Strange but True stories….Why Everyone in the Eastern Portion of the Northern Palm Beaches is sitting on an Oceanfront Lot. - Echo Fine Properties Artboard 1? alert-icon? Artboard 1? ? ? delete-icon? edit-icon? email-icon hide-hover-icon? Artboard 1? login-icon-white Artboard 1? next-icon-left next-icon-right-left next-icon-left-ochre next-icon next-icon-right-grey next-icon-right-ochre plus-with-circle-iconP search-fw-icon? search-icon-ochre search-icon-white
5 DEC

Strange but True stories….Why Everyone in the Eastern Portion of the Northern Palm Beaches is sitting on an Oceanfront Lot.

By Jeff Echo

Yesterday, a homeowner’s association in a Jupiter seaside community used a little known “right of first refusal” clause on the 28th day of 30 to buy a house from underneath the first price offer we got for our client. The Buyer went ballistic. Fortunately, after consulting with the HOA attorney, the fine print showed that the Seller could choose which Buyer to go with. Since it was 3 days before closing and he had a heart, the Seller choose to go with the original Buyer.

Another goofball situation occurred with a client in Jupiter Farms. A Seller purchased a property with a contingency of them selling their home. When the Buyer changed their mind on selling their own house due to thinking they asked too little, the Seller of the house they purchased on contingency kicked in the difference to make the deal occur, and was able to force it because of language in the addendum.

Strange but true stories are occurring each week. Sellers selling and then a neighbor getting more are normal occurrences. Backup contingent offers being accepted and those Buyers then looking at their rights under contingency addendum is becoming normal. Never has it been more important for a Buyer to have a Realtor with a tiger mentality who has the experience to know the ins and outs of contracts.

It’s December 6th, and if it’s like this now, what will happen come season? This week I was interviewed by the Palm Beach Post on state of the market and what to expect for season. You can read the full interview here. Highlighted was Ocean One, a townhouse seaside Juno Beach community with limited views that is 60% sold out starting out at $1.8m!  Furthermore, Chris Burke, one of Echo’s agents, just set a record for the first condo north of Palm Beach in Palm Beach County higher than $10m in Jupiter Island in the new Sea Glass Condo.

Much of what is going on is understood if you paid attention (hard for kids to do these days) in your Economics 101 class on Supply and Demand. But for those of you who didn’t listen to the teacher, the supply is staying put while the demand is through the roof. ECHOnomics 101 says prices will go 🆙

The Eastern portion of the Northern Palm Beaches is incredibly desirable. Proximity to the Ocean, airports, culture, infrastructure of friends/family, and the weather is not to be beat.  The supply in the Eastern portion of North Palm Beach County is built out. Alton and Artistry are the last of the big construction projects. There will be lots of smaller 20-30-unit projects (we are in the process right now of representing a builder starting at $1.2m for a luxury boutique 25 parcel up to ½ acre community that might just sell out before opening). In 2003-2006 when the market tanked you had Abacoa, The Isles, Magnolia Bay, Mirasol, Mirabella, Landmark, Jupiter Country Club, Jupiter Yacht Club, Legacy Place, Montecito, Frenchman’s Reserve, Paloma, Ibis, and on and on – all being built or investment properties being sold at the same time. That shadow inventory doesn’t exist now and never will. And it’s a great hedge for our area in case of an economic slowdown.

Demand will continue to increase due to natural baby boomer retirement, sped up movement due to COVID-19, tax advantages, and now the ability to work from anywhere.  In the past, there was a never-ending amount of land in Florida. That still is the case. You can go to Avenir or Westlake or Port Saint Lucie but it’s a different lifestyle that’s far from the water, not in-town, or close to the airport. There is an old saying in real estate that “they do not make more oceanfront property anymore”. Meaning over time, prices should go up because supply is stagnant. That has now occurred for homes in general since we are basically out of land.

Posted in Uncategorized on December 5, 2020 at 9:22 am.

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