WHATS SELLING AT THE BLUFFS- February 2023 |
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Our Changing Market
Our current market has seen a moderate dip over the past few months compared to six months ago. Bidding wars have been replaced with properties sitting on the market longer before going under contract as well as price reductions. Sellers that are still holding out for top dollar; thus, resulting in longer days on the market. Sometimes that strategy works out, but more often results in negotiations off the original list price. Strategically pricing your home in this market is critical to maximizing the best possible sales price. In fact, asking too much could be detrimental to the end result sales price. When pricing a home in today’s market, you need to consider that the Buyer pool has definitely shrunk! Several factors that contribute to “affordability” for Bluffs properties across the board are due to significant price increase over the past few years and much higher carrying cost including, but not limited to, higher interest rates, if financing, much higher property taxes, insurance premium increases, etc. Our inventory has changed, though still considered low, there are more properties for sale compared to last year when properties, were dribbling onto the market one at time in each Bluffs community. On the other hand, Sellers once hesitant to sell because it was so difficult to find a replacement property, now have options; thus, the market is starting to balancing out!
Ridge - Five homes for sale out of 618.
River - Two homes for sale out of 363.
River North - Three townhomes for sale out of 312.
Lakes - Three townhomes for sale out of 392.
Marina - Ten condominiums for sale out of 660.
Ocean South - One condominium for sale out of 198.
Ocean North - Three condominiums for sale out of 120.
Statistically, year after year, March and April has been the best time of the year for real estate sales in our area, and I believe that will continue this year. Savvy sellers that clearly understand the effects of a market that is leveling off are pricing their properties a little more aggressively compared to last year. Right now, the buyer pool is consisting mostly of seasonal renters who decide to buy purchase before heading back up north for the summer. So, if you are considering selling, do not miss the best time of the year to sell.
For the most current information on "Active Listings", click on
the purple links below or go to our website
Regards from Paradise!
Tom Waidelich
Jupiter Coastal Properties
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Thomas Waidelich
Direct: 561-373-9653
Office 561-745-149
tw@jupitercoastalproperties.com
www.jupitercoastalproperties.com
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Bluffs resident for over 18 years! |
Thinking of selling?
Now’s the time to start planning! Call Tom for a complementary analysis of your home’s value.
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RECENT BLUFFS SALES
Bluffs Ridge-Sold
Address Sale Price Sale Date Dom
114 Ridge Rd.......1,110,000...01/25/23...32
113 Cape Pointe.....830,000...12/22/22....8
129 Seashore….....950,000....12/08/22...16
150 Ocean Pines....800,000....11/18/22....7
114 Knoll Way.......1,470,000...09/06/22....5
141 Sand Pine......1,025,007...09/02/22....4
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Bluffs River-Sold
Address Sale Price Sale Date Dom
219 River Park.....1,550,000...01/31/23..51
322 River Edge ...1,800,000...11/18/22..50
302 River Edge ...1,100,000...10/21/22...3
392 River Edge ...1,150,000...08/31/22...1
228 E River Park..1,525,000...08/31/22..23
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River North Townhouses-Sold
Address Sale Price Sale Date Dom
2701 27Th Ct....410,000.....07/08/22....30
2903 29Th Ct....422,000.....06/28/22.....3
2403 24Th Ct....495,000.....06/10/22.....7
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The Lakes-Sold
Address Sale Price Sale Date DOM
2310 23rd Ct....475,000.....12/29/22…..8
1913 19th Ct....430,000.....12/21/22....13
2024 24th Ct....400,000.....11/17/22....44
2328 23rd Ct....450,000.....10/24/22.....4
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Bluffs Marina-Sold
Address Sale Price Sale Date Dom
1201Seafarer 506......629,900...02/07/23..21
1101 Seafarer 101.....532,000...01/31/23..21
1401 Seafarer 201.....550,000...01/10/23..12
2001 Marina Isle.206..625,000..12/15/22..49
701 Seafarer 502........520,000..11/15/22...6
2601 Marina Isle.203..450,000...10/07/22..1
2501 Marina Isle.503..675,000...09/30/22..69
2101 Marina Isle.303..649,900...09/02/22...4
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Bluffs Ocean South-Sold
Address Sale Price Sale Date DOM
701 S Seas 204..560,000...02/02/23...91
601 S Seas 204..700,000...11/17/22...78
201 S Seas 505..729,000...11/09//22..46
501 S Seas 301..737,000...07/19/22...28
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Bluffs Ocean North-Sold
Address Sale Price Sale Date DOM
401 Ocean Bluffs 501 ..710,,000..10/28/22. 29
301 Ocean Bluffs 506 ..775,,000..08/01/22. 14
301 Ocean Bluffs 506 ..675,,000..03/25/22. .3
201 Ocean Bluffs 403 ..759,000...03/22/22. .1
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Tom's Featured Listings
BLUFFS RIDGE
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102 Sea Steppes Ct
Under Contract
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128 Ocean Pines Terrace
Under Contract in 9 Days!
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241 River Park Dr
Sold $1,000,000
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1101 Seafarer Cir Unit 101
Sold $532,000
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2201 Marina Isle Way 504
Under Contract
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601 South Seas Dr 502
Sold $801,000
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Palm Beach Mortgage Group
Richard Whalen-Mortgage Broker NMLS #318922
Direct: (561) 371-3394
5589 Okeechobee Blvd. West Palm Beach FL 33417
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LEGAL CORNER with ANDREW PINEIRO, Esq.
Question: My main asset is a house that I live in and I want to leave it to my children upon my death, but I want them to avoid the cost associated with the probate process - how can I accomplish this?
Answer: A “Life Estate Deed” can be utilized in this situation. The Life Estate Deed allows the owner to occupy the property and remain in possession until death, and upon death the property will automatically transfer to the “remainderman,” without having to go through the probate process. The term “remainderman” is a legal term describing the person or persons that you want title to pass to upon death.
An “Enhanced Life Estate Deed” (also known as a “Lady Bird Deed” ) is a special type of life estate deed. The Lady Bird Deed is a way to transfer property to someone else outside of probate while retaining a life estate in the property and retaining full control to convey, sell, mortgage, or otherwise encumber the property. This type of deed got its nickname when President Lyndon B. Johnson used it to convey property to his wife, Claudia Alta “Lady Bird” Johnson.
The difference between a Life Estate Deed and a Lady Bird Deed is that with a plain Life Estate Deed, as a result of the remainderman having an interest in the property (even though that interest cannot be invoked until the death of the grantor), the grantor (owner) cannot convey, mortgage, or otherwise encumber the property without the consent of the remainderman.
Contrarily, with a Lady Bird Deed, the grantor can sell, mortgage, encumber, or do whatever they please on or to the property without the consent or approval of the remainderman. This “control” allows the grantor to retain their homestead benefits (if any) and to do what they want with the property during their lifetime, and upon the death of the grantor, the remainderman takes the property as is, with whatever encumbrances or changes the grantor may have made during their lifetime.
There are other methods of passing title to avoid the sometimes tedious and burdensome probate process, such as living trusts or ownership through a business entity. An estate planning lawyer should be consulted if you are thinking of succession planning for your property. For any of these instruments to work properly, they must be drafted carefully and precisely, and executed perfectly. Everyone has a different factual situation and a different family dynamic, so it is imperative that you consult a real estate attorney and/or an estate planning attorney for advice if you are considering taking any action to avoid probate.
Andrew Pineiro, Esq., Pineiro Byrd PLLC, 4600 Military Trail, Suite 212, Jupiter,
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Jupiter Coastal Properties
Real Estate Sales and Rentals
All information and Data is compiled from MLS records and is deemed to be reliable but not guaranteed. Sold information does not include private sales transactions. Neither articles, advertisers nor non-advertisers should not be considered as endorsements of any product, business, service or person.
Sales Last Updated 02/12/2023 Vol 117
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