It’s not a great time to be looking for a home in the Northern Palm Beaches. In fact, your selection is just plain pitiful. Over the past 30 days, inventory levels have dropped once again for the 6th straight month. The monthly drop of 3%, was in line with seasonal expectations, but today there are 7.5% fewer homes on the market for buyers to select from compared to last year on this date.

But, the sad reality is, last month’s drop took us down to the worst inventory levels we have seen in well over a decade. Paradise Sharks has been keeping detailed records since 2007 and never has a homebuyer had less selection that they are faced with today. It simply is not a great time to be home shopping, especially in the lower price points, where there is nothing for sale in many neighborhoods.

We typically look for new construction to fill the supply side of the real estate equation, but here in South Florida, vacant land is not plentiful with most far away from the ocean and the reason people want to live here. Buyers can still find more bang for their buck in Martin County but on our Multiple Listing Service this morning, a total of 53 “new” homes are listed for sale in the Jupiter/Palm Beach Gardens region of Palm Beach County. The median list price for these homes is $737,990 compared to the $520,000 median price of homes sold over the past month. In the Prado development, you won’t find a new home under the $1,000,000 mark. Sonoma Isles shows their entry level pricing at $723,990 and if you want to head out to Reynolds Ranch in Jupiter Farms, the smallest floor plan starts at $917,990. Your best bet on paper for a new single family home is in Alton where their Park A model starts at $581,900.

There is no doubt that selection, or lack of selection, is impacting sales and as expected pending home sales were down again for the 5th straight month. As of today, pending home sales are 5% lower than year ago numbers and we are most probably looking at 4 more months of decline until we start seeing improvement.
​
If you are looking to buy, or sell a house, you truly need to interview brokers and find out, not only what they are going to charge you, but more importantly what they are going to do for you. Paradise Sharks takes great pride in being a small business, and because of our size we do not have all the middlemen costs many real estate brokers are encumbered by. We don’t split our commissions with a broker, we don’t pay franchise fees and we pass these savings directly to our clients, where they belong. All of our buyer clients get substantial credits at closing as our small way of saying thank you. Our sellers, get a very high quality of customer service, marketing expertise and commissions that start as low as 4%. If we can ever be of help, just reach out to us at 561.308.0175 or tom@paradisesharks.com. Our decades of experience is waiting and we would love the opportunity to show you what the future of real estate looks like.


Fins up…..




#jupiterhomeinventory

We have all heard that the three most important factors in a homes value are location, location and location. While that is somewhat true, the reality is, natural light is actually far more important. Your home may sit on the most desirable lot, in the most desirable town, with the most dramatic views in the world, but without windows, it loses value. Lots of it.

Here in South Florida, people love the outdoors. If it wasn’t for the water, the beaches, the golf courses, the sun and the sand, people would not be drawn to our lifestyle. The great outdoors is why we are here and properly bringing that outdoors, into your home, through windows and doors can impact it’s value. By 25%, or more.

I have been building, or selling real estate, for my entire life and it’s in my blood. Selling is not my thing, educating is, and I thrive on making sure Paradise Sharks clients make informed decisions. When shopping for a new home, your lifestyle is critically important and natural light is not only going to affect the resale value of your home. It’s incredibly important to your happiness, your mood, your health. A home filled with beautiful, glorious, natural light makes you get along better with others, it reduces your stress level, it lowers your blood pressure, it improves your ability to learn and think creatively. Your brain will actually produce more serotonin when in natural light and that mood boosting hormone is your life blood in so many ways. 

The first things everyone should think about when home shopping are natural light, view and orientation of the lot. It’s critical to your happiness and how much you will enjoying living within it’s walls. If you love the outdoors, and your happiness is spending time in the backyard splashing in the pool, you don’t want it to face west in South Florida. Unless, you are a snowbird and dramatic sunsets trip your trigger. If you want to spend early morning on the patio, with your coffee and the morning newspaper, perhaps east is your optimal direction. Our backyard faces north and I have a wall of windows that make it the perfect choice for our lifestyle. Everyone is different but you need to understand you to make the right decision. A qualified real estate broker will be your best tool so use them to make sure you are making the right decision.

The sun is your best friend and will make your life more enjoyable if you plan around it and use it properly. It will make your home feel larger. It will make your home more spectacular. However, a window does no good if the view isn’t something worth looking at. A window does no good if it is filthy and there is a tall bush in the yard covering it up and blocking the view. The outdoors, and indoors, must work together but its not hard if you properly plan.

To me, the lifeblood of any home is the kitchen and a large, well lit space is the key to how your home lives. In the old days, one would not dream of not having a window above the kitchen sink. There was a reason for that. 
You cannot have too much natural light in your home. We have a full glass door into our garage, a large window and windows in the overhead doors. That’s in our garage. It’ a happy place. Landscape design, window treatments, paint colors, furniture placement, reflective surfaces, all play roles in how natural light will feel in your home. Your health, happiness and bank account depend on it, so make sure you understand in when shopping for your home.

Paradise Sharks has been doing nothing but real estate for decades. We understand natural light and are happy to sit down with you and discuss your needs. We want you to make wise purchasing decisions and we want you to be happy in your home. Here in paradise, you are going to pay a lot for your home so make sure you put natural light into the equation and it should be at the top of your list.
​
If Paradise Sharks can ever assist with any of your real estate needs please feel free to contact us at tom@paradisesharks.com or 561.308.0175 for a complimentary consultation. We are a boutique brokerage with no middlemen. Our customer service is high, and our fees are low, because we feel that is how every business should be run. For our customers, and we would certainly be honored to serve you.


Fins up…..




#naturallight

There really aren’t too many places in South Florida that enjoy the high quality of life that we do here in the Northern Palm Beaches. It’s a special place, and home prices reflect that demand, with the median single family home price sitting at $500,000 as of September 1st.

That is a decline of $10,000 over the past 30 days and there is only one reason they did not slip further. Tequesta. While small in size, home prices in Tequesta play an important role in why the region’s prices are still above $500,000.

So far this year, the median single family home price in Tequesta sits at $582,000, which is up 22.5% and it’s all because of demand. In Jupiter, by comparison, median single family home prices this year are up barely 3%. Prices up 22.5% in Tequesta, and virtually across the street, prices in Jupiter are up 3%. If we take Tequesta numbers out of the Northern Palm Beach County figures, the median price today would only be $490,000. This little village is making a big impact on regional home prices.

The population of Tequesta is not even 10% of Jupiter’s, and this year, single family home prices have soared. People want to live in Tequesta for the laid back, old Florida, lifestyle this village by the sea offers. With Jupiter allowing more and more development that ignores existing density, parking and traffic rules they are making a home in quiet, little Tequesta even more desirable. It’s a trend that is likely to continue.

Single family home sales fell over 20% in August and were 12% below last year’s figures. Median prices fell to the lowest levels we have seen since March. Thanks to Tequesta they did not fall further.
​
If you are looking to get your best deal on a Tequesta home you might think about getting in touch with Paradise Sharks as we give every one of our buyer clients a substantial credit at closing. Tell us you want to be a part of our Be a Star program, and we will donate 50% of any commission we earn to the relief efforts for our neighbors in the Bahamas who are suffering greatly because of last weeks life changing storm. Paradise Sharks is super easy to reach at 561.308.0175 or tom@paradisesharks.com and we would love to interview for your business and show you what real estate, without a middleman, looks like.


Fins up…..




#tequesta

As we take a deep sigh of relief here in South Florida, the people of the Northern Bahama Islands are dealing with loss that is hard to imagine. The photos and videos are starting to roll in and this land of magical white sand beaches and crystal blue waters has been dealt a blow by Hurricane Dorian that will take years to recover from.

I am thrilled to see the outpouring of people, raising money and supplies, to immediately help our island neighbors. These neighbors, and the land they call home, mean so much, to so many and I wanted to come up with a way that we too can give back and make an impact on the long road to recovery. 
We invite anyone who will be buying a home, or selling a home, to take part in Paradise Sharks Be a Star program that we hope can raise a significant amount of money to help our Bahamian neighbors.

It is very straight forward, and all you need to do is contact Paradise Sharks at tom@paradisesharks.comor 561.308.0175 and tell us you are looking to participate in our Be a Star program. If we are engaged to act as your broker on any real estate transaction, at closing we will donate 50% of all commissions we earn, to the relief efforts in the Bahamas. All donations will be made, directly at closing, to organizations who have been fully vetted and are making a positive impact with the rebuilding of this extraordinary land just to our east.
​
This program will stay in effect until we raise at least $25,000, and we truly hope we can raise even more. We still firmly believe, anyone doing real estate, of any kind, needs to interview brokers and find one that will best help them meet their goals. Ask a lot of questions, and seek answers. Paradise Sharks loves to interview, and we would be honored to team with you in the weeks and months ahead, to help our beautiful neighbors recover from this disaster.


Fins up for helping our neighbors……






#bahamasstrong

The Jupiter area looks to have escaped the wrath of Hurricane Dorian, and after a few days of preparation it’s time to get back to work. We are thankful for our luck, with many prayers for those on the northern islands of the Bahamas, who were brutally hammered by an enormous storm.

If you are one of those looking for the perfect home to buy, you already know that in the Northern Palm Beaches it is not an easy task, especially at the lower price points.

As of September 1st, resale home inventory in the Jupiter area was down for the 6th straight month and we are currently at the lowest levels we have seen since September of 2015. The scary thing is we are within a few listings of being at the worst levels buyers locally have seen in well over a decade. The pickings are indeed very slim.

The number of homes, buyers in the Jupiter area have to choose from, were down 7% during August, and currently sit 6.5% below levels we enjoyed one year ago. Depending on your price point, the numbers differ, but if you are looking for a single family home in Jupiter under $750,000, current inventory is slightly over 2 months which signals a strong seller’s market, and buyers truly need to have a game plan if they want to succeed. Over $750,000 current inventory levels are well over 7 months and buyers have a bit more control. The next 30 days are critical, as it is this time of year we can start seeing better selection for buyers, but hard to see at this point where a large number of seller’s would come from.

Paradise Sharks has being telling you for over two years, that it is buying at top end of price categories, pulling this market along with extremely strong sales numbers, month after month after month. Economic forces, and a large number of well healed buyers, relocating from states with high tax burdens that are no longer deductible, have combined to set record after record for resale homes that closed over the $1 million dollar threshold. Over the past 3 years, the percentage of sales above that mark have soared almost 50%. It’s been a boom time like we have never experienced for luxury real estate sales, but we continue to monitor those sales very closely, as once they start to pull back we fully expect the overall market to do the same. This year will be the 10th straight year that luxury sales have expanded and for now, we see nothing to end that streak. 

The dearth of quality inventory, at lower prices, has helped to slow sales, even with interest rates sitting at the lowest levels we have seen in over two years, and we are within a whisker of 4 year lows. It’s a great time to borrow money for a home, if you can only find one. Pending home sales in the Jupiter area were down in August, for the 4th straight month, and we are looking for lower sales figures to continue until we get into the new year. While pending home sales, as of September 1st, are just slightly higher than year ago numbers, they are still historically low for what we like to see this time of the year.

Inventory is badly needed to meet demand and Paradise Sharks would love the opportunity to interview for your business if you are thinking about selling. Not only can we offer you the best commissions you will find anywhere, but our customer service will knock your socks off. We are a small business, with decades of experience, and without the middleman in the equation we save our clients a lot of money. It’s as simple as that.
​
Watch for Paradise Sharks promotion we will be formally announcing later this week as we try to raise a minimum of $25,000 for those suffering in the Abaco’s and Grand Bahama. To learn more, or to ask us anything related to real estate, please feel free to contact us anytime at 561.308.0175 or tom@paradisesharks.com.


Fins up….. 




#jupiterhomeinventory

If you own property in Palm Beach County, your 2019 Notice of Proposed Property Tax statements are in the mail and also posted on-line. If yours is not a homesteaded property you are probably in for a pretty significant increase in your tax bill this year. Not understanding the property tax game can end up costing you a ton of money each and every year. If you have purchased a Palm Beach County home in 2018, or 2019, as your primary residence and need help please feel free to contact Paradise Sharks. As always, we are here to help.

The market value on our little house in Tequesta, according to the Palm Beach County Property Appraiser, has increased by 1.8% since last year. In 2018, the median single family home in the Village of Tequesta sold for $475,000. So far in 2019, the median single family home price in Tequesta is all the way up to $572,500. That represents an increase of over 20%, so actually the appraiser’s number makes me very, very happy.

Luckily, we are homesteaded, which means we get a $50,000 exemption to our assessed value. But even more important, is the fact that by law under the Save Our Homes Assessment the appraiser has a cap on what they can raise our assessed valuation. Every year this benefit allows us to stay in our home without the worry of taxes forcing us to leave.

Paradise Sharks cannot stress this enough, but the first August you own your home is when you have to react to the county’s tax procedure. Failure to act in your own best interest in the coming weeks, may cost you more money than you might imagine. As critical is the filing of your homestead exemption immediately after you have lived in your home as your primary residence on a January 1st. We have only been in our home about 7 years and because of these exemptions and caps our taxable valuation is now only about 50% of market value. If we were not homesteaded our property tax bill this year would be about $6,000 higher. More taxes, less freedom.
​
If Paradise Sharks can help you sort out how our somewhat complicated property tax system works here in Palm Beach County please feel free to contact us anytime at 561.308.0175 or tom@paradisesharks.com. But do not delay as this year the last day you can protest your valuation is September 19th.


Fins up……




#palmbeachcountypropertytaxes

Last year, there were 373 home sales in the Village of Tequesta, with a median sales price of $327,000. So far in 2019, there have been 234 sales, with a median sales price of $429,700. It’s a pretty impressive jump. Historically impressive.


When you consider only once, have we ever seen an annual price increase, anywhere close to that number in the overall Northern Palm Beaches market. That “once” was back in 2005, and we all know what happened right after that record jump. Are we being set up for a major crashing of house prices in the Village of Tequesta? Hardly. 

Look at the median price increase in neighboring Jupiter. Last year it was $391,00, this year it is $400,000 or an increase of just 2.3%. In the overall Northern Palm Beaches market, it’s 4.1%. So what on earth is going on in Tequesta.

Part of it is the lifestyle and what living in Tequesta is all about. The population of about 6,000 and nowhere to grow, the sidewalk lined streets, the oak canopy, water everywhere, awesome schools, friendly people, laid back “old Florida” golf clubs, amazing restaurants, shops and beaches, historical late mid century homes, golf carts on the street. It’s certainly all that, and as more and more people learn about why our small town village is an incredibly special place it creates demand that other municipalities simply don’t enjoy. Look at the growth and traffic going on next door in Jupiter and you get the picture. Like real estate brokerages, when it comes to your hometown, small is good.

Demand, with limited supply, means buyers, especially when the economy is doing well, are willing to pay more. This year, in Tequesta they are doing just that. Paradise Sharks is quite proud that this year we broke a neighborhood price record by over 33% on one sale. With the right timing, marketing and luck you get prices that nobody would ever expect, but it’s not easy. Tequesta makes it easier. One single family home, on an interior lot in the Tequesta Country Club, sold for full price to the first cash buyer in the door. It sold for $865,000 which also broke the old record by a country mile. Demand for quality, location and timing has increased the value of Tequesta properties so far this year.

Another huge reason that is driving prices in Tequesta is taxes. In particular, rising taxes in cash strapped, debt choked, states where their income taxes are no longer deductible on federal returns. People are running, and they are running to Florida more than anywhere else. Florida’s state income tax situation attracts them, like it attracts the world top golfer’s, and many are ending up right here in the Village of Tequesta. 

You see, these buyers are not shopping for a median priced home. They are looking at the top end of the market, where homes sell in excess of $1,000,000. Remember that “water everywhere” that we enjoy here in the Village of Tequesta? Well it also means waterfront homes everywhere, and they are selling like hotcakes at a church picnic. Canal homes being purchased for almost a million dollars and being torn down for grander digs. On the Loxahatchee River, buyers are knocking down homes they paid well over 2 million for. Tequesta is hot, and it’s driving prices higher.
​
If you are looking to purchase, or sell, real estate in the Village of Tequesta, or anywhere throughput Palm Beach and Martin County look no further than Paradise Sharks. We are your local, small business, real estate brokerage where we take great pride in customer service and offering our clients the best value to be found anywhere in the industry. We don’t pay franchise fees, we don’t share our commissions with brokers, and we have effectively kicked the middleman right out of the real estate transaction. Those middleman costs add up to a lot of money and we simply give it back to our clients, where it belongs. If you want to see what decades of experience, and a sincere dedication to our clients goals means to you, please feel free to contact Paradise Sharks anytime at 561.308.0175 or tom@paradisesharks.com.


Fins up…..




#villageoftequesta

If you have been shopping for a home in the Northern Palm Beaches, we do not have to tell you how poor the selection is. It’s terrible and a lot of the offerings are either overpriced, or in poor condition, or both. As of today, the number of homes on the market for sale is at the worst levels we have seen in almost 4 years. Compared to one year ago, inventory levels in the Jupiter area are down 6% and the odds are pretty good we will see another decline over the next few weeks.

If you are thinking about selling your home, you need to understand the dearth of good listings and use this to your advantage. Interview brokers and ask them not only what they are going to do to sell your home for the most amount of money, but also how much they are going to charge you. Ask about price records they have set and don’t be shy about seeking documentation. If your property is in high demand, properly priced and marketed it should sell in days in many neighborhoods. When interviewing brokers, ask what the broker is going to do for you if your home sells in less than a week. If they do not offer a credit you might keep interviewing. There are some brokers still asking for 6% commissions and in many cases Paradise Sharks can provide our “let’s set a record price” marketing for as low as 4%. The difference between 4% and 6% on the median single family home sale so far this year in Jupiter is $10,469. If your house is desirable that money belongs in your pocket, not the real estate brokers.

The number of homes going under contract in the Jupiter area is also down this month. For the 4th straight month the number of sellers with smiles on their faces has declined. Lots of this is because many sellers are still priced too high and others have homes that do not present themselves well. It’s also seasonal as the reality is after May, home sales in the Northern Palm Beaches slow significantly over the remainder of the year. It’s not interest rates, that today sit at the lowest levels we have seen in 2 years. Its not demand, as even though sales are falling, they remain 5% higher than they were a year ago.

The key to this market remains sales at the top end that remain at the highest levels we have ever seen. It seems that day after day, week after week, month after month, new records are being set for resale homes that close in excess of $1,000,000. So far, no signs of that slowing down, but watch the economy closely.  These sales have kept strong upward pressure on median home prices and while we are seeing some leveling off, median prices this year in Jupiter are still up 2.5%. If you want proof that location matters, and what happens to prices when a neighborhood has a lot of million dollars homes in a hot market, the median sales price in Tequesta this year is up an astounding 31%. Location, location, location and timing. You need to understand where your home fits into the equation as every home, street and neighborhood plays by very different rules.
​
We still have 5 more months before seasonal home buying starts boosting home sales numbers in the region. Inventory is going to be key. The economy and political craziness that is going on will play an even more important role. If you are planning on doing anything real estate, seek education and make informed decisions. Interview brokers if you are selling, or buying. Paradise Sharks would love the opportunity to interview and earn your trust and your business. We guarantee a high level of customer service and the best prices you will find anywhere. Contact us anytime at tom@paradisesharks.com or 561.308.0175 and we will be happy to show you what the future of real estate looks like.


Fins up…….


#jupiterhomeinventory

If you are out looking for the perfect home to purchase in the Northern Palm Beaches, you know what I am saying when I say good luck. Over the past 10 months, buyers had more selection that they had the previous year. One month ago, buyers had more choices than a year ago, but something happened during July. The number of homes on the market took a large tumble, down almost 8%, and for the first time in almost a year, buyer’s have fewer choices than they have had in a long time. Throw in prices that have been moving higher for 10 straight months. Throw in seller’s who are priced ahead of the market. Throw in homes where condition is a significant issue. Throw in neighborhoods where there is no selection and you can see the frustration todays buyer’s are having in the Jupiter area.

There is no reason to believe that traditional seasonal factors will bring us more inventory for at least another 2 or 3 months. Home owners are staying put for a number of factors and this will create more inventory problems for home buyers in the months ahead. People are staying in their homes longer than they ever have before. The latest numbers show the average homeowner stays put for over 8 years. That may sound like it’s not a very long time, but back about 10 years ago they barely stayed put for 4 years. They have nowhere to go. The inventory challenges home buyers face isn’t a game they want to play. And who can blame them.

Demand does not appear to be an issue, it’s supply. Look at the $1M+ market where sales are at all time record highs. Blowing away last year’s record numbers by16% with new records set in 6 of the 7 months so far in 2019. When you realize these numbers do not include the vast majority of new construction, the top end of the market is thriving. For the rest of the market, it’s poor inventory and affordability where we are seeing problems.

Overall, the number of homes under contract in the Jupiter area fell again during July for the third straight month. They have managed to hang onto year over year gains. The bad news is, we still have 5 months where the odds are sales will continue to fall. Interest rates are fantastic, buyers are out there, but finding the perfect home is not an easy game.

Buyers need a game plan. They need to be working with a real estate broker who understands how to set up a game plan so their clients win the game. It takes pinpoint accuracy on search criteria. It takes the ability to react immediately to new opportunities and be the first one in the door. It takes a complete understanding about how the condition of any home and the desirability of the neighborhood will effect price. It takes the ability to make decisions fast and submit offers even faster.
​
The good news is there are real estate brokers out there that know how the game is played and it’s why home buyers need to interview them and get educated so they can end up with a winning game plan and a successful, informed purchasing decision. Paradise Sharks love to interview. We give all our buyer clients significant credits at closing and our small business, can-do, culture means a level of service the big box brokerages can only dream about. To learn more about the future of real estate please contact Paradise Sharks anytime at 561.308.0175 or tom@paradisesharks.com.


Fins up……




#jupiterhomebuyers