Marotta Realty Group Blog

Jupiter Island sales activity has recently caught on fire!  In the past few months, eight sales have closed, and four more are under contract.  One area realtor reported making an opening offer recently on his client’s behalf at $3,000,000 for a river front home site, only to find the bidding so frantic, they never received a counter-offer before the property was ultimately sold to a higher bidder.

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The Palm Beach Post reported in this morning’s newspaper that Palm Beach County median home prices jumped 35% in December 2012 from the same period last year.  According to ZipRealty, Palm Beach home price increases led the nation, followed by San Francisco, Phoenix, Las Vegas, and Tuscon.  Broward County was 10th.  The data used for this report was obtained from the Multiple Listing Service (MLS) and included single-family homes, townhomes, and condominiums.

“While a 35 percent home price increase is very welcome, it’s a 35 percent increase over levels that haven’t been seen since 2002 or 2003,” said Stan Geberer, senior associate with Orlando based Fishkind & Associates Economic Consultants.  ”But what it does suggest is that much of the home

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San Michele, one of the finest luxury communities in Palm Beach Gardens, Florida without the high cost of golf course community living, is selling at an extremely fast pace.  Five homes have sold in the past six months, and the current available home inventory is now below 7%.

Many buyers today want high quality without high home owners’ association fees.  San Michele is one of my favorite communities because its amenities are basic, yet very nice: excellent manned security 24/7; state-of-the-art gym; small clubhouse with meeting space; two clay tennis courts; kids’ park; and numerous community lakes and walking paths.

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Based upon strong sales activity in 2012, Sellers have raised listing prices  in Frenchman’s Reserve in Palm Beach Gardens, Florida.  22% of the current home listings in this luxury golf course community have experienced recent listing price increases.

Lawrence Yun, chief economist for the National Association of Realtors, says “home sales are recovering now based solely on fundamental demand and favorable affordability conditions.”

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One specific example of an improved real estate market is the recent spike in sales activity at The Bear’s Club in Jupiter, Florida.  Over the past six months, four large homes have sold (Marotta Realty sold the most expensive of those estates), and one additional property is currently  under contract.  During that same time period, two lots have gone to contract.  That means this ultra high-end community has seen seven deals within the last six months.  That’s the best activity in years.

In addition, a review of the current Multiple Listing Service (MLS) listings in The Bear’s Club shows that 21% of the home listings have experienced recent price increases.  That is the first time we have seen this type of optimism from Sellers since 2008.

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