Watch closely to the value of your home. Change is in the air.

January was another good month for median single family home prices in the Northern Palm Beaches. Good news, as we head into the strongest buying season of the year, but plenty to keep your eyes on if you are concerned about the value of your home.

Blog prices

As of February 1st, the median sales price of a single family home increased to $454,000. Still well short of the most recent high of $478,863 back in September, but 6% higher than last years’ valuation. It was the second straight monthly increase, with the median price of a single family home in the Jupiter area up 4.2% over the past 60 days.

In a “normal” season, we watch for inventory being limited, demand strengthening and prices moving higher through early summer. This year, however, is hardly normal, as we have seen by wild falls in the stock market the past couple days and interest rates that, as of yesterday, had moved to the highest levels we have seen since July of 2014. Thankfully, they have backed off a bit overnight, but still up 7 basis points for the week.

Affordability remains a big concern. Interest rates present a growing concern as they are up 10% so far this year. A severe shortage of quality inventory at the lower end of the market is not getting any better. But, the top end of the market is where we really want to keep a close eye.

Market sentiment pull strongly from home sales at the upper end of the market. The reality is, sales above the $1 million dollar threshold, drive the market. When they fall, it usually hurts the market and thankfully it’s not often that they fall. When the stock market fell significantly in 2008, median single family home prices in the Jupiter area fell 19%. The following year the fell another 12%. They were the two worst years in history for home prices in the Jupiter area. They were also the two worst drop in history of million dollar home sales in the region. They dropped 37% in 2008 and another 39% in 2009. And they dragged the entire Jupiter area real estate market with them.

Let’s be clear, 2017 was a record year for million dollar home sales. This year is starting off great, with January bringing us a record number of million dollar sales for the month. But, change is in the air, and its significant enough change to make a difference in the value of your home. The huge drops in the Dow the past two days might just end up being no big deal, a blip on the screen. But they may signal the start of something bigger. The new tax law also could have huge ramifications on million dollar sales as we move forward.

Let’s pretend your rich Uncle Jimmy was moving to town and fell in love with that $3,500,000 waterfront home on the Loxahatchee River. Perfect layout, perfect view and the perfect dock for his boat with no fixed bridges between him and blue water. The estimated property tax bill of say $60,000 wasn’t a big deal. After all it’s tax deductible, Or it was. That all changed with the new tax laws, as now write offs for property taxes are included in that $10,000 maximum. Uncle Jimmy starts rethinking the whole deal.

So keep your eye on your homes value as it’s going to change. If interest rates stabilize and pull back from today’s levels, if the stock market corrects over the next couple days, it might not change too much. It may even go up for the 7th straight year. But, if they don’t and with the top end of the market losing their deductions, not only property tax but also some of their mortgage interest, the effects could be very, very significant. Remember those drops of 19% and 12% ten years ago.

Always have a strategy when buying, or selling, understand the numbers and what they mean. The signs are right in front of you and this morning the signs look pretty bearish on home prices moving higher right now. If Paradise Sharks can ever be of help with any of your real estate needs please feel free to contact us at 561.308.0175 or


Fins up…..





Commissions on Jupiter single family home sales continue to plummet

This week we saw interest rates increase again, Condo prices in Jupiter are moving higher. So are the median prices of town houses and single family homes. Insurance, title fees, property taxes, inspections, they are all costing you more. In fact, just about everything associated with real estate continues to get more expensive.

Except one thing; real estate commissions.

Blog commission

Let’s step back a few years. To Jupiter, Florida circa 2009. Nine years ago. It was the last year we saw the percentage of single family home sellers offering a 3% co-broke commission increase. First, let me explain the co-broke commission is what is offered through the Multiple Listing Service to the buyers broker, and in most cases is 1/2 of the total commission paid by the seller. So usually a 3% co-broke means a seller is paying their broker a 6% commission. We will use 6% as the total commission for the purpose of this article.

Back in 2009, over 77% of all single family home sellers in Jupiter were paying their broker a total estimated commission of 6%. Since then, it has been all downhill for the percentage earnings of Realtors, as the number of those in the business has climbed significantly. The drop in the percentage commission paid by Jupiter single family home sellers has been dramatic. From 77% in 2009 to the 35% we saw in 2017. Yes, you see that correctly. Last year only 35% of Jupiter single family home sellers paid the estimated 6% commission. This was a 15% fall from 2016 numbers. Can this plummet in real estate commissions continue?

Blog commission chart

It can, but sellers, and buyers, need to beware they are looking at value and not price when selecting a broker and there is a big difference. A huge difference. If selling a home, always interview at least three brokers and ask a lot of questions. Specifically, inquire about the value you will receive from them. Ask to see their last 6 listings and how they were presented to the online community, because that is where the buyers are. Look at the photos and make sure they jump off the screen. Read the property description and ask, does in make you want to learn more about that property. But most importantly, ask what the properties sold for and how that compared to the most recent sales in that neighborhood. Ask for the contact information of those sellers. Dial in and make sure that you are not only getting a great price, but that you are getting insanely good value.

So can this drop in commissions continue? Let me tell you, it can. Even though we are only starting off the 2nd month of the year, the number of Jupiter single family home sellers paying an estimated 6% commission has dropped again. Another steep drop of about 23%, the largest ever. Right now the numbers of Jupiter single family home sellers paying that 6% commission sits at 27%. Amazing. From 77% just 9 years ago.

It means the need for education of sellers understanding what they are getting in value has never been higher. You can pay 6%, you can pay more. You can pay 5%, you can pay less. The important thing is you fully understand what you are getting for that money. If your home is worth a million dollars or more, you should maybe be paying a bit less. If your home shows like a model you should maybe be paying a little less. If your home is vacant, you should maybe be paying a bit less. If there is no inventory in your neighborhood, you should maybe be paying a bit less. If your broker handles both sides of the transaction (that’s a whole different article), you should maybe be paying a bit less.

The point is, there are a whole bunch of people out there happy to give you a low commission but there is no value. Interviewing is what prevents you from making an expensive mistake. Paradise Sharks is certainly not the broker for everyone, but we guarantee, if you include us on your interview list, we will add value. We never charge our clients over 5%. If your home is in show condition our professional photographers will take the right amount (that’s another entirely different article) of high resolution photos that will amaze you. The property description of your home is always written by a published author. You will receive detailed updates during the listing to understand what the market is telling us. And you can fire us anytime if we do not do exactly what we say.

It’s so easy to schedule an interview with Paradise Sharks. Just contact us for a convenient time to your schedule at or 561.308.0175.


Fins up……




Interest rates shoot to multi year highs

The average overnight rate on a conforming 30 year mortgage just shot up again for the 4th straight week. It was another big move higher, with a 9 basis point bump up to 4.18%. In that short 28 day period, the cost of borrowing money for a home has jumped about 9%. Or put another way, a qualified buyer with a pre-approval has to look for a lower purchase price to keep their payments in line with their budget.

Blog interest

Think way back to October 2, 2016. On that date, the average overnight rate on the same 30 year mortgage sat at an all time low of 3.35%. Today’s cost of borrowing money has jumped almost 25% from that number. If you don’t think interest rates have an impact on home prices you are wrong. Especially when they start moving higher at accelerated paces.

Sure, that all time record low was 70 weeks ago, but you have to go back further, much further, to find a date when interest rates were higher. You have to go all the way back, 132 weeks to July 26, 2015, to find a date when the costs of borrowing money were higher. That’s a record home buyers wish we didn’t break.

Last year we sat and watched the Fed raise rates three times and the mortgage markets paid no attention. Mortgage rates actually declined. But in 2018 we are seeing movement that we have not seen in a long, long time. Compounding the recent increases is the fact many experts feel the Fed will be forced to raise rates faster than expected to deal with an accelerating economy.

Higher interest rates will impact many things. Home sales, home prices and don’t forget the stock market. After historic rises in the Dow Industrials, many will start looking for better future returns outside of the equity markets.

As we keep telling everyone doing real estate in any way you deserve to be fully informed and that means working with a broker who will educate you. If you want to be sold, there are thousands of other Realtors out there, but if you seek education it’s super easy to contact the Paradise Sharks team at or 561.308.0175.


Fins up…..




Juno Beach home sales jump 39%

No, that is not a misprint. Over the past two weeks, pending home sales have jumped in Juno Beach by 39%. It’s season and Paradise Sharks has been telling you that as of January 15th condo sales were going to perk up. We also told you that single family home buyers will join in the fun about the middle of February. To prove our point, in Tequesta, over the past two weeks pending home sales are unchanged. Why? Because there just aren’t as many condo sales in Tequesta as there are in Juno Beach.


In the overall Northern Palm Beach real estate market, pending sales over the last half of January jumped 19%, which was in line with expectations. Last year, during the same time period pending home sales were up 17%. The year before they were up 15%. The stock market is higher, inventory is tight and it should be a very solid season for real estate here in the Jupiter area. It’s starting off just as we thought.

The other factor that is going to be important in what a property will sell for is the number of homes out there for buyers to consider. As of February 1st, inventory levels in the Northern Palm Beaches are up again for the 4th straight month. Again, pretty much in line with expectations, but watch for inventory to level off here and depending on the strength of sales, might even start pulling back. Again, location is extremely important as most municipalities saw inventory levels increase over the past two weeks but not Jupiter. Buyers there have fewer options today than they did on January 15th.

Interest rates have been rising and are up again this week. Expect them to level off, or at least we are praying they do. Nothing will take the air out of this market like rates that buyers find unacceptable. The latest tax rules out of Washington might also take the air out of sales at the top end of the market. The next few months are going to be very competitive and buyers and sellers each need to be well educated.

Real estate keeps getting trickier and the risks are high. The need for professional brokers helping you make educated decision has never been higher. Paradise Sharks takes great pride in educating our clients and not “selling” them. We believe an informed decision is always the best one. If we can help you in any way please feel free to contact us at or 561.308.0175.


Fins up…..




Million dollar Jupiter home sales break 12 year old record

The number of properties that sold for over $1M through the real estate community in the Northern Palm Beaches continues to climb. We have to go all the way back to 2009 to find a year where this very important market indicator declined. Each year, since then, the number of these premier properties sold in the Jupiter area has moved higher. Eight straight annual increases.

Blog photo

Last year, the number of million dollar sales jumped 10.7%. Just as impressive was breaking the record that has stood since 2005 by over 9%. It was a most impressive year of big dollar home sales in the Jupiter area.

The rise has been rather dramatic, from 171 homes in 2009 to 444 that closed last year. A home that closes for a price above $1,000,000 is a daily occurrence in the Jupiter area. Keep in mind, many of these homes sell for far greater sums than a million dollars. Last year, the record sale weighed in at $28,000,000. Of course, that was for Celine Dion’s well publicized home on Jupiter Island that she was originally asking $72.5 million. You might say at $28 million was a bargain, but that is another story.

2018 is starting off well as January is always a big month for closings in this price range. With the stock market climbing, unemployment nearing record lows and the economy growing it looks like it is going to be a another great year for expensive real estate in Jupiter.


Fins up…….




Jupiter condo prices rise after 4 month slide

When annual visitors start flooding our bars, beaches and bistros you know season is in full swing. It takes our guests until about the middle of January to start serious real estate buying and as Paradise Sharks has been telling you, pending home sales will be on the rise. They already are.


Through today, pending home sales in the Jupiter area are up 14.2% since the first of the year. Last year, we saw pending home sales jump 16% during the month of January and we are on track to match those gains this year.

No doubt, prices are a part of the equation and median condo prices in the Northern Palm Beaches are up as of January 15th to $225,000, which is a very healthy 4.2% increase over the past month. However, this comes on the heels of 4 months where prices had been driven lower. Today’s prices are still slightly below the 12 month highs we hit 7 months ago in June. Compared to year ago numbers, median condo prices in the Jupiter area are up about 7.1%.

Watch for more buying, more inventory concerns and higher prices in the weeks ahead. We are seeing great activity in some neighborhoods with excess inventory in others. Quality homes in good condition with realistic market pricing are tough to find. Property that is not properly marketed can sit for months and that costs sellers money. Lots of it. Please make sure, when listing a home, that you interview at least 3 brokers and ask to see how their most recent listings have fared. Look for a broker who is trying to educate you, not sell you, and ask them how many record prices they have set for clients over the past year.

Paradise Sharks loves setting record prices and we love to educate our clients. We would be honored to sit down with you and explore how we can make sure you walk with the most money at the closing table. Reach us anytime at 561.308.0175 or


Fins up…….