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March 2010

Found 4 blog entries for March 2010.

I have been spending some time examining the Boca Raton real estate market and the underlying statistics of what is happening in our area. I think it's important to discuss the market in terms of price bands, as we have a wide range of inventory and price ranges in our local market. As an example, I have analyzed the current situation for single family homes in Boca Raton, in various price ranges. Check out this chart below:

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What is most interesting to me is that the number of months of inventory for homes priced between $750,000 and $999,999 is a whopping 92 months! Only two homes in this price range sold in February 2010 out of 193 listings! Not that it's so great for homes over a million, but they are actually faring better, with 45 months supply.

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caravelle_512 Karen Rothstein, one of our Buyer's Specialists, just sold this fabulous townhouse in Caravelle in The Club at Boca Pointe. The lucky Boca Raton Real Estate buyer purchased this 3 bedroom, 3 full bath with 2 car garage and over 2700 square feet of air conditioned living space for only $279,900! That's only $100 a square foot, I don't think you could build this property for that price! This transaction was NOT A SHORT SALE although it was on the market for almost two years and was originally listed at $469,000. Our buyer clients are getting great deals now on Boca Raton Real Estate! Call us now to buy something before the buyers tax credits expire at the end of April 2010!
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We are happy to announce the successful closing of our listing at 17052 Boca Club Blvd in the Greens development of Boca Country Club. These Boca Raton Real Estate buyers are a lovely couple from the New York area who will be using the townhouse as a vacation home. The sellers are from Venezuela, and recently bought another property in Broken Sound Country Club.

This property was on the market for less than sixty days, and sold for 87% at the asking price. A 3 bedroom 2000 square foot townhouse, it sold for $240,000. The average days on market for homes of this type in Boca Raton is currently 212 and the average sell price to list price ration is 85%, so needless to say, our sellers were very happy with this result in the current market!

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Contracts must be executed by April 30, 2010... for money in your pocket!

Whether you are a first-time buyer who qualifies for the $8,000 tax credit, or a current homeowner who wants the $6,500 tax credit, you have only until April 30, 2010 to take action. Federal deficits, budget cuts and political jousting make it highly unlikely that Congress will approve another extension of these popular tax credits, and many economists expect interest rates to increase soon.
So what are you waiting for? Here are the highlights of both tax credits:

$8,000 First-time Home Buyer Tax Credit at a Glance:

  • The $8,000 tax credit is for first-time home buyers only. For the tax credit program, the IRS defines a first-time home buyer as someone who has not owned a
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