SeaGlass Jupiter Island Celebrates Groundbreaking

Fontainebleau Development, LLC, and Perko Development Partners as the local co-development partner, celebrated the groundbreaking of a new oceanfront condominium, SeaGlass Jupiter Island. The condo will feature 21 luxurious residences with unobstructed ocean views and is expected to be completed in fall 2022. Attendees of the ceremony included: Jeffrey Soffer, Fontainebleau Development chairman and CEO; Bruce Weiner, Fontainebleau Development COO of Residential; Jim Cohen, Fontainebleau Development president of Residential; and Phil Perko, founder and president of Perko Development Partners. 

SeaGlass Jupiter Island is designed by architect Robert M. Swedroe of Swedroe Architecture. The residences will be designed with private terraces, outdoor kitchens, 10-foot ceilings and sweeping panoramic views of the ocean. A fob-controlled elevator will lead to a private entry foyer in each residence. Amenities include an oceanfront infinity pool, heated relaxation spa, fitness center, yoga and meditation lawn and two-story lobby. 

SeaGlass Jupiter Island is located at 1500 Beach Road, situated between the Atlantic Ocean and Intracoastal Waterway on Jupiter Island in the village of Tequesta. Sales for the exclusive condo launched in May with prices ranging between $5.9 million to over $10 million.

Douglas Elliman Releases Q3 2020 Florida Regions Market Reports For South Florida

Douglas Elliman has just released their Q3 2020 Market Reports for Florida regions, which were prepared in conjunction with Jonathan Miller of Miller Samuel INC. The reports revealed that sales rose sharply higher year over year, rebounding quickly from the restraint of spring market activity at the onset of the COVID-19 crisis. Palm Beach has been one of the hottest markets in the United States as flight capital continues to pour in from the high-tax states such as New York and Connecticut. All three condo price trend indicators increased year over year for the fifth straight quarter in Palm Beach while single family sales nearly tripled from the year-ago quarter as listing inventory fell sharply. Coral Gables and Miami Beach also surged as sales and prices saw 5 year highs across much of South Florida.

BOCA RATON/HIGHLAND BEACH

Overview:

• In a rebound from the prior quarter, condo and single family sales saw their largest annual rise in seven years

• All single family price trend indicators rose year over year as sales saw its largest jump in nearly nine years

• All luxury condo price trend indicators showed a substantial year over year increase

Key Trend Metrics (Year to Year)

Luxury Condo:

• Median sales price rose 28.6% to $868,000

• Average price per square foot increased by 12.2% to $414

• Number of sales rose 14.3% to 88

• Listing inventory declined by 1.5% to 405 units

Luxury Single Family:

• Median sales price rose 14.3% to $2,550,000

• Average price per square foot increased by 4.5% to $421

• Number of sales rose 25.4% to 89

• Listing inventory declined by 22% to 266 units

MIAMI BEACH/BARRIER ISLANDS

Overview:

• Condo price trend indicators increased as sales and listing inventory edged higher

• Overall single family price trend indicators set new records as sales surged year over year

• Luxury condo price trend indicators jumped year over year, aided by a shift to larger sized sales

Key Trend Metrics (Year to Year)

Luxury Condo:

• Median sales price rose 29.3% to $2,975,000

• Average price per square foot increased by 18.9% to $1,262

• Number of sales remained flat at 77

• Listing inventory declined by 15.1% to 993 units

Luxury Single Family:

• Median sales price rose 13.9% to $14,806,950

• Average price per square foot increased by 12% to $1,787

• Number of sales rose 63.6% to 18

• Listing inventory declined by 27.1% to 102 units

MIAMI COASTAL MAINLAND

Overview:

• Condo price trend indicators and sales moved higher as listing inventory slipped to a three-year low

• Single family price trend indicators set new records as sales rose to their highest level in more than five years

• Luxury condo price trend indicators increased year over year as listing inventory declined annually for the second time in three quarters 

Key Trend Metrics (Year to Year)

Luxury Condo:

• Median sales price rose 9.9% to $852,500

• Average price per square foot increased by 6.9% to $508

• Number of sales rose 1% to 200

• Listing inventory declined by 15.1% to 2,398 units

Luxury Single Family:

• Median sales price rose 31.1% to $1,940,000

• Average price per square foot increased by 29.3% to $600

• Number of sales rose 9.5% to 230

• Listing inventory declined by 32.1% to 694 units

CORAL GABLES

Overview:

• Single family sales surged and listing inventory fell from the prior year quarter as the lockdown ended

• Condo listing inventory declined annually for the fifth consecutive quarter

• Luxury single family listing inventory declined sharply year over year for five straight quarters

Key Trend Metrics (Year to Year)

Luxury Condo:

• Median sales price fell 41.4% to $962,500

• Average price per square foot decreased by 28.7% to $407

• Number of sales slipped 11.1% to 8

• Listing inventory inclined by 125% to 72 units

Luxury Single Family:

• Median sales price rose 26.9% to $4,500,000

• Average price per square foot decreased by 6.4% to $989

• Number of sales rose 53.3% to 23

• Listing inventory declined by 21.1% to 101

DELRAY BEACH

Overview:

•  Single family sales increased at their highest year over year rate in five years

• Condo sales reached their highest third-quarter total in twenty-two years of tracking

• Both single family and condo luxury listing inventory fell sharply from the prior year total

Key Trend Metrics (Year to Year)

Luxury Condo:

• Median sales price rose 41.1% to $604,500

• Average price per square foot increased by 21.4% to $409

• Number of sales rose 14.3% to 72

• Listing inventory declined by 25.2% to 169 units

Luxury Single Family:

• Median sales price rose 40.8% to $2,500,000

• Average price per square foot increased by 5.7% to $515

• Number of sales rose 22.9% to 43

• Listing inventory declined by 45.6% to 99 units

FORT LAUDERDALE

Overview:

•  All condo price trend indicators rose year over year as the number of sales jumped 

• Single family sales surged, and listing inventory fell sharply from the prior-year quarter

• Single family median sales price increased annually for the eighth consecutive quarter

Key Trend Metrics (Year to Year)

Luxury Condo:

• Median sales price rose 0.9% to $1,155,000

• Average price per square foot increased by 1.4% to $509

• Number of sales rose 7.8% to 55

• Listing inventory declined by 0.5% to 379 units

Luxury Single Family:

• Median sales price rose 7.7% to $2,275,000

• Average price per square foot remained flat at $580

• Number of sales rose 17.6% to 60

• Listing inventory declined by 21.5% to 256 units

JUPITER/PALM BEACH GARDENS

Jupiter Overview:

•  Single family sales jumped year over year as listing inventory dropped sharply

• The most third-quarter condo sales in fifteen years

Palm Beach Gardens Overview:

• The most third quarter single family sales in fifteen years

• Condo listing inventory declined annually for the sixth straight quarter

Key Trend Metrics (Year to Year)

Luxury Condo:

• Median sales price fell 7.1% to $657,500

• Average price per square foot decreased by 16.4% to $320

• Number of sales rose 27.3% to 28

• Listing inventory inclined by 26.3% to 72 units

Luxury Single Family:

• Median sales price rose 121% to $3,550,000

• Average price per square foot increased by 37% to $678

• Number of sales rose 14.7% to 39

• Listing inventory declined by 38.7% to 76 units

PALM BEACH

Overview:

• All three condo price trend indicators increased year over year for the fifth straight quarter

• Single family sales nearly tripled from the year-ago quarter as listing inventory fell sharply

• Luxury listing inventory fell significantly year over year for the third consecutive quarter 

Key Trend Metrics (Year to Year)

Luxury Condo + Single Family:

• Median sales price declined 39.3% to $10,000,000

• Average price per square foot increased by 20% to $1,906

• Number of sales rose 87.5% to 15

• Listing inventory declined by 65.3% to 26 units

WELLINGTON

Overview:

• Condo sales surged annually at their highest rate in eleven years as listing inventory edged higher for the second straight quarter

• Single family median sales price rose annually for the twelfth straight quarter as listing inventory dropped sharply

• Luxury condo median sales price more than doubled year over year as listing inventory saw a significant annual decline  

Key Trend Metrics (Year to Year)

Luxury Condo:

• Median sales price rose 102.4% to $840,000

• Average price per square foot increased by 61.1% to $427

• Number of sales rose 28.6% to 9

• Listing inventory declined by 42.1% to 22 units

Luxury Single Family:

• Median sales price rose 28.1% to $1.825,000

• Average price per square foot increased by 13.1% to $553

• Number of sales rose 20.7% to 35

• Listing inventory declined by 9.3% to 194 units

WEST PALM BEACH

Overview:

• Condo median sales price has risen each quarter on a year over year for more than nine years

• Single family listing inventory has fallen at a rising year over year rate for five consecutive quarters

• Luxury condo listing inventory has posted large annual gains for three of the past four quarters

Key Trend Metrics (Year to Year)

Luxury Condo:

• Median sales price declined 49.1% to $407,500

• Average price per square foot decreased by 62% to $452

• Number of sales rose 7.5% to 72

• Listing inventory inclined by 85.5% to 308 units

Luxury Single Family:

• Median sales price rose 48.7% to $1,297,250

• Average price per square foot increased by 32.1% to $412

• Number of sales rose 28% to 64

• Listing inventory declined by 14.3% to 132 units

Douglas Elliman Releases Q2 2020 South Florida Market Reports

Douglas Elliman has just released their Q2 2020 Market Reports for South Florida, which were prepared by Miller Samuel, a leading independent appraisal firm. The reports, which cover the areas such as Boca Raton, Delray Beach, Fort Lauderdale, Miami Beach, and the Miami Coastal Mainland, have revealed that the COVID-19 market shutdown during much of the second quarter caused sales to fall sharply in South Florida, despite the strength of the market in the first quarter.

Miami Beach/Barrier Islands

Overview:

• Condo price trend indicators moved higher as the number of sales dropped during the shutdown

• Single-family price trend indicators continued to decline along with sales and listing inventory year over year

• Luxury condo price trend indicators pressed higher as listing inventory showed a slight gain

Key Trend Metrics (Year to Year)

Overall:

• Median sales price rose 10.3% to $480,000

• Average price per square foot edged up 6.1% to $659

• Number of sales dropped 34.9% to 501 

• Listing inventory decreased by 0.5% to 6,393 units

Luxury Condo:

• Median sales price increased by 11.6% to $2,850,000

• Average price per square foot rose 4.8% to $1,231

• Number of sales fell 37.7% to 43

• Listing inventory slipped 3.0% to 1,095 units

Luxury Single Family: 

• Median sales price decreased by 22.6% to $7,200,000

• Average price per square foot jumped 17.2% to $1,388

• Number of sales had no change at 9 

• Listing inventory increased by 25.4% to 173 units

Miami Coastal Mainland

Overview:

• Condo listing inventory and number of sales declined, median sales price reached a new record

• Single-family median sales price rose to a new record as both sales and listing inventory fell sharply

• Luxury condo price trend indicators showed mixed results as the number of sales saw a significant decline 

Key Trend Metrics (Year to Year)

Overall:

• Median sales price rose 4.4% to $355,000

• Average price per square foot increased by 5.1% to $289

• Number of sales dropped 20.1% to 2,672

• Listing inventory declined by 7.8% to 9,699 units 

Luxury Condo:

• Median sales price fell 14.0% to $805,000

• Average price per square foot dropped 0.6% to $489

• Number of sales declined by 33.5% to 115

• Listing inventory increased by 13.4% to 2,508 units

Luxury Single Family:

• Median sales price fell 11.9% to $1,410,000

• Average price per square foot rose 25.5% to $557

• Number of sales decreased by 6.1% to 153

• Listing inventory dropped 1.1% to 915 units

Fort Lauderdale

Overview:

• Condo sales dropped at the highest rate in more than thirteen years as all price trend indicators rose annually

• Single-family sales fell at the largest rate since 2007 as median sales price stabilized

• Luxury condo price trend indicators increased above year-ago levels at their most robust rate in six quarters

Key Trend Metrics (Year to Year)

Luxury Condo:

• Median sales price rose 6.0% to $1,282,330

• Average price per square foot increased by 5.2% to $587

• Number of sales slipped 27.5% to 37

• Listing inventory declined by 16.5% to 283 units

Luxury Single Family:

• Median sales price dropped 22.5% to $2,500,000

• Average price per square foot decreased by 23.9% to $596

• Number of sales fell 20.5% to 35 

• Listing inventory declined by 12.5% to 259 units

Boca Raton/Highland Beach

Overall:

• Condo sales declined year over year at its highest rate in 13 years as median sales price increased

• Single-family sales declined year over year at its highest rate in 13 years as median sales price surged

• Luxury condo median sales price declined while luxury single-family median sales price rose

Key Trend Metrics (Year to Year)

Luxury Condo:

• Median sales price fell 23.0% to $885,000

• Average price per square foot slipped 13.0% to $461

• Number of sales declined by 21.2% to 52

• Listing inventory surged 11.2% to 328 

Luxury Single Family:

• Median sales price dropped 13.1% to $2,215,000

• Average price per square foot decreased by 12.6% to $382 

• Number of sales slipped 12.1% to 51

• Listing inventory declined by 0.3% to 304 units

Delray Beach 

Overview:

• Single-family sales declined at the largest year over year rate in over thirteen years as the market paused

• Condo median sales price was unchanged year over year, the eighteenth straight quarter without a decline

• Luxury single-family listing inventory declined annually as luxury condo listing inventory saw a large gain

Key Trend Metrics (Year to Year)

Luxury Condo:

• Median sales price decreased by 6.7% to $810,500

• Average price per square foot rose 6.7% to $445

• Number of sales slipped 24.6% to 46

• Listing inventory surged 20.9% to 208 units

Luxury Single Family: 

• Median sales price dropped 0.6% to $2,087,500

• Average price per square foot fell 13.7% to $504

• Number of sales declined by 15.2% to 28

• Listing inventory increased by 5.7% to 130

Wellington

Overview:

• Condo sales declined sharply as median sales price increased year over year for the fifteenth straight quarter

• Single-family listing inventory and sales showed sharp declines from prior year levels

• Luxury listing inventory across both property types jumped from prior year

Key Trend Metrics (Year to Year)

Luxury Condo: 

• Median sales price fell 19.9% to $585,000

• Average price per square foot dropped 10.1% to $313

• Number of sales increased by 16.7% to 7

• Listing inventory rose 72.2% to 62 units

Luxury Single Family:

• Median sales price declined 24.3% to $1,135,000

• Average price per square foot slipped 34.9% to $426

• Number of sales jumped 15.0% to 23

• Listing inventory increased by 9.2% to 226 units

Palm Beach

Overview:

• Condo price trend indicators jumped as the largest average sales size in two years skewed them higher

• Single-family listing inventory fell by the largest rate in seven years of tracking

• Luxury listing inventory showed a substantial drop as price trend indicators surged year over year 

Key Trend Metrics (Year to Year)

Luxury Condo and Single Family:

• Median sales price surged 33.1% to $14,000,000

• Average price per square foot rose 18.4% to $2,180

• Number of sales dropped 30.8% to 9

• Listing inventory declined by 65.6% to 22 units 

Jupiter/Palm Beach Gardens

Jupiter Overview:

• Single-family sales price trend indicators and sales continued to show substantial year over year growth

• Condo price trend indicators rose year over year for the fourth straight quarter

Palm Beach Gardens Overview:

• Single-family sales fell at their most significant rate in fourteen years

• Condo price trend indicators rose year over year for the third consecutive quarter

Key Trend Metrics (Year to Year)

Jupiter Luxury Condo:

• Median sales price decreased by 19.9% to $733,000

• Average price per square foot dropped 10.6% to $404

• Number of sales fell 13.6% to 19

• Listing inventory increased by 16.7% to 63 units

Jupiter Luxury Single Family:

• Median sales price declined by 11.5% to $2,300,000

• Average price per square foot decreased by 2.9% to $647

• Number of sales fell 7.4% to 25

• Listing inventory dropped 15.3% to 111 units

Palm Beach Gardens Luxury Condo:

• Median sales price fell 26.7% to $440,000

• Average price per square foot dropped 24.1% to $239

• Number of sales declined by 19.0% to 17

• Listing inventory surged 67.4% to 72 units

Palm Beach Gardens Luxury Single Family:

• Median sales price jumped 21.2% to $2,347,500

• Average price per square foot rose 8.7% to $501

• Number of sales decreased by 23.1% to 20

• Listing inventory dropped 27.5% to 95 units

By Isabella Zimmermann 

Douglas Elliman Releases Q1 2020 South Florida Market Reports

Douglas Elliman in conjunction with Miller Samuel, a leading independent appraisal firm, has just released their Q1 2020 Market Reports for South Florida. It reveals noticeably stronger results for listing inventory growth in the first two and a half months of the quarter until market awareness of COVID-19 occurred in mid-March, which slowed growth across South Florida in areas such as Boca Raton, Delray Beach, Fort Lauderdale, Miami Beach, and the Miami Coastal Mainland. The report reflects pre-pandemic strengths in the South Florida market and even an increase in some areas’ average sales price and number of sales compared to the previous quarter, especially in Palm Beach, which saw a 46.7% rise in number of closed condo sales and had the most significant year over year increase in single-family sales in six years.

“The same fundamentals that have made Florida attractive, and have supported the relatively long-term stability in our markets over the past few years, all remained in place during the first quarter as much as they will once we get past this pandemic. Overall Q1 reflected the pre-pandemic strengths we have been enjoying, with most markets realizing steady sales volume and pricing. As we come out of this global crisis, I believe that the desirability for Florida’s lifestyle coupled with tax reform, and the maturation of our markets, will continue to support the trajectory the markets were on prior to COVID-19,” said Jay Phillip Parker, CEO of Douglas Elliman Florida brokerage.

Miami Beach/Barrier Islands

Overview:

·      Overall listing inventory declined year over year for condos and single-family properties

·      Condo price trend indicators declined from the year-ago quarter

·      Single-family price trend indicators declined annually, partially skewed by the decline in average sales size

·      A sharp drop in average sales size for both luxury condos and luxury single-family properties skewed price trend indicators lower

Key Trend Metrics (Year to Year)

Overall:

·      Median sales price slipped 1.1% to $435,000

·      Average price per square foot decreased by 12.4% to $621

·      Number of sales slipped by 0.4% to 769

·      Listing inventory decreased by 4.5% to 6,425 

Luxury Condo:

·      Median sales price fell 20.8% to $2,553,000

·      Average price per square foot decreased by 9.5% to $1,175

·      Listing inventory rose 12.2% to 1,129 units

·      Average square footage declined 13.8% to 3,429

Luxury Single Family:

·      Median sales price fell 32.9% to $9,766,667

·      Average price per square foot decreased by 22.3% to $1,184

·      Listing inventory dropped 19.1% to 169 units

·      Average square footage declined 13.6% to 8,249

Miami Coastal Mainland

Overview: 

·      Overall listing inventory declined sharply on a year over year basis for both condos and single-family properties

·      Condo sales rose annually for the fourth straight quarter as price trend indicators pressed higher

·      Single-family price trend indicators rose annually, and sales extended its year over year growth streak to the fourth straight quarter

·      A significant decline in listing inventory on a year over year basis for both luxury condos and luxury single-family properties

Key Trend Metrics (Year to Year)

Overall: 

·      Median sales price rose 9% to $340,000

·      Average sales price increased by 7.6% to $458,287

·      Number of sales rose 7.7% to 3,343

·      Listing inventory fell 14.1% to 10,519 units

Luxury Condo

·      Median sales price increased by 20% to $1,195,545

·      Average price per square foot rose 5.1% to $492

·      Listing inventory declined 19.8% to 2,212 units

·      Average square footage increased by 12.9% to 2,430

Luxury Single Family

·      Median sales price rose 13.7% to $1,600,000

·      Average price per square foot edged up 1.1% to $444

·      Listing inventory fell 24.4% to 925 units

·      Average square footage slipped 3.3% to 4,037

Fort Lauderdale

Overview:

·      Condo price trend indicators pressed higher as sales slipped year over year

·      Single-family sales and price trend indicators posted large annual gains

·      Luxury condo price trend indicators showed mixed year over year results

·      Luxury single-family price trend indicators surged, skewed by large increase in average sales size

Key Trend Metrics (Year to Year)

Luxury Condo:

·      Median sales price slipped 1.3% to $1,210,000

·      Average price per square foot edged up 1.3% to $558

·      Listing inventory decreased by 2.6% to 339 units

·      Average square footage declined 3.6% to 2,604

Luxury Single Family:

·      Median sales price jumped 44% to $3,225,000

·      Average price per square foot rose 47.7% to $783

·      Listing inventory fell 25.3% to 296 units

·      Average square footage rose 17% to 5,778

Boca Raton/Highland Beach 

Overall:

·      Condo listing inventory fell year over year for sixth straight quarters with the most significant decline in the current quarter

·      Single-family listing inventory declined annually over the past four quarters at a rising rate

·      Luxury condo and luxury single-family inventory fell short of year-ago levels

Key Trend Metrics (Year to Year)

Luxury Condo: 

·      Median sales price slipped 0.3% to $900,000 

·      Average price per square foot decreased by 0.2% to $465

·      Listing inventory fell 15.6% to 260 units

·      Average square footage declined by 4.8% to 2,666

Luxury Single Family

·      Median sales price fell 10.3% to $1,895,000

·      Average price per square foot rose 1.2% to $407

·      Listing inventory fell 16.9% to 339 units

·      Average square footage declined 0.4% to 7,267

Delray Beach

Overview:

·      Single-family median sales price hasn’t shown a year over year decline in four quarters 

·      Condo listings fell annually for four straight quarters 

·      Luxury single-family price trend indicators showed mixed results

·      Luxury condo price trend indicators showed substantial annual gains, partially aided by the increase in sales size 

Key Trend Metrics (Year to Year)

Luxury Condo:

·      Median sales price jumped 40.3% to $754,000

·      Average price per square foot rose 48.9% to $530

·      Listing inventory fell 36.3% to 163 units

·      Average square footage increased by 2.4% to 1,827

Luxury Single Family:

·      Median sales price fell 19.6% to $1,400,000

·      Average price per square foot rose 5.5% to $439

·      Listing inventory declined 7.1% to 91 units

·      Average square footage declined 1.8% to 4,781

Wellington 

Overview:

·      Condo price trend indicators and sales rose as listing inventory declined from the prior year

·      Single-family sales and price trend indicators moved higher year over year as listing inventory dropped sharply

·      Luxury price trend indicators for both property types showed mixed results

Key Trend Metrics (Year to Year)

Luxury Condo:

·      Median sales price rose 22% to $730,000

·      Average price per square foot decreased by 3.3% to $348

·      Listing inventory increased by 9.1% to 36 units

·      Average square footage declined 10.9% to 2,038

Luxury Single Family: 

·      Median sales price fell 45.5% to $1,500,000

·      Average price per square foot rose 18.1% to $654

·      Listing inventory declined 12.3% to 207 units

·      Average square footage declined 21.9% to 4,465

Palm Beach

Overview: 

·      Listing inventory for condos, single-family properties and luxury fell sharply from year-ago levels

·      All three condo price trend indicators rose year over year for the third straight quarter

·      The most significant year over year increase in single-family sales in six years

·      All three price trend indicators for the luxury market were skewed higher year over year by the surge in average sales size

Key Trend Metrics (Year to Year)

Luxury Condo and Single Family: 

·      Median sales price surged 48.1% to $10,517,500

·      Average price per square foot rose 12.2% to $1,841

·      Listing inventory dropped 49.6% to 64 units

·      Average square footage surged 49.4% to 7,344

Jupiter/Palm Beach Gardens

Jupiter Overview:

·      Single-family sales price trend indicators and sales showed substantial annual gains

·      Condo sales declined as price trend indicators press higher from year-ago levels

Palm Beach Gardens Overview:

·      Single-family sales price trend indicators were mixed as sales jumped year over year

·      Condo sales and price trend indicators showed robust annual increases

Key Trend Metrics (Year to Year)

Jupiter Luxury Condo:

·      Median sales price slipped 5.4% to $915,000

·      Average price per square foot rose 2.7% to $452

·      Listing inventory rose 17.4% to 54 units

·      Average square footage edged up 0.3% to 2,378

Jupiter Luxury Single Family:

·      Median sales price rose 8.5% to $2,600,000

·      Average price per square foot increased by 9.2% to $666

·      Listing inventory rose 7.4% to 131 units

·      Average square footage increased by 17.1% to 5,699 

Palm Beach Gardens Luxury Condo:

·      Median sales price surged 39.5% to $600,000

·      Average price per square foot rose 46.5% to $315

·      Listing inventory fell 44.2% to 43 units

·      Average square footage increased by 18.6% to 2,588

Palm Beach Gardens Luxury Single Family:

·      Median sales price fell 22.6% to $1,937,500

·      Average price per square foot decreased by 1.5% to $461

·      Listing inventory declined 12.1% to 131 units

·      Average square footage declined 18.5% to 4,837

Article by Isabella Zimmermann

Douglas Elliman Releases Q1 2019 Market Reports For South Florida

Douglas Elliman released their Q1 2019 Market Reports in South Florida.The South Florida Market reports showed price trends generally edging higher, although sales slipped and inventory slightly increased this quarter. The markets included Miami Beach and Barrier Islands,Fort Lauderdale , Boca Raton, Highland Beach, Delray Beach, Wellington, Palm Beach, Jupiter, and Palm Beach Gardens.

Miami Beach/Barrier Islands

Overview:

• Overall price trend indicators increased than year ago levels

• Marketing time jumped as older inventory was sold

• Condo median sales price remained unchanged

• All single family price trend indicators increased as sales decreased

• Luxury condo inventory slipped

• Luxury single family price trend indicators surged

Key Trend Metrics(Year to Year):

Overall:

• Median sales price rose 2.3% to $440,000

• Average sales price increased 11.6% to $1,129,317

• Number of sales slipped 2% to 772

• Days on market was 145, up from 80

• Listing discount was 10.6%, up from 10.4%

• Listing inventory slipped 0.3% to 6,726

Luxury Condo:

• Median sales price rose 12.7% to $3,225,000

• Average price per square foot decreased 11% to $1,299

• Days on market was 70, down from 72

• Listing discount was 12.7%, up from 11.5%

• Listing inventory declined 6.6% to 1,006 units

• Entry threshold began at $1,864,000, up from 1,750,000

Luxury Single Family:

• Median sales price surged 61% to $10,100,000

• Average price per square foot rose 2.6% to $1,524

• Days on market was 352 up from 141

• Listing discount was 12.1%, down from 17.9%

• Listing inventory fell 38.5% to 152 units

• Entry threshold began at $7,250,000, up 70.6%

Miami Coastal Mainland

Overview:

• Median sales price rose year over year for the eighteenth consecutive quarter

• Sales declined annually for the first time in three quarters

• Listing inventory trended higher for the fourth straight quarter

• Luxury condo listing inventory declined annually for the fourth consecutive quarter

• Luxury condo price trend indicators were mixed year over year as marketing time expanded

• Luxury single family price trend indicators slipped as marketing time expanded

Key Trend Metrics(Year to Year):

Overall:

• Median sales price increased 0.6% to $320,000

• Average sales price slipped 2.2% to $425,740

• Number of sales declined 7.5% to 3,104

• Days on market was 91 up from 51

• Listing discount was 5.7%, down from 5.9%

• Listing inventory rose 6.9% to 12,247 units

Luxury Condo:

• Median sales price slipped 6.9% to $780,000

• Average price per square foot rose 4.9% to $468

• Days on market was 160 days, down from 167

• Listing discount was 7.2%, down from 7.4%

• Listing inventory declined 0.3% to 2,759

• Entry threshold began at $580,000, up 9.4%

Luxury Single Family:

• Median sales price slipped 0.5% to $1,407,500

• Average price per square foot slipped 0.9% to $439

• Days on market was 133 days up from 76

• Listing discount was 8.9%, up from 8.8%

• Listing inventory rose 14.7% to 1,223 units

• Entry threshold began at $880,000, down 4.6%

Fort Lauderdale

Overview:

• Condo price trend indicators slid year over year with decline in average sales size

• Condo sales declined annually for the first time in five quarters

• Single-family price trend indicators were mixed as inventory expanded annually for the fifth straight quarter

• Luxury condo pending sales signed in the quarter surged

• Single family luxury median and average sales price moved higher as marketing time stabilized

Key Trend Metrics(Year to Year):

Luxury Condo:

• Median sales price decreased 6.2% to $1,226,000

• Average price per square foot rose 0.5% to $619

• Days on market was 52, down 8.8%

• Listing discount was 7.6%, up from 6.7%

• Listing inventory rose 20.4% to 348 units

• Entry threshold began at $875,000 down 7.9%

Luxury Single Family:

• Median sales price rose 8% to $2,240,000

• Average price per square foot slipped 2.6% to $530

• Days on market was 163, unchanged

• Listing discount was 14.9%, up from 8.1%

• Listing inventory rose 19.6% to 396 units

• Entry threshold began at $1,365,000, down 6.5%

Boca Raton/Highland Beach

Overview:

• Condo & single family price trend indicators rose year over as sales slipped for the first time in three quarters

• Condo & single family price trend indicators saw larger growth at the higher end of the market

• Condo listing inventory fell annually for the second straight quarter

• Luxury condo price trends surged year over year partially due to jump in average sales size

Key Trend Metrics(Year to Year):

Luxury Condo:

• Median sales price jumped 48.3% to $1,175,000

• Average price per square foot rose 39.2% to $522

• Days on market was 146 days, up from 116

• Listing discount was 8.2%, up from 7.3%

• Listing inventory declined 21.4% to 313

• Entry threshold began at $665,000, up 26.7%

Luxury Single Family:

• Median sales price declined 14.9% to $1,830,000

• Average price per square foot rose 9.1% to $455

• Days on market was 136 days, up from 134

• Listing discount was 9.4%, down from 9.4%

Delray Beach

Overview:

• Single family sales slipped for the first time in six quarters as listing inventory expanded for four quarters

• Condo price trend indicators haven’t declined in thirteen straight quarters

• Luxury single family price trend indicators skewed lower by decline in average sales size

Key Trend Metrics(Year to Year)

Luxury Condo:

• Median sales price declined 26.8% to $510,000

• Days on market was 111, up from 88

• Listing discount was 5.4%, down from 6.6%

• Entry threshold began at $385,000, unchanged

Luxury Single Family:

• Median sales price declined 1.4% to $2,045,250

• Days on market was 143, up from 126

• Listing discount was 9.7%, up from 8.7%

• Entry threshold began at $1,298,000, down 1.6%

Wellington

Overview:

• Condo median sales price increased annually for the tenth straight quarter

• Condo inventory expanded year over year for the fourth consecutive quarter

• Single-family price trend indicators all rose year over year for the fourth consecutive quarter

• Single-family sales declined annually for the fourth time in the past five quarters

• Luxury condo and single-family price trend indicators surged due to significant shift to larger average sales size

Key Trend Metrics(Year to Year)

Luxury Condo:

• Median sales price surged 58.5% to $598,500

• Average square footage jumped 14.6% to 2,288

• Days on market was 154, down from 157

• Listing discount was 1.8%, down from 3.7%

• Listing inventory fell 46.8% to 33

• Entry threshold began at $415,000, up 22.1%

Luxury Single Family:

• Median sales price jumped 79.9% to $2,752,500

• Average square footage surged 42.7% to 5,717

• Days on market was 184, down from 262

• Listing discount was 14.2%, up from 9.5%

• Listing inventory declined 6.3% to 236

• Entry threshold began at $885,000 down 1.1%

Palm Beach

Overview:

• Condos sales rose annually for the fifth consecutive quarter to the second highest market share recorded

• Most first quarter condo sales in four years while inventory increase annual for the fourth time in five quarters

• Single family price trends showed mixed results as sales fell to their lowest first quarter total in seven years

• Luxury average sales size fell sharply as the luxury price threshold fell annually for the fourth straight quarter

Key Trend Metrics(Year to Year)

Luxury Condo and Single Family:

• Median sales price declined 29.2% to $7,100,000

• Average sales size dropped 25.1% to 4,915 square feet

• Average price per square foot fell 21.1% to $1,641

• Days on market was 106, down from 122

• Listing discount was 8.1%, down from 14.6%

• Listing inventory jumped 27% to 127

• Entry threshold began at $5,100,000, down 6%

Jupiter/Palm Beach Gardens

Jupiter Overview:

• Single-family median sales price moved higher for the second straight month

• Condo sales rose year over year for the third consecutive quarter

Palm Beach Gardens Overview:

• Single-family sales slipped for the third time in four quarters as all price indicators rose

• Condo median price slipped year over year for the first time in 27 quarters

Key Trend Metrics(Year to Year)

Jupiter Luxury Condo:

• Median sales price rose 7% to $305,000

• Days on market was 65, up from 46

• Listing discount was 5.3%, up from 5.1%

• Listing inventory rose 3.1% to 328

Jupiter Single Family:

• Median sales price increase 6% to $530,000

• Days on market was 71, down from 77

• Listing discount was 5.4%, up from 6.5%

• Listing inventory rose 11.1% to 481

Palm Beach Gardens Luxury Condo:

• Median sales price slipped 2.1% to $235,000

• Days on market was 71, up from 49

• Listing discount was 4.1%, down from 4.5%

Listing inventory jumped 16.9% to 277

• Palm Beach Gardens Single Family:

• Median sales price increased 8.2% to $499,500

• Days on market was 89, up from 83

• Listing discount was 6.9%, down from 7.9%

• Listing inventory rose 3% to 556

Article by Stephanie Warren

Former Pan American World Airways CEO Dan Colussy Lists Jupiter Estate For $11.25 Million

An absolutely breathtaking estate located in Jack Nicklaus’ The Bears Club in Jupiter, FL, has listed for $11.25 million. The seller is Dan Colussy who is the former Pan American World Airways CEO, former chief executive of Canadian Pacific Airlines and one time chairman of UNC Inc., formerly known as United Nuclear Corporation.

The massive home offers 5 bedrooms, 8 baths and 4 half baths, spread over 17,294 SF of living space and sitting on approx. 2 acre plot of land. The massive estate can hold up to 12 cars, has a private massage room, gym, library, his & her offices, bar & wine room that holds up to 245 bottles with additional shelving and dedicated cooling system, his & her dressing room and closets, music room and gallery. The foyer features hand-cut marble floor design from a Florence Church comprised of more than 60 kinds of precious stone and built by Florentine Artist. The entire home is surrounded by 20 different types of marbles utilized from 12 different countries on custom designed floors and counter tops. The entire home is outfitted with the finest finishes.

Outdoors features beautifully landscaped grounds including a formal Italian garden designed by an Italian trained gardener that created a meditation garden in addition to a fruit orchard that features citrus, mango, avocado, papaya, fig, banana, plantain and coconut trees while the raised bed garden provides opportunities for fresh herbs and vegetables all year round. An Italian bronze fountain is the featured highlight of the main patio with the 60,000 gallon edgeless, free-form swimming pool, modeled from an Italian Villa, is the sparkling gem of this elegant back yard while being surrounded by classic “Four Seasons” marble statutes.

161 Bears Club Drive, Jupiter, FL is currently listed for $11.25 million with Chad Carroll of Douglas Elliman Real Estate.

For more information about 161 Bears Club Drive, Jupiter, FL, private showings or purchasing/ leasing information please fill out the form below:

Douglas Elliman Releases Q2 Market Reports For South Florida As Pricing Continues To Rise

Douglas Elliman has released their Q2 Market Reports for South Florida, produced in conjunction with Miller Samuel, a leading independent appraisal firm. Despite the constant rumblings of a bubble or a crash, the South Florida market continued to show strength and prices continuing to push higher in both the luxury and overall markets across nearly all markets including Miami Beach, Miami coastal mainland, Fort Lauderdale, Boca Raton, Delray Beach and Jupiter. The quarter also reflected the most sales in 3 years in both Miami Beach and Delray Beach. The general health of the market should remain strong as South Florida continues to be a haven for flight capital and population growth, matched with fast-growing world-class cities, a high quality of life and no state income tax. 

Miami Beach & Barrier Islands

• Price trend indicators posted strong gains across the overall and luxury markets
• Number of sales and pending sales moved up from year ago levels
• Although listing inventory has been rising for more than four years the rate of growth has eased considerably in past year
• Overall days on market and listing discount expanded as older listing inventory was cleared from the market
• Most second quarter sales in three years
• Luxury condo average sales size surged and pending sales posted strong gains
• Luxury listing inventory slipped

Key Trend Metrics (Year Over Year)

Overall:

• Median sales price rose 7% to $438,000
• Average sales price increased 15.8% to $1,098,024
• Number of sales increased 10.7% to 1,025
• Days on market was 148, up from 139
• Listing discount was 11%, up from 9.7%
• Listing inventory increased 3.9% to 6,319

Luxury Condo:

• Median sales price surged 47.6% to $3,370,000
• Days on market was 196, up from 194
• Listing discount was 12.7%, up from 11.4%
• Listing inventory fell 20.3% to 959 units
• Entry threshold began at $1,900,000

Luxury Single Family:

• Median sales price jumped 34.5% to $10,760,000
• Days on market was 262, down from 292
• Listing discount was 16.5%, up from 14.5%
• Listing inventory jumped 32.3% to 209 units
• Entry threshold began at $4,950,000

Miami Coastal Mainland

• Overall conditions reflect rising prices, stable sales and modest inventory gains
• Median sales price increased year over year for the 15th consecutive quarter
• Highest market share of conventional financing in more than five years of recording
• One in four single family sales and half of  condo sales were purchased with cash
• Number of sales well above the 5-year quarterly average
• Listing inventory edged higher for second quarter after six consecutive quarters of year over year declines

Key Trend Metrics (Year Over Year)

Overall:

• Median sales price increased 6.7% to $320,000
• Average sales price rose 8.8% to $456,591
• Number of sales fell 0.3% to 4,191
• Days on market was 86 up from 79
• Listing discount was 5.6%, up from 5.5%
• Listing inventory rose 2.7% to 11,184 units

Luxury Condo:

• Median sales price rose 6.4% to $814,951
• Days on market was 176 days, up from 169
• Listing discount was 8.1%, up from 7.7%
• Listing inventory declined 6.3% to 2,537
• Entry threshold began at $580,000

Luxury Single Family:

• Median sales price rose 6.7% to $1,600,000
• Days on market was 125 days down from 133
• Listing discount was 7.9%, up from 7.7%
• Listing inventory slipped 1.1% to 1,012 units
• Entry threshold began at $960,000

Fort Lauderdale

• Sharp price gains in the overall condo and single family markets
• All condo price indicators set new records
• Overall condo market showed a large burst in year over year sales in last two quarters
• Large gain in conventional financial market share for both property types
• Luxury listing inventory fell sharply across property types

Key Trend Metrics (Year over Year)

Luxury Condo:

• Median sales price increased 9.8% to $1,281,600
• Days on market was 81, up from 68
• Listing discount was 6.8%, up from 5.6%
• Listing inventory fell 31.8% to 255 units
• Entry threshold began at $975,000

Luxury Single Family:

• Median sales price rose 35% to $2,265,000
• Days on market was 167, up from 155
• Listing discount was 9.2%, up from 8.2%
• Listing inventory declined 15.6% to 298 units
• Entry threshold began at $1,500,000

Boca Raton

• Overall price trends for both condos and single families increased year over year
• Sales slipped an inventory edged higher for both property types from the year ago quarter
• Share rise in average sales size and price trend indicators for luxury condos
• Unlike overall market, listing inventory for luxury properties declined
• Luxury pending sales are up year over year

Key Trend Metrics (Year Over Year)

Luxury Condo:

• Median sales price rose 24.8% to $1,051,250
• Average sales price surged 31.3% to $1,394,111
• Days on market was 128 days, up 14.3%
• Listing discount was 8.3%, unchanged
• Listing inventory fell 21.1% to 243
• Entry threshold began at $645,000

Luxury Single Family:

• Median sales price declined 4.8% to $1,900,000
• Average sales price rose 1.8% to $2,605,203
• Days on market was 142 days, down from 165
• Listing discount was 9.6%, up from 9.5%
• Listing inventory declined 25.8% to 419
• Entry threshold began at $1,250,000

Delray Beach

• Most price trend indicators for the overall market by condo and single family moved higher
• The number of sales for condos and single families market wide increased
• Marketing time fell across the overall market
• The negotiability of luxury single family and condos tightened

Key Trend Metrics (Year Over Year)

Luxury Single Family:

• Median sales price surged 12.3% to $1,737,500
• Days on market was 148, up from 118
• Listing discount was 8.7%, down from 11%
• Entry threshold began at $1,260,000

Luxury Condo:

• Median sales price declined 10% to $575,750
• Days on market was 80, down from 116
• Listing discount was 5.5%, down from 5.8%
• Entry threshold began at $390,000

Wellington

• Overall market price trend indicators moved higher over both property types
• Listing inventory and sales were up slightly across most segments of the market
• Luxury single family prices and sales size were up sharply
• Smaller luxury condo sales size skewed most price indicators lower

Key Trend Metrics (Year Over Year)

Luxury Condo:

• Median sales price fell 23.2% to $437,500
• Average square footage fell 11.9% to 2,034
• Days on market was 182, up from 160
• Listing discount was 5.9%, unchanged
• Listing inventory rose 8.3% to 52
• Entry threshold began at $350,000

Luxury Single Family:

• Median sales price jumped 34.4% to $2,150,000
• Average square footage rose 17.3% to 4,877
• Days on market was 176, up from 167
• Listing discount was 14.9%, up from 14.4%
• Listing inventory rose 4.3% to 218
• Entry threshold began at $845,000

Palm Beach

• Highest combined number of condo and single family sales in three years
• Listing inventory fell across the market by property type
• Condo price trends declined, skewed by shift to smaller sized sales
• Luxury inventory and days on market expanded

Key Trend Metrics (Year Over Year)

Luxury Condo & Single Family:

• Median sales price declined 20.8% to $12,537,970
• Days on market was 148, down from 140
• Listing discount was 17.7%, up from 15.3%
• Listing inventory rose 30.2% to 69
• Entry threshold began at $6,786,250

Jupiter/ Palm Beach Gardens

Jupiter:

• Single family price trend indicators increased as sales and inventory declined
• Condo price trend indicators rose sharply as sales declined

Palm Beach Gardens:

• Single family price trend indicators were mixed as sales and inventory declined
• Condo price trend indicators for the overall markets continued to rise

Key Trend Metrics (Year Over Year)

Jupiter Single Family:

• Median sales price increased 7.3% to $515,000
• Days on market was 60, down from 69
• Listing discount was 5.2%, down from 6.5%
• Listing inventory declined 8% to 402

Jupiter Condo:

• Median sales price rose 12.9% to $315,000
• Days on market was 65, up from 62
• Listing discount was 4.6%, down from 4.9%
• Listing inventory rose 11.7% to 277

Palm Beach Gardens Single Family:

• Median sales price increased 4.8% to $492,500
• Days on market was 77, down from 86
• Listing discount was 6.9%, down from 7.6%
• Listing inventory declined 2.5% to 516

Palm Beach Gardens Condo:

• Median sales price rose 3% to $242,000
• Days on market was 52, down from 62
• Listing discount was 4.4%, down from 4.6%
• Listing inventory jumped 21% to 236