Developer K. Hovnanian has been approved to add 211 townhomes in the middle of the Boca Dunes community, replacing roughly 41 acres of golf course in the process. The new buildings will have about six units each, as depicted in the above image.
As you can see from the images above and below the new structures will be built right in the center of the current area.
According to Hovnanian:
Homes will range in price from $314,000 – $380,000. Spacious 2-story townhome designs will offer living space between 1,600 and 2,500 square feet and 2 – 3 bedrooms. This new residential development is planned for 2016.
We’re not sure how realistic that pricing is. In the past year in Sandalfoot Cove (south of Palmetto Park between 441 and Boca Rio), only six townhomes sold for more than $200K around 1600 square feet. Closer to Boca Dunes the highest price in the past year was $161,000, about half of the low end in the proposed project. Condo sales in the community top out around $150K for 1600 square foot units.
Looking at recently built townhomes in Boca and Delray, ones in the Centra community southeast of Military Trail and Yamato sell for more than this project. The lowest we see for that is $290K for a 1400 square foot 2-bedroom unit, but most were 3-bedrooms selling for over $350K. Four of them sold for over $400K with one over $490K.
In Delray Beach there are two similar developments. 1800 square foot units in Drexel Park are selling for around $300K while similar units in Gramercy Square are generally less with 1900 square footers as low as $255K. All of these have 3-bedrooms.