Jupiter homes: 2015 Year end wrap up
December 31, 2015 | Richard Sites
As 2015 comes to an end, let’s take a look at the Jupiter real estate market. First, an overview.
Demand is exploding for homes here and new construction is everywhere. Unfortunately, the average price for these homes is very high relative to past home prices.
Divosta Homes opened it’s sales center at Sonoma Isles west of town in November offering close to 300 homes priced from the $600’s to over $1 million. Directly across Indiantown Road from Sonoma Isles, Toll Brothers is still building estate and carriage homes at Jupiter Country Club in the same price range. However, I believe they are tossing in a social membership to sweeten the offer.
On the NW side of town, Lennar has nearly completed close to 600 homes in Rialto and prices have nearly doubled from their original offering prices which were in the mid-$300’s. Further along Island Way, Standard Pacific is building at The Prado where home prices start near $1 million.
Divosta is also building another community in Abacoa called Windor Park, again with prices near $1 million. These homes are quite a departure from the modest, family homes they built just a few years back in places like The Bluffs and The Hamptons.
Across Donald Ross Road from Abacoa, Kolter has started construction on Alton, where close to 2,500 homes are going in.
And you can still have a custom home built on the remaining lots in The Bear’s Club, Frenchman’s Reserve and Old Palm. These custom homes will run you easily over $1 million and could go as high as $10 million. One of these lots just went on the market in The Bear’s Club priced near $2.6 million.
How about the resale market?
In Jupiter/Tequesta, there are 810 homes for sale which is up from just a few months ago. 166 of these are single family homes priced over $1 million.
In the last 30 days, 159 new listings came to market and 150 sold. The homes that sold were only on the market about a month and the median sale price was $311,000. This works out to a little under $200/ft., up substantially from past sales which for years averaged around $150/ft.
In our luxury market, waterfront properties for sale in Admirals Cove number near 60 and along the river, about 50.
With demand high and a competitive market, if you are looking at Jupiter homes for sale, be sure to have your financing in order so that you can have a good shot at getting the right home. You may not get a second chance.
The Jupiter lifestyle is still terrific and the wide, clean and free beach is still just a short drive away. The water is warm and clear and the scuba diving is some of the finest around. Unlike most agents, I grew up in South Florida and have lived in Jupiter 25 years so I know the area inside and out.
If you need a little guidance finding the right community to meet your lifestyle needs, use the contact form below or call me directly at 561-762-4073.