Real Estate Market Trends in The Bluffs:

A Reflection on 2023

The real estate landscape in The Bluffs underwent notable changes in 2023, offering insights into market dynamics and buyer behavior. A comprehensive analysis reveals a shift in key metrics compared to the previous year, reflecting broader trends affecting the housing market.

Overall Market Activity- During the year, a total of 81 properties were sold in The Bluffs, representing a 15% decrease from the previous year's figure of 95 properties sold. This decline can be attributed to various factors, including an overall increase in property values in the last few years and low inventory in some of the Bluffs communities.

Buyer Trends- One intriguing aspect is the prevalence of cash transactions, with a staggering 80% of buyers opting for this method of payment. The preference for cash transactions over financing signals strong buyers for the Bluffs communities.

Contract Timelines- Another notable shift was observed in the time it took for properties to go under contract. In 2023, properties were under contract within 48 days on the market, showcasing a significant increase from the 15-day average recorded in 2022. This extended timeframe suggests a more deliberate decision-making process by buyers or potentially a reflection of market conditions.

Challenges Faced by the Market- The dip in the number of resales across most communities in The Bluffs during 2023 can be attributed to escalating property values. This hurdle created a more competitive environment, influencing the overall number of properties changing hands.

Record-Breaking Sales- Amidst the challenges, some communities in The Bluffs saw noteworthy achievements in terms of sales records. Notably, a property in the Bluffs Ridge achieved a record sale at $1,600,000, the River $1,550,000, River North $505,000, the Lakes $540,000, the Bluffs Marina $750,000, and the Bluffs Ocean North $850,000, all setting new highs this year for their respected communities.

Conclusion- The real estate market in The Bluffs in 2023 demonstrated a nuanced interplay of challenges and successes. While overall sales declined, the prevalence of cash transactions and the establishment of new sales records in specific communities suggest a resilient market. As we navigate the ever-changing landscape of real estate, these insights provide a valuable glimpse into the factors shaping The Bluffs' property market.

2023 Sales by the Numbers: 

The Ridge at the Bluffs: 16 homes sold in 2023

compared to 19 homes sold in 2022; prices ranged from $850,000 to $1,600,000.

The River: 13 homes sold in 2023 compared to 15 homes

sold in 2022; prices ranged from $839,000 to $1,550,000. Additionally, one home sold on the Intracoastal for $2,500,000.

The River North Townhouses: 9 sales in

2023 compared to 7 homes sold in 2022; sales prices ranged between $406,000 to $505,000 in 2023.

The Lakes at the Bluffs: 9 townhouses sold in 2023 compared

to 10 in 2022; sales prices ranged between $415,000 to $540,000 in 2023.

Bluffs Marina: 24 units sold in 2023 compared to 27 in

2022; sales prices ranged from $435,000 to $750,000 in 2023.

The Ocean South: 6 condos sold in 2023 compared to

12 units in 2022; sales prices ranged between $560,000 to $750,000 in 2023.

The Ocean North: 4 condos sold in 2023 compared to 5

condos sold in 2022; sales prices ranged between $585,000 to $850,000 in 2023.

Happy New Year!

Tom Waidelich

Jupiter Coastal Properties 

Bluffs Resident for 20 Years

For the most current information on "Active" Listings", click on the purple links below or go to our website at Jupiter Coastal Properties. 

LEGAL CORNER with ANDREW PINEIRO, Esq.

Q: My home is listed with a real estate agent. I am under contract. The Buyer’s lender is requiring an appraisal. As the Seller, can I speak with the appraiser before, during, or after the appraisal?

A: The role of the appraiser is to provide an independent and impartial analysis of real property. An appraiser’s client is the person or entity ordering the appraisal. Typically, the Buyer’s lender is the party that engages the appraiser and orders the appraisal. Notwithstanding, anyone with an interest in the property (owner, tenant, real estate agent, etc.) can communicate with the appraiser before or during the appraisal process. Obviously, those communications cannot coerce, intimidate, bribe, or harass the appraiser into making or changing a valuation.

Interested parties, including agents, may talk with appraisers and provide additional property information, including a copy of the sales contract for purchase transactions.

If a Buyer, Seller, or agent disagrees with the appraiser’s valuation of the property, they generally cannot speak with the appraiser post-appraisal without permission from the client (again, usually the lender). If, after the appraisal is complete, a party wants to communicate a fact or comment to the appraiser, the party can use the lender as an intermediary to make that communication.

Because of the difficulty in challenging an appraisal, we advise our clients to provide all relevant information to the appraiser prior to the appraisal. Especially when it comes to information that is not readily available in the public record. Information commonly provided to an appraiser prior to the appraisal would be deeds, surveys, association documents, floor plans, comparable property sales, upgrade information, remodel information, improvements of any kind, etc.

If you have any questions regarding Florida association laws, contact a real estate or condominium law lawyer to better understand your rights and/or obligations. 

.Andrew Pineiro, Esq., Pineiro Byrd PLLC, 4600 Military Trail, Suite 212, Jupiter,

Florida 33458, [email protected], http://jupiterrealestatelawyers.com

Richard F. Whalen-President

Prime Mortgage

MLS#2468314

2000 PGA Blvd. Suite 4440

Palm Beach Gardens, Fl. 33408

Direct/Cell: 561-371-3394

Office: 561-946-1111

Email: [email protected]

Website:www.primemortgageinc.com.com

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 Updated 1/3/2024 Vol 125