Prices in The Oaks Continue Decline

Home prices in The Oaks were down in 2016 when compared to the two previous years. After excluding foreclosure-related transactions, the average sold price was $1.16 million in 2016, down from $1.21M in 2015 and $1.25M in 2014.

Looked at on a dollars per square foot basis, the average in 2016 was $221/sq.ft., compared to $229/sq.ft. in 2015 and $246/sq.ft. in 2014, or a roughly 10% drop in the past two years.
2016 was a busy year in The Oaks there with 50 total transactions, up from 35 in 2015 and 29 in 2014. Fifteen of the 45 non-foreclosure transactions went for less than $1M down to as low as $730K. There were a couple of even cheaper foreclosure-related transactions with one Chinese drywall house going for only $315K.

On the high end only one house sold for over $2M in 2016. Just built, 17566 Grand Este sold for $2.35M with 5 bedrooms and 6 1/2 baths in 5900 square feet, it works out to nearly $400/sq.ft. That’s more than $100/sq.ft. higher than any other house sold in 2016. It’s unclear why the buyers paid so much for the house.
The Oaks is a gated community on the north side of Clint Moore between US-441 and Lyons Road. We have been in The Oaks many times and it definitely feels high end with gorgeous houses and true luxury amenities. The southwest part of the neighborhood borders the Thomas Produce property which will potentially be developed in the near future.

Homes in The Oaks are facing pricing pressure from new homes in the nearby Bridges and Seven Bridges communities, along with Azura and Royal Palm Polo on Jog Road. Various other issues also impact pricing, including the high association fees, concerns about what will happen with Thomas Produce, and the hangover from the Chinese drywall problem. With all of that said, there are some remarkable bargains in The Oaks if you want a house over 4400 square feet.
Call Warren at 888-733-5299 if you’d like to buy or sell a house in The Oaks.