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