February Real Estate Update for West Boca


What Sold?
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.
Saturation
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.
Not Saturated
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.

Boca Chase Home Prices Rise

Boca Chase entrance on US-441; image by Google.

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.
18075 102nd S Way sold for $200,000; image by Google.

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.
11313 Coral Reef Drive sold for $460,000 in October. Image by Google.

Twelve houses sold for over $400,000, all of them with four bedrooms. Two homes broke the $450,000 level.

Boca Greens Home Prices Up Again For 2017


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. So where ever you’re selling your home you’re going to want to have your property appraised so you know your potential selling price, look at companies like D Fritz Appraisals so you’re able to see how much you may be able to put your house on the market for.
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.

For help with West Boca Real Estate check out the new YesBoca.com website.

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.

Boca Isles Homes Sold 2017

Boca Isles South has a nice community pool area and clubhouse.

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.
Warren’s listing at 19641 Biscayne Bay Drive sold for $480,000.

Sunset sky from backyard of 19641 Biscayne Bay Drive. Image copyright Warren Redlich.

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.

Lakes at Boca Raton Homes 2017

18636 Cape Sable Drive in Lakes at Boca Raton sold for $470K in August of 2017.

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.
18820 Cypress Bend Court; image by Google.

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.
10839 Sea Cliff Circle; image by Google.