The Oaks: $750K to $2.5M in early 2017

House sales in The Oaks ranged from $750,000 up to $2.5 million in the first part of 2017. The Oaks is a luxury gated community on the north side of Clint Moore between 441 and Lyons Road. HOA fees are over $800/month.
At the “low” end, 17720 Villa Club Way sold for $750K. The house has 3 bedrooms with four full and two half baths in 3400 square feet, making it one of the smallest and cheapest homes in the hood – complete with marble floors and other elegant features.
As for the high end, 17558 Grand Este Way sold for $2,538,000. The house palace has 6 bedrooms, 6 full and 2 half baths in over 7500 square feet. It took roughly 14 months to sell.

The middle, in The Oaks, includes several transactions of $1M or more.

  • $1M – 17827 Lake Azure Way, 5 bedrooms, 4.2 baths, 4700 square feet
  • $1.07M – 17609 Middlebrook Way, 6 beds, 6.2 baths, 6650 square feet
  • $1.075M – 17745 Vecino Way, 5 beds, 4 baths, 4450 square feet (closed in early May)
  • $1.2M – 17710 Cadena Drive, 7 beds, 4.1 baths, 5500 square feet
  • $1.225M – 17701 Circle Pond Court, 6 beds, 7.1 baths, 6500 square feet (sold in two months)
  • $1.4M – 9636 Bridgebrook Drive, 6 beds, 5.1 baths, 5900 square feet (sold in less than 3 months)
  • $1.67M – 9261 Este Lago Drive, 6 beds, 7.2 baths, 6450 sq.ft.
  • $1.75M – 9356 Grand Estates Way, 6 beds, 7.2 baths, 6500 sq.ft. (on the market for nearly a year)

Two of the more recent sales were for less than $1M. 17978 Lake Azure Way took about 18 months to sell, closing in early May for $860,000. The 4 bed, 5 1/2 bath house has “only” 4300 square feet.
17911 Monte Vista Drive closed in late April for $960K with 5 beds, 6.2 baths and 5500 square feet.
One other house just missed the $1M mark – 17590 Circle Pond Court sold for $980,000 with 6 beds, 7 1/2 baths in a whopping 6550 square feet.

Home Sales Struggle in The Bridges

Entry to The Bridges; image by Google

Looking at first quarter transactions in The Bridges (Lyons Road north of Clint Moore), we are seeing home sales struggle at best. Nearly new homes sold for little increase and in some cases at a substantial loss. Meanwhile the builder sold three homes at relatively low prices, undercutting existing homes.
Our data show 11 transactions in The Bridges in the first three months of the year. At the low end, 16903 Bridge Crossing Circle sold for just under $640K, barely over the original purchase price of $639K in August of 2014. The house has 3 bedrooms and 3 baths in 2600 square feet of space, one of the smallest homes in the neighborhood. It took 8 months to sell.

8159 Hutchinson Court sold at a loss, $714K down from $750K in 2015. The house has 4 bedrooms and 4 baths in 3500 sqft. This one took over a year to sell.
Some homes did show price increases. 8190 Banpo Bridge Way sold for $955K, up from $850K in 2015, though the house was marketed as “loaded with costly upgrades”. It has 4 bedrooms and 5 baths in 3800 sqft.
16659 Ambassador Bridge Road went up to $976K from $849K in 2014. The house has 4 bedrooms and 5 baths in 3900 square feet
Three homes next to each other on Lewis River Road were sold by the builder. 8526 Lewis River Road sold for $899K with 4 bedrooms, 4.1 baths in 4200 sqft.
8520 Lewis River Road sold for $988K with 5200 square feet. And 8532 Lewis River Road sold for only $899K at roughly the same size – that’s only $173 per square foot and seems well below market value.
These may have been the among the last new homes sold. The satellite image shows two of them (8520 and 8526) as a parking lot, and perhaps 8532 was a model home.
Only one home sold for over $1M. 8776 Sydney Harbor Circle sold for $1.135M. The house has 5 bedrooms and 7 1/2 baths in 5300 square feet. The lot doesn’t appear to have anything special about it. The buyer is the CFO of a “small cap” publicly traded technology company and may have paid for substantial upgrades.
With new large homes in The Bridges selling this low, we expect continued pressure on home prices in the low seven figures in nearby neighborhoods like The Oaks and that may filter down to neighborhoods with homes in the high six figures like Saturnia.

Prices in The Oaks Continue Decline

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.

MultiMillion Dollar Sales in St Andrews Country Club, Woodfield Country Club, and The Oaks

St. Andrews Country Club, a gated community, boasts an expansive clubhouse with basketball courts, a large pool, and tennis courts. There is a large recreation and aquatic center as well as 2 golf courses. There is a mandatory golf membership which requires a non refundable initiation fee. The club also offers dining and catering venues. St. Andrews Country Club is located on Clint Moore Road west of Jog Road.

17676 Lake Estates Drive; image and map data by Google.
17676 Lake Estates Drive; image and map data by Google.

The stunning estate home at 17676 Lake Estates Drive sold for $2.325 million. It has 4 bedrooms and 5.2 bathrooms in 6054 sq. feet of living space. This two story home is situated on almost 1/2 acre with beautiful, private lake views. Floor to ceiling windows lead from the leaving room to the pool deck. There have been lots of updates including new appliances, bathroom fixtures, sinks and toilets.
The open gourmet kitchen has custom cabinets and a large island with cook top. The 4.5 car garage has new doors as well. The master suite is located on the ground floor and includes an exercise room, his and her bathrooms and large custom closets. The pool has been given a new Diamond Brite finish as well as new tiles and heater. Built in 1993.
The contemporary home at 7026 Ayrshire Lane sold for $1.325 million. It has 4 bedrooms and 4.2 bathrooms in 4261 sq. feet of living space. Located on over 1/4 acre, this home has great views of the golf course and lake. A large circular drive leads to a double door entry. The kitchen and bathrooms have all been renovated to include modern touches such as an oversize breakfast bar, top of the line appliances and floating vanities. The outdoor space features a covered patio and pool. Built in 1984.
Woodfield Country Club is a private country club and gated community with a large clubhouse, exercise room, golf course and tennis courts. The community also has basketball courts, bike and jogging paths and a resort pool and spa. The entrance is on the north side of Yamato Road, just west of Jog Road. Equity membership is required. Students attend Calusa Elementary School, Omni Middle School and Spanish River Community High School.
3749 Coventry Lane; image by Google
3749 Coventry Lane; image by Google

The exquisite estate home at 3749 Coventry Lane sold for $2.8 million. It has 5 bedrooms and 6.1 bathrooms in 7556 sq. feet of living space. This Mediterranean style estate has the finest finishes and breathtaking views of the lake. There are volume ceilings, crown moldings, Jerusalem marble and hardwood floors. There is a loft and library in addition to the bedrooms.  The living room has coffered ceilings with a beautifully stone crafted fireplace and onyx wet bar. A special feature is a walk in wine closet. A gourmet chef’s kitchen has 42″ white cabinetry, granite and Caesarstone quartz counters and top of the line appliances. The patio has a covered lanai with a fireplace and gorgeous pool. Built in 2009.
4170 Briarcliff Circle; image by Google
4170 Briarcliff Circle; image by Google

The Mediterranean style home at 4170 Briarcliff Circle sold for $1.3 million. Located in the Briarcliff subdivision, it has 5 bedrooms and 5 full bathrooms in 4764 sq. feet of living space. This custom built home has lots of upgrades, floor to ceiling windows and marble floors. It boasts a home theater and loft. There is a gourmet contemporary kitchen with a large island, custom cabinetry and extra large refrigerator. There is also a custom built library. The outdoor entertainment area has a lushly landscaped pool and patio with a summer kitchen and views of the lake. Built in 1998.
The Oaks is a gated family community with a large clubhouse and pool, 12 court tennis center and luxurious spa. Students go to Sunrise Park Elementary School, Eagles Landing Middle School and Olympic Heights Community High. Bordering Clint Moore Road, 441 and Lyons Road, it is close to shopping and dining.
17721 Besito Way; image and map data by Google
17721 Besito Way; image and map data by Google

The magnificent estate home at 17721 Besito Way sold for $1.550 million. It looks stunning from above. Located on a premium 1/2 acre cul de sac lot, it has 5 bedrooms and 6.2 bathrooms in 6700 sq. feet of living space. The lavish home has hardwood floors and a huge chef’s kitchen with custom cabinetry, granite counters and top of the line appliances. It boasts a pre-wired media room, playroom, library and loft. The master suite has his-and-her bathrooms. The home also has 3 private balconies. The outdoor space has a large pool and hot tub overlooking the lake. Built in 2015.
17702 Cadena Drive; image and map data by Google
17702 Cadena Drive; image and map data by Google

The Mediterranean style home at 17702 Cadena Drive sold for $1.240 million. It has 5 bedrooms and 5.3 bathrooms in 5415 sq. feet of living space. This brand new home has a large U-shaped kitchen with Sub-Zero and Wolf appliances, granite counter tops and a walk-in pantry. Special features include double oven/stove top and double dishwashers. Wood and marble floors are in the main living areas as well as a fireplace. The home has impact glass sliding doors open to the covered patio, pool and spa. There are 3 garage bays. Built in 2015. If there’s a downside it’s the backyard facing Lyons Road, though with substantial separation.

Home Prices Drop in The Oaks

The average transaction price in The Oaks fell 10% in the past year. The average sale in the first half of 2015 was $1.23 million at $234 per square foot. In the first half of 2016 the average price was down to $1.12 million at $215 per square foot. In both periods the average house sold was just under 5200 square feet of living space.
The numbers were actually worse than that, but we removed two Chinese drywall homes from the 2016 data. One of those sold for only $310K. Homes are also taking much longer to sell with the average days on market jumping from 134 to 189 (4 months to 6 months).

The Oaks is a luxury gated community on the north side of Clint Moore between 441 and Lyons. HOA fees are roughly $800/month.

On the high end four houses sold in the ballpark of $1.4 million. The top was 17904 Key Vista Way, a 5-bedroom, 5 1/2 bath house with over 6000 square feet of living space which sold for $1.425M.

17799 Cadena Drive sold for $1.385M; photo courtesy of Sutter & Nugent Inc.
17799 Cadena Drive sold for $1.385M; photo courtesy of Sutter & Nugent Inc.

Fourteen of the twenty-two homes sold for $1M or more, with four more in the $900K range and only one selling for less than $800K (17825 Villa Club Way for $730K).
An interesting side note for Realtors – 5 houses were listed with premium commission rates over 6%, with two at 7%, two at 8% and one at 12%. None of the transactions included a discount broker.