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6 JAN

State of the Real Estate Market for 2022 – Intracoastal and Canal

10 Reasons why the Northern Palm Beach Market Could go Way Up.

 

This time of the year we get a lot of people asking, “What do you see for the real estate market in 2022?” The answer is UP!  Here are 10 reasons why.

 

10. The Wild Southeast is Settled

From 1980-2020 the population in Palm Beach County according to the US Census rose from 576,578 to 1,492,191.   It basically tripled.  Jupiter increased 7-fold from 9,868 to 61,047.  Everyone who came was a pioneer and while there was peace and quiet, they sacrificed lots in culture, restaurants, shopping, and for those that worked here, job opportunities. Most of the area today east of I95/Turnpike is now settled.  There is no land left. Alton and Artistry are the only big parcels left to finish building.  There hasn’t been a country club start since 2006 and Jupiter Country Club finished off its last new construction in 2019. There will be more available west of the I95/Turnpike, Martin County, and small pocket developments. However, the Wild Southeast Settlement is over.

 

9. Baby Boomers

Boomers Range from 57-75. There still is plenty of supply of Boomers to come down.  As they do, they introduce more of their family and friends to the area.  As a sidenote, much of Gen X and Millennials are now purchasing earlier in South Florida.

 

8. Supply & Demand

Inventory coming into season is insane. Single family home inventory stood at 1,083 in the Northern Palm Beaches as of 12-1-21.  That’s a 48.5% drop from 2101 homes a year earlier. And inventory is less than a third today of where it was at when 3444 SFH were on the market in 12-1-19. The townhouse and condo market is even crazier.  881 units today versus 2,680 units a year ago.  The medium price of a SFH in $367,500 versus $559,500 from 12-1-19 to 12-1-21.  But it goes back to the population demand and no supply of new homes. We are entering season with virtually no inventory.

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7. Low Interest Rates

While many of the transactions are cash, low rates are still keeping the financing portion of the demand affordable and moving.  Plus, inflation is going up at a higher rate than interest rate jumps making it even more appealing.

 

6. Inflation

Inflation moved up 6.8% in November 2021.  Housing prices should naturally move up the same amount even if supply and demand equaled each other out. Meaning inflation will naturally carry some rise in prices.

 

 

5. Culture

From the Maltz Theatre to Trader Joes to Whole Foods to Starbucks on every corner.  20 years ago, the Northern Palm Beaches was missing shopping, dining, and the some of the arts.  With the great population growth, that has changed, and it makes it more comfortable for people from cities to move here.

 

4. Infrastructure of family and friends

Today, most people have a relative or friend in the area versus 20-40 years ago, when they were the pioneer.  It’s easier to move if Mom and Dad or friends are already based here.  More family and friends based here equals a direct jump of more population to the region.

 

3. Covid

Dreaming of South Florida has become more of a reality to most because of Covid.  The ability to work out of the house with Zoom and life surroundings have more importance has led many to making decisions that were only dreamed of years down the line. Its not just the computer programmer entrepreneur who can live where they want today.

 

2. Wall Street South

Hedge fund and other financial entities are moving to South Florida.  This means more jobs. 0% taxes and the Florida sunny lifestyle are draws and younger people are wanting to take advantage of now rather than wait. Many company owners have moved here. Watch a lot of employees to follow.

 

1. The Canadians

Our region is a big draw for folks from Montreal and Toronto.  That mixed with movement from South Americans moving north from Miami is another piece of demand we didn’t have last year since they missed the season.

 

Intracoastal & Canal Estates Housing Market Report for December 2021

Intracoastal & Canal Estate homes have had a bumper month of Real Estate activity!

Guanabanas_Intracoastal_Jupiter

Imagine waking up to incredible views of beautiful azure waters outlined by green lush palms on the edge of magnificent waterways. This dream can come true in a stunning estate home in Palm Beach Gardens along the Intracoastal Waterway. There’s nothing quite like living on the water, and when you own a home with a private dock you can be heading towards the beautiful cerulean waters of the Atlantic Ocean in just minutes.

The homes that line the Intracoastal are spectacular. Inside you can expect every luxury finish and upgrade, along with top-of-the-line appliances and extraordinary design features. You will notice that most homes feature large windows, perfect for enjoying the views. Not only do the homes enjoy the views out over the water, but many also look out towards beautiful nature reserve areas. The open plan living continues in the outside spaces, where beautiful private pools and outside kitchens are surrounded by tropical landscaping and coconut palms.

December 2021 Intracoastal and Canal Statistics

In December, there were 2 NEW Listings come onto the market.

At the time of writing, there are 4 homes currently ACTIVE – take a look at those listings here.

2 homes SOLD throughout December 2021!

Take a deeper look at Intracoastal & Canal statistics HERE. You can check out the full market trends including homes sold by price range, monthly supply of inventory, average sales price, and more!

 

 

Your Intracoastal & Canal Expert Realtor

Dan Uzzi

Dan Uzzi is a 3rd Generation Realtor.  At age 9, Dan broke all the child labor laws by running files, putting stamps on postcards, and doing everything to help his Dad. He learned to always dress professionally and work however many hours it takes. Most importantly he learned that it’s all about the customer and to do everything to make a client happy. Dan checks all the boxes. At age 23, he achieved $13 million in sales.  He has sold over 30 luxury estates on deep water valued at over a million dollars each and understands yachts, docks, and slips. He has sold in all the country clubs and knows them intimately. Dan’s knowledge is so strong that you will know you are with the right guy immediately. His is quick to identify qualified buyers and exceptional at pricing & negotiation.

Posted in Uncategorized on January 6, 2022 at 7:04 am.

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