Jupiter Real Estate Market Report

It seems March may be the busiest month so far this season. WE broke the 100 homes sales mark this week and everyone I speak to from mortgage brokers to property inspectors are slammed.  I guess the weather up North has eased up some and buyers are finally getting down here much later than usual to shop for homes. All winter long the weather was causing flight cancellations which kept many buyers from getting down to Florida. I've noticed  I'm hearing from customers that have been looking for years and are now ready to buy after two horrible winters and owners are using their places for season instead of renting them out.

Several of the new communities are almost built out such as Rialto and Windsor Park, the last two affordable new home communities in Jupiter. New townhouses in most areas are fast approaching the $500,000 mark and single family homes are starting at $750,000 with many being a million dollars. Jupiter and Juno Beach new construction has become the million dollar home. 

Several new waterfront condos such as Azure and Water Club are more than half sold out and the best units are long gone. Bay Colony has only a few buildings left and most are $600,000 plus.  

I hear some buyers saying were in for a bubble but I'm not seeing it here in Jupiter. I continue to recommend buyers look at Stuart to the North and Hutchinson Island for beach condos that are much more affordable. Many buyers refuse to go up there even though they may save 25% or more by going to Hutchinson Island. You can still buy direct oceanfront condos on Hutchinson Island in the mid $200's. They are older buildings but the same building in Juno Beach would run you $450,000. Take a look on our  Hutchinson Island website for beach condos. The demand for Jupiter homes is insane. Not only are snowbirds looking but buyers from down South are looking up here as well.

                             Singer Island Condos 

Even Singer Island condos are seeing higher sales prices and finding a condo under $400,000 is becoming more difficult. A decent remodeled condo on Singer Island is now pushing $550,000 or higher for older condos. Forget anything built after 2000. They are all a million and most are starting at $1,250,000. Direct oceanfront  condos are starting near the 1.5 million dollar mark.

                          Hutchinson Island Condos 

In the Oceanhouse condos in Ocean Village we saw a record price paid for a 3 bedroom condo. The last similar sale last year was $430,000 and a similar unit just sold for $550,000 and the view was not as good. Even on Hutchinson Island there is only one single family home for sale under $200,000. A year ago you could buy these little beach cottages for less than $150,000 and two years ago around $100,000.

I thought it may slow down a bit and prices ease off but now I am starting to rethink that. I continue to watch new listings priced higher and seeing some properties selling in just days. I think  we may see prices move higher than I expected this year. Especially for highly desirable units that have direct ocean views, are completely updated or sitting on a special lot.

I can almost guarantee they aren't going down. How much upswing can we see from here?  I don't know but there are still plenty of cash buyers who are buying for the long haul and not looking to flip which caused our last real estate bubble to burst.

This week I spoke to the mortgage company and they said they are so busy that the appraisers are turning down work. They can't keep up with the demand for new buyer appraisals and are taking even longer to get them done. The home inspector I use just added another person to his staff and he said I'm still turning down jobs each week. When I hear this from other off shoots of the real estate business I tend to take notice.

                             Jupiter Rental Market

Seasonal rentals for next year are already disappearing. Most of the renters are taking the same units they had this year. Prices are climbing there as well. Ocean Trail condos are now asking $5,000/month for updated units and $4,500+ /month for clean not updated condos.

Anything East of US 1 is $3,500 minimum and I'm sure we are going to start seeing $3,750 per month soon. We are talking non oceanfront townhouses that are walking distance to the beach. I would expect even the townhouses West of US 1 in the Bluffs will all be asking $3,500/month. Today I showed a Jupiter Ocean Racquet Condo that was all original and they were asking $3,200/month. It was a dump!

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• Juno Beach condos (16)
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• Jupiter real estate market (8)