$800K+ Home Sales: The Bridges, Seven Bridges, The Oaks and More

Seventeen single family homes sold west of the Turnpike for over $800K since August 1st. Six were in The Bridges, four in Seven Bridges, three in The Oaks, with one each in Long Lake Estates, Rio Poco, Saturnia Isles, and Mizner Country Club.
The Bridges
The biggest transaction was 16781 Crown Bridge Drive in The Bridges, which was sold new by GL Homes for just over $2 million in mid-August. It is by far the largest house in this report with over 7500 square feet, 6 bedrooms, 6 full and 2 half baths, a cul de sac location with waterfront, a pool, and a variety of high end features including an elevator. The price works out to $273 per square foot.
On the same street, the much smaller 16834 Crown Bridge Drive sold for $1.6 million with 4600 square feet, 4 bedrooms and 5 and a half baths. For the size this was a much higher price at $345/sq.ft. It took over a year to sell.

16910 Charles River Drive sold for $1,598,000 at the end of August; image from PBC appraiser.

16910 Charles River Drive sold for just under $1.6 million with only 3350 square feet. The price works out to $476 per square foot. The seller touted over a million dollars in upgrades including air conditioned garages, a generator for the house, salt pool with infinity spa, etc. With all that in mind we’d guess the seller lost money on the house after upgrades.
Stepping down a bit, 8365 Hawks Gully Avenue sold in a couple weeks for just over $1 million with the same 3350 square feet, 3 bedrooms and 3 and a half baths. Its pool design was featured in a YouTube video:

Dropping below $1M, 8701 Lewis River Road sold for $983K with 5200 square feet (under $200/sq.ft.), and 8187 Lawson Bridge Lane sold for $885K with 4300 square feet.

Seven Bridges
9735 Vitrail Lane sold new by GL for just over $1.1 million with 4200 square feet, 4 bedrooms and 4 and a half baths.
Next door the much larger 9831 Vitrail Lane was also sold new by GL for just under $1.1 million with 5200 square feet, 5 bedrooms and 6 and a half baths.
16436 Pantheon Pass sold for $1.03 million in August, only 4 months after a previous transaction for $940K. The contract was signed only 2 months after the earlier transaction, making us wonder if the new buyer’s agent informed the buyer about that earlier price.
16903 Pavilion Way sold new by GL for $964K with 3000 square feet, 3 bedrooms and 3 and a half baths. The price works out to roughly $320 per square foot, even though there’s no waterfront.
The Oaks
We don’t see many single story homes in The Oaks, but two of them are in this report.
9074 Pintura Way sold for just over $1.2 million with over 3400 square feet, 4 bedrooms, and 3 and half baths. The rear of the house faces south with a lake view. It’s encouraging to see this sold for $200K more than when it was purchased new in 2014.
17654 Cadena Drive sold by the builder (Standard Pacific) for $900K with 3500 square feet, 3 bedrooms and 3 1/2 baths.
The two-story 17842 Lake Azure Way sold for $855K with 4500 square feet. We think this was a Chinese drywall home that was completely redone as it was originally sold for just over $1M in 2006 by Albanese, and then bought in 2016 for only $315K.
In Long Lake Estates, 18094 Sentinel Circle sold for $1.5 million with 5300 square feet, 6 bedrooms and 6 and two half baths. The one floor home has over an acre of land and over 250 feet of waterfront.
16215 Rio Baile in Rio Poco sold for $975K with nearly 4800 square feet, 6 bedrooms and 5 baths.
Across 441 in Saturnia Isles, 9512 Savona Winds Drive sold for $855K with 4800 square feet, 5 bedrooms and 4 1/2 baths.
And just north of The Bridges in Mizner Country Club, 8911 Oakland Hills Drive sold for $850K with 4500 square feet, 5 bedrooms and 5 1/2 baths.

West Boca McMansions – Real Estate Trends and Analysis

Real estate trends in West Boca
We’ve been looking at recent real estate trends in West Boca. We started with neighborhoods, discussing Boca Falls in one article and Boca Isles in another.
For this article we’re taking a different approach. We looked at large houses, over 6000 square feet, and we included southwest Delray Beach because the market is similar. There are so many different housing options for those who are interested in them, not only in West Boca but also Texas through somewhere like Houston real estate, with many finding their own form of their home. These “McMansions” sales were clustered in a fairly small area as shown on the map below:

Data from FlexMLS.
Data from FlexMLS.

Transactions in this class consistently average over $2 million, and around $300 per square foot of living space. When starting to review this we separated houses into two groups – inside and outside a membership club. Some of the most common membership clubs in our data include St. Andrews Country Club, Mizner Country Club, Boca West, Polo Club, Addison Reserve and Woodfield Country Club. Top neighborhoods that do not require membership include Long Lake Estates, The Oaks, The Bridges, Azura, Stone Creek Ranch, and Le Lac.
We do not see a big difference in values between these two groups. At this end of the market country club memberships do not seem to have much impact on real estate prices. Either way the neighborhoods are exclusive.
It’s also hard to identify clear trends because individual homes tend to be more unique. Some can have features that dramatically change the price. Or there could features that may be valued differently by Lynchburg realtors compared to a realtor in this area. At the low end some houses sold for as little as $1 million at $150/sq.ft. or less, while two houses went in the $600/sq.ft. area and the most expensive went for nearly $10M and over $900/sq.ft.
Still, here’s what we see:

  1. Large home sales increased dramatically in total numbers. There were 23 such transactions in the first half of 2014, 17 in the second half of 2014, and that rose to 35 transactions in the first half of 2015. There was a particularly big turnover of homes in St. Andrews.
  2. The total size of the market also increased, from $57M in the first half of 2014 to $76M in the first half of this year. In 2014 the value was driven by a few very high-end homes. In 2015 it’s the total volume that’s driving things.
  3. Average prices dropped. In both the first and second half of 2014 the average transaction was close to $2.5 million. In the first half of 2015 the average transaction was under $2.2 million. The average in 2014 was around $320/sq.ft. and that dropped to $290/sq.ft.

The biggest lesson we see in all of this is for sellers. If you have a large house there is a very wide spread in prices. Consequently, if you now feel ready to make a real estate investment of your own, you might also find this Roofstock guide on investing 20k useful. Furthermore, these trends seem to be driven by the features of the houses involved and by finding the right buyer both for that house and for the community. The most patient sellers get more value by holding out for that buyer, be they one looking to the 1031 exchange requirements or to other areas, but may wait a year, two years or even longer to get a sale done.
Our spreadsheet for this analysis is below:
[gview file=”https://westbocanews.com/wp-content/uploads/2015/07/6000sqft-1h-2015.xls”]