Just a quick update on the West Boca real estate market at the end of February. 274 homes have sold this year so far, 176 of them (including 141 condos, townhomes and villas) for less than $300,000.
75 homes sold for prices between $300K and $500K, all but three of them single family homes.
From $500K to $800K there were only 16 transactions, 9 of them in Boca Falls with 4 more in Boca Isles and 2 in Saturnia.
Over $800,000 there were 7 transactions all near Clint Moore with 3 in The Oaks, 2 in Long Lake Estates, 1 in Le Rivage and the most expensive one in Horseshoe Acres by auction for $3.1 Million, well off the list price of $4.35M.
What’s For Sale?
West of the Turnpike and south of the Delray line there are currently 802 homes on the market including 396 single family homes, 112 townhomes and villas, 287 condos and 7 mobile homes.
447 homes are listed for $300,000 or less, mostly condos and townhomes.
Between $300K and $500K there are 193 homes, nearly all of them single family.
In the $500K-$800K range there are 86 for sale, all single family homes. They tend to be in specific neighborhoods including Boca Falls, Boca Isles, Saturnia, The Shores, The Oaks and Avalon, with a smaller number in Boca Winds, Boca Reserve, Palma Vista, Loggers Run and Mission Bay.
76 homes are listed above $800,000, concentrated in The Oaks and Long Lake Estates.
Did You Notice?
In the sub-$300K market the number of transactions was more than 60% of the number listed. Homes under $300K sell fast. Keep in mind the sales are over a two month span.
In the lower middle range between $300K and $500K this drops to less than 40%. From $500K to $800K it drops to less than 20%. And over $800K the number of sales in that two month window is less than 10% of the number listed.
This should not be a surprise but less expensive homes sell more quickly. At the high end the market is so saturated with homes for sale that it gets very tough to get a good price for your house and it may not sell at all. You have to be patient. If you need to sell quickly, you may have to price it below market value.
When a lot of homes in the same community are on the market, it’s harder for a seller to stand out and get full value for their home. Buyers have a lot of other choices.
In The Oaks 10% of all the homes in the development are listed for sale. The country clubs are similar. 11% of the homes in Stonebridge are on the market. Boca Woods is doing a little better at 6% on the market. Avalon has 6% listed.
Perhaps the most saturated is Le Rivage, a small superluxury development on the northeast corner of Lyons and Clint Moore, where 5 of the 18 houses (28%) are listed for sale. Prices range from $2M up to $3.75M. Across the street Long Lake Estates has over 13% of its homes listed with prices from $1.1M to $7M.
Compare that to Boca Falls where there are only 20 houses listed right now, less than 3% of the development. In Saturnia there are currently 13 homes listed out of 414, just over 3%. The Shores, Boca Greens and Palma Vista all have about 4% of their homes on the market. Mission Bay has 18 houses listed.
It may be a good time to list when few other homes are listed like yours.
Boca Isles has 19 homes listed out of 876 or around 2%. Boca Winds has even fewer with only 15 houses listed out of 1100 homes in total, not much over 1%. Inventory seems particularly thin in Loggers’ Run with only 11 single family homes on the market. There are only 2 homes listed in The Lakes at Boca Raton (north of Yamato near Cain, and only 6 single family listings in Boca Chase (plus 2 in the 55+ homes). Lexington Estates only has one home listed.
Another area that’s very thin is around Lyons Road south of Glades where there is one home for sale in Escondido and nothing in Timbers of Boca or Pine Springs. The road construction on Lyons may have discouraged sellers.
The average home sale price in Boca Chase rose to over $341,000 for 2017. Prices ranged from the low $200s in Greenbriar to the mid $400s in the various Corals and Impressions on the west end of Boca Chase Drive. The average price is somewhat misleading as it includes the 55+ communities of Greenbriar and Waterberry, which sell for less. Removing those raises the average to $380,000.
Nearly sixty single family homes sold for the year. The lowest price was an even $200,000 for a 1400 square foot 2-bedroom in Greenbriar at 18075 102nd S Way. A total of twenty homes sold under $300,000. Twenty-eight houses sold for prices between $310,000 and $398,000.
At the high end for the 55+ homes, 18108 102nd Way South sold for $310,000. The cul de sac house has 1700 square feet.
Outside the 55+ homes, only two houses sold for less than $300,000 and one of those was an REO home coming out of foreclosure, while the other was 400 square feet smaller than most of the others. These houses averaged $170 per square foot. Sales happened in an average of 6 weeks or less.
Twelve houses sold for over $400,000, all of them with four bedrooms. Two homes broke the $450,000 level.
The Boca Greens average home price rose again in 2017. The average home price was up 5% to $420,000 from $400,000 in 2016, and an 18% increase from 2014’s $378,000 average.
Last year three homes sold for over $500K for the first time in a few years. 2017 cracked the $600K barrier with one home selling for $650,000 and two more homes selling over $500K.
There were 49 Boca Greens homes sold in 2017 with prices mostly above $300,000. Two homes sold below that level with one a small 1200 square foot 2-bedroom at $255,000 and the other sold by a bank after foreclosure at $260,000.
The average for Boca Greens homes sold in 2017 was a 2200 square foot 3-bedroom bought for $420,000 after 3 months on the market.
The unicorn of the year was 10369 Canoe Brook Circle, a 3000 square foot 3-bedroom that sold for $650,000. The house was meticulously remodeled throughout, but $650K still seems very high for the neighborhood. It was over $100,000 higher than any other transaction.
It took over 8 months to find a buyer willing to pay for all those upgrades, and to get the seller to accept a price that low. The house was originally on the market for $760,000.
The biggest apparent bargain of the year in Boca Greens was 10448 Milburn Lane, a 2700 square foot 3-bedroom that sold for $395,000, or $145/sq.ft. It was due for significant renovations.
The highest paid for the least size was 19589 Sea Pines Way, a 1400 square foot 3 bedroom that got $373,000, or $260/sq.ft. The house was fully renovated in 2014.
The most average home was 10264 Crosswind Road, a 2200 square foot 3-bedroom selling for just under $420,000, or $194/sq.ft. It sold in just 3 days.
Some believe that the new Chabad in Boca Greens plaza, in walking distance for observant Jews, is the reason for the price increases. We have seen similar effects in other places like Century Village.
2017 saw 65 homes sold in Boca Isles, 29 of them in Boca Isles North and another 36 in Boca Isles South. Four houses in Boca Isles South broke the $700K barrier with two more over $690K.
The average for both communities together was a 2700 square foot 4-bedroom selling for $544,000 at just under $200 per square foot in a little over 2 months.
Boca Isles South
Boca Isles South wins a close race this year. The average price was $550,000, selling slightly quicker and slightly larger than Boca Isles North.
The top sale was 10922 Bal Harbor Drive at $720,000 for a 5-bedroom with 3200 square feet. It took 5 months to sell but for the seller it was worth the wait to find a buyer who appreciated all the upgrades in this gorgeously remodeled home.
Five more of these 5-bedroom, 3200 square foot models sold for prices between $695,000 and $705,000, all in Boca Isles South.
We were pleased to sell 19641 Biscayne Bay Drive, a 2300 square foot house, for $480,000.
That was the highest price for that model in Boca Isles South in 2017. Several others of that model sold for prices ranging from $360,000 to $465,000.
At the low end in Boca Isles South, three houses sold for $420,000 or less. Two were 3-bedroom models with just under 2000 square feet selling for $400K and $420K.
Boca Isles North
By comparison Boca Isles North was stronger at the low end. Only two homes sold for less than $470,000, one of them a short sale at $409,000 and the other a small 3-bedroom for $435,000.
Five homes sold between $472,500 and $495,000. The remaining 22 transactions were all for $510,000 or more.
The most typical of Boca Isles North was 19665 Black Olive Lane, a 2700 square foot 4-bedroom that sold for $535,000.
Homes in Boca Isles North did sell for a bit more on a dollars per square foot but they also took a few more days to sell.
2017 was a good year for home sellers in The Lakes at Boca Raton. The average sale was a 2280 square foot 4-bedroom going for $411,000 ($184 per square foot) in less than 2 months. 40 homes sold for the year, 25 of them for $400,000 or more.
At the high end two homes in Cypress Bend sold for more than $500,000 with the top going for nearly $600,000. The 5-bedroom, 3600 square foot house at 18820 Cypress Bend Court sold for $590,000.
Only one house sold under $300,000 and it’s a small one at only 1300 square feet, more than 200 square feet smaller than the next largest transaction. 10383 Islander Drive in Amber Bay went for $292,500 with 3 bedrooms and 2 baths. That works out to $230 per square foot.
While no home fits as the precise average for any neighborhood, 18974 Concerto Drive comes close. The 2220 square foot 4-bedroom home sold for $410,000.
The best apparent bargain of the year was 10839 Sea Cliff Circle, a 3000 square foot 4-bedroom that sold for $428,000 ($143/sq.ft.). An investor had bought it out of foreclosure for $353,000 in 2016.
There are some positive signs in Saturnia but the average home price in Saturnia fell slightly to just under $630,000 for the year 2017, down from $636,000 in 2016 and $638,000 in 2015 and 2014. On the bright side only one house sold for less than $500,000 and just barely at $493K. The lowest price in 2016 was all the way down to $455K with two others under $500K. See our 2016 Saturnia summary. Pressure from new homes in developments like The Bridges and Seven Bridges has increased supply in this segment, keeping home prices from rising for larger single family homes. The Boca Falls 2017 average was also down a little.
Other positive signs include no REO or short sale transactions, and a higher volume with 33 homes sold in 2017, up from 23 in 2016. Some listings failed with eight canceled and ten expired. Also on the negative side, the average price fell in dollars per square foot. In 2016 it was up to $188 per square foot, but in 2017 it dropped to $174 per square foot, well below the 2015 number.
The ten highest prices were large houses over 4000 square feet. 19498 Saturnia Lakes Drive got the biggest price with 6 bedrooms and 4 1/2 baths in 4700 square feet at $850,000. One other sold at $800K and six more sold in the $700s.
Four houses sold near $500K with 19107 Skyridge Circle the lowest at $493,000, and the same 4-bedroom 2800 square foot model next door at 19101 at $505,000. Two 5-bedroom models sold for $510,000, one of them much larger at 3600 square feet.
The biggest apparent bargain of 2017 was 19528 Saturnia Lakes Drive, a 4700 square foot house with 6 bedrooms and 4 1/2 baths that sold for only $635,000, or $133 per square foot. This was sold by an investor who acquired the house out of foreclosure for $545,000. No other house sold for less than $140/sq.ft. The best seller price per square foot was 11898 Preservation Lane, a 2800 square foot 4-bedroom that sold for $600,000, or $214 per square foot. Three other houses in Saturnia sold for over $200/sq.ft. and three more sold for over $190/sq.ft.
19 homes sold in The Shores at Boca Raton in 2017. Most homes sold between $460,000 and $650,000. There was one exception at the high end – the 4000 square foot 7 bedroom at 11307 Sea Grass Circle sold for $665,000. There were two exceptions at the low end, both smaller homes. 11423 Sea Grass Circle sold for $380,000, the only house under $400K, with 4 bedrooms in 2400 square feet. The even smaller 11488 Sea Grass Circle, with 2100 square feet, sold for $415,000.
Most of the houses were between 2900 and 3400 square feet with either 4 or 5 bedrooms, 2-4 full baths and nearly all with a half bath. There was a roughly even split between 2 and 3 car garages and all but the bottom house had either waterfront, a pool, or both. All were built between 1995 and 1998.
Priced in dollars per square foot, the homes ranged from just under $150/sq.ft. to just under $200/sq.ft, with an average of $171/sq.ft. Roughly half of the homes sold in a month or less, with a few taking closer to three months. The $380K home sat on the market for nearly a year.
At this writing there are 14 homes for sale in The Shores at Boca Raton with prices from $420K up to $665K.
If you’re thinking of buying or selling a house in West Boca, call or text Warren at 518-225-3710.
2017 was a good year for Mission Bay home sale prices. Mission Bay is another large development west of US-441 with several subdivisions. It includes single family homes and two different townhome subdivisions.
64 single family homes and 10 townhomes sold in Mission Bay during 2017. The average single family home sold in two months for $427,000 with 2400 square feet at $177 per square foot. The average townhome sold for $284,000 in 20 days with 1600 square feet at $179 per square foot.
In this article the single family homes are covered first, and the townhouses are at the bottom. Prices are up a lot. Just a couple years ago several single family homes in Mission Bay sold for under $300,000 and the top price was $565,000. In 2017 the lowest price was $330,000 and only a few homes sold under $350K. Three homes sold over $600K including the highest at $652K.
Single family homes on the ungated Hacienda Court had the highest prices of homes sold in Mission Bay for 2017. Five houses sold. Three of them were roughly 2600 square foot 4-bedroom houses with prices from $450,000 to $503,000. A 3300 square foot 5-bedrooms old for $630,000. 20340 Hacienda Court was the highest price at $652,000 with 3100 square feet, 5 bedrooms and 3 1/2 baths.
The average price in Cordova Estates was $547,000. Most homes sold in less than two months, but one of the smaller ones sat on the market for over seven months.
The Isle, which is gated, is sometimes perceived as the most expensive subdivision in Mission Bay. For 2017 four homes sold with an average price of $507,000. Three of them sold in two to three months On Sausalito Drive a 3-bedroom 2 1/2 bath house with 2500 square feet sold for $450,000, and a 2700 square foot 4-bedroom sold for $488,000.
On Avenida Santa Ana a 2500 square foot 4-bedroom sold for $475,000. The highest price in The Isle was $615,000 for 10712 Avenida Santa Ana, a 2700 square foot 4-bedroom all one one floor. That house was thoroughly remodeled and has a large lot with great water views from the backyard pool area. It sold fast – only 5 days.
Nine homes sold in Ventura on Buena Ventura Drive and Vera Cruz Lane, all priced fairly close together from $405,000 up to $457,000. Eight of the nine were between 2200 and 2600 square feet. 10406 Buena Ventura drive, at 2900 square feet with five bedrooms, sold near the bottom at $406,000.
10274 Buena Ventura Drive actually sold twice during the same year. In January the 2400 square foot 4-bedroom sold for $425,000. It sold again in late November for $457,000 after some remodeling including the addition of a full bathroom.
Houses in Ventura took a little longer to sell on average with four of the nine sitting on the market for over 100 days. The average price was $422,000 at $175 per square foot.
The average price in Sonata was $414,000, held down a bit by an REO (bank-owned) sold $340K. Other than that one the lowest price was $355,000 for a 2000 square foot 3-bedroom. The high price was $515,000 for 20270 Monteverdi Circle, a 5-bedroom with 3000 square feet on two floors. That price is $40,000 higher than the same house sold for a year earlier. The house had some upgrades in that year.
Most of the homes sold in less than a month, but a couple of them took 3-5 months.
Regatta was just behind Sonata with an average price of $412,000 for 2017. At the low end was a 1700 square foot 3-bedroom selling at $350,000. Three other homes sold for under $400K, with between 2000 and 2300 square feet. 10682 Wheelhouse Circle squeezes 5 bedrooms and 3 1/2 baths into 2200 square feet. That sold for $373,000.
The seven homes in Regatta selling for over $400,000 were all larger than 2400 square feet. 20958 Avenel Run was the highest price at $470,000. It has 5 bedroom and 4 baths in 3100 square feet.
Eleven homes sold in Laguna for an average price of $402,000 after a month and a half on the market. Four 3-bedroom houses under 2000 square feet sold for less than $400,000, while six 4-bedroom houses over 2300 square feet sold for prices over $400K.
The highest price was $460,000, with two houses each selling for that. 10548 Mendocino Lane has over 3000 square feet, while 20331 Cozumel Court notched the same price with under 2600 square feet.
Three houses on La Salinas Circle in La Costa sold in 2017 in a fairly tight price range. A 1900 square foot 3-bedroom sold for $370K, while two 2300 square foot 4 bedrooms sold for $405K and $415K. All three sold in 10 days or less.
Rounding out the single family homes in Mission Bay is Harbour Springs. Six homes sold on Harbour Springs Circle and Baybreeze Way with prices from $360K (1900 square foot 3-bedroom) to $412K (2700 square foot 4-bedroom). Also above $400K were two 2900 square foot houses. On average they took over two months to sell, with one home taking well over a year.
Townhome prices are up significantly from a couple years ago. In 2015 multiple townhomes sold for under $200K, and the highest price was $286,000. The lowest price for 2017 was $255K, and the top was $315K.
The Las Flores townhome subdivision saw three home sales. All three were between 1600 and 1800 square feet, with prices of $276K, $281K and $315K. All three sold in less than a month.
Seven townhouses sold in Reflections with two smaller models going for $255K. The top price of $305,000 was a 2-bedroom with nearly 1700 square feet. The average unit sold in just over three weeks.
Stonebridge Country Club is a golf course community of 398 homes on the west side of US-441 north of Clint Moore. 23 homes sold in 2017 with prices ranging from just over $100,000 up to $495,000. The average price for 2017 was $311,500, a substantial drop from the 2016 average of $351,000. Communities with mandatory golf membership often face a challenging market for home prices and that doesn’t appear to be getting easier.
The average price in dollars per square foot was just over $100, well below the $180 or more that we typically see in West Boca gated communities. Ten of the transactions were for less than $100 per square foot and only two were over $130/sq.ft. The average home took just under four months to sell.
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10264 Spyglass Way was the lowest price and really an outlier at $102,500 for a 2600 square foot house with 3 bedrooms. It appears to have been a desperate sale by the estate of a deceased owner. All other homes sold for $180K or higher including two “REO” homes for just under $200K.
On the bright side five homes sold for over $400,000 including two at $495,000. 10499 Stonebridge Blvd sold for $495K with 5 bedrooms and 5 1/2 baths in nearly 4000 square feet. The smaller 10241 Shireoaks Lane also sold for $495K with 4 bedrooms and 3 1/2 baths in 3400 square feet. The top price in 2016 was only $482,500 so there’s some hope for homes at the higher end.
We’re getting an early start on our annual reports so it’s possible there will be one or two more transactions closed by the end of 2017.
Just under 50 homes were sold in Boca Greens for the year 2017. Prices ranged from $255,000 for a small two-bedroom up to $650,000 for a three bedroom model with 3000 square feet. Both of these were outliers as 43 of the 47 transactions were in the $300K to $500K range.
Want help buying or selling a home in Boca Greens? Contact Warren at 888-733-5299 or submit the form below:
The average sold home stayed on the market for more than three months, which hints that the market may be softening. Average price per square foot was $195 and the average sale price was nearly $420,000, both up from the 2016 numbers for Boca Greens.
Back Nine Drive had the most transactions – 10 of them – including the two lowest prices at $255K (mentioned above) and $260K for a 1400 square foot 3 bedroom coming out of a foreclosure. The top price on Back Nine Drive was $460,000 for a 3-bedroom with 2300 square feet with renovations in the kitchen and bathrooms and a brand new roof.
The highest prices were on Canoebrook Circle. Out of the nine transactions, six were for over $440K including the $650K monster, which took two listings and nearly ten months to sell.
Please this report is from a week before the end of the year, so there may be one or two more deals we missed.