Real Estate Trends: Shores, Saturnia & The Oaks

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.

We previously covered 6000+ sq.ft. homes; as well as Boca Isles and Boca Falls.

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:
[gview file=”https://westbocanews.com/wp-content/uploads/2015/07/oaks-1h-2015.xls”]
We did the other two on the same sheet, one sheet for each period. The Shores is on top.
January – June 2015
[gview file=”https://westbocanews.com/wp-content/uploads/2015/07/shores-saturnia-1h-2015.xls”]
July – December 2014
[gview file=”https://westbocanews.com/wp-content/uploads/2015/07/shores-saturnia-2h-2014.xls”]
January – June 2014
[gview file=”https://westbocanews.com/wp-content/uploads/2015/07/shores-saturnia-1h-2014.xls”]