Boca Greens Homes Rise to $400K – Up 10% Over Two Years

Boca Greens is a recent bright spot in West Boca real estate. Prices in the gated community rose to just over $400,000 in 2016, a substantial increase from the 2015 average of $378K. Compared to the $365K average from 2014, prices are up roughly 10% in two years.

10513 Milburn Lane sold for $550,000. That is the highest price we have seen in Boca Greens in the past 3 years. The 2700 sq.ft. 4 bedroom, 3 bath home has substantial upgrades including a new roof and a marble driveway. Yes, marble. Image and map data by Google.

Three houses in the neighborhood broke the $500K barrier, which no house did in the previous two years. The low end was also higher with one transaction at $260K. Only three others were below $300K. All of those were smaller 3 bedroom houses with 1-car garages.
Looking in terms of dollars per square foot shows similar growth. The average for 2016 was $188/sq.ft., up from $177 in 2015 and $169 in 2014, more than 10% in that two year span.

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It’s not clear why prices are up, but one insider suggests a possible cause: An influx of orthodox Jews who want to live within walking distance of the new Chabad in Boca Greens Plaza. The other interesting detail is that volume is down. There were 39 transactions in 2016, lower than the burst of 53 deals in 2014, though more than the 32 from 2015.
Boca Greens is a gated community on the west side of US-441 between Yamato and Glades. The community includes an 18-hole golf course but membership is not required. We have attended many events at the golf course’s clubhouse. The neighborhood is zoned for Sunrise Park Elementary, Eagles Landing Middle, and Olympic Heights High, all excellent schools. And of course residents can walk to a variety of stores and restaurants in Boca Greens Plaza, including Stella’s Pizza, KPB Pharmacy, and Hair Therapy.
As usual we excluded distressed sales (REO and short sale) out of our numbers.

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