed on many properties that will remain empty until any risk of a hurricane is long gone. What follows is a period of several months when we always see fewer homes on the market and fewer buyers out there to buy them. It’s here. Summer vacation 2019 for the Jupiter real estate market.

As of May 1st, the number of homes under contract in the Northern Palm Beaches is up again for the 4th straight month. Pending home sales are currently at the highest levels we have seen since last May. While we still trail the number of homes under contract last year at this time we are getting closer to year ago numbers. Closer than we have been in a good, long time.

But, summer vacation is here and the number of homes under contract is going to start falling. And they are going to continue to fall for several months. The reality is not as many people will be out shopping for a home. Why? Because it’s summer vacation.

Also falling will be the number of homes on the market for those buyers who are out there to choose from. Even though, as of today, buyer’s have 6% more options than they did a year ago, inventory is falling and will also continue to decline over the next few months. You got it. It’s summer vacation.

The million dollar plus market continues to be very strong with thousands of people moving over that Florida state line to escape higher taxes created by living elsewhere. In 2018, on a daily basis, over 1,500 people moved from other states to Florida. Over 1,500 people a day, every day, seven days a week, 52 weeks a year. Think about that for a minute it’s a whole lotta people and Florida has more people moving here than any other state. It’s a big deal!  

These “tax moves” are high net worth families that have made sure that there are plenty of million dollar sales in the Jupiter real estate market. Last year, well over 500 sales in the Northern Palm Beaches were for properties that sold for a million dollars or more. It was a record breaking year and that strength has so far, carried over into this year. Wait till they get their property tax bills and figure out those also are not going to be deductible. But, that’s another story.

Will the summer vacation cause prices to go up further, or to pull back? Median single family home prices have soared to record all time highs but affordability remains a big concern. Condo prices still lag all time record prices, by quite a bit, and have been considerably stronger than the single family Jupiter real estate market, mainly because of affordability.
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So hang on, get to the beach and take a summer vacation. When your vacation is over and you are ready to buy, or sell, remember Paradise Sharks as you will not only get world class service, a broker with decades of experience but also prices at levels most brokers can only dream about. No middlemen, no franchise fees, no broker taking a part of our commissions at the closing table. Just a small business, common sense approach to minimize the cost of quality real estate services to our clients while keeping service as our main objective. Paradise Sharks would love to help you in making informed real estate decisions, so please contact us anytime at tom@paradisesharks.com or 561.308.0175 if we can be of assistance in any way.


Fins up……..






#jupiterrealestate