There are two Boca Isles neighborhoods, west of Cain Blvd and south of Yamato Rd. Boca Isles North and Boca Isles South are gated communities with bike and jogging paths and they’re popular with families. In this report we focus on Boca Isles North, which saw a few sales on Black Olive since the beginning of the year, along with some others. There were no short sales or bank owned homes in this report.
The two story home at 19386 Black Olive Lane sold for $555,000. There are 5 bedrooms and 3 full bathrooms in 2676 sq. feet of living space. This completely renovated home has lots of new additions. The kitchen has quartz counter tops, a marble back splash, wood cabinetry and stainless steel appliances. The two islands open up to the living room. A remodeled bathroom is on the first floor. A brand new roof was installed in 2016. The fenced in yard includes an in ground pool. Built in 1993, it was recently purchased in 2016 for $390,000.
19457 Black Olive Lane sold for $485,000. The home has 4 bedrooms and 3 full bathrooms in 2660 sq. feet of living space. This Mediterranean style home has great views of the lake and a custom free form pool with a paver deck, built in grill and custom landscaping. The kitchen has been updated and includes tile counters and back splash. The master bathroom was also remodeled. A balcony off the master bedroom overlooks the lake. It was purchased for $521,000 in 2007. It was built in 1993 for $209,000.
The ranch home at 19722 Black Olive Lane sold for $435,000. It has 3 bedrooms and 2 full bathrooms in 2118 sq. feet of living space. The pool home has a screened in deck and the pool has a new diamond brite surface. The kitchen has granite counter tops, stainless steel appliances and cherry wood cabinets. Both bathrooms have been remodeled. A unique feature is the outdoor shower. It was sold for $312,100 in 2014 and $435,000 in 2015. The home was built in 1994.
19250 Redberry Court sold for $615,000. It has 4 bedrooms and 3 full bathrooms in 2660 sq. feet of living space. Located on a lakefront lot, it has an open and spacious floor plan. The new custom kitchen has stainless steel appliances, granite counter tops and huge island. There are crema marfil marble floors throughout. The master bathroom has double vanities and separate shower and tub. The additional bathrooms were renovated. The driveway and pool deck feature travertine marble. The salt water pool and spa was recently remodeled. Built in 1994, it was previously sold for $430,000 in 2012. It looks like the seller’s patience was rewarded, as the house took eight months to sell but they found a buyer who appreciated the value. The backyard is simply gorgeous.
Other sales include:
19681 Black Olive Lane sold for $567,500. The house has 4 bedrooms and 3 baths in 2800 square feet, along with a private pool and waterfront location.
10689 Maple Chase Drive sold for $515K, with 4 bedrooms and 3 baths in 2700 square feet, waterfront but no pool.
And 19456 Preserve Drive sold for $472,500. It also has 4 beds, 3 baths and 2700 square feet. We suspect this house could have gone for more if it had better photos.
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.
Boca Greens is a recent bright spot in West Boca real estate. Prices in the gated community rose to just over $400,000 in 2016, a substantial increase from the 2015 average of $378K. Compared to the $365K average from 2014, prices are up roughly 10% in two years.
Three houses in the neighborhood broke the $500K barrier, which no house did in the previous two years. The low end was also higher with one transaction at $260K. Only three others were below $300K. All of those were smaller 3 bedroom houses with 1-car garages.
Looking in terms of dollars per square foot shows similar growth. The average for 2016 was $188/sq.ft., up from $177 in 2015 and $169 in 2014, more than 10% in that two year span.
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It’s not clear why prices are up, but one insider suggests a possible cause: An influx of orthodox Jews who want to live within walking distance of the new Chabad in Boca Greens Plaza. The other interesting detail is that volume is down. There were 39 transactions in 2016, lower than the burst of 53 deals in 2014, though more than the 32 from 2015.
Boca Greens is a gated community on the west side of US-441 between Yamato and Glades. The community includes an 18-hole golf course but membership is not required. We have attended many events at the golf course’s clubhouse. The neighborhood is zoned for Sunrise Park Elementary, Eagles Landing Middle, and Olympic Heights High, all excellent schools. And of course residents can walk to a variety of stores and restaurants in Boca Greens Plaza, including Stella’s Pizza, KPB Pharmacy, and Hair Therapy.
As usual we excluded distressed sales (REO and short sale) out of our numbers.
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.
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.
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.