Timing the sale of any asset is not an easy task. Especially a home where the costs of a sale are high and you still need to figure out where you are going once that home sells. However, if you are even thinking about the sale of a home in the Northern Palm Beaches, there may not be a better time.

First, prices have been rising. Rapidly. As of this morning, median prices on single family homes in the Jupiter area are up for 5 straight months. And the increase in value has been significant. The median priced home back on February 1st was $426,500. Today it is $459,450. Selling high is the goal if you are trying to sell a home and over the past 11 years prices have never been higher.

Inventory sucks. Buyers of single family homes in the $500,000+/- range and under have little to choose from. Condition is often an issue and many homes are over priced. Sales are starting to slow. June is the month where we almost always see the highest number of sales of single family homes in the Jupiter area. We still have another week or so before final numbers are available but right now it looks like sales totals this year will lag behind what we had close in 2014, 2015 and 2016. Pending home sales have been down for 3 straight months and the odds are they will continue dropping over the next 4 months. Buyers need quality inventory and frankly right now it’s not out there. The market needs your home.

Interest rates are starting to move higher. As of this morning, the interest rate on a conforming fixed 30 year loan is up again for the 3rd straight week. The Fed has raised their rates three times since December and the mortgage market has not heard the message as home loan rates have declined since then. They may be catching up and with so many questions hovering about the overall economy anything can happen. If rates go up much, home prices will be hurt.

Back in 2005, we told anybody who would listen that it was a great time to sell a home. We certainly do not see the run away enthusiasm we had leading up to that warning but affordability is a key issue and prices just cannot keep rising. Could we see another strong year or two of prices. Maybe. But there are signs out there and we are watching. Closely.

Prices are up, supply is down and affecting demand. Buyers are out there but finding the right home to meet their needs is tough in many cases. With few choices and rising prices sales are starting to sputter. The market needs your home.
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Paradise Sharks badly needs quality listings and through the end of July we are doing everything we can to find good homes for a market that badly needs them. We want to make it easier for sellers to sell and are offering total commissions that top out at 4.5% to anyone who lists a home with our brokerage through July 31, 2017. Same world class marketing with a professional high resolution photo shoot, unequalled internet presence, detailed market updates. Our service is never discounted and our goal in this market is to set a new price record in your neighborhood. If your home is anywhere in Martin or Palm Beach County and you want to look at what your home is worth and the possibility of selling there may not be a better time. To schedule a complimentary consultation with Paradise Sharks feel free to contact us anytime at 561.308.0175 or tom@paradisesharks.com.


Fins up……




#jupiterhomes

Way back in 1995 when Divosta broke ground on the 2,055 acre site, you knew Abacoa was going to change the face of Jupiter. With last weeks approval of a $22 million dollar bowling and movie complex in downtown Abacoa the changes continue. Perhaps the most important thing about Abacoa this year is the fact there are no more homes for DiVosta to build. They are pretty much wrapped up with a 22 year project.​

Roger Dean Stadium opened their gates for baseball fans back in 1998. The first residents moved into their homes in 1999. Town Center brought “downtown” to the area in 2001. Movie theaters have been built, torn down and now are being built again. Heck, they even have their own University. The people of Florida invested hundreds of millions of dollars in the Scripps Institute “Incentive Fund”. There have been successes and failures.

No doubt one of the successes is the fact Abacoa is a great place to call home. Over 6,000 residents and the price to live there continues to climb. Remember those record prices back in 2005 and 2006? Well the rest of the Northern Palm Beaches are still trying to get back to those numbers. Not in Abacoa. Prices are at record highs right now.

As of today, the median single family home price in Abacoa for 2017 sits at $621,500. Consider that last year the median price for the community was at $530,000. That’s a more than impressive 17% jump and puts us well ahead of the previous “record” of $586,000 set back in 2006.

Can prices continue to rise? Well supply has been shut off with DiVosta selling the last home. New construction in other communities, with less favorable locations, is even more expensive. Abacoa remains one of the best places to live in Jupiter for residents of all ages. Great schools, the shops and restaurants downtown are starting to get a mix that works. Bowling is coming. Successful outdoor concerts are being held, Festivals, baseball and of course, close proximity to the beach.

Do not go it alone if you are considering buying or selling a home in Abacoa. Always interview at least 3 brokers and get informed. Paradise Sharks never charges over 5% to our clients who are selling and are proud to add value to every transaction we are a part of. Contact us anytime at tom@paradisesharks.com or 561.308.0175 to learn why the best move you can make in any real estate transaction is selecting the right broker.




Fins up......






#abacoahomes

Nothing seems to be able to stop the run median condo prices in the Northern Palm Beaches have been on. Day after day, week after week, month after month, it costs more on a daily basis to purchase that median priced condo in the Jupiter area. Since February, Jupiter condo prices are up a very significant 10.3%. On an annualized basis, that is a 41.2% jump which is approaching the runaway annual increase we saw in 2005. You probably remember it was after that banner year that the local real estate market imploded.

As of June 15th, the median price of a condo in the Jupiter area is up another 2.5% over the past 30 days. Year over year gains currently stand at 6.7%. There are a number of factors that have helped prices on their recent moves higher. Affordability has priced many first time home buyers out of the single family home market. The “in” factor of Jupiter as “the” place to be continues to grow. Interest rates continue to fall as they are apparently unaware the Fed has raised their rates three times since December. Seasonal condo sales are always their strongest in the three month period that ends on June 1st. Inventory of quality, well priced condos, in good condition and desirable locations has continued to fall. It really is a pretty long list telling us why prices have been on this run towards record territory.
Sales will slow over the summer months and if historical trends tell us anything it will be October before we see another month where sales will increase. Interest rates, if the Fed has their way, at some point will start climbing higher. New construction is expensive and will continue to drag resale prices higher. And keep in mind even though today’s prices have been climbing higher we still are about 18% below the record median prices set in 2005 and 2006. Where we go from here requires one to pay very close attention.
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The most important thing if you are buying, or selling, in the Northern Palm Beaches is being informed. Each community, and location, plays by a different set of rules but there are still some great buys in the best locations if you know where to look. Paradise Sharks takes great pride ensuring our clients are educated and make informed decisions. If we can ever be of help with any of your real estate needs throughout Palm Beach and Martin County reach out to us anytime at tom@paradisesharks.com or 561.308.0175.


Fins up…..




#jupitercondoprices

As we head into the second half of June the real estate market here in the Northern Palm Beaches is performing about as expected. Both pending home sales and the number of homes buyers have to select from continue to move lower. But to understand what is going on in your neighborhood you need to dig deeper.​

Pending home sales in, and around, Jupiter are down again over the first half of June and currently sit at the lowest levels we have seen since February. Compared to year ago numbers they are down by almost 10%. Go back to June 15, 2015 and they are down about 19%. Interest rates are fantastically low but the Fed did raise their rate again yesterday for the 3rd time since December. Past increases have had little effect on home loans, so far, but keep your eyes open after this third increase.

Is it demand that is the problem or is it the location, type, quality, or price of the homes that are available for buyer to select from? It’s actually a bit of everything. Inventory levels, as of today, are down again for the 4th straight month and are down 5% from last year. But there are significant differences in the strength of today’s market depending on house type, price and location. For instance, since so far on June, while pending home sales are down throughout the Northern Palm Beaches they are actually up by 7.7% in Hobe Sound while in Juno Beach they are down by 23%. A single family home in Jupiter priced under $500,000, in good condition can attract bidding wars and sales prices above list prices while a remodeled condo or town home in Juno Beach can be sitting there at very favorable pricing and not getting any action.

A unit in a Juno Beach oceanfront building we watch closely that was listed at $529,000 earlier this year just went under contract at $367,500. The most recent comparable sale was a year ago at well over $400,000. Both buyers and sellers need to have complete information to make knowledgeable decisions in today’s real estate market or they could make very expensive mistakes. Prices have been rising, but we are starting to see them stabilize, especially in the single family home market. Affordability remains a big concern in the Jupiter area.

Always seek knowledge when doing anything real estate. Paradise Sharks insists our clients are informed and because our boutique culture is customer driven we can also provide lower prices and value our competitors only dream about. Always interview three real estate brokers whether you are buying or selling. Find out how they are going to help you meet your goals and what they are going to charge you. But above everything find out how they are going to inform you. We would love the opportunity to earn your trust so reach out to us anytime at info@paradisesharks.com or 561.308.0175.



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#jupiterrealestate

Here at Paradise Sharks we watch what is going on with the local real estate market very closely. We have to if we want our clients to have the most accurate, up to date, information on which to base educated decisions.

Over the past month something big has happened with the median rental price of a Jupiter condominium. For the first time in 10 years, it has actually gone down. We field comments on a daily basis about the cost of housing in the Northern Palm Beaches. It’s expensive and buying a home is but a dream for many of our neighbors. The cost of monthly rent has forced people to Martin and St. Lucie Counties and long commutes which causes more traffic. There are no easy solutions to affordable housing and it is good to see the condo market doing a bit of self correction. Every little bit helps every budget.

The year after that big bubble popped in the real estate market here in Jupiter, the median price to rent a condominium was $1,200. Straight up it went year, after year, after year, to $1,700 in 2016. Until a month ago, we were looking an another gain in 2017 with the median price sitting at $1,725. But that changed over the past month and for now the 10 year climb in condominium rental prices has stopped.

As of this morning, the median cost of a condo rental is Jupiter is $1,650. Down 4.3% from a month ago. Down 3% from year ago numbers. Not huge drops, but something to keep our eyes on. It has been a decade since the median rent on a Jupiter condo has moved lower. Single family home rents are also down significantly over the past month but holding on to slim gains over 2016 figures. It’s a healthy sign and a tiny bit of help for those looking for housing here in paradise.
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If you need help sorting out this giant real estate puzzle please feel free to contact Paradise Sharks anytime at info@paradisesharks.com or 561.308.0175. We are puzzle solvers and would love to be on your team.


Fins up…….




#affordablehousinginjupiter

We are starting to sound like a broken record and the message remains the same again this month. Median single family home prices in the Jupiter area, as of June 1st, moved higher once again as we inch closer to the all time record highs we set way back in 2005. For the 4th straight month, Jupiter home prices have increased, and the median single family home in the area now stands at $455,000 up from $451,000 thirty days ago. Last year at this time, we sat at $415,000 so year over year gains sit at 9.6%. That is one of the highest annual gains in the country. ​

Monthly single family home sales in May were the highest we have seen since last June and helped push prices higher. June invariably has more single family home closings than any other month of the year and we expect no difference this year. Over the next month expect even higher sales volume with Jupiter home prices moving closer to record territory. 
Inventory of quality homes in the Jupiter area remains a significant problem. Interest rates remain a buyers best friend and are down again this week to the lowest levels we have seen since November. 
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In Jupiter over the past month, the town home market remains the hottest sector with inventory currently down to 2.4 months. Any property, regardless of type, that is priced under $500,000 in Jupiter remains a hot commodity with inventory levels pointing to a strong sellers market. The highest inventory levels remain in the town home segment priced above $750,000 where buyers are still firmly in control. Remember, each property has its own set of numbers and you have to clearly understand those to make informed decisions. If Paradise Sharkscan be of assistance with the value of your home, or with any of your real estate needs, please feel free to contact us at 561.308.0175 or info@paradisesharks.com. 


Fins up….. 




#jupiterhomeprices

Summertime. The Northern Palm Beaches is growing. Changing. Yesterday, about 6:00 I drove by Dune Dogs here in Jupiter and there were over 25 people waiting in line to get a table. Sure the ambiance is beach town cool, the dogs are simply amazing and start at only $2.99 for a regular Naked Dog. But season is over, we get our town back, or maybe we don’t. You aren’t supposed to have to wait for a table at Dune Dog’s in the summertime. ​

But, wait we do, so you better have patience. Coincidently, if you are shopping for a home in the Jupiter area you better have patience and a lot of it. You also better have a good job and great credit as living in paradise has been getting more expensive by the day. Jupiter home prices seem to get more expensive with each passing day. Median prices for condos and single family homes in the Jupiter area are up for 4 straight months. That “median priced” condo is $22,000 more expensive than is was back in February. That “median priced” single family home will cost you an additional $32,950. Over the past 120 days, single family home prices are up almost 8%, condo prices are up almost 11%. 

Pending home sales are dropping, like they are supposed to do in the summertime. It’s what we count on. But remember we never had to wait in line at Dune Dog’s this time of the year. Things change, it’s why we watch the numbers so closely. Paradise Sharks could not properly represent our clients if we did not understand the numbers. Demand does not appear to be the big issue here, it’s supply. Quite frankly, inventory sucks. A half a million bucks does not buy what it once did and if you put a single family home under that price line on the market, price it properly and work with a broker who knows how to market it, you will sell it very, very quickly. Sellers, keep that in mind when negotiating a commission with your broker. 

The number of properties for sale in the Northern Palm Beaches continues to dwindle. Buyers have less choice and with each passing day they have fewer potential listings. Over the past two months, the number of homes a home buyer has to choose from is down about 13%. Do not expect inventory to get better until at least October. It’s summertime. 

Demand isn’t the issue, supply is, and smart buyers are positioned to snap up the best deals and borrow money at rates that continue to languish. The interest rate on a conforming 30 year loan is down today to 3.83% which is back down to the lowest we have seen since April. Jupiter home prices continue to climb so luckily you can still borrow money at historically low rates. 
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If you are shopping for a new home, you must have a game plan. If you don’t, you won’t win and mistakes can cost you many thousands of dollars. Always interview at least 3 brokers. Ask questions. Find out what their game plan is. Paradise Sharks would love to tell you about ours and we would be honored to meet with you. Contact us anytime at info@paradisesharks.com or 561.308.1075. 


Fins up……






#jupiterhomeprices