Bridges Homes Average $1.04M; Seven Bridges $1.38M

For the first half of 2018, home sales that closed in The Bridges averaged 1.04 million at $268 per square foot. Most homes sold between $800,000 and $1.5 million but there was one that sold for $2.3 million and a seven homes sold under $800K, mostly smaller models around 2600 square feet. Twenty seven homes sold, ten of them for more than $1 million.

Seven Bridges homes averaged higher at nearly $1.4 million with most going between $900,000 and $2 million. Three homes sold just under $900K, with only one of them smaller than 3200 square feet. The average was just over $300 per square foot. Seventeen homes sold in total with twelve of them over $1 million.

The Bridges transactions are all or nearly all resales of existing homes. They sell, on average, in close to four months. Many of the Seven Bridges transactions are new homes and they’re taking over five months to sell. On both sides of Lyons Road they’re actually taking longer to sell because the numbers don’t include failed listings. Sixty listings expired or canceled in the first half of the year, more than the 44 that closed.

For example 9610 Labelle Court in Seven Bridges was purchased from the builder in early 2016 for $2 million. After the buyer did substantial upgrades it was listed by a Miami-based brokerage in 2016 for $2.9 million. That listing canceled after four months, and then another Miami broker listed it for $2.3 million. It’s a 6-bedroom house with 7500 square feet, 7 full bathrooms, 2 half baths, and loaded with features and high end finishes. In the middle of 2017 the seller switched to a Palm Beach County realtor. The house finally closed in early June for $2.05 million. The statistics show it was on the market for 10 months but it was really 22 months.

The biggest transaction of the year so far was in Seven Bridges where 16525 Fleur De Lis Way sold for $3.2 million. It’s a six bedroom house with six full bathrooms and another two half baths, all in just over eight thousand square feet. The house was bought new from the builder in 2016 for $2.9 million. The new owners are a successful business couple. The wife is a casino executive and is now president of the Atlantis resort in the Bahamas.

The second biggest deal was in The Bridges, 16876 Crown Bridge Drive, at $2.3 million for a six bedroom in 7500 square feet. The average sale in the Bridges was 3900 square feet, while the average in Seven Bridges was 4600 square feet.

While the vast majority of the homes are selling for well over $200/sq.ft. and some over $300/sq.ft., there are still some “bargains” in The Bridges. Just under $190 per square foot were 8658 Lewis River Road ($960,000 for a 5200 square foot 5-bedroom) and 16658 Gateway Bridge Drive ($796K for a 6-bedroom with 4300 square feet).

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