Jupiter Real Estate Report- 2013
Welcome to our Newsletter
We continue to see articles in the Palm Beach Post about the improving real estate market here in the area. As last weeks articles stated the lower priced condos are being bought up by investors and they are paying cash. What isn’t selling? Overpriced properties that need alot of work and just don’t show well. People are willing to pay top dollar for updated properties with new kitchens but aren’t willing to pay top dollar for homes that need to be updated. Buyers are expecting fresh, clean and updated. If you fit that category you will sell your home even if its priced on the high side because their are cash buyers that will spend the extra money for a nice product that doesn’t need upgrading.
This week we saw Jupiter home sales fall from 45 to just 30 homes selling during the last week of January here in Jupiter. What is causing the drop for the week? My guess is we will see a huge jump in next weeks sales as the sales follow the buying by 30-60 days so most of the closings this week were bought between Thanksgiving and Christmas which tends to be a very slow time for home buying. I continue to see properties that have sat for a bit and now they are getting multiply offers and bidding wars all of a sudden. I am not the only agent saying how scare inventory levels are but the good news it makes our job easier in one respect, there aren’t many homes to show. The bad news if you don’t move fast someone else is going to own that home.
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Topic of the Week
I was asked this question by several buyers this week. They were comparing the monthly fees of a condo and a town home in Jupiter Harbour. The condo fees are $1800 per quarter and the townhomes are only $800 per quarter. So naturally everyone asks why such a difference. Many times the townhomes are like owning your own home so you are responsible for more repairs and other costs that you pay on your own. Here is the difference.
Townhome – $800 per Qtr
Add: Exterior Insurance – $750 per Qtr Water/Sewer – $250 per qtr
Grand Total for townhome – $1,800 per qtr vs $1,800 per qtr for the condo
Amazing isn’t it, but people don’t know what the costs are and what is included. Another thought is you are responsible for your roof on a townhome so a roof in Jupiter Harbour is $25,000 or so with a useful life of 25 years or about $1,000 per year added to you HOA fee. Condos also put money away in reserves for items like roofs, elevators, painting etc which most townhome owners aren’t doing. The cost of insurance has spiked over the past few years which has caused both condo and homeowners costs to go up. Unless you have a brand new house I use a good rule of thumb of about 1% per year for homeowners insurance based on the value of your home.
Buyers, it is important to get signed up to receive new listings as they come to market. Not only do you have to do some research by looking on-line, use any of my websites for your daily searches. It will save your searches and email you new listings as they come to market. Don’t be afraid to call or contact me for questions about specific Jupiter FL condos or homes or if you aren’t seeing exactly what you want.
If you are looking for Singer Island Condos please check our our websites which show every Singer Island condo and home for sale. From the Ritz Carlton to the Water Glades check out the incredible ocean views from the Singer Island condos.
See more Boca Raton oceanfront condos below:
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