The inability to write off state income taxes on one’s federal income taxes created the Jupiter million dollar property rush to start once the Tump tax reform was signed into law in December of 2017. Pay very close to the upcoming election, as one of the first things that the Democrats will shoot for is reversing many of the tax reforms put into place under the current administration. If the $10,000 cap on taxes goes away, it could have a serious negative effect on the top end of the Florida real estate market. Stay informed as this market can change direction in a hurry depending on November election results.
The Chinese virus has provided another huge boost to the top end of the local real estate market. People are flooding out of larger cities and have no intention of ever returning. That is a market shift that may never change or reverse. Take a look at the picture in this article. It is a live picture from 2:00 this afternoon from 5th Avenue in New York City. Saturday afternoon, 85 degrees, bright blue skies and it’s a ghost town. This virus has shaken many people to their very souls and being locked in an apartment in Manhattan is the last place they want to be quarantined. A beautiful house on the water in Jupiter, or Tequesta, with a huge chilled swimming pool in the backyard is no doubt a far better place to be.
Speaking of chilled, we are seeing not only the top end of the market, but the entire Northern Palm Beach real estate market, cool dramatically over the past two weeks. Pending million dollar home sales are down 17% over that period. Pending home sales in the overall market are down 8% over the same period. Once again this market is one we have never seen and with the virus, the hatred and the political turmoil things can change quickly so pay attention.
Right now these drops are nothing but a blip on the screen as over the previous 2 months the increases have ben nothing short of historically breathtaking. They were simply off the wall fabulous. But pay attention, as America is going through some historically interesting times. The debt and spending is a huge concern. The hate is a bigger concern. Real estate and gold are both considered the best hedges if the US dollar collapses. The dollar is at two year lows. Both gold and real estate are at all time highs. So is almost everything else. Nobody has ever seen this before. If you care about the value of real estate in the Northern Palm Beaches, you will not find more accurate local information anywhere than the weekly articles Paradise Sharks publishes. If you would like them emailed directly to you just let me know at email@example.com.
So many unique things affecting the market right now. Interest rates are down again for the 6th straight week to another all time historic low. They are giving money away. Inventory levels continue to plummet. Locally, they were down another 6% percent last month. They are down 13% below year ago numbers. In fact, the number of choices buyers have today are the poorest we have seen in well over a decade.
If you are looking to sell, right now is a great time. Paradise Sharks can list almost any property in the Northern Palm Beaches for no more that a total commission of 4%. If your home is in the top end of the market, we probably would not have to charge you anything over 3.5%. We are selling homes fast, we are selling homes for record prices, and we are selling homes in a manner that typically creates very few headaches for our clients.
If Paradise Sharks can be of any help with any of your real estate questions please contact us anytime. We are super easy to reach at tom@paradisesharks,com or 561.308.0175. Decades of experience with no middlemen adds up to a real estate experience like you have never enjoyed.