Second straight monthly increase after 4 consecutive down months

If nothing else, the real estate market here in the Northern Palm Beaches keeps one on their toes. We still have a few days before we call 2015 a done deal and set our sights on the new year. Pending home sales have been poor at best and median prices of condos in and around the Jupiter/Palm Beach Gardens area have not risen since June.

But prices of single family homes have started to spike and we see much sharper increases coming your way. Prices over the past 30 days for median single family home prices in the region are up another 1.5% making the two month climb over 4%. What’s interesting is this upward pressure is being created with much slower sales. November sales of single family homes in the area were the slowest we have seen in years. They were down over 30% from the previous month and lagged year ago numbers by 13%. We still have a few days left in December but sales are no better than they were last month.

So prices are heading higher on much slower sales. Interesting, and this is going to be an interesting season. After touching $431,000 back in July single family home prices retreated back to $395,000. After this two month run we are back up to $411,000. From the strength in pricing we have been seeing lately look for a big jump next month when we publish our monthly single family pricing update. In fact, from my chair it looks like we will have a huge jump and take out the $431,000 high. Time will tell.






Fins up.....






Tom Priester
Principal Broker


Paradise Sharks
561.308.0175
info@paradisesharks.com






#jupiterhomeprices

Single family homes sales in Jupiter tell the story​

Here at Paradise Sharks our mission is simple. To raise the bar on the quality and value of real estate services available to anyone buying or selling real estate in areas we serve. We strive to raise the bar every day. We want professional photographs taken of each listing. We know social media like the back of our hand. We study the metrics of the market daily as we want our clients to be making fully educated decisions. We seek feedback on every showing and provide regular updates to our client so we can react to market changes. We never charge transaction fees. We only use electrically monitored lock boxes. We are different....by design.

And we want to show our clients value in each and every transaction whether they are buying or selling. We have title companies bid for our closings to ensure our clients are getting the best value. And we shout from the roof tops that commissions are negotiable. Services too are negotiable and sellers need to understand what they are getting for their money when agreeing to a commission of any amount. Paying less in commissions does not mean you need to accept a lower level of service. Paying more does not mean that you are getting a higher level of service. Home sellers in paradise can save significant amounts of money and get a higher level of service by interviewing a number of brokerages and finding out what they are going to do to market your property and what it will cost you.

A real estate brokerage is a business and the need to sell a home in Florida is a business decision. And an expensive one, so each dollar is important to a seller’s bottom line. It is why Paradise Sharks goes the extra mile to get bids for closing services. Our clients’ deserve the very best quality and value that we can provide. In Jupiter, so far in 2015, the median single family home sale through the real estate community sold for $425,000. While everything is negotiable, you will find in the vast majority of real estate sales in Palm Beach County the seller will pay the real estate commission, documentary state tax on the deed and the owners’ title insurance policy.

Let’s look at the numbers and it is easy to see that selling a home in Jupiter is not an inexpensive transaction. The cost of the documentary state tax is one thing that is not negotiable, it runs $.70 per $100 in sales price so on that median priced single family home in Jupiter a cost of  $2,975. The cost of the owners title insurance policy can vary a bit depending on if a simultaneous lenders policy is required or if any endorsements are required but a solid rule of thumb for the owners policy on that median priced Jupiter home is another $2,200 out of the seller’s proceeds. Before talking about real estate commissions and closing agent fees that $425,000 sales price has already been reduced to $419,825.

Real estate commissions, like everything in a real estate transaction, are negotiable. So far in Jupiter this year the advertised commissions offered to co-brokers on closed single family home transactions have ranged from 1% to 5%. Those sellers who offered 5% were typically developers and a way buyers can save money on new homes by interviewing brokers. When you look at all the Jupiter single family home sales this year the co-broke commissions, more often than not, were either 2.5% or 3%. If we “assume” the co-broke and listing brokerage commissions were the same you see the vast majority of sellers paying either 5% or 6%. On that median single family home in Jupiter those percentages turn into real numbers of $21,250 and $25,500. If you throw in an estimate for title services of $500 the sellers net on that $425,000 sale has been reduced to $393,825 or $398,075 depending on the real estate commission. It is indeed expensive to sell a home in Jupiter.

The good news is the word is spreading and more sellers are getting educated that they can negotiate and receive not only a higher level of service but a lower fee. In Jupiter we have to go back to March to find a month where more sellers paid a 3% co-broke commission than a 2.5% commission. December will mark the 9th straight month where more sellers negotiated better commissions and the numbers are not really that close. Far more home sellers in Jupiter are learning that commissions, and services, are negotiable and to Paradise Sharks this is a good thing. 

Whether you are thinking about buying or selling a home anywhere in Martin or Palm Beach County interview at least three brokerages and find out what they will do for you to bring quality and value into the transaction. We would be honored if Paradise Sharks was invited to interview for your business.




Fins up.....



Tom Priester
Principal Broker

Paradise Sharks 
561.308.0175
info@paradisesharks.com



#jupiterrealestate


​

Single family homes sales in Jupiter tell the story
Here at Paradise Sharks our mission is simple. To raise the bar on the quality and value of real estate services available to anyone buying or selling real estate in areas we serve. We strive to raise the bar every day. We want professional photographs taken of each listing. We know social media like the back of our hand. We study the metrics of the market daily as we want our clients to be making fully educated decisions. We seek feedback on every showing and provide regular updates to our client so we can react to market changes. We never charge transaction fees. We only use electrically monitored lock boxes. We are different….by design.

And we want to show our clients value in each and every transaction whether they are buying or selling. We have title companies bid for our closings to ensure our clients are getting the best value. And we shout from the roof tops that commissions are negotiable. Services too are negotiable and sellers need to understand what they are getting for their money when agreeing to a commission of any amount. Paying less in commissions does not mean you need to accept a lower level of service. Paying more does not mean that you are getting a higher level of service. Home sellers in paradise can save significant amounts of money and get a higher level of service by interviewing a number of brokerages and finding out what they are going to do to market your property and what it will cost you.
A real estate brokerage is a business and the need to sell a home in Florida is a business decision. And an expensive one, so each dollar is important to a seller’s bottom line. It is why Paradise Sharks goes the extra mile to get bids for closing services. Our clients’ deserve the very best quality and value that we can provide. In Jupiter, so far in 2015, the median single family home sale through the real estate community sold for $425,000. While everything is negotiable, you will find in the vast majority of real estate sales in Palm Beach County the seller will pay the real estate commission, documentary state tax on the deed and the owners’ title insurance policy.
Let’s look at the numbers and it is easy to see that selling a home in Jupiter is not an inexpensive transaction. The cost of the documentary state tax is one thing that is not negotiable, it runs $.70 per $100 in sales price so on that median priced single family home in Jupiter a cost of $2,975. The cost of the owners title insurance policy can vary a bit depending on if a simultaneous lenders policy is required or if any endorsements are required but a solid rule of thumb for the owners policy on that median priced Jupiter home is another $2,200 out of the seller’s proceeds. Before talking about real estate commissions and closing agent fees that $425,000 sales price has already been reduced to $419,825.
Real estate commissions, like everything in a real estate transaction, are negotiable. So far in Jupiter this year the advertised commissions offered to co-brokers on closed single family home transactions have ranged from 1% to 5%. Those sellers who offered 5% were typically developers and a way buyers can save money on new homes by interviewing brokers. When you look at all the Jupiter single family home sales this year the co-broke commissions, more often than not, were either 2.5% or 3%. If we “assume” the co-broke and listing brokerage commissions were the same you see the vast majority of sellers paying either 5% or 6%. On that median single family home in Jupiter those percentages turn into real numbers of $21,250 and $25,500. If you throw in an estimate for title services of $500 the sellers net on that $425,000 sale has been reduced to $393,825 or $398,075 depending on the real estate commission. It is indeed expensive to sell a home in Jupiter.
The good news is the word is spreading and more sellers are getting educated that they can negotiate and receive not only a higher level of service but a lower fee. In Jupiter we have to go back to March to find a month where more sellers paid a 3% co-broke commission than a 2.5% commission. December will mark the 9th straight month where more sellers negotiated better commissions and the numbers are not really that close. Far more home sellers in Jupiter are learning that commissions, and services, are negotiable and to Paradise Sharks this is a good thing.
Whether you are thinking about buying or selling a home anywhere in Martin or Palm Beach County interview at least three brokerages and find out what they will do for you to bring quality and value into the transaction. We would be honored if Paradise Sharks was invited to interview for your business so feel free to contact us anytime at info@paradisesharks.com.


Fins up…..

Tom Priester
Principal Broker

Paradise Sharks
561.308.0175
info@paradisesharks.com



#jupiterrealestate

Is this the spark we have been waiting for

Lets face it, after watching pending home sales in the Northern Palm Beaches fall month after month, after month, after month we need a shift. Twice each month Paradise Sharks brings you detailed updates on pending home sales and for 14 straight reports over a span of 7 months it has been nothing but decline after decline, after decline. Until today. For the first time since way back on April 15th we can tell you that officially pending home sales have increased.

But don’t jump for joy just yet as the increase was not much of an increase. Less that 1/2 of 1% but still an increase from where we stood one month ago. A whopping total of 3 more properties under contract than we had on November 15th. No, it is not time to say the market is starting to roar again. But we can hope it is a sign of good things coming our way.

Inventory levels continue to climb which is a good sign for buyers. As of today, inventory levels in Jupiter and the surrounding communities have climbed for the third straight month giving buyers more choices than they have seen since June. Anybody who lives here in this slice of paradise knows things are busy. Busier than ever. We drove by Harbourside last Friday and could not believe the back up of traffic trying to to get into the development. I drove down Indiantown Road yesterday and the back up of traffic heading east towards the beach was something I have never seen in Jupiter. 

We are heading over to to the Jupiter Town Council in a couple hours to show our disapproval of a pending development on Love Street where they are trying to get approval to build 20 buildings on a 4 acre parcel with 36 rental units, over 30,000 square feet of retail, over 27,000 square feet of office, almost 13,000 square feet of restaurant and a whopping 250 parking spaces. I doubt the parking is enough to properly handle the needs of the retail space let alone the balance of this high density proposal. Yes, it indeed is busier than ever and if town officials do not do something to rein it in, well our quality of life will not be improving.

The question is with all this traffic are we going to see the expected strengthening of the real estate market in the months ahead. The slide in median single family home prices has finally ended while condos still are waiting to signal positive price improvement. Many sellers are priced above recent sales hoping for the seasonal buyer ready, willing and able to buy into the dream while they still can. It’s going to get interesting and if Paradise Sharks can help you with real estate in any way please feel free to reach out to us at info@paradisesharks.com.




Fins up......






#jupiterhomes #jupiterrealestate #jupiterlife

Jupiter Yacht Club unit goes under contract in 3 days​

The top end of the Jupiter real estate market continues to strengthen as the 2015-2016 season starts kicking into high gear. A unit in the Commodore building at the Jupiter Yacht Club hit the market on Wednesday at what seemed to be a lofty price but it appears to have been snapped up very quickly as well healed buyers scramble for properties in the best locations. 

The Commodore is the 4th of 5 buildings at the Jupiter Yacht Club, was built in 2005 and contains 33 units. When apartment #310 hit the market at $1,575,000 three days ago it looked to be priced a bit “ahead of the market”. After all, through our Multiple Listing Service, the highest closing price ever in the building sits at $1,363,750. The highest price ever in the 10 stack closed at $1,250,000. But it took just 3 days for an anxious buyer to jump on a new listing in a market still starved for quality inventory.

The unit sold new in “decorator ready” condition back in 2006 for $1,050,000. The seller paid $725,000 back in December 2010. Yes, new record real estate prices are coming this season to Jupiter. How heated the overall market gets is still to be determined but this is a sign of what can happen with strong demand and limited supply. 

In the Northern Palm Beaches at this moment the median condo price sits at $195,000 down from $200,000 a month ago. We have not seen a monthly increase in the median condo price in the Jupiter area since June. Back in both 2005 and 2006 the median condo sales price for each year ended at $280,000. Today’s median price still lags behind the “good old days” by over 30% in the overall market.

But in the real world of buyers with cash looking for their slice of paradise it’s a different story. And another record price in what could be a really big season. If you are looking to be positioned to find the right opportunity at the right price put together a well designed game plan. If you need any help please feel free to reach out to Paradise Sharks at info@paradiseshharks.com for a complimentary consultation.






Fins up.....






#jupiteryachtclub

Last nights’ e-mail was a bit frightening

Last night I was winding down and decided to check my e-mail one last time. It was 10:00 and one email I found was from an agent I had e-mailed abut 4 hours earlier. It was a simple inquiry into how his clients’ perceived our listing that he had showed the home to earlier in the day. Here is his response;

Hi Tom I am sorry but I did not show your property or ask to show it. How did you get my information.  You are one of several agents sending me these emails.

I confirmed through my electronic listing tracking that we had indeed received a showing request through our ShowingTime software for this agent. We confirmed their showing at exactly 8:48 PM the previous evening. We have the electronic trail right there on the computer screen.

What bothers me most was the “you are one of several agents sending me these e-mails” part. I advised this agent to contact his MLS and immediately change his password used to access his account. I have no idea what the real motive is but could somebody have access to scheduling showings through your MLS? Could they want easy access to homes where showing instructions come back as combination lock box on hose bib set to 5287? Could they?

Well guess what. It is just one more reason to NEVER allow a real estate broker to put any lock box on your home unless it is electronically accessed and monitored. EVER. If you want your home protected by an electronic lock box, marketed with professional high resolution photos and detailed property descriptions written by a published offer and demand the highest level of customer service with the best value please feel free to reach out to Paradise Sharks for a complimentary consultation at info@paradisesharks.com. We truly are different.....by design.





Fins up.....









#supraorcombo

Inventory levels up to 6 month highs

Anyone looking to buy or sell real estate in and around the Jupiter area more than likely have a question about just what is going on. Some segments are doing very well with the best waterfront opportunities selling at record prices. We are seeing brand new record high sales prices in communities like Rialto and inventory in many communities near the beach is non existent. Many sellers are pricing their homes “ahead of the market”. Another record breaking “season” is already underway. Try and find a new single family home in the area for under $650,000. Good luck.

Sounds like a major bull market, right? Wrong. 

Pending home sales have been down for 8 straight months. The median price of single family homes in the area fell from $431,000 to $395,000 over a four month period. They finally started to move higher as of December 1st. Median condo prices have not risen since June and look to be dropping even lower when we next release numbers in a couple weeks. Inventory levels are up over 11% since October 1st. 

Sounds like we are in the middle of a dismal bear market, right? Wrong.

There is no easy answer as to where we are headed but it is time to check in and see what has happened to both pending home sales and inventory levels since our mid-month update. Inventory levels have increased again, up 2.2% over the past 2 weeks. Up 5.8% over the past month. Up over 11% since September 1st when we first started to see them climb after 7 straight months of moving lower. Even with the recent increases inventory levels are down about 15% from where we were a year ago. If we start seeing sales pick up prices could move significantly higher because frankly inventory is still historically very low.

So the supply end of the pricing equation is starting to move higher but still not offering buyers a whole lot of great options. And pending sales are suffering. As of December 1st they have fallen again for the 8th straight month. But the good news is they are finally stabilizing and have only fallen less than 1% over the past month. We have actually seen them increase nicely over the past 2 weeks. This is the first positive sign we have seen in this market since late spring.

It has been a weak summer and fall but as we know the winter and spring months are special around these parts. People flock here from all over the world. Demand is high. Inventory is still low. If they buy prices will rise. But are they going to buy? Stay tuned. And remember if Paradise Sharks can be of help in any way please feel free to contact us at info@paradisesharks.com for your complimentary consultation. We promise to blow you out of the water with fintastic customer service and we will also show you how to save money. It’s what we do and why we are different.....by design




Fins up,




Tom Priester
Principal Broker


Paradise Sharks
561.308.0175
info@paradisesharks.com




#jupiterhomes
#jupiterlife
#jupiterrealestate