There were a total of 24 home sales that closed in Montoya Circle Boca Raton in 2009. That's a decline of about 20% from those closed in 2008. Montoya Circle, like the rest of the Boca Raton and Palm Beach County area, felt the impact of the recession and prices have declined sharply from the peak of Summer of 2006 and have even declined sharply over the 2008 average prices. Several of the sales have been short sales and foreclosures, and the general Boca Raton market conditions prevail in Montoya Circle. The community is characterized by its proximity to the popular Boca Raton Synagogue and continues to attract residents that require a location which is walking distance to the synagogue. However as in the past many people moved to the area from the New York region, this has dropped off as people up north have had trouble selling their homes and securing employment in South Florida. One of the main issues that I believe which is affecting the activity is the continuing perception among some sellers that the property prices in Montoya Circle would be less affected by the economy because of the built-in demand amongst people that need that location. Many still have not come to terms with the reality that general market and economic conditions have affected their neighborhood as well. As a result, there is some stagnation in the marketplace and the only properties which are selling are those which are either distress sales (foreclosures or short sales) or where the sellers are extremely motivated to sell in current market conditions.
Here is a rundown of each Montoya Circle community. Overall there are 24 listings for sale, which is about a twelve month supply of inventory:
Boca Hamlet: 3 Active, 1 Closed Sale in 2009. Boca Hamlet continues to be a popular and sought-after community however buyers are very savvy about current values.
Thornhill Green: 2 Active, 3 Closed Sales in 2009. Extremely popular neighborhood especially with young families.
Thornhill Estates: 2 Active, 1 Pending Sale, 1 Closed Sale in 2009. Again a sought-after community and homes that are priced right sell quickly.
Thornhill Mews: 1 Active, 1 Closed Sale (Foreclosure) in 2009. A little farther from the synagogue however characterized by large lots with plenty of expansion potential.
Captiva: 3 Active, 1 Pending Short Sale, 6 Closed Sales in 2009. The homes in Captiva are selling. It is a price point which is affordable for families.
Las Brisas: One Pending Listing, 4 Closed Sales in 2009 (all short sales). The prices have gone down drastically and buyers were able to pick up some great deals in 2009.
Thornhill Village: No active listings, 2 Closed Sales in 2009.
Montoya Estates: 6 Active listings, 1 Pending Short Sale, 3 Closed Sales in 2009. Homes in Montoya are lagging and have also dropped in value.
Boca Patio Village: 2 Active Listings, 1 Closed Sale.
Palacios Del Mar: 1 Active Listings, 0 Closed Sales.
Lago Del Mar: 2 Active Listings, 3 Pending Sales, 3 Closed Sales. Prices here have declined immensely with a townhouse which sold for $325,000 in the peak recently selling for $175,000 in a short sale.
Whether you are a buyer or seller of Montoya Circle Real Estate, you should start by calling me now. I know the values and have sold many listings in this community. You definitely need an expert to guide you through the complicated process of a real estate transaction in this challenging market.
Posted by Gloria Singer on
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