Houses in Lexington Estates sold for more in 2016. The average transaction price rose to $459,000* from $427K in 2015. This is a little misleading as the homes sold in 2016 were larger on average. Measured in dollars per square foot the average works out to $167/sq.ft., which is a very slight increase over 2015 and 2014.
Transactions ranged in price from $377K* for a 2100 sq.ft. 3-bedroom house up to $515K for a nearly 3000 sq.ft. 4-bedroom house. The best “bargain” in the neighborhood was 22147 Braddock. It sold for $512K with 5 bedrooms in 3300 square feet, including waterfront, a pool, 3-car garage and numerous upgrades in immaculate condition, all at only $153/sq.ft.
Lexington Estates is a gated community with just over 200 single family houses on the west side of US-441 (aka State Road 7) south of Palmetto Park Road. The location is convenient for commuters and shoppers but may be perceived as uncomfortably close to lower priced neighborhoods nearby.
*Excluding foreclosure-related transactions. With those included the lowest transaction for 2016 was $327K and the average was $446K.
Entry to The Bridges; image by Google The Bridges and Seven Bridges are bright spots on the real estate market for 2016. Our analysis of MLS data shows that prices are rising in those two communities. A great example of this is the house at 8200 Lost Creek Lane in the east end of The Bridges. It sold new for $812K in 2014 and sold again in 2016 for $1.1M, an increase of nearly $300,000. Upgrades explain some of the differences (the 2016 listing included a golf cart and furniture) but it doesn’t look like $300K in added value. 8200 Lost Creek Lane sold for $812K in 2014; it was resold in 2016 for $1.1M. The house has 5 bedrooms and 4 1/2 baths in 4200 square feet, a backyard pool, and a location close to the Florida Turnpike. Image from County Appraiser. Overall the average price for the 49 transactions in 2016 was just under $1.1M, up from $985K for 36 transactions in 2015 and $936K average of 19 transactions in 2014. Measured in dollars per square foot, the average for 2016 was $252/sq.ft., up from $241 in 2015 and $225 in 2014. 2016 was also the first time an MLS sale in The Bridges exceeded $2M. 16840 Crown Bridge Drive sold for $2.4M, up from its $1.9M sale price (not through MLS) in 2014. 16840 Crown Bridge Drive has 6 bedrooms, 6 full and 2 half baths in 7600 square feet under air (over 10,000 total) on a cul de sac lot with over 180ยบ of water views. It should be noted that a pool was added before the current sale, which is mentioned in the listing and shows up on the latest Google Maps satellite image (apparently taken within the past few weeks). Image from Google. Transactions in 2016 ranged from $660K for a 4 bedroom, 3 bath house (2500 square feet) up to the $2.4M. Of the 49 MLS transactions, 29 were under $1M and 20 were over $1M. Another good example to understand price changes is 8652 Lewis River Road. The house sold in 2015 listed with four bedrooms for $870K. A year later it sold for $960K (up $90,000). The 2016 listing included five bedrooms and noted $135K in upgrades. It is unclear how much of the upgrades, if any, were included in the 2015 listing which indicated “top of the line” upgrades already. 8652 Lewis River Road; image from County Appraiser. On the numbers alone it appears that transaction prices are up in The Bridges and Seven Bridges. A source tells us that new home sales are slowing in Seven Bridges but we can’t confirm that and it certainly seems like volume is up. Both developments are gated communities from GL Homes, one of the leading builders in the area (also active in other parts of Florida). New homes there include impact glass, natural gas connections, and lawn care provided by the association. Reported HOA fees range from near $400/month up to the mid-$500s. They are located just north of the Boca/Delray line. Map showing location of Seven Bridges (left of Lyons) and The Bridges (right of Lyons). Image and map data by Google. Seven Bridges is newer and has an additional gate on US-441. The main gate is on the west side of Lyons Road. Across Lyons is the main gate for The Bridges, which extends to the Turnpike. Stone Creek Ranch and Mizner Country Club are to the north. The Oaks is a little south of Seven Bridges.
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. The Westgate model in The Oaks, with over 6500 square feet of living space; image copyright Warren Redlich 2015. 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. 17566 Grand Este Way sold for $2.35M. Image and map data by Google. 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. Satellite image showing The Oaks outlined in red. Image and map data by Google. 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.
19551 Saturnia Lakes Drive has been on the market for well over a year but has not sold yet. Currently listed at $850K, the house has 5 bedrooms and 4 1/2 baths in over 4700 square feet. It’s a bargain compared to the house that sold next door (below). Call Warren at 888-733-5299 if you want to see it. Image copyright Warren Redlich 2016. Home prices in Saturnia were flat in 2016 when compared to 2015. After removing foreclosure-related transactions the average price was $636,000, slightly below the 2015 and 2014 averages of $638K for each year. 19557 Saturnia Lakes Drive was the largest Saturnia transaction in 2016. The house sold for $801,500. The ranch home has 4 bedrooms and 3 baths in 3200 square feet. The house has major upgrades and the price works out to nearly $250/sq.ft., far more than the community average. Image and map data by Google On the bright side prices were up four percent on a dollars per square foot basis, rising from $180/sq.ft. to $188/sq.ft. In 2015 the smallest transaction was at $500K. That slipped in 2016 with three houses going for less, and the cheapest all the way down to $455K. 2015 was an unusual year with more transactions (30) and a tighter price range ($500K to $790K). In 2016 there were 23 transactions with a broader range, and 2014 was even wider with one house going for over $1M. 19084 Skyridge sold for $455K. The four bedroom, three bath house has just over 2600 square feet of living space. Image and map data by Google. Saturnia is a gated community at the far west end of Yamato Road. It is across the street from highly rated Eagles Landing Middle School and Sunrise Park Elementary, and it is zoned for Olympic Heights High. The west side of the neighborhood borders the Loxahatchee Wildlife Refuge and the land to the north is unlikely to ever be developed. South County Regional Park is to the east. Most houses range in size from 4 bedrooms in 2600+ square feet up to 5 or 6 bedrooms with some over 4000 square feet. Saturnia satellite image and map data by Google.
On raw numbers home prices in The Shores fell 1% in 2016 from the 2015 numbers. The 2016 average transaction came in at $471,000, down from $477,000. As we saw with nearby Boca Isles, the average was distorted by a larger than usual number of “REO” homes sold after foreclosure. 11146 Sandyshell Way sold for $580,000, the highest price in Shores in 2016. The 5 bedroom, 4 1/2 bath house was on the market for just over 2 months. Built in 1999, the house has nearly 3600 square feet under air. Taking the REO deals out of the data leaves an average price of $489,000 in 2016. Measured in dollars per square foot, prices were still flat at $164/sq.ft. Houses in The Shores took much longer to sell in 2016, averaging 77 days compared to only 36 days in 2015. 18628 Sea Turtle sold for the most for its size. With four bedrooms and two and half baths in 2300 square feet, its sold price of $435K works out to $186/sq.ft. The Shores at Boca Raton is a gated community of single family homes located at the far west end of Yamato Road. Typical home prices range from $400K to $600K. Most houses have four or five bedrooms though there are a few with three bedrooms. The neighborhood is zoned for Sunrise Park Elementary, Eagles Landing Middle, and Olympic Heights High, all excellent schools. The Shores responded to our request for information about updates:
Over the last year we have done many major improvements. Upgraded security system with new cameras, RFID Stickers, Key Fob at the clubhouse, new gates as well as a new third gate barrier. Also purchased new Security database where residents may update their guests list via internet and mobile app.
Renovated clubhouse exterior with a new roof, paint, pool furniture, and pool landscaping
Completed a new Playground
Renovated the gym. Purchased Cybex treadmills,Cybex arc trainer, Cybex all-all-in-one functional trainer, and Octane Elliptical trainers. Carpet replaced and walls painted.
There are several projects in the works
Re-design of the front entrance
Renovation of the children’s clubhouse to include new carpet, furniture and paint
New sidewalk installed to create better traffic flow to the playground, childrens playroom, and the pool.
