Next in our continuing series on real estate trends, we’re looking at three different neighborhoods: The Shores at Boca Raton, Saturnia, and The Oaks. All three are gated communities. The Shores and Saturnia are at the far west end of Yamato Road, both near South County Regional Park and Eagles Landing Middle School. The Oaks is on the north side of Clint Moore between 441 and Lyons Road. They are shown by the three rectangles on the map below, with Saturnia to the lower left.
As usual we are leaving REO and short sale transactions out of our analysis.
For starters we should compare the neighborhoods. The Shores at Boca Raton has relatively low-priced homes compared to the other two, with most transactions below $500K and a few below $400K. Houses there sell for an average of roughly $160 per square foot. Saturnia homes start higher with most transactions over $500K with a few over $700K, averaging over $180 per square foot. Both Shores and Saturnia have a roughly 60-40 mix of two-floor and ranch homes. In both neighborhoods homes sell on average for 93% of the original list price.
The Oaks is mostly two-floor houses and they’re pricier. It’s rare to see a house go for under $800K. Most are $1M or more with some going for over $2M. They average $240 per square foot with the higher end closer to $300/sq.ft. The houses also start off with high prices, with average sales going for less than 90% of the original list price.
Warren Redlich is a Realtor® with Signature International. He focuses on houses over $500K in West Boca. As the owner of West Boca News, he get spread the word about houses he lists more effectively than anyone else. And with his knowledge of the local market, he can help sellers sell for the best price. Find out more at West Boca Real Estate.
Turning to trends, prices are up in The Shores. In the first half of 2014 (January to June) the average house sold for $440K at just over $150/sq.ft. Those numbers increased to nearly $460K and $161/sq.ft. in the first half of 2015. That works out to a roughly 5-6% increase in just one year. The 2015 houses sold fast, averaging just over a month on the market vs. 70 days in the same period of 2014.
The trend is positive in Saturnia as well rising from $609K and $169/sq.ft. to $623K (up 2%) and $183/sq.ft (up 8%). The average time to sell was longer, though that was mainly due to one house that took over a year to sell. On average houses are selling in Saturnia in less than three months.
By contrast, numbers for The Oaks don’t show any significant price trend. The average transaction price has been consistent at roughly $1.2M to $1.3M. In per square foot terms prices actually fell slightly, from $245/sq.ft. last year to $238/sq.ft. this year (a reduction of 3%). Houses there take 4-5 months to sell average. The one positive is that there were a lot more transactions, from a total of 21 houses in all of 2014 to 17 houses in just the first half of 2015.
Our spreadsheets are below. For The Oaks we did all three periods on one spreadsheet, with the first half of 2015 on top:
We did the other two on the same sheet, one sheet for each period. The Shores is on top.
January – June 2015
July – December 2014
January – June 2014
Homes in the 33498 zip code are located north of Glades Road, and west of 441. Neighborhoods within this region include Mission Bay, The Shores, Boca Isles, Boca Greens, Saturnia, Lakes at Boca Raton, Boca Chase, and Stonebridge. The schools in this area have an excellent reputation and the area has one of the lowest crime rates in Palm Beach County. In addition, there are many unique attractions both nearby and within, such as South County Regional Park.
The Saturnia neighborhood is wonderful for families and offers a 24 hour guarded gate, clubhouse, pool and spa. It also has basketball and tennis courts, and a fitness center. Students attend the highly regarded Eagles Landing Middle School and Olympic Heights High School, though some go to other area schools. There are HOA fees.
The large home at 11833 Preservation Lane in Saturnia sold for $705,000. It has 5 bedrooms and 4 full bathrooms in 4,043 sq. feet of living space. The large master bedroom has french doors leading to a covered balcony and his and her walk in closets. The kitchen has stainless steel appliances and granite counter tops. The backyard has an in ground salt water pool and jacuzzi and views of the preserve. In addition, there is a 3 car garage. Built in 2000, it was purchased in 2013 for $600,000. The back of the house looks out over a canal and onto land that will probably remain undeveloped.
19567 Estuary Drive in Saturnia sold for $540,000. It has 4 bedrooms and 3 full bathrooms in 2917 sq. feet of living space.
19444 Saturnia Lakes Drive sold for $635,000. It has 5 bedrooms and 3 full bathrooms in 3233 sq. feet of living space.
11762 Preservation Lane sold for $565,000. It has 5 bedrooms and 3 full bathrooms in 3340 sq. feet of living space.
19347 Skyridge Circle sold for $530,000. It has 4 bedrooms and 2.1 bathrooms in 3495 sq. feet of living space.
See our recent video about homes for sale in Saturnia:
The Shores at Boca Raton
The Shores is a gated community on the north side of Yamato across from South County Regional Park. Amenities include a clubhouse with exercise room, picnic area, tennis courts and a pool. Students attend Sunrise Park Elementary School, Eagles Landing Middle School and Olympic Heights Community High School.
The two story home at 18604 Ocean Mist Drive in The Shores sold for $542,000. It has 5 bedrooms and 4 full bathrooms in 3694 sq. feet of living space. The home has garden views, a large patio and a pool. The kitchen has granite counter tops and overlooks the family room. There is a guest suite on the first floor. The home was built in 1998 and originally purchased for $353,055. It was purchased by Bank of America in 2015 for $403,300.
The house is on a mini cul de sac and backs up to two canals, one of which borders the Loxahatchee Wildlife Refuge.
18739 Ocean Mist Drive in The Shores sold for $477,500. It has 4 bedrooms and 2.1 bathrooms in 2911 sq. feet of living space. Boca Isles North and South are gated communities with bike and jogging paths and they’re popular with families. Each community has a large clubhouse with meeting rooms and billiards. There are state of the art exercise rooms, basketball courts, playgrounds and tennis courts. There is also a large pool and spa.
The ranch at 19184 Cloister Lake Lane sold for $650,000. It has 5 bedrooms and 3 full bathrooms in 2968 sq. feet of living space. The recently renovated kitchen has stainless steel appliances, and a large granite island. The home features real wood floors and the interior and exterior were recently painted. The in ground pool and spa have lake views. Built in 1994, it was purchased by Key Ocean Holdings for $395,000 in 2014.
10861 Bal Harbour Drive in Boca Isles sold for $525,000. It has 4 bedrooms and 3 full bathrooms in 2749 sq. feet of living space.
19143 Cloister Lake Lane sold for $585,000. It has 5 bedrooms and 3 full bathrooms in 2805 sq. feet of living space.
19635 Biscayne Bay Drive sold for $610,000. It has 4 bedrooms and 3 full bathrooms in 2935 sq. feet of living space.
19844 Dinner Key Drive sold for $500,000. It has 4 bedrooms and 3 full bathrooms in 2935 sq. feet of living space.
The Boca Walk to End Alzheimer’s will take place on Sunday, September 27th in Mizner Park Amphitheater. There is no registration fee to enter the walk. The Walk raises funds for the Alzheimer’s Association. Their goal is to raise awareness and funds for Alzheimer’s care, support and research. The Alzheimer’s Association is a nonprofit 501 (c)3 organization.
Registration for the walk starts at 7:30 a.m. and the ceremony starts at 8 a.m. The walk starts at 8:30 a.m. and is 2 miles. Every registered participant who raises $100 or more will receive a t-shirt. Participants can donate online, create a team or join an existing team. Volunteers are also needed to help on the day of the event. A light breakfast will be provided to participants.
To find out more information, go to Act.Alz.Org/BocaWalk or contact Chairperson Pamela Polani at 561-496-4222.
Real estate trends in West Boca
We’ve been looking at recent real estate trends in West Boca. We started with neighborhoods, discussing Boca Falls in one article and Boca Isles in another.
For this article we’re taking a different approach. We looked at large houses, over 6000 square feet, and we included southwest Delray Beach because the market is similar. These “McMansions” sales were clustered in a fairly small area as shown on the map below:
Transactions in this class consistently average over $2 million, and around $300 per square foot of living space. When starting to review this we separated houses into two groups – inside and outside a membership club. Some of the most common membership clubs in our data include St. Andrews Country Club, Mizner Country Club, Boca West, Polo Club, Addison Reserve and Woodfield Country Club. Top neighborhoods that do not require membership include Long Lake Estates, The Oaks, The Bridges, Azura, Stone Creek Ranch, and Le Lac.
We do not see a big difference in values between these two groups. At this end of the market country club memberships do not seem to have much impact on real estate prices. Either way the neighborhoods are exclusive.
It’s also hard to identify clear trends because the individual homes tend to be more unique. At the low end some houses sold for as little as $1 million at $150/sq.ft. or less, while two houses went in the $600/sq.ft. area and the most expensive went for nearly $10M and over $900/sq.ft.
Still, here’s what we see:
Large home sales increased dramatically in total numbers. There were 23 such transactions in the first half of 2014, 17 in the second half of 2014, and that rose to 35 transactions in the first half of 2015. There was a particularly big turnover of homes in St. Andrews.
The total size of the market also increased, from $57M in the first half of 2014 to $76M in the first half of this year. In 2014 the value was driven by a few very high-end homes. In 2015 it’s the total volume that’s driving things.
Average prices dropped. In both the first and second half of 2014 the average transaction was close to $2.5 million. In the first half of 2015 the average transaction was under $2.2 million. The average in 2014 was around $320/sq.ft. and that dropped to $290/sq.ft.
The biggest lesson we see in all of this is for sellers. If you have a large house there is a very wide spread in prices. This is driven by the features of the house and by finding the right buyer both for that house and for the community. The most patient sellers get more value by holding out for that buyer, but may wait a year, two years or even longer to get a sale done.
Our spreadsheet for this analysis is below:
Homes in the 33433 zip code are located east of Lyons Road and west of Military Trail, south of Glades Road down to the county line. Some neighborhoods in this zip code include: Boca Grove Plantation, Boca Lago, Boca Rio Golf Club, Via Verde, Boca Del Mar, Boca Pointe and Town Place Club Villas. Boca Grove is a gated community is located on Glades Road, just east of the Florida Turnpike. Amenities include a large clubhouse, exercise room, golf course, tennis, pool and hot tub. There are basketball courts, and bike and jogging paths as well. Owners must purchase equity membership for $70,000. Students in this community go to Del Prado Elementary School, Omni Middle School and Spanish River Community High School.
Condo unit 403 at 7383 Orangewood Lane in Chateau at Boca Grove sold for $600,000. It has 3 bedrooms and 3.1 bathrooms in 4619 sq. feet of living space. The condo has marble and wood floors throughout and has spectacular views of the golf course and lake. The kitchen has granite counter tops, 2 sinks, 3 dishwashers and 2 refrigerators. The Chateau is a full service building with 24-hour concierge and private garage parking. It was purchased in 2012 for $300,000. The Chateau was built in 1988. Boca Pointe
6526 Via Rosa in the Villa Flora section of Boca Pointe sold for $450,000. It has 3 bedrooms and 2 full bathrooms in 2211 sq. feet of living space.
6434 Via Rosa in the Villa Flora section of Boca Pointe sold for $459,000. It has 3 bedrooms and 2.1 bathrooms in 2455 sq. feet of living space.
7634 La Corniche Circle in Boca Pointe sold for $500,000. It has 3 bedrooms and 3.1 bathrooms in 2923 sq. feet of living space.
22504 W. Esplanada Circle in Boca Pointe sold for $450,000. It has 4 bedrooms and 4 full bathrooms in 4307 sq. feet of living space. Town Place Club Villas is a gated community located on the west side of St. Andrews Blvd just north of Palmetto Park Road. The upscale community is across the street from Town Center Mall and next to the Swim & Racquet Club. Amenities include 24 hour manned gate security, a large clubhouse and beautiful pool and hot tub. Students go to Verde Elementary School, Omni Middle School and Spanish River Community High School.
The 2 story home at 21813 Town Place Drive sold for $575,000. It has 4 bedrooms and 3 full bathrooms in 2564 sq. feet of living space. The eat-in kitchen has granite counter tops and adjoins the family room with a fire place. The home is located on an oversized corner lot and has an in ground pool with a large covered patio. The master bathroom has dual sinks, a separate shower and tub. Built in 1987, it was purchased in 2006 for $685,000. L’Ermitage of Boca is a gated community located south of Palmetto Park Road and west of Military Trail. Amenities include a large clubhouse with a community pool, tennis and basketball courts. Students attend Verde Elementary School, Boca Raton Community Middle School and Boca Raton Community High School.
The contemporary home at 23186 L’Ermitage Circle sold for $570,000. It has 3 bedrooms and 2.1 bathrooms in 2156 sq. feet of living space. The home has a open floor plan looking out to a private pool with patio and gardens. The kitchen and bathrooms were recently renovated and there is a new roof. Built in 1985, it was purchased by an investment group for $360,000 in 2014. Other Neighborhoods
22806 Pinewood Court in the Greens sold for $450,000. It has 4 bedrooms and 3 full bathrooms in 2453 sq. feet of living space. It also has quite a long driveway by West Boca standards.
22766 Pinewood Court in the Greens sold for $512,500. It has 4 bedrooms and 2.1 bathrooms in 2515 sq. feet of living space.
6362 Brava Way in Costa Brava sold for $455,000. It has 3 bedrooms and 3.1 bathrooms in 2845 sq. feet of living space.
5823 Wind Drift Lane in Wind Drift sold for $537,000. It has 4 bedrooms and 3 full bathrooms in 2864 sq. feet of living space.
6130 Vista Linda Lane in the Cloisters sold for $565,000. It has 4 bedrooms and 3 full bathrooms in 2876 sq. feet of living space.
22200 Larkspur Trail in Thornhill Green sold for $683,500. It has 3 bedrooms and 2.1 bathrooms in 2071 sq. feet of living space.
22314 Guadeloupe Street in Captiva sold for $509,015. It has 4 bedrooms and 2.1 bathrooms in 2291 sq. feet of living space.