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.
Thanks to a reader tip and photo, we learned that there is or was a house fire in the Trends neighborhood in Sandalfoot Cove. Above you can see the report from Palm Beach Fire Rescue on Twitter.
The reader who alerted us to the incident also sent this photo:
Another reader says: “Abandoned house fire … possibly started by squatters”
He also sent this photo:
That reader advised, and we confirmed, that the house at 23068 Old Inlet Bridge Drive is abandoned. It was taken over by the homeowners association about a year ago.