More and more of the world has woken up to what a special place the Village of Tequesta truly is. Those of us who live here already knew it, but our little secret is out. Last year, the median priced single family home in neighboring Jupiter increased in value by 2%. In the Village of Tequesta it jumped 16%. Yes sir, the little secret about our seaside village is out.​

Much of this has to do with the small town, oak lined streets, old Florida charm and small town vibe that is hard to find in paradise these days. Some of it is families wanting to escape the crowds and traffic in Jupiter and Palm Beach Gardens. Some of it is the highly rated public schools that Tequesta is zoned for. Some of it is because two of the best old school golf clubs in the Palm Beaches are located in Tequesta. Some of it is wealthy people fleeing states in severe financial distress to our north and seeking the shelter of tax friendly Florida. Some of it is the water that surrounds Tequesta almost anywhere you look. Some of it is the sidewalks that create the neighborhood feel that has been lost in today’s fast paced world. 

Tequesta hasn’t changed much, but we’ve been discovered. People are buying older existing homes, tearing them down and replacing them with grand high-end estates. Homes with values up to a million dollars on a canal, homes with values far above two million dollars on the Loxahatchee are being purchased and immediately demolished. Others are taking older Florida homes, that are part of Tequesta’s history and spending lots of money bringing them up to date.

Last week one of those older homes, a non-waterfront home on Country Club Drive sold for an eye popping $765,000. It smashed the old record of $585,000* that was set way back in October of 2006. It sold to the 2nd prospect through the door. It smashed the record by an amazing 31% and it sold in the middle of the worst pandemic this country has seen in over 100 years. 

Now don’t get me wrong, the buyer got a fantastic home at a great price. It has a wonderful 4 bedroom, three bathroom floor plan with natural light that highlighted a resort styled back yard. It had a level of finish that would make many an owner of a multi-million dollar waterfront estate envious. It was a great buy. It actually opens up the door for even higher home prices in the Village of Tequesta. It sets a new benchmark for prices in the Tequesta County Club area.

Still, it erased a record that stood for a 163 months. It helps increase the current and future values of homes along the busiest road through the Tequesta Country Club. Paradise Sharks is very proud of this sale. Not only did we list and sell the property but it was our home and the headquarters of Paradise Sharks since our inception. 

Paradise Sharks almost broke that old record last year when it listed and sold the home at 354 Country Club Drive for $572,400. We sold that home to the 1st prospect through the door. Paradise Sharks takes great pride in setting record prices. Paradise Sharks takes great pride in selling homes fast. Paradise Sharks takes great pride that we can list any single family home in Tequesta for a maximum total commission of 4% and many homes we can save our clients even more money on. Buyers we represent in the Village of Tequesta typically get a substantial credit at closing as our way of saying thank you for trusting our small business with your business. It’s what we do and we are very proud of this latest price record. We would love to set one for you and complimentary consultations are easy to schedule at tom@paradisesharks.com or 561.308.0175.


Fins up…..


#tequestahomeprices
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*$585,000 is the highest previous sale through the real estate community per Multiple Listing Service records on May 28, 2020

Opportunity knocks, as Paradise Sharks is looking for the ideal associate to become a part of our team. If you are looking for a great opportunity, in the dynamic real estate market of the Palm Beaches, please read on.​

First off, the most important part of success in real estate is the ability to listen. Paradise Sharks will not respond to any phone calls, or texts, to start this process with any applicant. Anyone interested in learning more about this position, has any questions, or needs additional information, will need to submit inquiries to our email at tom@paradisesharks.com. We will not respond initially to any communication not sent through our email. 

Paradise Sharks is in our seventh year and at this point, will remain a small, boutique real estate brokerage servicing buyers and sellers, throughout the Palm Beach and Martin County region. Our size is our “special sauce” and it is our goal to keep operating as a small, local business providing an extraordinary level of service at values most other real estate brokerages find hard to compete with. We are proud to be able to claim there are few properties we cannot list for a maximum commission of 4% and offer buyers a sizable credit at closing. The ideal candidate will share our zeal for providing the most value of any real estate brokerage in our market area.

We are going to be spending a significant amount of time on the road this summer taking a serious look at a second location in the mountains, most probably in close proximity to Asheville, North Carolina. Our goal is to have two locations and a well qualified associate to partner with us in each office.

At this point, we are looking for the ideal individual to join our team here in the Palm Beaches. It is crucial that the ideal associate completely understand our value proposition and our dedication to providing, not only great value and world class customer service to our clients, but a true passion of ensuring they make educated and informed real estate decisions. We work for our clients and our passion is ensuring their complete satisfaction.

The ideal candidate will have thoroughly reviewed our weekly market updates that can be found at tompriester.wordpress.com. There are years of updates and you can also get a very good idea of who we are by visiting our personal Tom Priester page, and our business Paradise Sharks page, on Facebook. The perfect candidate will understand who we are, and have skills and qualifications that will not only compliment ours, but challenge us both to improve, grow and offer even more quality and value to our clients.

While a valid Florida real estate license is highly preferred, it is not required initially. A proven record of success in a sales related position is highly preferred, but not required. A formal resume is nice, but also not required. We want to hear from you what you will bring to our team and make the Paradise Sharks brand even more valuable.

You may present your case as to the value you will bring to the table in any way you would like. Paradise Sharks is brand we are very proud of, and how you can help us strengthen and grow that brand well into the future is what we want to know. Your initial presentation should touch on what you are looking for as initial compensation, hourly or commission based. It should describe what you will do to compliment what we are doing. You must be self driven with the ability to get things done without being managed. What you will do to make me want to get together for a face to face meeting over a margarita. That is what I am looking for. We take great pride in the fact that we are different, by design, and are looking for an associate that fits well into our unconventional world.

We love what we do and Paradise Sharks is our passion. We are looking for someone to join us with a passion that will allow us, working together, to share this passion with more customers well into the future. All inquiries must be submitted to tom@paradisesharks.com and will be held in the strictest confidence. We will respond to each inquiry we receive. We know the perfect associate is out there and we are very excited to meet you and learn more about how you can help us swim into the future.


​Fins up……

As we watch America slowly starting to get back to work, it seems there are more questions than ever. I have been getting back to life. I am going to the stores. I am going out to eat. I am going to the beach. I am going to friends homes for get togethers. I am showing homes. I am selling homes. But it’s different, very different, and from what I see it’s going to stay different for the foreseeable future. 

The stock market is soaring, but for the most part streets, stores and restaurants are looking very empty. I talk to a lot of people. They are worried. I am worried. I’m guessing you are worried. There are a lot of questions and not many answers. The unemployment rate is off the charts but many who are sitting home are making more money not working. Pending real estate sales in the Northern Palm Beaches are down 30% from year ago levels but the best listings are selling like hot cakes. Interest rates are about as low as we have ever seen them and the massive debt being created in Washington is mind boggling. I feel like I am missing something, but I am not sure what it is.

So, we will move forward, keep providing detailed information about the local real estate scene and watch closely to see what happens. Paradise Sharks is going to keep you informed.

Median condo prices in, and around, Jupiter were down as of May 15th for the first time since December. The drop wasn’t big. Last month the median condo price was $255,000. This month it is $250,000. Condo sales over the past month have been dreadful. They were down 55% from last month’s sales volume. They were down 51% from the same period last year. It is the slowest month for Northern Palm Beaches condo sales since I have been keeping records and I have been keeping records a long, long time.

Again, I feel like I am missing something. The stores are empty but the stock marketing is climbing. I am being cautious. I feel like there is a surprise around the corner waiting to jump out and scare us. I don’t know what it is. It may never jump out, but I am watching. For now, Jupiter condo prices are looking very strong when looking at the number of sales. Lots of people still fleeing states in deep financial trouble. They are coming to Florida. Inventory still stinks and lots of people whose income has been unaffected by this pandemic. Interest rates are at all time lows. Maybe that surprise isn’t out there but we are watching so stay tuned.
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One thing that has not changed is Paradise Sharks passion to bring you the highest quality real estate services at the lowest possible price. There aren’t many homes we cannot list for 4% and in many cases we can save you even more money. Almost all of our buyer clients get credits at closing as our way of saying thank you. We don’t pay franchise fees. We don’t give a broker a cut of our earnings. We are a small local business doing our best for our clients and we would like to invite you to be one. The invitation is always there and to open it just let us know how we can help by reaching us at tom@paradisesharks.com or 561.308.0175.




Fins up…….




#jupitercondoprices

Everybody I know has their head spinning with thoughts about this pandemic and the rather dramatic effects it has had on so many people, their livelihood, and their lives. No doubt the real estate community has been hit hard with pending home sales that had slipped to historic lows during what should have been the strongest buying season of the year.

As Martin County, and Palm Beach County, have started to reopen the economy over the first half of May, the Northern Palm Beaches real estate market got a whiff of the smelling salts and is starting to awake from a two month snooze.

Jupiter pending home sales have jumped 12.5% over the first half of May and right now appear to be getting even stronger. In the overall Northern Palm Beaches area, pending home sales are up 9.6% over the past couple weeks and have shown a slight gain from month over month numbers.

Interest rates continue to tread water near all time lows and the crazy, I mean insane, debt added to this country’s bottom line should mean they are probably not going measurably higher for the foreseeable future. If you qualify for a loan, the cost of borrowing money is super cheap right now.

In other good news for buyers, the number of homes on the market has also increased nicely over the first half of May with a jump of 3.3%. Not a huge number, but looking at the same period last year inventory was a down 2.4% so better news than we typically except during a normal year. Still, overall poor inventory, demand from people pouring into the state from northern states in poor financial condition and pent up demand has kept pricing pressure to the upside which not many people, including me, would have projected a couple months ago.

Nobody is going to accuse 2020 of being a normal year and still so many questions out there. The Feds tone became far more pessimistic this week and the hatred in this country continues to make me shake my head, a lot. A terrible pandemic hits our country, with questionable origins, and instead of working together towards a solution its has become another hate fest for those who want to politicize it in some adverse manner. 
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Paradise Sharks is committed to helping our friends and neighbors, no matter what is going on in the overall market with any, and all, their real estate needs. We insist on providing exceptional quality when it comes to customer service and value, most of our competition with all those middleman expenses, can only dream about. We do more, for less, and are very proud of that. Complimentary consultations are easily scheduled at 561.308.0175 or tom@paradisesharks.com. If we can be of help in any way please let us know as we would be honored to be of service.


Fins up…….

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#jupiterpendinghomesales

Home sales throughout the Northern Palm Beaches have dropped to levels we have not seen since the days when you told people you lived in Jupiter and they wondered where the hell that was. Pending home sales as of May 1st, were down 42% compared to year ago numbers. Through the historic drop in sales, Jupiter home prices have held steady.​

Two weeks ago, we reported that median condo prices in the Northern Palm Beaches were sitting at the highest levels we had seen in 14 years with no change over the previous month. Today, we check in on median single family home prices and while they were down In April, it was a whopping 1.4% over February’s all time record highs. Median single family home prices in the Jupiter area sit at $536,250, as of May 1st, and this is the second highest price ever recorded in history.

The world has been shut down now for about 2 months. The sky is falling. Part of America wants to keep it shut down. Part of America want to get things up and running. Right now it looks like their side is winning with more and more businesses opening every day in Counties that allow it. Martin County has started opening things up and we may see the same in Palm Beach County as early as next week. Let’s hope so.

So, with sales stalling, why haven’t Jupiter home prices fallen further? One reason is there are a lot of people who have been financially unaffected by this pandemic. They are still working. With demand dampened it is easier for those who are shopping for a home to focus on that task at hand and the reality is there just aren’t many options for those ready to buy. Inventory levels as of May 1st were 13% below year ago numbers. To make matters worse, a lot of homes currently on the market aren’t in great shape. There just isn’t a lot of good options for buyers who are motivated.

Further, people keep moving into Florida and that in-flow is probably going to pick up steam. Many well heeled citizens of states that can’t pay their bills, like New York, Illinois, New Jersey are flocking to Florida, which remains one of the best in the nation for fiscal condition. If we can get the economy back up and running, the streets and freeways of Florida are going to become even more crowded.

Paradise Sharks is keeping a very close eye on luxury market sales, as well as foreclosures. Certainly there is risk ahead as we watch the overall economic news and pray for some return to more normal conditions soon. The longer this pandemic goes on, the higher the risk, so getting back our country back up and running is very important indeed.

For anyone even thinking about doing real estate today, the key is education. Informed decisions are the best decisions, and if Paradise Sharks can be of help in any way, please let us know. We are super easy to reach at tom@paradisesharks.com or 561.308.0175. Our boutique brokerage is in our 7th year and we have kicked the middleman out of the real estate transaction. World class customer service at the best values in the industry. It’s what we do.


Fins up…….


#jupiterhomeprices
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Just a couple months ago, we were all enjoying a booming economy, a busy home buying season was well under way, and Jupiter home sales and prices were both on the rise. The biggest problem buyer’s faced was finding a home, as the shortage of available inventory in the Northern Palm Beaches was critical. Jupiter home sales were strong and really only being held back by poor options for buyers. There just wasn’t much good stuff on the shelf.

Then, along came the biggest pandemic our generation has ever experienced, and the game changed, rather quickly, and rather dramatically, As of May 1st, here in the Northern Palm Beaches, pending home sales are down again for the 2nd month in a row. For what historically is our busiest season of the year, this is big news. Pending home sales in the area fell another 26% during April and sit at the lowest numbers we have seen on this day in well over a decade. We have not seen lower pending home sales on any day since January of 2019.

Sales have slowed, however they certainly have not stopped. In fact, during the month of April, 232 homes have been placed under contract here in the Northern Palm Beaches. If anyone tells you the local real estate market is dead, they aren’t looking at the facts. Even better news, is the fact that 70% of these contracts were written over the past two weeks. The market is picking up slowly, as we see businesses and amenities starting to open back up in the area. The big shutdown of 2020 is not over, but we are starting to see things get better.

Even more encouraging is, so far, median home prices have not been affected. As of April 15th, median condo prices in the Jupiter area sat at the highest levels we had seen in 14 years and over the past two weeks those numbers have held. As of April 1st, median single family home prices sat at all time highs and at this point only appear to have pulled back slightly during the month. 

That being said, we are certainly not out of the woods yet. There is a large percentage of the population that want to keep the country on lock down and people are still being attacked by this virus. As of this morning, the numbers in America show that over a million people have been affected, with almost 64,000 of our citizens losing their lives. Just yesterday, another 2,200 people tragically lost their battle with this horrible disease. It’s a terrible, terrible thing and there are no easy answers.

Going forward there is certainly a risk to real estate and Jupiter home sales. To me, it would be more than a bit surprising if there was not at least some downward pressure on pricing in the months ahead. We have missed our season, and while there is certainly some pent up demand, overall sales for the year are going to be down. While the economy was booming just 60 days ago, there are still many questions of how, and when, things will start to pick up real meaningful steam. I am not an economist, but it sure feels like a recession is firmly in place and we need to get everyone back to work as quickly as possible.

As far as home prices, there is good news in some of the metrics, as interest rates are down again this week to the lowest levels we have seen in years. Loan approvals and underwriting are becoming more and more stringent, but if you can get past those hurdles money is as cheap as it has ever been. Even more meaningful, is inventory levels remain at the lowest levels we have seen on May 1st since before the real estate bubble of 2005/2006 and the world discovering Jupiter as a premier destination. Inventory was down again during April and currently 13.4% below last years numbers. Buyers have few good options and this should help provide a crutch from prices falling too far. There still isn’t much good stuff on the shelf.

One thing is certain, if you are even thinking about buying, or selling real estate, in this new and ever changing market, you darn well better be making informed decisions. Seek education, ask questions and interview. Paradise Sharks is in our 7th year and personally I have been doing nothing but real estate for decades. Building it, selling it, studying it, writing about it. Paradise Sharks has kicked the middleman right out of the real estate transaction. Those huge franchise fees, broker splits, desk charges and all those other middlemen expenses, we prefer for our clients to keep that money in their pockets.

There are very few homes in the Jupiter area Paradise Sharks cannot list for 4%, or less, and most of our buyers get substantial credits at closing, as our little way of saying thank you. We would love to sit down and hear about your real estate needs and show you what we can do to help solve them. Complimentary consultations can be set up at tom@paradisesharks.com or 561.308.0175. Paradise Sharks would love to hear from you and help you. It’s what we do.



Fins up…….


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#jupiterhomesales