Multi-million dollar mansions in Jupiter/Tequesta

Here's a quick look at the 2 most expensive houses in Jupiter/Tequesta:
The house above is located just north of Tequesta in Martin County, nearly directly across from the spot where Tiger Woods and Celine Dion are building. You can see his home site on another one of my posts.
This view is looking south down the Intracoastal Waterway toward the Jupiter Inlet and Jupiter Lighthouse. The house is 13,621 square feet of living space with 9 bedrooms, 8 full baths and 4 half baths. It's currently listed at $ 12,900,000.

What makes this particularly interesting is that just a short distance from this house, Burt Reynolds has his 3 acre, Intracoastal estate on the market and although he has dropped the price from $ 15,000,000+ to the $ 8,000,000 range it has been on the market for several years.  Word has it that it is heading into foreclosure.

The house below is in The Bear's Club, Jupiter and is also listed for $ 12.9 million. The Bear's Club is located on the same parcel of land as the Ritz-Carlton, across the street from Frenchman's Creek and adjacent to Admirals Cove. Michael Jordan recently gained publicity for purchasing two lots for a price of $ 4,000,000 to begin building.In any event, this house is 12,297 square feet with 6 bedrooms, 6 full baths and 2 half baths. This price puts these two homes in the $ 1,000 per square foot range.

You can see all homes for sale in Jupiter by visiting my website at
Coastal Florida Real Estate.  Every home listed for sale along with
every picture is there in real time.  No other site has any more or
more current information.





Frenchman's Reserve Community Tour


Take a video tour through Frenchman's Reserve in Palm Beach Gardens. This Toll Brothers community of estate homes is built around an Arnold Palmer Signature Golf Course and features homes from $ 480,000 to around $ 3.5 million.





Interested in Premier Club Communities or a home in the Jupiter/Tequesta area? I can show you any property listed in this area.


Jupiter Farms Homes & Lifestyle

Jupiter Farms is one of our Western Communities. The area is located
just west of the Town of Jupiter and is a Dedicated Equestrian Area.
This means you must be respectful of people riding horses in the Farms.


The home sites are platted at around 1.25 acres and go up to
over 20 acres and prices range from the mid-100's to several
million.

People move to the Farms and our other western communities
for the peace and quiet they afford, the freedom to live without
HOA restrictions and to enjoy wildlife and the extra space.

Even though it may seem like you have driven way out of town,
in fact the Farms is still only about 15-20 mintues to the beaches.



As a Jupiter resident for 10 years and a native south Floridian, I can tell you this is the best of the Jupiter lifestyle. To see any home listed in our western communities contact me.

Take this tour of homes and if you need more information on this area contact me or visit my You Tube channel at http://www.youtube.com/richardsites

My regularly updated website is http://www.coastalfloridarealestate.net/

Richard Sites
Realty Associates
561-762-4072
rsites@coastalfloridarealestate.net

Fiore at the Gardens

Looking for a clean, safe condominium in Palm Beach Gardens?

Looking for a condo that is NOT a short sale?

Then, take a look at this condo located in Fiore at the Gardens.

Fiore is centrally located in Palm Beach Gardens and in addition

to the gated entrance, this community has a great clubhouse with

large covered grill area, fitness center, tropical pool lined with

coconut palms and a volleyball court. It's a popular spot with

young professionals.



Here's a short video on a 2 bedroom, 2 bath condo I have listed in Fiore at the Gardens in the heart of Palm Beach Gardens, FL. This is not a short sale and is available for quick close.

To see this or any other listed property in this area, contact Richard Sites at rsites@coastalfloridarealestate.net.

Richard Sites


Realty Associates


http://www.coastalfloridarealestate.net/

Paseos home in Jupiter Florida

Here's a short video tour of 152 Via Rosina, a home in the central Jupiter community of Paseos.


To see this or any other home in the Jupiter/Tequesta area or our Premier Club Communities, contact me at 561-762-4073 or rsites@coastalfloridarealestate.net

Jupiter Inlet fishing

I was over at the fabulous Jupiter Inlet the other day and came
upon this classic man vs. fish confrontation. Since I was there
to gather photographs for a client, I couldn't help shooting this
epic battle. As we join the fight the score is tied at 0-0. Stick
around till the end to see the outcome.



Looking for a home in Jupiter or Tequesta?
Looking for a waterfront home?
Looking at a great home in a golf course community?

I can show you any home listed for sale. I also post community updates regularly on my You Tube channel which is www.YouTube.com/richardsites
Or visit me at: http://www.coastalfloridarealestate.net/

Richard Sites
561-762-4073
rsites@coastalfloridarealestate.net


Jupiter Inlet, a trip out and back again



Richard Sites
Realty Associates

www.CoastalFloridaRealEstate.net

Carlin Park in Jupiter

Carlin Park, right on the ocean, has long been a family favorite
here in Jupiter. Some of the reasons are covered pavillions, the
Lazy Loggerhead restaurant, softball fields, ampitheater, the
Civic Center, good surfing....or something for everybody.

Located where Indiantown Road (SR 706) meets A-1-A, I shot
the footage for this video on a beautiful Sunday morning.
The waves were good and there were surfers there as well as the
usual families.



Looking for a home in the Jupiter or Tequesta area?
Looking to sell your Jupiter or Tequesta home?

I've lived in Jupiter for nearly 20 years and raised my family here. In addition, I've worked for some of the best real estate companies in the area.

Follow my real estate and community updates on my You Tube channel which is
http://www.youtube.com/richardsites
or my regularly updated website http://www.coastalfloridarealestate.net/

Richard Sites
Realty Associates
561-762-4073
http://www.blogger.com/rsites@coastalfloridarealestate.net
Richard Sites
Realty Associates
http://www.coastalfloridarealestate.net/

Safe Harbor, "No-Kill" animal shelter in Jupiter

Double red flags, the beach vs. the black mamba

Veteran of the Year, Jupiter Christian School 2009



Richard Sites
Realty Associates

www.CoastalFloridaRealEstate.net

Dubois Park on the Jupiter Inlet

High Tide & Big Waves at the Jupiter Inlet

Jupiter Tequesta Real Estate Market Update

Home-Purchase Index in U.S. Plunges to Lowest Level Since 2000

Mortgage applications to purchase homes in the U.S. plunged last week to the lowest level in almost nine years as Americans waited for the outcome of deliberations to extend a government tax credit.
The Mortgage Bankers Association’s index of applications to buy a house dropped 12 percent in the week ended Nov. 6 to 220.9, the lowest level since Dec. 2000. The group’s refinancing gauge rose 11 percent as interest rates decreased, pushing the overall index up 3.2 percent.
The drop in buying plans points to the risk that the recent stabilization in housing will unravel without government help. In a bid to sustain the recovery, Congress passed and the administration signed a bill last week to extend jobless benefits and incentives for first-time homebuyers, adding a provision that also made funds available to current owners.
“Uncertainty over the housing tax credit sent some tremors through the market in recent weeks,” Michael Larson, a housing analyst at Weiss Research in Jupiter, Florida, said before the report. “But now that Congress has extended and expanded the credit, we should see demand pick back up.”

Richard Sites
Realty Associates
www.CoastalFloridaRealEstate.net

Lastest sales figures from FAR

Sales of existing single-family homes in Florida rose 33 percent in third quarter 2009 compared to the same period a year earlier, according to the latest housing statistics from Florida Realtors®. A total of 44,345 existing homes sold statewide in 3Q 2009; during the same period the year before, a total of 33,311 existing homes sold. It marks the fifth consecutive quarter that Florida has seen higher existing year-to-year home sales, according to the state association.Statewide sales of existing condominiums in the third quarter rose 56 percent compared to the same time the previous year. This marks the fourth consecutive quarter for increased statewide sales in both the existing home and condo markets compared to year-ago levels.
Is the recession over...you tell me? I have a theory on this.

Richard Sites
www.CoastalFloridaRealEstate.net

Goliath grouper


The Strategic Default, the skeleton in the closet

Here's another article on the skeleton in the closet.The strategic default, or a voluntary foreclosure, and is fast becoming a major challenge to the government’s $75 billion effort to keep distressed borrowers in their homes. Walking away from a mortgage is serious business – it can knock 100 points off your credit score and make you ineligible for a new mortgage for seven years. Yet, about 588,000 borrowers walked away from homes last year, double the number in 2007, according to a recent study by credit-scoring firm Experian and management consultants Oliver Wyman.
While home prices are rising, the increases pale compared with overall drops in home prices since 2005 that threaten to push millions more homeowners into Sakson’s predicament, owing more than their homes are worth and seeing little chance of rebuilding equity soon.
More will walk away, which will hamper the housing recovery, reinforce lenders’ tight credit policies and drag on the economy’s recovery, economists say. “It’s increasingly a more important factor driving the foreclosure crisis,” says Mark Zandi, of Moody’s Economy.com.
“As we move forward, the job market will stabilize, and the big thing will be strategic defaults. People are going to determine it doesn’t make financial sense to hold on to their homes. That’s going to be a significant problem. Strategic defaults mean foreclosures could be high for a long time.”
It’s not just economists who are concerned about strategic defaults. The mortgage unit of Citigroup says one in five borrowers who defaults does so willingly, even though they’re able to pay the mortgage. “It’s a very large number, and it’s a very, very significant risk to the housing recovery,” says Sanjiv Das, CEO of CitiMortgage, adding that new government programs to curb strategic defaults may be needed.

Mr. & Mrs. Seller, are you aware of the skeleton in the closet?

Richard Sites
Realty Associates
www.CoastalFloridaRealEstate.net

Double red flags, the beach vs. the black mamba



We have been having tremendous winds here along the Jupiter and Tequesta coast for several days. I mean LOTS of wind.




Yesterday, I small tree blew over in my yard. This morning, it was my fruit laden papaya tree which fell into my banana trees. The papaya was so loaded with fruit, we could not stand it back up and had to cut 50% of the unripe fruit off to be able to right it. It still may not live and have to be trashed.




A couple of years ago we went through this same thing where it just blows and blows without ceasing. I had to stand up 3 or 4 trees after that big blow.




So, like all good coastal residents I headed for the beach at Jupiter Inlet. On a day like this, you can hardly find a parking spot since everyone wants to come to see the rough weather. Today thought is a double red flag day....beach closed to swimmers.


This is the sign they update daily with the current beach conditions.
Rip currents claim a few people each year who go out and when caught in a current, try to swim against it until they are exhausted and drown. It happens every year. Of course, it could be worse. In Kenya, experts estimate tens of thousands of people die each year from black mamba bites. And these snakes will come right into your house and can travel up to 12 mph. I doubt you can run that fast! But, you have to go looking for a rip current they aren't coming in your house.
Richard Sites

$ 4,000,000 sale in Jupiter Inlet Colony


What's the saying ....Location, location, location?

On the southern tip of Jupiter Island, (home to Tiger Woods, Celine Dion and Greg Norman), lies the tiny community of Jupiter Inlet Colony. It reminds me of Malibu Colony only a little more modest. OK, a lot more modest but you get the point!

Anyway, even with all the waterfront properties in the Jupiter and Tequesta area, Jupiter Inlet Colony can still claim the most expensive sale in the last 6 months. Not Admirals Cove. Not Jonathan's Landing.Olivia Newton John and her new husband John, known around this area, purchased an Intracoastal home for $ 4,100,000 right around Memorial Day.

Although there is boat traffic behind the house on the weekend, otherwise its a fabulous spot to live. Jupiter Inlet Colony has a secure entrance, although not gated you have to stop right in front of the small police station, and with only one way in and out and plenty of cops, its really safe. There is a clubhouse and several walkovers to the beach where the water always seems to be a little clearer than other places. The beach is open to the public, there's just no parking so you have to bike in.
How did the seller make out? He paid $ 730,000 in 1995. Nice investment, eh?
This is a shot of the front although it hardly does justice to the view out the back with Jupiter's famous lighthouse.
Follow the Jupiter real estate market here or at:http://www.coastalfloridarealestate.net/

Jupiter Riverwalk Fall Concert Series

This Fall, join the Town of Jupiter for a series of waterfront concerts along the beautiful Jupiter Riverwalk! Bring your own chair and enjoy free entertainment on two Thursdays this Fall: November 12 & December 10.

For more information, visit the Town of Jupiter website:http://www.jupiter.fl.us/CommunityDevelopment/RiverwalkFallConcerts.cfm

Richard Sites
Realty Associates
561-7862-4073
rsites@coastalfloridarealestate.net
www.CoastalFloridaRealEstate.net

The World Series and your real estate agent


I'm watching the sixth game of the World Series and thought I would add this thought to the real estate scene.


Recently, I posted on my website an observation that baseball coaches are calm and football coaches aren't because football is haphazard and baseball is a game of statistics. In baseball, they know that numbers tell the story and analyze everthing out as far as three decimals places. They don't say things like, "I think he's a pretty good player", they just look at the numbers.


Trades aren't based on what coaches think, they are based on the numbers.

So, when choosing a real estate agent did you get a thorough, statistical analysis of the market (like an apprasier would do) or did you get a boilerplate CMA with some nice pictures?


Think about it.


Hope is not an effective selling stategy.
Richard Sites
Realty Associates

The Strategic Default

I talked about the newest wrinkle in the mortgage mess, the Strategic Default, on my website: http://www.coastalfloridarealestate.net/.

So, here's the latest. Credit score company Experian and consultants Oliver Wyman reported 588,000 borrowers voluntarily gave up on their mortgage payments in 2008, twice as many as the previous year, USA Today reported.
CitiMortgage, part of Citigroup, said 20 percent of their defaults are the result of homeowners strategically giving up on their loans.“It’s a very large number and it’s a very, very significant risk to the housing recovery,” said Sanjiv Das, chief executive officer of CitiMortgage.

So as I mention every time with a post like this, "Mr. & Mrs. Seller are you taking this into consideration?"

See my other posts on: Are you a baseball or football coach?

It was Jim Morrison who said, "No time to wallow in the mire..." If you're too young to know who JM was...Google him.

REMEMBER: Hope is not an effective selling strategy!!

http://www.coastalfloridarealestate.net/

Richard Sites
Realty Associates
rsites@coastalfloridarealestate.net

Second wave of foreclosures--Zillow & Larry the Cable Guy

OK, here it comes again.
All we hear is how the $ 8,000 credit is pumping life into the market, but if you drill down you will see the activity is in the under $ 300,000 market. Hey, if $ 8,000 is good, why not raise it to $ 30,000 and let's get rid of some of the million dollar homes??
But lurking out there is the second wave of forclosures.
To quote the movie Poltergeist: "They're back"

Stan Humphries, chief economist for Zillow.com:

We haven’t seen much of an effect from the loan modification programs from the government. It’s possible that individual lenders in South Florida are working with borrowers to prevent foreclosures, but I don’t have any first-hand knowledge of that. Nationally, we do know that there are 1.4 million homes that are seriously delinquent but haven’t entered the foreclosure process and another 1.5 million that are currently in the foreclosure process but haven’t yet been foreclosed. That’s almost 3 million homes potentially headed for foreclosure – a big number considering annual home sales are only 5 million. The prevalence of foreclosures will vary by market, but it is clear that nationally, we’ve got a lot more foreclosures ahead of us.

If you've got a house out there to sell, you better think about this very seriously.

Remember, Hope is not an effective selling strategy!

To paraphrase Larry the Cable Guy, "Git 'er sold"

Richard SitesRealty Associates-FL Properties
rsites@coastalfloridarealestate.net
www.CoastalFloridaRealEstate.net
561-762-4073

Florida Job Market will recover.........by 2014

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!

http://www.coastalfloridarealestate.net/

Richard Sites
rsites@coastalfloridarealestate.net

Delware Scrub Restoration Project

The Town of Jupiter, the State of Florida and Palm Beach County are buying and setting aside parcels of land with their natural vegetation. In Jupiter, we love our green space and having these parcels ensures that we here in Jupiter will never face the congestion problems that have plagued south Florida. Moving to south Florida, Jupiter's the place!!

Safe Harbor-Jupiter's No-Kill Animal Shelter




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.



Who will speak for those with no voice? Safe Harbor has always been there.

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.

http://www.coastalfloridarealestate.net/

Jupiter and waterfront properties

As the season is in full swing, officially starting November 1, we are seeing signs of our seasonal residents. I passed this vessel in the Intracoastal Waterway.  Some yachts this size are heading to Ft. Lauderdale or Miami for the winter.  Others stay here at Admirals Cove.


Down on the island of Palm Beach, the cars are reflecting the influx of seasonal residents.



Follow the Coastal Florida lifestyle on this blog or at my Google+ page. www.coastalflrealestate.com

When a pool becomes an Aquatic Complex

When I was growing up in Miami, we called it a pool. Now, its an Aquatic Complex.


This is the main entrance to our "pool" here in Jupiter. I can tell you, the pool really looks inviting on some of our hot summer days.


OK, call me old fashioned...but this looks like a pool! The "pool" is surrounded by some of the remaining preserve areas we have here in Jupiter.
The local swim team, The Sea Dragons, practice here.
Oh, the picture below is from a newer Jupiter neighborhood called Paseos. You can find out more about the Jupiter real estate market and coastal florida lifestyle on my website: http://www.coastalfloridarealestate.net/
Richard Sites
Realty Associates, richard@coastalflrealestate.com

Jupiter Community Center



Here's a shot of the Town of Jupiter Community Center as you approach from the east. Several years ago, the Town decided to build this Center located directly behind Town Hall and the Police Station.



Here's a shot of the entrance under stately Royal Palms, a native palm of Florida.

This is the main entrance on the east side. The Center is open for community events.

Follow the Jupiter and Coastal Florida lifestyle on this blog or my website:
www.CoastalFloridaRealEstate.net

Richard Sites
Jupiter Resident and Realtor
Realty Associates-FL Properties
richard@coastalflrealestate.com

Home sales rose 34% in Florida, but PB prices are down

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.

Follow the local market: www.CoastalFloridaRealEstate.net

Richard Sites, Realty Associates

Jupiter Inlet-Dubois lagoon


I had the camera with me yesterday at the Jupiter Inlet and snapped this picture of the Dubois Park lagoon. Looks pretty inviting for late fall, huh?
What you see in the water are montrous sand bags to slow down erosion.
This is the original Jupiter Inlet which wound through islands and made it way to the ocean. It was "fixed" and cut into the straight inlet we see today in the 1920's.  If you are interested in the Park, hop over to My You Tube Channel and take a look at the videos there on the Park and its great fishing and historic side.

If you are looking for a house in the Jupiter area, you can see all listed for sale at Coastal Florida Real Estate

Kooky Halloween planned by Town of Jupiter

Mark your calendars to join your fellow resident ghosts, princesses, monsters, & superheroes Friday, October 30th at the Jupiter Community Center, 200 Military Trail, for a creepy evening of bounce houses, candy & fun!

The Kooky Halloween bash will take place from 6:00 p.m. to 9:00 p.m.

All activities are FREE! For general information please call 741-2400 or visit www.jupiter.fl.us.

If you'd like to be a sponsor for this event, please contact Julie Wark at 741-2252 or juliew@jupiter.fl.us.

Richard Sites
Realty Associates
rsites@coastalfloridarealestate.net

Existing-home sales rise 9.4% to 5.57 million pace

Resales of U.S. houses jumped 9.4% in September to a seasonally adjusted annual rate of 5.57 million, the highest in more than two years, the National Association of Realtors estimated Friday.

Sales as tracked by the NAR are up 24% from January's bottom, and are up 9.2% compared with a year ago.
Read the whole story:http://www.marketwatch.com/story/existing-home-sales-rise-94-to-557-million-pace-2009-10-23?dist=bigcharts

Richard Sites
Realty Associates-FL Properties
www.CoastalFloridaRealEstate.net

Jupiter Home Prices-The Hamptons


THE HAMPTONS, A DIVOSTA COMMUNITY IN JUPITER, FLORIDA
I've been hightlighting some of our Jupiter communities to point out the most active for sales. So far, we've looked at The Shores of Jupiter and Egret Landing. Now, we'll take a look at an older favorite in Jupiter, The Hamptons.
Built by Di Vosta, the Hamptons is one area divided into 3 sections. All have the same feel, which is a Di Vosta trademark; winding streets lined with live oaks, small ponds and similarity of construction. There are 395 homes in the Hamptons, located in central Jupiter just south of the Loxahatchee Club.
So, this year we have seen 19 homes sell. This is more than Egret Landing and 3 times more than The Shores.
But, let's look at the numbers and remember we use the median:
Living square footage: 1,975 Di Vosta did not sell variety
Median list price: $ 298,000
Per square foot list price: $ 150.89
Sold price: $ 280,000 or 90% of list price
Per square foot: $ 141.77
Days on market: 127
So, The Hamptons is selling briskly and why not. First Time Home Buyer incentives, affordable price range, mature oak trees on winding streets and very convenient to everything.
I wonder what we would find if we looked at homes in The Hamptons that expired without selling in the last 90 days??
WOW! Only 1 house expired this year.
Richard SitesRealty Associates-FL Properties

Jupiter home prices-Standard Deviation

DO YOU WANT TO BE A FOOTBALL OR BASEBALL COACH?

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?

Richard Sites
RealtyAssociates-FL Properties

rsites@coastalfloridarealestate.net

Summer fades into fall in Jupiter

Here we are in the middle of October and we are just getting out first taste of cool, fall weather. 2 weeks ago we had record heat which then gave way to record cool temps...but only for a couple of days. It never lasts very long here in Jupiter. The proximity of the ocean mitigates the bite of Jack Frost.

Although back yard fruit trees have mostly passed from favor with the influx of northerners, when I was growing up in Miami everyone had fruit trees. Right now, banana trees are holding fruit. In fact, I was playing golf this week at Jonathan's Landing and saw a dwarf cavendish banana tree propped up with the stalk of bananas covered with a protective bag so the fruit could mature. Banana trees in Florida always need some help to support their heavy cargo.

Orchids are just finishing their blooming. The few I have hanging in my trees still have a few flowers on them. They couldn't be any easier to take care of. Just hang them and forget them.

My 2 key lime trees have started dropping ripe fruit that I pick up daily and another pair of unidentified lime trees are practically breaking off with fruit.

Finally, my valencia and honeybell orange trees suffered a lot of root damage, so I picked the growing fruit to allow the trees to focus on recovering. I had a good crop last year but it looked like they needed to take a break this year.

www.CoastalFloridaRealEstate.net

Richard Sites, Realty Associates

Foreclosure second wave coming



The next big wave of foreclosures is set to hit south Florida.


According to the Palm Beach Post:


If you think the torrent of foreclosures affecting every city and nearly every neighborhood and street in South Florida is as bad as it can get, here is a harsh new reality:
There's a new wave of foreclosures making its way through the courts that has nothing to do with exotic subprime loans, real-estate flippers out to make a quick buck or people who bought way more house than they could afford.


Now, double-digit unemployment, sagging home prices and a lingering recession are to blame.
The second tsunami of foreclosures is coming,'' said Miami Beach-based John Tur, who teaches people how to invest in real estate. The numbers already are staggering.


During the second quarter of the year, nearly one in four Florida home loans were past due or in foreclosure, making Florida the most delinquent state in the nation, according to the Mortgage Bankers Association. This could delay a serious recovery in Florida, because a market with many foreclosures tends to drive down housing prices.


New foreclosure filings in Miami-Dade, Broward and Monroe counties are on pace to top 120,000 this year. Court clerks say filings could even go as high as 135,000. That's 17,000 to 32,000 more filings than last year.

So what is reality?


Those statistics are played out daily in neighborhoods such as Malibu Bay, a gated community in Homestead where property values have plummeted. A two-bedroom, two-bath home that sold for $242,000 in August 2006, for example, is now listed for $70,000, said Karen Klores, a Realtor at The Keyes Company.


In another effort to prevent further foreclosures, most Florida lenders began in August to require credit scores of 740 to obtain Federal Housing Authority loans, said Valerie Saunders, president of the Florida Association of Mortgage Brokers.


Of 1.1 million loans with adjustable rates in South Florida, 53 percent have already reset. But at the beginning of August, another 22 percent were scheduled to reset in the next two years, according to First American CoreLogic.


The question you should be asking Mr. & Mrs. Seller, is how will this news effect me and my sale?


Richard Sites-Realty Associates

Jupiter & Tequesta Florida home sales for October

JUPITER & TEQUESTA FLORIDA HOME SALES FOR THE MONTH OF OCTOBER

As of today, the month of October is showing healthy signs in the number of sales. Remember, last month we had 121 sale and so far this month we have 104 under contract and 58 which have already closed.

But, there have also been 122 that either expired without selling, were cancelled or taken off the market. This means more homes don't sell than do.

The last house I listed in Jupiter this summer sold in 17 days with no problems. If you want to be part of the group that sells, call me.

Richard Sites
561-762-4073

Jupiter Homes Prices-Egret Landing

EGRET LANDING SALES REMAIN STRONG

In a earlier post, I talked about The Shores of Jupiter, which has always been one of Jupiter's most popular neighborhoods. So far this year, there have been only 6 sales in The Shores and there have been 18 in Egret Landing.
Not only have there been more sales, home owners are finding the homes on the market for a shorter period of time and getting a higher percentage of their asking price. Let's take a look at the median information for sales so far this year:
Living square footage: 2,592
Listing price: $ 441,950 or $ 186 per foot
Sale price: $ 422,450 or $ 164.16 per foot
This is 93.5% of the asking price which is about 6% more than The Shores
Time on the market: 87 days
Egret Landing does have more amenities. There is a winding entrance, large clubhouse with tennis court right on a lake and its very well cared for.
Richard Sites, Realty Associates

Jupiter Home Prices-The Shores of Jupiter

THE SHORES OF JUPITER



The Shores has long been one of Jupiter's favorite communities for several reasons.


  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.


Visit me at: http://www.coastalfloridarealestate.net/


Richard Sites, Realty Associates


rsites@coastalfloridarealestate.net

Dow 10,000...Housing trouble over, right?

So, the Dow is back to 10,000. That must mean our troubles are over, right?

Think again. 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.

Richard Sites
rsites@coastalfloridarealestate.net

Jupiter Florida latest real estate data

Jupiter/Tequesta Current Market Analysis as of October 14, 2009
Number of properties on the market in Jupiter & Tequesta: 1,510
Median living square footage: 2,000
Median list price: $ 429,000
Median per square foot price: $ 214.50
Median time on the market: 180 days

Jupiter/Tequesta Sold Market Analysis as of October 14, 2009

The data in the Jupiter/Tequesta area for the last 30 days reveals some interesting facts when compared to the above figures. First, the number of properties sold in the last 30 days was 121. The median size was 1,670 square feet and was listed at $ 250,000 when the house went under contract. The final median sales price was $ 143.71 per square foot or a final price $ 240,000, which is 96% of the listing price. Also, the median time on the market was 140 days.
Why isn't a high listing price necessary to achieve the highest net return?
Richard Sites

Jupiter Fl spectacular lightning video

Take a look at this video of Jupiter's fantastic lightning shows. If you've never lived in South Florida you may not believe this is real....but it is!


http://www.youtube.com/watch?v=sfi3ViJa59Q


Richard SitesRealty Associateswww.CoastalFloridaRealEstate.net

Tropical Storm Bill forecast map

All eyes are on Tropical Storm Bill which could become a hurricane tonight. This map shows winds up to 120 mph by Wed and the water temperature down there is in excess of 85 degrees.

www.CoastalFloridaRealEstate.net

Waterfront homes in Jupiter finally getting more realistic


Jupiter waterfront properties include those along the Loxahatachee River in Tequesta and Jupiter where many pro golfers like Rickie Fowler have their homes, those in exclusive clubs like Jonathan's Landing or Admirals Cove with deep water access for yacht owners, those along the ocean in North Palm Beach and Jupiter Island and condo and homeowners along the Intracoastal Waterway.  Waterfront property owners who want to sell are finally getting the message that they have to drop their prices.


I have noted many times on my website Coastal Florida Real Estate of multi-million dollar properties that have dropped the price dramatically and sold almost immediately.

And, I've noted in other blog posts about the percentage of asking price these sellers are finally taking.
Its especially interesting to note that in the million dollar plus waterfront home sector, sellers are only getting 88-89% of their asking price while more modest homes are getting around 93%. When you add in the hidden cost of carrying a multi-million home, pricing your home too high is not the correct strategy for taking home the "biggest check" in the least amount of time, even though many agents may suggest trying a higher price because "we can always lower it later".

When selling, finding the right agent is critical to getting it sold.  So here is a test.  When interviewing agents, after they tell you the price they think the house should be priced at, suggest a much higher price and see what they say.  If they agree and use the phrase above, pick another agent.  A professional should be able to confidently give you their idea of value.  It could still need adjustment in the future, but at least you will know you have got the right agent.

Trying to sell or thinking of putting your home on the market?  Maybe we should talk.  You can reach me at 561-762-4073 or by email.


Jupiter Farms Real Estate Statistics

Jupiter Farms and the western communities offer some of the most inviting and spacious homesites in the county.

What makes these so special versus other acre+ communities is that these properties are only 15-20 from the Jupiter Inlet and our famous beaches that stretch from several miles southward to Juno.

If you have been looking at homes in the Farms, there are plenty to choose from. According to the MLS, there are147 properties on the market. The median price is $ 479,500 but that figure is pushed higher by the mult-million dollar properties on the market.

If we drop the price under $ 1,000,000 we have 124 properties with a median list price of
$ 404,950 or $ 180 per square foot.

But, if you look at the 22 properties that have sold in the last 60 days you will see that homes go under contract around $ 155 per foot and end up selling for around $ 145 per foot. The median time on the market is over 160 days which you know from watching this blog is higher than Jupiter in general. Do you think pricing the home like this is a good strategy for selling?

You can prove statistically that you get the most money for your home by pricing it in the sweet spot of the market from the beginning, which is also where you get your most activity.

Got a question on selling you home? Post a comment below and let's talk.

Richard Sites
Realty Associates-FL Properties
www.CoastalFloridaRealEstate.net

Jupiter Florida, The Hamptons...a great time to sell!

The Hamptons in Jupiter, a classic Di Vosta community of solid homes and oak lined streets.

This home is a typical example of homes in The Hamptons.

If you are considering selling, this may be a great time! Why?

First of all, sales in general are up. And, homes in the Hamptons are in a price range that first time home buyers can afford and use the gov't credit.

Second, there are only 4 homes on the market and all are priced over $ 300,000 and they have been on the market for a median time period of 159 days, higher than Jupiter in general.

In the last 30 days, 3 homes sold when listed at an average of $ 146 per foot or in the range of $ 288,000.

So, if you want to sell your Hamptons home, price it right and this may be the perfect time!

Richard Sites
Realty Associates-FL Properties
http://www.blogger.com/www.CoastalFloridaRealEstate.net

Tequesta Real Estate Data



The Village of Tequesta is probably one of our most overlooked areas and is definitely a gem!

Developed in the 60's, the lot sizes are much bigger than those of today. The Village of Tequesta has almost no crime and plenty of art galleries and restaurants, a new Publix supercenter, county library and post office and yet it is only 5-10 minutes from the beaches, the famous Jupiter Lighthouse and Jupiter Island.

According to the Regional MLS 143 single family homes are currently on the market. The median list price is $ 699,000 and this high figure is the result of expensive waterfront homes.

In the last 30 days, 13 houses have sold at a median price of $ 275,000 or $ 147 per square foot. This is exactly in line with the statistics for Jupiter. But they were on the market for only 112 days which is less time than for Jupiter.

Although Tequesta is largely overlooked due to its small geographic area, it offers a fabulous, coastal Florida lifestyle.  You can see all Tequesta homes for sale by visiting Coastal Florida Real Estate or for personal service contact me at 561-762-4073.  Unlike many agents I have lived in Jupiter for 22 years.  If you are in the area, please visit me in the Keyes at Jonathan's Landing office where we are the exclusive on-site agents for the Club.

Richard Sites
Keyes at Jonathan's Landing
561-762-4073
coastalflrealestate@gmail.com


Jupiter homes sales in The Shores


The Shores of Jupiter has long been one of our favorite communities. Located near I-95 it is very convenient yet tucked away off the beaten path and wrapped around winding, oak-lined streets and natural preserve areas.
According to the MLS, there are currently 14 homes on the market.
In the last 90 days, 15 have sold. The median size was 2,256 square feet and were listed at
$ 170/ft. when they went under contract. (This is slightly higher than for the town of Jupiter in general). However, the sellers have been taking $ 136/ft which is lower than for the town as a whole, but they are getting 95% of the listing price. The median time on the market is only 71 days, which is about half of the rest of Jupiter.
Richard Sites
Realty Associates-FL Properties
rsites@coastalfloridarealestate.net

Jupiter Single Family Home Sales


According to the Regional MLS there are 672 single family homes on the market in Jupiter and Jupiter Inlet Colony.
The median list price is $ 610,000 and the size is 2,672 ft.
That's $223 per square foot. Now consider this:
In the last 30 days 71 SF homes have sold. The average listing price for the sold homes was about $ 160/ft when they went under contract and they sold for about $ 148/ft or 93% of the asking price. And they had been on the market for 125 days.
This means the current homeowners who are trying to sell are $ 63 per square foot above the range in which houses are now selling. What do you think of this strategy?
Richard Sites
Realty Associates-FL Properties

Foreclosures spike in Indian River, St. Lucie, but fall in Martin

In July, it was Indian River County’s turn to see a spike in foreclosure activity.

The number of Indian River County homes entering a new stage of foreclosure increased in July by more than 91 percent over the previous month and 153 percent from a year earlier, according to data released today by California-based RealtyTrac (www.realtytrac.com), an online marketplace for foreclosure properties.

While foreclosure activity in St. Lucie County increased by more than 67 percent in July over June, that increase was dwarfed by the jump in Indian River County.

To read the full story go to: http://www.tcpalm.com/news/2009/aug/13/foreclosures-spike-indian-river-st-lucie-fall-mart/

These areas are suffering from 2 things, economic slowdown and speculation in the real estate market. Also, Indian River County, once famous for its citrus, has seen much of it move overseas and southward to Mexico and Brazil and the land used for growing has been turned into new homes....which are now in trouble.

Follow this blog or:www.CoastalFloridaRealEstate.net

Richard Sites
From Jupiter where the thunderstorms are building
rsites@coastalfloridarealestate.net

Sales of existing homes increase

According to the Florida Association of Realtors in an article published today, sales of existing single-family homes increased at a faster rate in Martin and St. Lucie counties than the rest of Florida during the second-quarter of this year, figures released Wednesday by the Florida Association of Realtors show.


This is some much needed news for an area hard hit by foreclosures.


You can read the full story at:




Richard Sites

Realtor

Jupiter/Tequesta

FIVE THOUSAND YEARS ON THE LOXAHATCHEE

The Loxahatchee River, a Federally Designatied Wild & Scenic River, starts near Jupiter Farms in Riverbend Park. http://www.pbcgov.com/parks/locations/riverbend.htm

It winds through massive cypress trees, through Jonathan Dickinson Park, out through the Jupiter Inlet where it joins the Atlantic Ocean.


Jupiter Inlet Lighthouse & Museum, 500 Captain Armour’s Way, Jupiter. Exhibits showcase the story of the Loxahatchee River region and feature the local history of its Native American and Seminole people, the Florida Maritime industry, the history of the lighthouse itself and the local pioneers who made this area what it is today. The exhibit features photographs and artifacts from the newly donated Carlin White and John Durham Collections.


Read the full story at:



Richard Sites

Why Jupiter is still attracting buyers

Abacoa, one of Jupiter's newest communities, has a section called Mallory Creek built by DiVosta.


The Palm Beach Post reported that sales there have been good in spite of the economy.
And why not?? Jupiter is a fabulous place to live.


We have the beaches, schools, low crime, no traffic and perfect winter weather.


Jobless claims still very high

The jobless numbers which were reported today are still very troubling. You can read the full story at: http://www.marketwatch.com/story/jobless-claims-drop-38000-to-550000-2009-08-06

In spite of the Obama administrations attempts to get people to swallow more debt with the Cash for Clunkers program, the fact is the economy is in terrible shape. Mayber a new car and a big pile of new debt will help soften the pain. There is always that "new car smell"!

Instead of stacking up the bills, the only thing that will help is stabilizing the economy and cutting back...on everything.

AIG former chairman Hank Greenberg, who at one time was going to sue the US Govt for the loss of value in his AIG stock has now settled with the SEC for accounting hanky panky for the sum of $ 15 million. It just never stops. Read the full story at: http://www.marketwatch.com/story/greenberg-to-settle-sec-charges-wsj-says-2009-08-06

Richard Sites

Recent Sale in The Shores of Jupiter


This home just sold in the Jupiter, Florida community of The Shores of Jupiter. It is a 4 bedroom 2 bath home with 2,433 square feet and was originally listed at $ 310,000. It sold for the full price in just 71 days, proof once again that correct pricing will net you the biggest check in the least amount of time.

The Shores of Jupiter is a lovely, mature community in the Northwest section of Jupiter built around lakes and featuring winding, oak-lined streets. Home prices have remained stable in here and it has always been desirable due to its preserves, trees, well maintained homes and proximal location.

To learn more about the Jupiter/Tequesta current real estate market, follow this blog or visit me at: www.CoastalFloridaRealEstate.net where I update market statistics regularly.

Richard Sites

Realty Associates-FL Properties

rsites@bellsouth.net

5610762-4073

Frenchman's Reserve Recent Sale

This estate home in Frenchman's Reserve just sold. The home is 5,548 square feet with 6 bedrooms, 6 full baths and 2 half baths. When originally priced for sale, it was at $ 1,795,000 and finally sold for $ 1,475,000 after 131 days on the market. This is a shorted period of time than most homes in this price range.

Frenchman's Reserve is a Toll Brothers community in Palm Beach Gardens. In typical Toll Brothers fashion, Frenchman's Reserve is built around a "big name" golf course, in this case an Arnold Palmer course, and the streets are laid out like ribs extending from a central spine and lining each side of the fairways. This designn is typical for premier country club communities in this area.

To learn more about the current market, follow this blog or check out my web site where I update information and statistics frequently. www.CoastalFloridaRealEstate.net

Richard Sites
Realty Associates-FL Properties
rsites@coastalfloridarealestate.net
561-762-4073

Jonathan's Landing...tough sale!

Now here was a tough sale!

Jonathan's Landing is one of our nicest Country Clubs featuring 3 golf courses and a wide range of homes from waterfront estates to more modest townhomes and condos.
A 4,225 square foot home just sold after 1,170 days on the market! It was originally listed at $ 2,475,000 and was sold for $ 1,150,000. That's more than a 50% reduction. This sale is a testimony to the agent's professionalism since the seller stayed with him without changing agents.

As I have written many time before, to get the biggest check price your house correctly from the start. When the hidden costs of carrying a property this size and where the tax bill alone was exceeding $ 25,000 per year, moving the property quickly is of utmost importance.

Your comments and feedback are always welcome!

Need some specific real estate information on the area? Send an email to:
http://www.blogger.com/rsites@coastalfloridarealestate.net

Jupiter Tequesta Home Sales for last 30 days

The information provided is courtesy of the Regional MLS and while it should be accurate, I cannot guarantee it.

In the last 30 days for Jupiter and Tequesta, 336 properties (condominiums and single family homes) either sold or went under contract. Of these, 142 were sales and the others were under contract.
The median home was a 3/2 of 1,889 square feet which sold for $ 258,000 or $ 143 per square foot of living space. The average percentage of listing price received was 92% after 137 days on the market.
The biggest house sold was a 6/5 of 7,607 square feet and it was on the market for 940 days. The fastest sale was a small condominium that was only on the market for 3 days.
Even more revealing is the fact that only 24 of these homes sold over $ 500,000. And yet 65 of the homes sold between $ 200,000 & $500,000 helped no doubt by the First Time Home Buyer program.
Drilling down even more we find that those houses that sold the fastest received the highest % of the asking price. They also didn't have the continual carrying costs associated with keeping a home on the market. "To get the biggesst check, price your house correctly from the start".
There was a spread of nearly 7 % of asking price between the fastest to sell and the slowest to sell.
Of course, a multi-million dollar home typically takes more time to sell. So what would we learn if we looked specifically at the over a million sales for this year?
Well, there were 42 sales over $ 1,000,000 with the highest being $ 5.2 million. The median time on the market was 219 days although the most expensive house took 1,175 days to sell and the median % of asking price received was just over 86%.
I believe the numbers are telling us that the higher end homes have more room to correct on price than the lower priced ones. And if the hidden costs of carrying a $ 1,000,000 plus house are added in it makes even more sense to get the property priced right immediately rather than trying to come down on the price later.
Your thoughts, comments and feedback on the posts are always welcome.
In a hot but breezy Jupiter just made for a day at the beach,
Richard Sites
Realty Associates-FL Properties


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