Why Village of Tequesta home prices are up 31% this year
Last year, there were 373 home sales in the Village of Tequesta, with a median sales price of $327,000. So far in 2019, there have been 234 sales, with a median sales price of $429,700. It’s a pretty impressive jump. Historically impressive.
When you consider only once, have we ever seen an annual price increase, anywhere close to that number in the overall Northern Palm Beaches market. That “once” was back in 2005, and we all know what happened right after that record jump. Are we being set up for a major crashing of house prices in the Village of Tequesta? Hardly.
Look at the median price increase in neighboring Jupiter. Last year it was $391,00, this year it is $400,000 or an increase of just 2.3%. In the overall Northern Palm Beaches market, it’s 4.1%. So what on earth is going on in Tequesta.
Part of it is the lifestyle and what living in Tequesta is all about. The population of about 6,000 and nowhere to grow, the sidewalk lined streets, the oak canopy, water everywhere, awesome schools, friendly people, laid back “old Florida” golf clubs, amazing restaurants, shops and beaches, historical late mid century homes, golf carts on the street. It’s certainly all that, and as more and more people learn about why our small town village is an incredibly special place it creates demand that other municipalities simply don’t enjoy. Look at the growth and traffic going on next door in Jupiter and you get the picture. Like real estate brokerages, when it comes to your hometown, small is good.
Demand, with limited supply, means buyers, especially when the economy is doing well, are willing to pay more. This year, in Tequesta they are doing just that. Paradise Sharks is quite proud that this year we broke a neighborhood price record by over 33% on one sale. With the right timing, marketing and luck you get prices that nobody would ever expect, but it’s not easy. Tequesta makes it easier. One single family home, on an interior lot in the Tequesta Country Club, sold for full price to the first cash buyer in the door. It sold for $865,000 which also broke the old record by a country mile. Demand for quality, location and timing has increased the value of Tequesta properties so far this year.
Another huge reason that is driving prices in Tequesta is taxes. In particular, rising taxes in cash strapped, debt choked, states where their income taxes are no longer deductible on federal returns. People are running, and they are running to Florida more than anywhere else. Florida’s state income tax situation attracts them, like it attracts the world top golfer’s, and many are ending up right here in the Village of Tequesta.
You see, these buyers are not shopping for a median priced home. They are looking at the top end of the market, where homes sell in excess of $1,000,000. Remember that “water everywhere” that we enjoy here in the Village of Tequesta? Well it also means waterfront homes everywhere, and they are selling like hotcakes at a church picnic. Canal homes being purchased for almost a million dollars and being torn down for grander digs. On the Loxahatchee River, buyers are knocking down homes they paid well over 2 million for. Tequesta is hot, and it’s driving prices higher.
If you are looking to purchase, or sell, real estate in the Village of Tequesta, or anywhere throughput Palm Beach and Martin County look no further than Paradise Sharks. We are your local, small business, real estate brokerage where we take great pride in customer service and offering our clients the best value to be found anywhere in the industry. We don’t pay franchise fees, we don’t share our commissions with brokers, and we have effectively kicked the middleman right out of the real estate transaction. Those middleman costs add up to a lot of money and we simply give it back to our clients, where it belongs. If you want to see what decades of experience, and a sincere dedication to our clients goals means to you, please feel free to contact Paradise Sharks anytime at 561.308.0175 or firstname.lastname@example.org.