Considering that there are approximately 750 housing units in the various subdivisions of Montoya Circle, completed sales of only 23 properties (only 3% of the available homes) is an indication of extreme stagnation in this particular market. It appears that the only homes selling are those which are either in distress (short sales and foreclosures) or with motivated sellers who are willing to be realistic about the current market.
Here is a rundown of each Montoya Circle community. Overall there are 26 listings for sale, 7 of which are under contract, so there is an approximately one year supply of inventory (based on the current rate of sales it would take a year for all the existing listings to sell if there are no other new listings coming to market). Please click on the subdivision name to see all current listings for sale in the community:
BOCA HAMLET: 2 Active listings( as of Jan 5, 2011), one closed sale for $1,000,000.
THORNHILL GREEN: 2 Active listings, 3 closed sales (two of which were short sales).
THORNHILL ESTATES: 1 Active listing, 1 listing under contract, two closed sales (one short sale closing)
THORNHILL MEWS: No current listings, one closed short sale in 2010.
CAPTIVA: 3 Active Listings, 3 Listings under contract, 6 closed sales (one bank owned, one short sale). Captiva has had great activity this year partially because they do not restrict rentals therefore it is attractive to investors, and a single family home can be bought for an affordable price. The bank owned sale closed for a steal price of $150,500- although it needed a lot of work- and had previously closed in June of 2005 for $390,000!!! ~ a less than 50% reduction in price.
LAS BRISAS: No listings or sales in the past year.
THORNHILL VILLAGE: One active listing, One bank owned sale.
MONTOYA ESTATES: 2 active listings, one under contract, two closed sales.
BOCA PATIO VILLAGE: No listings, one closed sale.
PALACIOS DEL MAR: One active listing, no sales.
LAGO DEL MAR: Another active development with six active listings, two under contract, and four closed sales. The most recent Lagos are now going for $160,000.
If you are interested in buying or selling Montoya Circle Real Estate, you should contact me now. I have represented both buyers and sellers in a significant portion of these transactions. My experience will guide you through this ever challenging real estate market!
Gloria Singer is the Broker of Boca Expert Realty, a boutique Boca Raton real estate company with a focus on professional service and an unparalleled customer experience. Our select agents are amongst the top performing professionals in the field. Visit www.BocaExpert.com for information on Boca Raton, Delray Beach and Highland Beach real estate and to connect with an expert in the local market.