Home prices rose in Mission Bay last year, including houses, townhouses. The average for single family homes broke through the $400,000 level rising to $412K from $390K in 2015. Measured in dollars per square foot the increase was nearly 9% over the previous year.
The increase was more dramatic for townhouses (including villas) with the average rising to $271K, up 15% from $235K in 2015, though it was only 8% up when measured in dollars per square foot.
As we are seeing with a lot of other neighborhoods, the low end is rising. In 2015 there were six single family transactions at $300K or less. In 2016 there were only two. There was movement on the high end as well but the difference was not as dramatic.
Single family home transaction prices ranged from $255K to $565K. The $255K house was an anomaly, with the next transaction at $295K. The four highest prices were all in the gated Isle of Mission Bay subdivision and the top 9 were all on the north side of Glades Road.
Townhouse and villa prices went from a low of $232K (2 units) up to a high of $307K. Unlike 2014 and 2015, two units sold for over $300K and no units sold for less than $200K.
Mission Bay homes are zoned for Sandpiper Shores Elementary, Loggers’ Run Middle, and West Boca High School. The sections north of Glades Road are in zip code 33498, while the southern part is in 33428.
There were no REO or short sale transactions in 2016. We excluded those in previous years from our analysis. We looked at condo transactions but there were only a few in the past 3 years and none in 2016, so we left those out as well.
Want to buy or sell a home in West Boca? Call Warren at 888-733-5299.
Mission Bay was one of the few communities to respond to our inquiry about updates and improvements:
The Mission Bay Community has undergone a major transformation throughout its property during the course of 2016. The Board of Governors, staff and volunteers took on this monumental project that began at the clubhouse and continued with most of the major structures within the community. Looking to upgrade their beautiful facilities, they consulted with a designer who helped them create a vision.
The Board wanted to create a dramatic effect as you enter the covered walkway to the Clubhouse and accentuate the columns with ledgestone. This added depth and color leading to the pool area.
The Club patio was completely redone and redesigned with wood and pavers. New outdoor furniture that include, 2 gas grilled fire pits were purchased in order to give the residents a more enjoyable place to take advantage of the great views of the lake by a fire. The pool patio was enlarged to offer additional seating for its residents. The lounge chairs by the pool were re-strapped to blend with their new color scheme and more umbrellas were added to give the residents more options around the resort style pool.
The once screen enclosed game room was revamped and now features an open air bar with flat screen TVs on every wall. The bar was created with a vision to offer residents 21 and older a place to meet and have a few beverages while enjoying the pool and patio.
The Mission Bay board began offering Friday evening “Happy Hours” for those 21 and older. In addition Mission Bay offers both family friendly and adult parties throughout the year. They have even implemented “Football Sundays” for residents to enjoy a “sports bar” environment during NFL season! These parties have become very popular events and attendance is usually very high. All of these Country Club amenities are offered to residents without charging country club prices.
All Mission Bay monuments have been updated and refurbished. The stonework and color scheme were carried out throughout the whole community including all Directional signs. Their main monuments located on SR7 and Glades Rd. are an important structure of West Boca. Both Mission Bay residents as well as all persons living in neighboring communities enjoy the view of the beautiful building standing on the North side hill. For this reason, it was important to the Board to upgrade and accentuate this structure for the Community. New reverse channel lettering was installed, stone was added to the pillars and the building, and iron gates were placed in the archways. All this in order to highlight the architecture and the pillars. Landscaping was also added to enhance the area.
Another major change Mission Bay residents saw this year was in a new Cable Television service. Residents now enjoy both cable and high speed internet service paid through their Mission Bay HOA dues. This now allows everyone to access free internet while at the playground, tennis courts, basketball courts, gym and pool area.
In order to keep the community safe at all times, Mission Bay hired a security company to patrol all ten villages and common areas 24 Hrs. a day, seven days a week. This added security ensures that families continue to live in safe place.
Beginning in January, the workout facilities will be remodeled and the gym equipment completely replaced with the latest machines available in the market. Once the renovations are complete, the aerobics classes will include new spin classes as well as the current body sculpting, Zumba, Boot Camp and Yoga classes that have always been offered.
Boca Greens is a recent bright spot in West Boca real estate. Prices in the gated community rose to just over $400,000 in 2016, a substantial increase from the 2015 average of $378K. Compared to the $365K average from 2014, prices are up roughly 10% in two years.
Three houses in the neighborhood broke the $500K barrier, which no house did in the previous two years. The low end was also higher with one transaction at $260K. Only three others were below $300K. All of those were smaller 3 bedroom houses with 1-car garages.
Looking in terms of dollars per square foot shows similar growth. The average for 2016 was $188/sq.ft., up from $177 in 2015 and $169 in 2014, more than 10% in that two year span.
Thinking of buying or selling a home in West Boca? Contact Warren to get help.
It’s not clear why prices are up, but one insider suggests a possible cause: An influx of orthodox Jews who want to live within walking distance of the new Chabad in Boca Greens Plaza. The other interesting detail is that volume is down. There were 39 transactions in 2016, lower than the burst of 53 deals in 2014, though more than the 32 from 2015.
Boca Greens is a gated community on the west side of US-441 between Yamato and Glades. The community includes an 18-hole golf course but membership is not required. We have attended many events at the golf course’s clubhouse. The neighborhood is zoned for Sunrise Park Elementary, Eagles Landing Middle, and Olympic Heights High, all excellent schools. And of course residents can walk to a variety of stores and restaurants in Boca Greens Plaza, including Stella’s Pizza, KPB Pharmacy, and Hair Therapy.
As usual we excluded distressed sales (REO and short sale) out of our numbers.
Houses in Lexington Estates sold for more in 2016. The average transaction price rose to $459,000* from $427K in 2015. This is a little misleading as the homes sold in 2016 were larger on average. Measured in dollars per square foot the average works out to $167/sq.ft., which is a very slight increase over 2015 and 2014.
Transactions ranged in price from $377K* for a 2100 sq.ft. 3-bedroom house up to $515K for a nearly 3000 sq.ft. 4-bedroom house. The best “bargain” in the neighborhood was 22147 Braddock. It sold for $512K with 5 bedrooms in 3300 square feet, including waterfront, a pool, 3-car garage and numerous upgrades in immaculate condition, all at only $153/sq.ft.
Lexington Estates is a gated community with just over 200 single family houses on the west side of US-441 (aka State Road 7) south of Palmetto Park Road. The location is convenient for commuters and shoppers but may be perceived as uncomfortably close to lower priced neighborhoods nearby.
*Excluding foreclosure-related transactions. With those included the lowest transaction for 2016 was $327K and the average was $446K.
Home prices in Saturnia were flat in 2016 when compared to 2015. After removing foreclosure-related transactions the average price was $636,000, slightly below the 2015 and 2014 averages of $638K for each year.
On the bright side prices were up four percent on a dollars per square foot basis, rising from $180/sq.ft. to $188/sq.ft.
In 2015 the smallest transaction was at $500K. That slipped in 2016 with three houses going for less, and the cheapest all the way down to $455K. 2015 was an unusual year with more transactions (30) and a tighter price range ($500K to $790K). In 2016 there were 23 transactions with a broader range, and 2014 was even wider with one house going for over $1M.
Saturnia is a gated community at the far west end of Yamato Road. It is across the street from highly rated Eagles Landing Middle School and Sunrise Park Elementary, and it is zoned for Olympic Heights High. The west side of the neighborhood borders the Loxahatchee Wildlife Refuge and the land to the north is unlikely to ever be developed. South County Regional Park is to the east. Most houses range in size from 4 bedrooms in 2600+ square feet up to 5 or 6 bedrooms with some over 4000 square feet.
On raw numbers home prices in The Shores fell 1% in 2016 from the 2015 numbers. The 2016 average transaction came in at $471,000, down from $477,000. As we saw with nearby Boca Isles, the average was distorted by a larger than usual number of “REO” homes sold after foreclosure.
Taking the REO deals out of the data leaves an average price of $489,000 in 2016. Measured in dollars per square foot, prices were still flat at $164/sq.ft. Houses in The Shores took much longer to sell in 2016, averaging 77 days compared to only 36 days in 2015.
The Shores at Boca Raton is a gated community of single family homes located at the far west end of Yamato Road. Typical home prices range from $400K to $600K. Most houses have four or five bedrooms though there are a few with three bedrooms. The neighborhood is zoned for Sunrise Park Elementary, Eagles Landing Middle, and Olympic Heights High, all excellent schools.
The Shores responded to our request for information about updates:
Over the last year we have done many major improvements.
Upgraded security system with new cameras, RFID Stickers, Key Fob at the clubhouse, new gates as well as a new third gate barrier. Also purchased new Security database where residents may update their guests list via internet and mobile app.
Renovated clubhouse exterior with a new roof, paint, pool furniture, and pool landscaping
Completed a new Playground
Renovated the gym. Purchased Cybex treadmills,Cybex arc trainer, Cybex all-all-in-one functional trainer, and Octane Elliptical trainers. Carpet replaced and walls painted.
There are several projects in the works
Re-design of the front entrance
Renovation of the children’s clubhouse to include new carpet, furniture and paint
New sidewalk installed to create better traffic flow to the playground, childrens playroom, and the pool.
Home prices in Boca Isles fell by nearly 4% in 2016 compared to 2015. The average transaction price was $492,000, a drop of $20K from the $512,000 average in 2015. The numbers are still higher than they were in 2014 ($478K).
As we noted in our mid-year report on Boca Isles, these numbers are a bit misleading. There were a large number of “REO” (bank owned) transactions in 2016 and these tend to sell at lower prices. Removing the REO transactions from both years showed no significant changes in price from year to year with average price in both years around $512K.
Measured in dollars per square foot, the overall average for 2016 was $182/sq.ft. Removing non-REO homes raises that average to $188/sq.ft, about the same as 2015 but well above the 2014 numbers.
Leaving out the REO homes, prices ranged from a low of $392K to a high of $670K. Seven of the REO homes sold for less than $390K. Most homes in Boca Isles have four or five bedrooms ranging from 2300 to 3200 square feet. There are a few exceptions.
There were roughly 60 transactions in each of the last three years. Excluding REO homes, homes sold a little quicker in 2016 with the average selling in a bit less than two months and the median at only 34 days.
Boca Isles includes two neighboring gated communities zoned for Olympic Heights High, Eagles Landing Middle, and Sunrise Park Elementary. They are located on Cain Blvd south of Yamato, with South County Regional Park to the west.
If you’re thinking of buying or selling a home in West Boca, choose a Realtor® who knows the market. Call Warren at 888-733-5299 or e-mail him – warren@WestBocaNews.com.
This is the third article in our series analyzing real estate transactions for 2016, following our articles on Boca Winds and Boca Falls. More coming soon.
Homes in Boca Winds sold quicker and for substantially more in 2016. The average home price rose to $369K, up from $360K. That’s a 2.5% increase. The price rise was more pronounced on a dollars per square foot basis, at $174/sq.ft. in 2016, up 8% from $161 in 2015 and $159 in 2014.
Boca Winds is an ungated community at the far west end of Palmetto Park Road. It is bordered on the south by the Loxahatchee Canal and the county line, to the west by the Fran Reich Preserve, Boca Falls to the north and Boca Reserve to the east. It is zoned for the nearby Waters Edge Elementary, Loggers Run Middle, and West Boca High schools.
Our data show 82 transactions in 2016, up from 61 in 2015 and 60 in 2014. Homes are also selling quicker, averaging 42 days (median 26) vs. 57 in the two previous years. The 2016 numbers include 7 REO transactions and 2 short sales. The busiest street was Sea Bass Drive with 9 transactions.
Homes sold in 2016 ranged from 1400 to 3600 square feet with prices typically ranging from the low $200s with 3 bedrooms and 2 baths up to the mid-$500s with up to 6 bedrooms. They were built from 1985 through 1999.
This is the second in a series of articles analyzing 2016 real estate transactions in West Boca. The first article covered Boca Falls. More coming soon.
Boca Falls homes sold for higher prices in 2016 compared to previous years, but the numbers are mixed. The average transaction for the year was just under $593,000, up dramatically from the averages of $538K in 2015 and $522K in 2014. That’s a price increase of over 10% compared to the previous year.
When we dig into the numbers we find it’s not that simple. The reason for the increase appears to be the result of larger homes being sold. The average size in 2016 was nearly 3400 square feet (living area), up from 3100 square feet in 2015 and under 3000 square feet in 2014.
Measured in dollars per square foot the 2016 average was $178/sq.ft, up from $174/sq.ft. in 2015 (a 2% increase). The number in 2014 was $177/sq.ft. Looked at this way Boca Falls home prices have not increased significantly in the last two years. We checked the numbers after taking out REO (foreclosure-related) and short sale transactions. It did not make a noticeable difference. Click to read more about Boca Falls real estate.
If you’re thinking of buying or selling a home in West Boca, choose a Realtor® who knows the market. Call Warren at 888-733-5299 or e-mail him – warren@WestBocaNews.com.
This is the first in a series of articles analyzing West Boca real estate numbers from 2016. Coming soon we will do the same for Boca Winds, Boca Isles, Saturnia, The Oaks and plenty of others.
Home prices in Saturnia were up by 7.5% in the first half of 2016, compared to the year earlier period. The average transaction closed at $645K, up marginally from the second half of 2015 but significantly higher than the $600K average for the first half of 2015.
The biggest price in the first half of 2016 was $801.5K for 19557 Saturnia Lakes Drive, a four bedroom, three bath house with just over 3200 square feet. At just short of $250 per square foot, it was also the most expensive on that measure. The average was $187.
Houses moved a little quicker with an average of 72 days on the market (down from 81 a year ago). They are also being priced well at the start, with the average house selling for 96% of the original list price, up slightly from last year.
At the low end $455K bought 19084 Skyridge Circle, a 4 bedroom 3 bath house with 2600 square feet.
There was only one REO transaction in the latest period and it did bring down the average. 19234 Creekshore Court sold for just under $600K. That sounds good but the house is nearly 4700 square feet with 6 bedrooms and 5 1/2 baths. At $128/sq.ft. it is by far the cheapest sale in the last 18 months.
Prices continue to rise in Boca Winds. The average transaction price in the first half of 2016 was just over $366,000, up 8 percent from the same period a year earlier, and more than 5 percent higher than the second half of 2015.
The improvement is not just in dollar figures but shows up in other ways. For example, prices rose in “dollars per square foot” to $169/sq.ft. vs. $161 in the two earlier periods. Transactions are also closing a little quicker with an average of 50 days.
The total volume of sales was also up, with 44 transactions in the most recent 6 months vs. 35 in the first half of 2015. While there were several REO transactions (sold by investors owned after foreclosure), their prices were mostly in line with the other houses so they did not pull down the numbers.
On the lower end, 12 houses sold for less than $300K, generally with 3 bedrooms and under 2000 square feet. The bottom was an REO selling for $198K, $47K less than the next lowest at $245K.
Sale prices averaged 94-95% of the original list price consistently over the past 18 months. A few houses sold for more than the original list, while one sold for only 75%.
And again we see full price brokers selling houses for significantly more than discount brokers. Discount brokers save their sellers about 1% on the commission, but lose them 2.5% on the price.