Is Jupiter Real Estate Recession-Proof?

Jupiter is located on the southeast coast of Florida and has attracted many people moving to the state or relocating from a neighboring town. In recent years, the entire state has seen an influx of transplants, and while this has bolstered the economy, we can see that the purchasing frenzy has slowed down. This does not mean the opportunity to buy has passed since most homes sold in the last few months have gone for under the asking price, suggesting the scale is tipping back in the buyer’s favor.

 

During the seller’s market of last year, we saw many offers well over the asking price and buyers covering closing costs and acquiescing to the seller’s demands. While the real estate market has slowed down, this does not necessarily point to a recession when considering the positive trends of Florida’s economy.

When you consider the last few years, Jupiter has done remarkably well as a luxury seaside town. Jupiter has continued to thrive while maintaining an average property value triple the national average. Jupiter rental properties are also priced almost double the national average, which can be attributed to the high-end clientele entering town annually.

 

Property values in Jupiter have appreciated since last year. They are expected to continue this trend in the coming years, making real estate a wise investment for either a long-term family home or an investment property. Jupiter real estate ranges from modern villas to beach bungalows, and long-time residents of the area are happy to have purchased when they did, with today's values rising far out of someone’s budget who was shopping 20 years ago.

 

There are more homes on the market currently than this time last year, and with more inventory, buyers can take their time before making a purchase. With the traffic in Florida remaining steady, we should see turnover on the market without it becoming a purchasing craze like before.

While Jupiter continues to flourish, there are some factors that we can attribute to Florida’s tax perks. For those retiring, Florida has zero income tax, including 401Ks, pensions, and IRAs. Working and saving money in the state is equally advantageous, and any funds being saved on taxes can be put back into the local economy or your real estate investment.

 

Whether your Jupiter property will be your primary residence, vacation home, or rental property, people are moving to Florida in droves, and your investment has a good chance of paying off. Several professional athletes and celebrities live in Jupiter, taking advantage of the sun, surf, and tax breaks. Use these tax perks to your benefit while investing in a coastal town that has risen in value consistently over the years.

While no economy can be recession-proof, there are ways you can maintain or raise your property's value so that when the winds are blowing in your favor, you can make your move and see a return on your investment. Homes close to the beach are at higher risk of mold and mildew, and if your home is not regularly aired out, you will be lowering your home’s value with every stuffy second. Materials like stucco or wood should be pressure washed at least once a year so that the salt and sand do not damage your home exterior.

 

Your windows should also be cleaned regularly since the salty air and water will corrode your views of the shore, which is also a selling point for your home. When upgrading the home, be sure to avoid using certain metals on the exterior that may rust or tarnish over time in the salty air. Whether you are maintaining the home yourself or contracting someone else while you are away, your home’s value can be protected and increased by taking preventative action.

Jupiter, like any other town in the country, is not immune to hard economic times. However, with the town’s premier location both in the country and the state, purchasing on the Southeast coast will be a frugal decision. Florida continues to see newcomers from all over the country for the tax perks, pristine beaches, charming communities, and stunning real estate. Regarding seaside properties, Juniper is in a class of its own, with impressive estates dotting the shoreline.

 

Looking toward the future, we see a leveling out of the market to where buyers have more say, and homes aren’t flying off the market before you can schedule a showing. Jupiter is a South Florida gem putting residents in a peaceful and family-oriented community while keeping you less than 30 minutes from West Palm Beach and a little over an hour from Miami. With a prime location and thriving real estate market, an investment in Jupiter can be lucrative when you watch the market and seek expert advice.

If you are moving to Jupiter or upgrading your current living situation, choose an agent who has worked through the highs and lows of the market you aim to purchase in. The homes for sale in Jupiter are next to none, and now that the market is evening out, sellers can’t call all the shots, and buyers should work with a real estate agent who will protect their client’s interests. While agents cannot predict a recession, their experience in the industry can offer you insight into the market and predictions for the coming months and years.

 

Stacie Ahee is a trustworthy and transparent agent with the knowledge and tools to complete your transaction swiftly and assuredly. Stacie specializes in buying and selling luxury homes and investment properties. With experience representing clients purchasing luxury real estate and first-hand knowledge of the area, Stacie has guided countless clients to the closing table. Contact The Ahee Group today for expert consultation and reliable service.