Home Prices Up In The Oaks

Homeowners in The Oaks will appreciate a resurgence in prices paid for houses in their neighborhood in 2017. There were 36 transactions. The average price rose to $1.26 million, up $100,000 from last year. It’s even better than that as our number for last year excluded a few distressed sales. Leaving distressed homes out, the average for 2017 rises to $1.3 million at $244 per square foot. As expected at this price level the homes take longer to sell, averaging over 4 months.

Four homes sold for over $2 million. Three of those had seven bedrooms in over 7000 square feet. The somewhat smaller 9091 Redonda Drive, with six bedrooms in 5600 square feet, sold for $2.36 million. That works out to $418 per square foot. This one is spectacular with water features on the walk up to the front door, an over the top pool in the backyard, and absolutely gorgeous interior. It was sold new by the builder but records show the house was built in 2014, which is what happens to the model used to show prospective buyers of other homes to be built. It was featured in their Palm Beach Post ad in 2014.
Lake Azure Way dominates the under $900K category with six homes on the street selling for prices between $832K and $900K. Most of these are around 4500 square feet working out to roughly $200 per square foot. The lowest price for 2017 was 17720 Villa Club Way, a 3400 square foot 3-bedroom that sold for $750K.
Sixteen houses sold for prices between $1M and $1.5M. This group averaged 5300 square feet (average $236/sq.ft.). One standout in this group was 9074 Pintura Way which sold for $1,225,000 with only 3400 square feet, working out to $355 per square foot. The house has top of the line finishes including Viking and Subzero appliances but the price still seems a bit high. You could buy a roughly comparable home in Saturnia and save about half a million dollars.