Jupiter Market Report


It seems this may be the busiest month coming up as the phone has been ringing off the hook. I guess the weather up North is easing slightly and buyers can fly down and not worry about flights being cancelled. The other strange thing I've noticed is I'm hearing from customers that have been looking for years and are now ready to buy.


Several of the new communities are almost built out such as Rialto and Windsor Walk, 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 most being a million dollars. Jupiter and Juno Beach is soon becoming the million dollar market for new construction.


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 site at Hutchinson Island condos. The demand for Jupiter is like I have never seen before. Even buyers from down South are looking up here.


Even Singer Island condos are hitting higher sales prices and finding a condo under $400,000 there is becoming more difficult. A decent remodeled condo on Singer Island is $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. 


I thought it may slow down a bit and prices ease off but now I am starting to rethink that prices here may move higher than I expected.this year. Especially for highly desirable units that have ocean views or are completed update or sitting on a special lot.


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



                             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 if it is updated and $4,500 /month for clean older condition condos.


Anything East of US 1 is $3,500 minimum and I'm sure we are going to start seeing $4,000 per month soon. We are talking non oceanfront townhouse 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.


This winter has pushed many new buyers into the market that were on the fence and renters are looking already. Landlords are asking for minimum 90 days and in more cases 120 days for desirable units. 



                                   Jupiter Home Sales


This week we saw 104 Jupiter area homes sell during the past week. The top sales week we have seen this year. Season is here and is stronger than ever. Recent sales along the beach are all over $200,000 now for original condition townhouses and condos. There are still a few 1 bedrooms around $150,000 that need work but expect to pay near $200,000 for a remodeled 1 bedroom beach condo.


Jupiter and Juno Beach oceanfront condos still remain in short supply. Anything with a decent ocean view is starting at $400,000 in Jupiter and nearing $500,000 in Juno Beach. Jupiter Island oceanfront condos are similar starting prices as Juno Beach. We are talking 1,000 to 1,100 sq. ft condos. Anything over 1,500 sq. ft is pushing $750,000 to start and choices are limited at best. In Juno if you are looking for 9ft ceilings in your condo bring a million dollars and $150,000 to renovate it.


The Bluffs homes are all asking around $500,000 for slightly updated single family homes and remodeled $665,000 on the Ridge. There are just 9 homes for sale in the entire Bluffs community which has about 1,000 homes. Less than 1% of the community is for sale.


Homes East of US 1 are even higher. The least expensive single family home East of US 1 is $500,000. Doesn't sound to bad. This will buy you a 2bd/ 1 ba home that is 1,000 sq. ft in Juno Beach. Original condition. Basically a half million dollar lot. There are just 4 homes under $600,000 and all need updating.


Posted by Jim McLane on


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