Boca Falls 2018 Report

The 3800 square foot 5-bedroom ranch at 21375 Falls Ridge Way (pictured above) fetched the highest price by far at $735,000.

34 homes sold in Boca Falls in 2018, with prices ranging from a high of $735,000 to a low of $422,500. There were also 33 listings that expired or canceled, making it about a 50% change that a listing will sell.

The average transaction was a 3000 square foot home selling for $560,000. Last year’s average was $586,000 for a 3200 square foot house. In dollar per square feet prices are up about 2%. Homes are taking a little longer to sell with the average at 77 days.

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Bridges Homes Average $1.04M; Seven Bridges $1.38M

For the first half of 2018, home sales that closed in The Bridges averaged 1.04 million at $268 per square foot. Most homes sold between $800,000 and $1.5 million but there was one that sold for $2.3 million and a seven homes sold under $800K, mostly smaller models around 2600 square feet. Twenty seven homes sold, ten of them for more than $1 million.

Seven Bridges homes averaged higher at nearly $1.4 million with most going between $900,000 and $2 million. Three homes sold just under $900K, with only one of them smaller than 3200 square feet. The average was just over $300 per square foot. Seventeen homes sold in total with twelve of them over $1 million.

The Bridges transactions are all or nearly all resales of existing homes. They sell, on average, in close to four months. Many of the Seven Bridges transactions are new homes and they’re taking over five months to sell. On both sides of Lyons Road they’re actually taking longer to sell because the numbers don’t include failed listings. Sixty listings expired or canceled in the first half of the year, more than the 44 that closed.

For example 9610 Labelle Court in Seven Bridges was purchased from the builder in early 2016 for $2 million. After the buyer did substantial upgrades it was listed by a Miami-based brokerage in 2016 for $2.9 million. That listing canceled after four months, and then another Miami broker listed it for $2.3 million. It’s a 6-bedroom house with 7500 square feet, 7 full bathrooms, 2 half baths, and loaded with features and high end finishes. In the middle of 2017 the seller switched to a Palm Beach County realtor. The house finally closed in early June for $2.05 million. The statistics show it was on the market for 10 months but it was really 22 months.

The biggest transaction of the year so far was in Seven Bridges where 16525 Fleur De Lis Way sold for $3.2 million. It’s a six bedroom house with six full bathrooms and another two half baths, all in just over eight thousand square feet. The house was bought new from the builder in 2016 for $2.9 million. The new owners are a successful business couple. The wife is a casino executive and is now president of the Atlantis resort in the Bahamas.

The second biggest deal was in The Bridges, 16876 Crown Bridge Drive, at $2.3 million for a six bedroom in 7500 square feet. The average sale in the Bridges was 3900 square feet, while the average in Seven Bridges was 4600 square feet.

While the vast majority of the homes are selling for well over $200/sq.ft. and some over $300/sq.ft., there are still some “bargains” in The Bridges. Just under $190 per square foot were 8658 Lewis River Road ($960,000 for a 5200 square foot 5-bedroom) and 16658 Gateway Bridge Drive ($796K for a 6-bedroom with 4300 square feet).

Prices Down 12% in The Oaks for 2018

The average price in The Oaks fell to $1.11 million in the first half of 2018, down from $1.26 million in 2017. On a dollars per square foot basis prices also fell from $244 per square foot to $221 per square foot, a 9.4% drop. What this really reflects is that 2017 was a good year for sellers and this year appears to be returning to similar numbers we saw in 2016.

Twenty three homes sold so far this year. On the bright side this is a faster pace than 2017 where a total of 36 homes closed in the full year. There are currently 39 listings, down significantly from the 50 we reported earlier in the year. The reduced saturation may help sellers going forward.

More listings failed than closed, with 23 listings canceled and another 6 expired. The average transaction took over five months, but that doesn’t account for previous failed listings of those houses.

17738 Middlebrook Way; image by Google.

The top price so far this year is $2.05 million for 17738 Middlebrook Way. Built in 2004, this genuine mansion has seven bedrooms in nearly 10,000 square feet on a 1/3 acre cul de sac lot. The seller was Kenneth Hudson, CEO of a prominent South Florida advertising firm. All other sales were 6500 square feet or less.

The biggest deal in dollars per square foot was 17519 Cadena Drive selling for $1,745,000. At just under 3450 square feet it works out to $320 per square foot. Built in 2015, it just sold at the end of June and the property appraiser records have not updated yet. The only other home selling for over $300 per square foot, and just barely, was 9082 Pintura Way at $1.63 million for 5400 square feet.

The best bargain was 17541 Circle Pond Court selling for $1.09 million for this 6500 square foot house with six bedrooms, seven full bathrooms and three half baths. It’s loaded with features including an 11-seat media room.

The seller was Benzion Abboud, a noted entrepreneur, investor and an interesting guy. You can see an interview with him here:

The house was on and off the market a few times dating as far back as 2008 with list prices as high as $2.7 million.

The two lowest prices were foreclosed, bank-owned homes. 17874 Lake Azure Way sold for just $500,000. Short sale attempts failed in 2010 and 2011, and the foreclosure was completed in 2013. JP Morgan Chase Bank sat on it for a few years until they listed it in 2017. It foundered on the market until an investor finally bought it and even then the transaction took another six months to close. With a price this low it could have been a house with defective drywall but we can’t see any evidence of that. It otherwise seems to have great bones with five bedrooms in 4700 square feet. The other distressed sale was 17585 Middlebrook Way, another five bedroom house with 4300 square feet that sold for $695,100.

Overall ten of the homes sold for over $1 million and fourteen sold for less than a million. Most homes sold for $880,000 or more and the average home had five bedrooms in just over 5000 square feet.

Boca Chase Homes 2018 First Half

Boca Chase entrance; image by Google.

Boca Chase includes two areas of single family homes to the west and east along with some 55+ senior communities in the middle.

Western Boca Chase

Thirteen single family homes sold in the western part of Boca Chase with prices ranging from a high of nearly $460,000 down to $265,000. This section of Boca Chase has less reported crime, perhaps because it’s further back or maybe criminals fear getting trapped in a place with only one way out. It’s one of the safest non-gated communities in West Boca and offers some great bargains for buyers.

The western section of Boca Chase with single family homes. Image and map data by Google and MLS service.

Two somewhat larger houses sold for $450K or more. 11061 Lakeaire Circle in Impressions III closed at $459,000 with four bedrooms in 2700 square feet. The house was fully renovated with some nice features in the kitchen including a deep sink and a wine refrigerator. Selling at $450,000 even was Coral Bay’s 18116 Blue Lake Way, also a four bedroom with an extra full bath in 2800 square feet. This one had fewer updates but a waterfront lot.

11061 Lakeaire Circle; image by Google.

A total of five homes sold in Impressions I, with three-bedroom 21421 Millbrook Court selling for the most at $415,000. That house took over 7 months to sell but the patient seller was rewarded with a good price for only 2100 square feet.

The low end prices were both in the Impressions subdivisions. At bottom was 21271 Sawmill Court, a foreclosed bank-owned 1900 square foot 3-bedroom that needs some work. Also below $300,000 was 11225 Jasmine Hill Circle, a 3-bedroom with 1700 square feet with a barebones listing from a Miami realtor indicating that the house needs TLC and upgrades.

Other than those two troubled homes, the floor in the western part of Boca Chase seems to be around $350,000. 21230 Sawmill Court sold for $350,900 with only two bedrooms in 1700 square feet. It did have some nice remodeling.

Eastern Boca Chase

The eastern section of Boca Chase is mostly single family homes with a small section of townhomes, though no townhomes sold in the first half of 2018.

The eastern part of Boca Chase. Image and map data by Google and MLS service.

Only one home sold over the $400K mark, 18484 102nd Way S in Bentbrook. It’s a four bedroom with 2300 square feet and it sold in just three days. The house is in an odd location, backed up the Florence Fuller center.

18484 102nd Way S; image by Google.

A few homes sold in the upper 300s. 10173 182nd Court S in Barrington went for $390,000 with four bedrooms in 2000 square feet. That house had extensive remodeling with some nice finishes, though the black kitchen appliances may have clashed for some buyers. It took three months to sell.

Two more of those homes sold in Bentbrook. 10331 186th Court S ($381,150, 3 beds, 2500 sq.ft.) and 10377 185th Street S ($380,000, 4 beds, 2300 sq.ft.).

The lower end held up better than in western Boca Chase with two smaller 1400 square foot houses in Hidden Lake selling for $318,000 and $310,000. Nothing sold below $310K, but there were no REO or short sale transactions.

Boca Vista

We include Boca Vista in our Boca Chase report. It’s a small gated community of thirty homes. 10184 Boca Vista Drive sold for $385,000 with three bedrooms in 2000 square feet.

Boca Chase 55+

Twenty homes sold in the senior parts of Boca Chase with prices from $164,000 to $265,000.

Map showing senior community area of Boca Chase; image and map data by Google and MLS.

The top prices for these active adult communities were in Greenbriar and Sweetwater. 10537 Greenbriar Court was the highest at $265,000 for the three bedroom with 1800 square feet. 10981 Lakemore Lane A in Sweetwater sold for $260,000 with two bedrooms in 1550 square feet. Nothing in these two communities sold for less than $205,000, with a total of thirteen sales.

Waterberry peaked at $195,000 for 10863 Waterberry, a two bedroom with 1400 square feet. Seven units sold with the bottom being two 1400 square foot villas at $164,000 and $165,000.

Lakes at Boca Raton $300K to $500K – First half of 2018

Roundabout on Cain north of Yamato in Lakes at Boca Raton; image by Google

Ten single family homes within Lakes at Boca Raton sold in the first half of 2018 along with three townhomes and three villas. The single family home prices ranged from just over $300,000 for a foreclosed three bedroom to $492,500 for a four bedroom in Harbour Lakes with 2400 square feet. Townhomes and villas ranged from $200,000 to $242,500.

Single Family Homes

10738 Seacliff Circle sold for $492,500; image by Goole.

Harbour Lakes had the three top sales for the first half of the year. The biggest was 10738 Seacliff Circle at $492,500 for this four bedroom in 2400 square feet. Features include extensive remodeling with gorgeous floors, a screened-in pool and a large lot with lake view. 10756 Sea Cliff Circle, the same model just around the corner without the remodeling, sold for $435,000.

Two somewhat smaller four bedrooms homes sold in Cypress Bend for $412,000 (2100 square feet) and $400,000 (1900 square feet). Three homes sold in the mid-300s, one each in Pelican Cay, LaCrosse and Symphony.

10696 Plainview Circle; image by Google.

The two lowest single family prices were in Port Cayman. 10696 Plainview Circle sold for $320,000 with three bedrooms in 1500 square feet. It took seven months to sell. Reading the phrase “everything is immaculate” in the listing and then looking at the photos may have caused cognitive dissonance for some prospective buyers.

Townhomes and Villas

The highest price for townhomes was $242,500 for 10274 Riverbend Terrace 14B, a three bedroom unit with just over 1200 square feet. It was the largest unit sold so far this year. All the rest were two bedroom units with 1100 square feet or less. A few doors down the villa at 10282 Riverbend Terrace sold for $220,000 with just 1000 square feet.

The low end was 10324 Windswept Place, the same model villa that sold for $199,900.