Boca Isles Prices Down in 2016 Due to REO

Average house prices in Boca Isles (including both sections – Boca Isles North and Boca Isles South) dropped below $500K in the first half of 2016, but the number may be misleading. The average transaction was $495K, down from $507K in the second half of 2015 and $514K in the first half of 2015.
The statistics were significantly reduced by REO transactions (homes sold by investors after foreclosure). Out of 35 total transactions, 6 were REO compared to none in the year earlier period. For the 29 non-REO transactions the average price was over $521K. This is still only a 1.3% increase year on year. As we just reported, the similar Boca Falls community saw a 7% increase in the same time frame.

The biggest transaction in Boca Isles was $670,000 for a 5-bedroom, 3-bath house on King Bay Drive. The #2 house was also on King Bay, a 5-bed, 4-bath house selling for $640K. Both are around 3200 square feet.
On the low end, 5 of the 6 REO homes sold for less than $400K with the two lowest selling for around $335K. The lowest non-REO home sold for $440K with 4 bedrooms and 2 bathrooms on Preserve Drive.
On the bright side houses are selling faster with “days on market” dropping to only 55 days, or less than two months. It looks like time to buy in Boca Isles as prices have not risen along with the overall market. This is a great neighborhood with excellent schools.