Foreclosures Depress Boca Isles Prices

10845 King Bay Drive sold for $670,000 in June of 2016. It has 5 bedrooms and 3 baths in 3200 square feet and a waterfront location with a pool.

Home prices in Boca Isles fell by nearly 4% in 2016 compared to 2015. The average transaction price was $492,000, a drop of $20K from the $512,000 average in 2015. The numbers are still higher than they were in 2014 ($478K).
As we noted in our mid-year report on Boca Isles, these numbers are a bit misleading. There were a large number of “REO” (bank owned) transactions in 2016 and these tend to sell at lower prices. Removing the REO transactions from both years showed no significant changes in price from year to year with average price in both years around $512K.
19234 Inkwood was the largest house sold in Boca Isles in 2016. With 6 bedrooms and 3 1/2 bathrooms in 3400 square feet, it sold for $585,000. This even though with its ideal cul de sac location, large waterfront lot, and private pool. Image and map data by Google.

Measured in dollars per square foot, the overall average for 2016 was $182/sq.ft. Removing non-REO homes raises that average to $188/sq.ft, about the same as 2015 but well above the 2014 numbers.
Leaving out the REO homes, prices ranged from a low of $392K to a high of $670K. Seven of the REO homes sold for less than $390K. Most homes in Boca Isles have four or five bedrooms ranging from 2300 to 3200 square feet. There are a few exceptions.

There were roughly 60 transactions in each of the last three years. Excluding REO homes, homes sold a little quicker in 2016 with the average selling in a bit less than two months and the median at only 34 days.
Boca Isles includes two neighboring gated communities zoned for Olympic Heights High, Eagles Landing Middle, and Sunrise Park Elementary. They are located on Cain Blvd south of Yamato, with South County Regional Park to the west.
Map showing Boca Isles. Image and map data by Google.

If you’re thinking of buying or selling a home in West Boca, choose a RealtorĀ® who knows the market. Call Warren at 888-733-5299 or e-mail him – [email protected].
This is the third article in our series analyzing real estate transactions for 2016, following our articles on Boca Winds and Boca Falls. More coming soon.

Boca Winds Home Prices Up 8% and Selling Faster

22257 Vista Lago Drive was the largest Boca Winds transaction in 2016, selling for $680K on June 1st. The house has 6 bedrooms in over 3500 square feet. Image by Google

Homes in Boca Winds sold quicker and for substantially more in 2016. The average home price rose to $369K, up from $360K. That’s a 2.5% increase. The price rise was more pronounced on a dollars per square foot basis, at $174/sq.ft. in 2016, up 8% from $161 in 2015 and $159 in 2014.
Boca Winds is an ungated community at the far west end of Palmetto Park Road. It is bordered on the south by the Loxahatchee Canal and the county line, to the west by the Fran Reich Preserve, Boca Falls to the north and Boca Reserve to the east. It is zoned for the nearby Waters Edge Elementary, Loggers Run Middle, and West Boca High schools.
Boca Winds map; image and map data by Google

Our data show 82 transactions in 2016, up from 61 in 2015 and 60 in 2014. Homes are also selling quicker, averaging 42 days (median 26) vs. 57 in the two previous years. This is a pattern that is being noticed across a number of areas, so if you’re thinking of selling, it may be time to contact Monument CO realtors or ones closer to your area in order to get the best price for your home. The 2016 numbers include 7 REO transactions and 2 short sales. The busiest street was Sea Bass Drive with 9 transactions. These sales are higher than last year despite many of the houses needing work done to them as they have existing issues. The buyers are needing to have projects like WDR Roof Repair but are still willing to pay a higher price than last year.
22041 Palm Grass Drive was the second biggest transaction sold for $555K and the highest per square foot. The house has 4 bedrooms and 2 1/2 baths in 2600 square feet. Image by Google.

Homes sold in 2016 ranged from 1400 to 3600 square feet with prices typically ranging from the low $200s with 3 bedrooms and 2 baths up to the mid-$500s with up to 6 bedrooms. They were built from 1985 through 1999.
22466 Tuna Place sold for the lowest price in Boca Winds in 2016 at only $155K. The 2500 square foot home has 4 bedrooms and 2 1/2 baths. The price is so low we think something is fishy and are checking with the listing agent. We suspect this is a typo and that it actually sold for $355K.

This increase in the price of homes is generally seen across the States. Just ask any Winston Salem real estate agents and they will be sure to tell you the same thing is happening in North Carolina, for instance. It appears now would be a good time to start owning properties, before prices increase even further.

This is the second in a series of articles analyzing 2016 real estate transactions in West Boca. The first article covered Boca Falls. More coming soon.

Boca Falls 2016 Real Estate Report – Prices Up But …

21307 Rockledge Lane sold for $965K as a short sale in August. It was the biggest transaction of the year in Boca Falls. Image by Google

Boca Falls homes sold for higher prices in 2016 compared to previous years, but the numbers are mixed. The average transaction for the year was just under $593,000, up dramatically from the averages of $538K in 2015 and $522K in 2014. That’s a price increase of over 10% compared to the previous year.
21792 Marigot Drive sold for $860K, the second biggest price. Image by Google

When we dig into the numbers we find it’s not that simple. The reason for the increase appears to be the result of larger homes being sold. The average size in 2016 was nearly 3400 square feet (living area), up from 3100 square feet in 2015 and under 3000 square feet in 2014.
12443 Clearfalls Drive sold for $410K in a short sale, the smallest transaction in 2016. Image by Google.

Measured in dollars per square foot the 2016 average was $178/sq.ft, up from $174/sq.ft. in 2015 (a 2% increase). The number in 2014 was $177/sq.ft. Looked at this way Boca Falls home prices have not increased significantly in the last two years. We checked the numbers after taking out REO (foreclosure-related) and short sale transactions. It did not make a noticeable difference.
Click to read more about Boca Falls real estate.
21262 Falls Ridge Way sold for $483K, the smallest transaction not involving a foreclosure or short sale. Image by Google

If you’re thinking of buying or selling a home in West Boca, choose a RealtorĀ® who knows the market. Call Warren at 888-733-5299 or e-mail him – [email protected].
This is the first in a series of articles analyzing West Boca real estate numbers from 2016. Coming soon we will do the same for Boca Winds, Boca Isles, Saturnia, The Oaks and plenty of others.

Saturnia Home Prices Up

Saturnia entrance; image by Google
Saturnia entrance; image by Google

Home prices in Saturnia were up by 7.5% in the first half of 2016, compared to the year earlier period. The average transaction closed at $645K, up marginally from the second half of 2015 but significantly higher than the $600K average for the first half of 2015.
The biggest price in the first half of 2016 was $801.5K for 19557 Saturnia Lakes Drive, a four bedroom, three bath house with just over 3200 square feet. At just short of $250 per square foot, it was also the most expensive on that measure. The average was $187.
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Houses moved a little quicker with an average of 72 days on the market (down from 81 a year ago). They are also being priced well at the start, with the average house selling for 96% of the original list price, up slightly from last year.
At the low end $455K bought 19084 Skyridge Circle, a 4 bedroom 3 bath house with 2600 square feet.
There was only one REO transaction in the latest period and it did bring down the average. 19234 Creekshore Court sold for just under $600K. That sounds good but the house is nearly 4700 square feet with 6 bedrooms and 5 1/2 baths. At $128/sq.ft. it is by far the cheapest sale in the last 18 months.

Boca Winds Real Estate Report – Early 2016

Prices continue to rise in Boca Winds. The average transaction price in the first half of 2016 was just over $366,000, up 8 percent from the same period a year earlier, and more than 5 percent higher than the second half of 2015.

22257 Vista Lago Drive; image by Google
22257 Vista Lago Drive was the most expensive transaction in Boca Winds at $680K; image by Google

The improvement is not just in dollar figures but shows up in other ways. For example, prices rose in “dollars per square foot” to $169/sq.ft. vs. $161 in the two earlier periods. Transactions are also closing a little quicker with an average of 50 days.
22237 Collington Drive sold for $425K; image by Google
22237 Collington Drive sold for $425K; image by Google

The total volume of sales was also up, with 44 transactions in the most recent 6 months vs. 35 in the first half of 2015. While there were several REO transactions (sold by investors owned after foreclosure), their prices were mostly in line with the other houses so they did not pull down the numbers.
On the lower end, 12 houses sold for less than $300K, generally with 3 bedrooms and under 2000 square feet. The bottom was an REO selling for $198K, $47K less than the next lowest at $245K.
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Sale prices averaged 94-95% of the original list price consistently over the past 18 months. A few houses sold for more than the original list, while one sold for only 75%.
And again we see full price brokers selling houses for significantly more than discount brokers. Discount brokers save their sellers about 1% on the commission, but lose them 2.5% on the price.