Hi, and here's the market update for Jupiter and Tequesta as reported by the MLS:

Jupiter, Jupiter Inlet Colony & Tequesta Active listings: 1,618
Price changes today:  3
Properties that are Contingent or Pending today:  1
Properties Sold today: 1 for $ 203,000 in North Palm Beach Heights (Jupiter Heights)
Properties sold in the last 7 days:  29


Median listing price of Active listings:  $430,000 or $ 207.86 per square foot
Median sold price:  $ 189,000 or $ 122.60 per square foot or 95% of LP

Look at the disconnect between the asking per square foot and the sold per square foot.

Any thoughts?

The U.S. economy grew by 3.5 percent during the quarter ending Sept. 30, but Florida economist Sean Snaith isn’t ready to throw a recovery party just yet. The University of Central Florida researcher says despite federal reports released Thursday of a national rebound, Florida’s recovery will lag behind as it continues to be hamstrung by a glut in housing and only a gradual recovery in consumer spending.

Employment levels won’t return to pre-recession conditions until 2014, Snaith estimates.

“The job market will haunt us for years after the recession has ended,” Snaith says. “As we saw during the boom, strong growth can quickly and dramatically ratchet down the unemployment rate, but a weak recovery just prolongs our pain.”

Other state economists concur that Florida’s unemployment rate will exceed its current 11 percent level and top out sometime next year. They also agree that the state’s economic recovery will be gradual and slower than the rebound elsewhere.

Mr. & Mrs. Seller:  Give some thought to what the above news might mean to your sale.

Hope is not a successful selling strategy!

Richard Sites
rsites@coastalfloridarealestate.net

When the Ritz is picking good places to build obviously they can choose any spot they want.  So if there is a Ritz in Jupiter, what does that tell you about the quality of the lifestyle here?

The Ritz is located right on the south side of Jupiter between Admirals Cove and Frenchman's Creek.  Its neighbor on the same parcel of land is Jack Nicklaus' Bear's Club.  Michael Jordan just bought two lots in there for $ 4 million and is building a new mansion.  The neighbors don't care for the size of it, but the Town of Jupiter says he is complying with all codes.

The Ritz lifestyle, enjoyed by only a few, is really beyond compare.  I've been fortunate enough to spend time at the clubhouse, pool and spa and words are not enough.

Nevertheless, it is worth taking a peek behind the curtain and drill down into the real estate market there.

There are 19 properties on the market right now.  The median size is 3,811 square feet.
The median listing prices is $ 2,000,000 or $ 625.28 per square foot.  Remember from yesterday that in Admirals Cove this figure was $ 463.31.

In the last 6 months, 4 properties have sold.   Digging deeper, the median listing price at the time they went under contract: $ 2,245,000 or $ 506.27 per foot.  When the final median price of the sale is computed ($ 1,900,000) we see $ 434.51 per square foot.  And these homes were only on the market for 109 days, much shorter than the median for Jupiter in general.  These "hopeful" sellers however have been on the market for a median time of 175 days.

So, to reiterate, as we've seen time and time again those still holding properties are asking close to 50% more per square foot than those that have sold.  Maybe just the "extra special" homes are left and that justifies the price?  Believe that? 

In a declining market, is holding out for that person that will see just how special these houses are and pay above market prices?

Well, I'll grant you that some may have special locations and the sellers may get a premium for that location.  Otherwise, hope is not a selling method.

Stick around, we'll be looking into some other communities.  Need to drill down into a community, pick it out and we'll pick it over!
Or visit me on the web:  www.CoastalFloridaRealEstate.net.

Oh, I left out pictures this time.  If you need to see pictures, send me an email.

Richard Sites
Realty Associates
rsites@coastalfloridarealestate.net

Sure, we have one of the greatest concentrations of $ 1,000,000+ homes in the country, but let's pull back the curtain on their sales for the last 6 months and see what we find.

First, in Jupiter, Jupiter Inlet Colony and Tequesta, there were 34 sales over $ 1,000,000 in the last 6 months.

The median listing price at time of contract was $ 1,852,500 for 4,361 square feet.  This works out to $ 457.83 per foot.  What about the final selling price?
The median sales price was $ 1,600,000 or $ 404.18 or 88.85% of list price.
The median time on the market was 169 days, just slightly longer than homes in general.

What is interesting when you compare these with the 319 homes listed for more than one million is those that have not sold are asking $ 558.50 per square foot.

So, the same question comes up...what do the sellers know that the hopefuls don't?

Hope is not a method of selling.

Richard Sites
Realty Associates-FL Properties

rsites@coastalfloridarealestate.net

Admirals Cove, a Premier Club Community, is Jupiter's ultimate waterfront address.  Many clubs have golf courses, but Admirals has the water.  Water's great, but if you are trying to sell your home in AC, you better look at the numbers.  Here they are from the MLS:

Active listings on the market:  98 or a little more than 10% of the homes.
Median size of living space: 3,305 square feet
Median List Price:  $ 1,450,000 or $ 463.31 per square foot
Median time on the market: 222 days, months longer than the rest of Jupiter

Now, let's look at the same data for Sold homes for the last 6 months:

First, there have been 16 sales.

Median size, 2,959 ft., not much smaller than those currently on the market
Median sold price:  $ 929,945 or $ 324.55 per square foot
Median time on the market: 215 days or less time than those on the market

The is a glaring disparity in pricing per sqaure foot between the hopeful sellers and those who already have a closing statement...about 25%.  Remember, hope is not a method of selling.

So the Dow Jones Industrial Average is back at 10,000, now what?

Foreclosures rise 5 percent from summer to fall!

According to the Associated Press:

The number of households caught up in the foreclosure crisis rose more than 5 percent from summer to fall as a federal effort to assist struggling borrowers was overwhelmed by a flood of defaults among people who lost their jobs.The foreclosure crisis affected nearly 938,000 properties in the July-September quarter, compared with about 890,000 in the prior three months, according to a report released Thursday by RealtyTrac Inc. That puts foreclosure-related filings on a pace to hit about 3.5 million this year, up from more than 2.3 million last year.

Banks repossessed nearly 88,000 homes in September, up from about 76,000 a month earlier.On a state-by-state basis, Nevada had the nation’s highest foreclosure rate in the July-September quarter. Arizona was No. 2, followed by California, Florida and Idaho. Rounding out the top 10 were Utah, Georgia, Michigan, Colorado and Illinois.

So, the eternally frustrating short sale is giving way to the foreclosure sale. I also posted information on my website: http://www.coastalfloridarealestate.net/ about another new trend called the strategic default, where sellers simply walk away and don't try to work things out. The hidden aspect of all this is that there is a ripple effect where everyone associated with the housing industry suffers, except the companies who board up and maintain foreclosed properties.

In statistics, standard deviation is a very useful tool. How many agents have ever explained your value proposition to the buying public with standard deviation?

In practically every aspect of modern life, we are overwhelmed with statistical data. Don't believe me? Watch the evening news and count how many statistics are given.

Baseball is strictly done with stats. In fact, every single pitch and its result is counted and measured. This why baseball managers are so calm and football managers are so hot headed.

Every baseball play has been performed thousands of times and the players know from statistics exactly how to execute no matter where the ball is hit. Football is completely random and it leads to coaches tearing their skin off over their heads. Last time we ran this play we gained 10 yards, this time we lost 10!!

So, if you are selling, do you want to be a baseball or football coach?

Why is standard deviation important?

THE SHORES OF JUPITER

1. Good location on the NE side of town, close to I-95 and the Turnpike.
   
   
2. Winding, oak lined streets with great uniformity in the neighborhood.
   
   
3. Affordable housing.
   
   
4. Several nature preserves and lakes dot the community.

In the last 60 days, there have been 6 sales in The Shores. Using the median, we find:

Living square footage: 2,377

Listing price at time of contract: $ 384,950 or $ 164.34 per square foot.

Sale price: $ 333,850 or $ 146.05 per square foot. This is 87.8% of asking price.

Time on the market: 165

Statistics will always show that the highest listing price does not always equal the highest net to the seller. In the case of The Shores (granted this is a very tough market) the home which had been on the market the longest started at $ 529,900 and finally sold for $ 300,000 after over 3 years.

The local swim team, The Sea Dragons, practice here.
Oh, the picture below is from a newer Jupiter neighborhood called Paseos.

SAFE HARBOR- Jupiter's long time, no kill facility is struggling in this recession.  So, to help, they are opening the Thrift Store again.

PICK OF THE LITTER THRIFT STORE IS BACK AT SAFE HARBOR

Safe Harbor Animal Sanctuary & Hospital is proud to announce the Re-Grand Opening of our Pick of The Litter Thrift Store.  After being absent from the community, our Pick of the Litter Thrift Store will be an exciting addition to Safe Harbor with all proceeds going to help support us continue our mission.

WHAT: Grand Opening and tours of new hospital and shelter

WHEN: Saturday, October 31, 2009 from noon to 6pm.  

WHERE: 185 E. Indiantown Road, Jupiter        

WHY: Public demand is now allowing our thrift store to become a vital part of Safe Harbor’s operation.

PICK OF THE LITTER THRIFT STORE NEEDS YOUR DONATIONS. CLICK HERE TO DOWNLOAD OUR PDF FOR DETAILS.

Please join us, browse through our new boutique while enjoying music by Acoustic Remedy & Friends from 1pm – 4:30pm and food provided by Chili’s of Jupiter.  All kids receive a pepper pass which entitles them to one free dinner at Chili’s.  Take part in our pet costume contest which begins at 2pm sharp, and get questions answered from our Animal Communicator.  Also on hand will be a henna tattoo artist and a face painter. Micro Chip Clinic also being held within the Halloween Festival event. It will run from noon to 6pm, the cost is $15.00 which includes one year registration.

Safe Harbor Animal Sanctuary & Hospital is located at 185 E. Indiantown Road, Jupiter, FL  33477.  Call us at 561-747-5311.

The Town of Jupiter, Palm Beach County and the State of Florida have been setting aside parcels of land with native vegetation as a buffer against development.  This is a terrific idea an ensures that we will never face the congestion that has plagued south Florida.

The Delware Scrub Restoration is taking place right on Indiantown Road, Jupiter's main east/west corridor.


In a small town like Jupiter, having a large parcel like this, as well as the others already set aside, it a blessing.  We love our green spaces!

The Sun Sentinel reported that although home sales have shot up, aided by the $ 8,000 credit, prices have continued to fall.

Median home prices in Palm Beach County fell from $ 292,200 to $ 242,900 in the last year.

Existing sales in September went from 522 to 746. This means sales in Palm Beach county have increased 14 of the last 15 months.

Sellers hope prices will stabilize soon. However, housing analysts, citing high unemployment figures, said prices are likely to keep dropping until the middle of next year.