An llustration of success on Jupiter Island

by Kit Bradshaw

02/26/06

The first Francis Fiske Adams helped create Jupiter Island in the 1930s, selling homes from his office in that small community.

The second Francis Fiske Adams, known as "Bud" struck up an acquaintance with local businessman, and the friendship between he and Llwyd Ecclestone Sr. was born in the dirt of a new community called Lost Tree in North Palm Beach.

The third Francis Fiske Adams, named "Chappy" by his father, took the real estate firm, now called Illustrated Properties, from its small beginnings and helped fashion it into the fourth largest independently owned real estate company in the state — and the 47th such firm in the nation.

Through their evolution as a one-man shop on Jupiter Island to today, the Adams family has remained independent and very well aware, as Chappy says, "Real estate is a contact sport."

"I learned the business by listening to my father on the phone," Bud said of "F.F." Adams, the founder of the family-owned company. He died in 1980. "F.F. was very well established on Jupiter Island, and I loved the business, but the island is a rather small geographic area. So I decided to branch out on my own and open an office in Palm Beach.

"There was a gentleman who was a frequent visitor to a photographer whose office adjoined mine and we became acquaintances. He told me that he had a project he was developing between Palm Beach and Hobe Sound and would I like to look at it. It was Lost Tree, and when I first saw it, the pumps were still rolling to fill in the land. I sold and built several homes there, including the one that Chappy was raised in, and was fortunate to work for Mr. Ecclestone Sr. for many years."

Their business expanded to John's Island in Vero Beach, and eventually Bud Adams began to sell homes in other locations. However, until Chappy graduated from Boston University in 1987, Bud was content to have a small company.

"During 1990-1992, we had to decide whether we would stay a boutique real estate firm or grow, with an emphasis on residential real estate," Chappy said, "and we made the decision to grow.

"We were able to purchase, over the years, 10 real estate companies, such as Jonathan's Landing Realty and PGA National Realty as well as open 18 offices — five in Jupiter — plus several other offices on new home sites. Today, we have 600 full time Realtors in these offices as far south as Delray Beach and as far north as Sewall's Point."

The company also has several divisions, including a new homes, a mortgage and title company, auction and business brokerage.

Any company that has been in existence for more than 70 years has seen changes, no more so than at the present time.

"Six months ago, it was a sellers market, and now it is a buyers market, and there are more homes that are for sale now," said Chappy. "Six months ago, if your neighbor sold his home for $400,000, you'd automatically add 10 to 15 percent to that, the market was increasing so quickly. Now there are sellers lowering their asking prices.

"With the swing back to the buyers market, there is an opportunity for companies like ours to differentiate themselves because all our Realtors are full time and we provide service."

Seasoned professionals will always survive, Bud said, because they have been through market slowdowns before and good realtors will still have the chance to make money. In addition, the company has an eight week training program for new agents, and a mentoring program, where more experienced Realtors work with the new agents for a time, sharing listings and commissions.

And where is the next "hot" market in Florida?

"Jupiter is pretty much built out, and prices in Port St. Lucie have escalated percentage-wise more than they have here, " said Bud Adams. "The movement is definitely north. The next market will be in Vero Beach."

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