Summarizing our real estate analysis for 2016, we have created a couple of “infographics” to show the average prices in various neighborhoods in the two West Boca zip codes that are mostly west of US-441.
Boca Falls and Boca Winds are two of the larger neighborhoods at the far west end of zip code 33428. Loggers’ Run and Mission Bay cross over Glades Road into zip code 33498 to the north. Other prominent neighborhoods include Boca Woods Country Club, Lexington Estates, Palma Vista & Avalon, and the somewhat notorious Watergate Estates mobile homes at the low end.
Zip code 33498 has only middle to higher end communities including Saturnia, Boca Isles (North and South), The Shores at Boca Raton, Boca Greens, Lakes at Boca Raton, and Stonebridge Country Club.
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Home prices rose in Mission Bay last year, including houses, townhouses. The average for single family homes broke through the $400,000 level rising to $412K from $390K in 2015. Measured in dollars per square foot the increase was nearly 9% over the previous year.
The increase was more dramatic for townhouses (including villas) with the average rising to $271K, up 15% from $235K in 2015, though it was only 8% up when measured in dollars per square foot.
As we are seeing with a lot of other neighborhoods, the low end is rising. In 2015 there were six single family transactions at $300K or less. In 2016 there were only two. There was movement on the high end as well but the difference was not as dramatic.
Single family home transaction prices ranged from $255K to $565K. The $255K house was an anomaly, with the next transaction at $295K. The four highest prices were all in the gated Isle of Mission Bay subdivision and the top 9 were all on the north side of Glades Road.
Townhouse and villa prices went from a low of $232K (2 units) up to a high of $307K. Unlike 2014 and 2015, two units sold for over $300K and no units sold for less than $200K.
Mission Bay homes are zoned for Sandpiper Shores Elementary, Loggers’ Run Middle, and West Boca High School. The sections north of Glades Road are in zip code 33498, while the southern part is in 33428.
There were no REO or short sale transactions in 2016. We excluded those in previous years from our analysis. We looked at condo transactions but there were only a few in the past 3 years and none in 2016, so we left those out as well.
Mission Bay was one of the few communities to respond to our inquiry about updates and improvements:
The Mission Bay Community has undergone a major transformation throughout its property during the course of 2016. The Board of Governors, staff and volunteers took on this monumental project that began at the clubhouse and continued with most of the major structures within the community. Looking to upgrade their beautiful facilities, they consulted with a designer who helped them create a vision.
The Board wanted to create a dramatic effect as you enter the covered walkway to the Clubhouse and accentuate the columns with ledgestone. This added depth and color leading to the pool area.
The Club patio was completely redone and redesigned with wood and pavers. New outdoor furniture that include, 2 gas grilled fire pits were purchased in order to give the residents a more enjoyable place to take advantage of the great views of the lake by a fire. The pool patio was enlarged to offer additional seating for its residents. The lounge chairs by the pool were re-strapped to blend with their new color scheme and more umbrellas were added to give the residents more options around the resort style pool.
The once screen enclosed game room was revamped and now features an open air bar with flat screen TVs on every wall. The bar was created with a vision to offer residents 21 and older a place to meet and have a few beverages while enjoying the pool and patio.
The Mission Bay board began offering Friday evening “Happy Hours” for those 21 and older. In addition Mission Bay offers both family friendly and adult parties throughout the year. They have even implemented “Football Sundays” for residents to enjoy a “sports bar” environment during NFL season! These parties have become very popular events and attendance is usually very high. All of these Country Club amenities are offered to residents without charging country club prices.
All Mission Bay monuments have been updated and refurbished. The stonework and color scheme were carried out throughout the whole community including all Directional signs. Their main monuments located on SR7 and Glades Rd. are an important structure of West Boca. Both Mission Bay residents as well as all persons living in neighboring communities enjoy the view of the beautiful building standing on the North side hill. For this reason, it was important to the Board to upgrade and accentuate this structure for the Community. New reverse channel lettering was installed, stone was added to the pillars and the building, and iron gates were placed in the archways. All this in order to highlight the architecture and the pillars. Landscaping was also added to enhance the area.
Another major change Mission Bay residents saw this year was in a new Cable Television service. Residents now enjoy both cable and high speed internet service paid through their Mission Bay HOA dues. This now allows everyone to access free internet while at the playground, tennis courts, basketball courts, gym and pool area.
In order to keep the community safe at all times, Mission Bay hired a security company to patrol all ten villages and common areas 24 Hrs. a day, seven days a week. This added security ensures that families continue to live in safe place.
Beginning in January, the workout facilities will be remodeled and the gym equipment completely replaced with the latest machines available in the market. Once the renovations are complete, the aerobics classes will include new spin classes as well as the current body sculpting, Zumba, Boot Camp and Yoga classes that have always been offered.
Home prices have been going up for the past three years in Loggers’ Run. The numbers show similar increases across the board. We looked at single family homes larger and smaller than 2000 square feet, and also at townhouses and villas (in Timberwalk).
For the larger single family homes (excluding foreclosures and short sales), the average price rose to $473K at $178/sq.ft. That’s up from $453K ($171/sq.ft.) in 2015, and $442K in 2014 ($163/sq.ft.), or a 7-9% increase compared to two years earlier.
In 2016 there were 36 transactions in the over 2000 square foot category for as low as $335,000. Several larger homes sold for over $600K. Listings take an average of just over two months to sell.
Smaller single family homes prices also increased. The average rose to $328K in 2016 ($192/sq.ft.) up from $313K in 2015 ($177/sq.ft.) and $311K in 2014 ($175/sq.ft.). That’s a 4% increase in prices and 7% in dollars per square foot from 2015, though 2015 was not up significantly from 2014. Five homes sold for $300K or less, while three homes sold at $375K, the highest for this group. Homes in this group sell a little quicker than the larger ones, averaging over a month.
We also looked at townhomes and villas in Timberwalk, south of Palmetto Park Road and Logger’s Run Middle School. They range from 1200 to 1600 square feet. The average price rose to $217K, up from $210K in 2015 and $192K in 2014 – up 13% in 2 years. Measured in dollars per square foot they rose from $142/sq.ft. in 2014 up to $166/sq.ft. in 2016 – a 17% increase.
The high end hasn’t changed that much in Timberwalk, with the top at or near $250K all three years. It’s the bottom that has changed. In 2014 most homes in the subdivision sold for $200K or less, and as low as $140K. In 2016 only 6 out of 33 homes sold for less than $200K and the lowest was $180K. Average “days on market” was similar to the under 2000 sq.ft. houses at just over a month.
We exclude “REO” and short sale transactions from our analysis because those prices aren’t as meaningful to most of our readers. We did look at the numbers including those and it did not make a big difference.
Home prices in Avalon and Palma Vista Estates are up in 2016, at least at the low end. Both are smaller gated communities with prices generally ranging from $500K to $700K.
Avalon is on the north side of Palmetto Park Road east of 441 and the Lowe’s plaza. Palma Vista is on the east side of 441 just north of West Boca Medical Center. They’re different neighborhoods but their numbers are similar.
There aren’t enough transactions to make strong conclusions. Avalon had 19 transactions over the past three years. Palma Vista had only 15. But with that said it looks like the low end has risen and the average price in 2016 rose to $619,000, up from below $600K the previous two years.
The lowest price in Avalon for 2016 was $520K and the other 6 transactions were all over $600K. Palma Vista only had 3 transactions last year with the lowest at $575K. In the previous two years Avalon had 8 deals under $600K and Palma Vista had 5 transactions under $500K.
Both neighborhoods are zoned for Sandpiper Shores Elementary, Eagles Landing Middle, and Olympic Heights High School.
Homes are taking about three months to sell in both communities.
If you’re thinking about buying or selling real estate in West Boca, call Warren at 888-733-5299 (or e-mail firstname.lastname@example.org).
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.