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Both my kids had a fine education right here in Jupiter Florida at Jerry Thomas Elementary. They had the luck of having Mrs. Schrader as their kindergarten teacher. Mrs. Schrader had a brilliant bit of teaching for 5 year olds. The Bone Store took place every Friday. Mrs. Schrader gave away “bones” for good grades or good deeds. She could also take away a bone if a child wasn’t very nice or jump into the school custodian’s golf cart and drive away (not something our kids would ever do!). Our son Sam would spend his fortune of bones each week and buy whatever small trinket he could. Our daughter Jade was the opposite. She saved all her bones for one grand prize at the end of the year. Fast forward today and Sam has become more of a saver as the lessons of savings at the Bone Store took hold.
However, there aren’t nearly enough Mrs. Schraders around teaching about the Bone Store nationwide. And the American consumer can be short-sighted, which is why I see the condo market as potentially very undervalued. Inventory in condos in Palm Beach County is vastly different than single family homes. Townhomes and Condos are lumped together. So, figure the numbers I’m about to give are skewed much more for condos than townhomes as townhomes are more similar to single family homes in terms of sales and inventory. There were 5892 condos/townhomes for sale in December 2019 versus 5140 for sale in 2020. That drop of 12.8% is significant but a far cry from the ridiculous 42.4% drop in the single-family home market.
I attribute this to the Bone Store effect. For starters, condos are a more seasonal purchase compared to single family home.
The virus steered many people to single family homes. More space, swimming pools, larger living square feet were all reasons. And the elevator. While buildings put in place good safety strategies (one family at a time and limiting clients) in the elevator, a single-family home for the last year was a safer alternative.
So why could condos see massive price appreciation???
Jeff Lichtenstein is owner and broker of Echo Fine Properties, a luxury real estate brokerage selling real estate in Jupiter and homes in Palm Beach Gardens, Florida. He has 20 years of real estate experience, has closed over a 1,000 transactions, and manages over 50 agents in a non-traditional model of real estate that mimics a traditional business model. Some publications he has been quoted in.
Posted in Open House Blog on January 23, 2021 at 9:40 am.
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From PGA National homes to Admiral Cove, you've discovered the top source of comprehensive information on homes in Northern Palm Beach County communities. Jeff Lichtenstein of Illustrated Properties is the top producing real estate agent in these locations. Jeff has sold over 300 homes, more than anyone else since 2001. He caters to the Waterfront, golf & ranch, and luxury communities here. His focus has always been on providing exceptional service, showcasing quality properties and working with quality clientele. Jeff your only choice for a real estate agent in the area if you're looking for the best. Whether you're looking to sell a home in Admiral's cove or buy one of the beautiful PGA National homes, you need to talk to Jeff Lichtenstein.
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