Related Group CEO Jon Paul Perez and Integra Investments founder and Builders Association of South Florida President Nelson Stabile react to data showing tens of thousands of high-earners fled New York for Florida, bringing their wealth with them.
A town in South Florida not far from Palm Beach is drawing luxury homebuyers.
Jupiter, situated in northeastern Palm Beach County and well-known for its golf courses, has become a popular place for wealthy individuals to buy homes in recent years, according to real estate experts.
Seth Mansfield, an agent with Douglas Elliman and a Forte Luxe sales executive, told FOX Business that he is seeing a lot of wealthy people come to Jupiter “because they are able to enjoy a storybook lifestyle in a relaxed setting.”
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“They get access to great restaurants, shopping, idyllic waterways, and more world-class golf courses than they have time to play, all within a 15-mile radius of their home,” he said.
Jupiter offers the “best of South Florida living” at prices that “still feel reasonable to affluent buyers, especially compared to Palm Beach or Miami,” according to Jenna Stauffer of Sotheby’s International Realty.
The influx of affluent homebuyers to Jupiter and the broader South Florida area increased during the COVID-19 pandemic, the experts said.
Mansfield also noted Jupiter was “no stranger to wealth.”
According to Stauffer, they have continued to come because of Florida’s lifestyle, as well as the state’s “tax-friendly and business-friendly environment.”
High prices in nearby Palm Beach have also brought more affluent people to the area.
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“Jupiter offers a more accessible alternative while still delivering a lot of the same benefits–boating, golf, luxury homes, and privacy,” Stauffer said. “It has that upscale feel without the same level of attention and some buyers really prefer that.”
A boat sits docked next to empty slips at the Jupiter Inlet Marina ahead of Hurricane Dorian in Jupiter, Florida, on Friday, Aug. 30, 2019. Hurricane Dorian reached major hurricane status as it heads toward Florida, with the potential to stall near t (Christina Mendenhall/Bloomberg via Getty Images / Getty Images)
Homes listed for sale in Palm Beach carried a median asking price of $3 million in April, according to Realtor.com. The sale price for the median home, meanwhile, came in at $3.4 million.
While Jupiter has lower prices than Palm Beach, the area is still home to plenty of luxury properties. Zillow showed a number of homes on the market in Jupiter on Friday with asking prices ranging from $29 million to $45 million.
Mansfield said more wealth coming into Jupiter has “elevated the floor, and especially the ceiling of Jupiter’s real estate market.”
“The median price for a single-family home 5 years ago was $530,000 and the ceiling price was $12,250,000. Over the past year, those numbers are $980,000 and $48,000,000, respectively,” he said. “I don’t believe we’ve seen Jupiter’s ceiling.”
Lighthouse at Jupiter inlet. (Elizabeth W. Kearley / Getty Images)
Jupiter’s luxury home inventory has tightened and elevated prices because of the influx of wealthy buyers, Stauffer told FOX Business.
“There’s definitely more competition for turn-key luxury homes, and we’ve seen a rise in high-end renovations and new construction as sellers and developers respond to demand,” she also said.
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Both said they think affluent homebuyers will continue to come to Jupiter this year.
Aerial view of Loxahatchee River from the Jupiter Inlet Lighthouse in Jupiter, Florida. (iStock / iStock)
“In addition to the steady migration from the northeast and California, we’re seeing more and more buyers shift their attention from Palm Beach to Jupiter,” Mansfield said. “You can get the same house on the same Bahama blue water for a 50-60% discount relative to Palm Beach, with access to all the creature comforts that you’re used to, even more options for golf, and Palm Beach is still at your fingertips. I truly believe Jupiter is undervalued, as crazy as that may sound to some.”
Jupiter counts big-names such as Michael Jordan, Wayne Gretzky and Kid Rock among its residents, as well as Tiger Woods and other well-known golfers, according to the Palm Beach Post. The late actor Burt Reynolds was a long-time Jupiter resident and called it “the best place in the world.”
