Jupiter Real Estate Market Report

Posted by Jim McLane on Saturday, August 8th, 2015 at 7:03pm.

Selling your Jupiter Home

I received the above link with the 10 Safest and most peaceful places to live in Florida yesterday and wanted to share it with you. Our own Jupiter Inlet Colony, once a small beach community that sits on the South end of Jupiter Island is on the list. This community dates back to the early 60's with smaller style beach homes that are now being torn down and replaced with mini mansions. It still has that old Florida charm and demand has driven prices to record levels.  You can expect to pay nearly a million for one of the original style homes on a dry lot that needs updating. Basically the dirt is selling at nearly a million dollars. The direct oceanfront and Intracoastal homes start in the high 3 to low 4 million dollar mark. It is a beautiful community and you can see why it made the list.

 See the homes in Jupiter Inlet Colony.

 

Another favorite of mine also made the list. Before moving to Jupiter I lived in Highland Beach. This small strip of oceanfront offers condos with both ocean and Intracoastal views. The only commercial establishment is the old Holiday Inn on the beach which has been there since the 70's.  The name has been changed but to me it will always be the Holiday Inn Highland Beach. There are condos and single family homes here on Highland Beach. It is nestled between Delray Beach and Boca Raton so you get the best of both worlds here. See all the Highland Beach Real Estate.

Jupiter Homes for Sale

I am continually surprised by how quick the majority of homes are selling not only in Jupiter but other areas of South Florida as well. The markets aren't as strong as Jupiter but they are still doing well. I hate to tell the  buyers but it is a strong Seller's Market and they are driving the car now. It took a long time but it's their time. New listings continually come out with prices higher than the last sale. Along the beach their are just 13 condos for sale under $250,000 and half are 1 bedroom condos. Expect starting prices for a  2 bedroom condo or townhouse near the beach to be $250,000 plus. Many are pushing $300,000 if they are updated. The smaller Abacoa townhouse which are 1,500 sq. ft are nearing $300,000 and the larger ones are nearing $350,000. 

 

I hope everyone spent some time and took notice of the Days on Market (DOM)of the properties selling last week. This week I'm seeing the same results with almost everything under $500,000 selling in 10 days or less with a very few exceptions. In general the Days on Market are remarkably short which shows the importance of carefully watching the market and being able to jump on a property. It goes back to our limited inventory of quality products and the high cost of new construction which is driving up used prices as well.

 

I walk into many homes and can't believe the condition of the homes and how they present. Even if you have an older home with few updates, spend some time and de-clutter, clean and paint. Clean your windows, take out screens and make the rooms light and bright. Paint dark colored rooms with neutral colors. Spend a few dollars and spruce up your home. It will sell faster and for more money. When banks sell homes they paint, install new carpet and add new S/S appliances. It makes every home fell like new.

 

I am seeing a lot of laminate floors and mismatched tiles in different rooms. Buyers just see big $$ signs to upgrade homes and in most cases they are correct. Raw material costs such as tile, cabinets and labor have jumped dramatically in the past few years causing remodel costs to soar. Today many condos require certain sound barriers that are nearly as expensive as the flooring itself. The Bluffs Marina requires a sound barrier rating of 100 when replacing floors. That means you will need two underlayments such as Proflex (rating of 70) and cork on top of it (rating of 50). Together the underlayment is nearly $4/sq. ft. Quality flooring and kitchens are two of the most expensive upgrades you will spend money on but those really make buyers take notice.                

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