2009 Boca Raton Area Luxury Real Estate Market Wrap-Up

The news continues to be bleak for the luxury real estate market in Boca Raton, Delray Beach, and Highland Beach at the end of 2009 and beginning of 2010.

Last fall I wrote a blog post about the Boca Raton Luxury Market for the six months ending September 30, 2009.  THis is a followup to that previous post.

I have examined the current state of the market for properties in excess of $1,000,000 for the last half of 2009.

Here are the number of sold properties in relation to current listings for each price band for the last six months:

Here is an illustration of the current month's supply in each of the price bands:

It is very clear from these illustrations that the luxury market continues to be hammered. While the number of current listings in…

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Montoya Circle Boca Raton 2009 Real Estate Market Wrap-up

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…

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BOCA RATON LUXURY REAL ESTATE MARKET IN DOLDRUMS. BUY NOW IF YOU CAN!!

The sales of luxury properties in the Boca Raton, Highland Beach and Delray Beach real estate market continues to stagnate. I have prepared a couple of graphs which illustrate the great amount of unsold inventory which is on the market in the over one million dollar price ranges. This segment represents approximately 13% of the total listings on the market. For purposes of this article, I have examined all listings in excess of one million dollars in Boca Raton, Highland Beach, and Delray Beach.

Here are the number of sold properties in each price band in the past six months:

Here is an illustration of the current month's inventory in each price band. Please keep in mind that the average for all price ranges in Boca Raton, Highland Beach and Delray…

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Appraisals in today's crazy real estate market!

Your House As Seen By: 

Yourself:
 

Your Buyer:

Your Lender:

The Appraiser:

and last but not least, the Palm Beach County Property Tax Assessor:

This was sent to me by my friend and colleague John List, who I work with at Lang Realty. I thought it was really funny and apropo. Appraisals in particular are a big issue in our market. In the coming weeks I will be writing about some situations with appraisals that are true stories and are keeping sellers trapped in their homes and unable to sell due to ridiculous valuations by appraisers who don't know the area or the values. Stay tuned!

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GREAT NEWS FOR BOCA RATON HOMEBUYERS

GREAT NEWS FOR BOCA RATON HOMEBUYERS:

IT’S TIME TO GET OFF THAT FENCE!

Everyone is talking about the fact that the S & P Case-Shiller home price index, which tracks home prices in 20 metropolitan areas, rose for the first time in 34 straight months of decline. Various housing indicators are showing glimmers of hope that the housing market is improving.

We all know that real estate is LOCAL so I have decided to drill down into the numbers a bit. After examining sales for the three months ending April 30, May 31, and June 30, I can confirm that for the first time in three years, home prices in Boca Raton have increased as have the number of sales. Although they are only slight increases and will have to be tracked over time, it…

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Central & West Boca Raton Real Estate Market Statistics - May 2009

Below please find the May 2009 sales activity within the Central and West Boca area of Boca Raton real estate  - which encompasses all homes and condos/townhomes sold located West of Military Trail.

 

As shown in the May 2009 Boca Raton East Market Statistics blog, here are some additional property analysis with regard to the above sales, which shows both the breakdown of prices and number of days each property took to sell:

Please bookmark this site to stay in touch with the Boca Raton homes market statistics.  I work hard to keep you informed of the monthly changes and updates within this area - please let me know if you have any comments or feedback on the information I am providing you with.

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Boca Raton Real Estate Market Statistics - May 2009 - East Boca

Please find below the statistics for May 2009's Boca Raton real estate market conditions.  This shows the activity for all the single family homes and condos/townhomes sold in the East Boca Raton area - which includes all properties between Military Trail and the Atlantic Ocean. 

Below are some additional property analysis surrounding the above numbers for the Boca Raton real estate market which shows the breakdown on prices and days on market throughout this eastern area of Boca Raton:

I would be happy to answer any questions you may have with regard to the current market conditions in and around the Boca Raton real estate area.  We are noticing some consistent stabilizing throughout the market compared to the past few years and are confident that the…

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Boca Raton Real Estate Market Conditions ~ April 2009 ~ Central and West Boca

Here are the April 2009 sales activity within the Central and West Boca area of Boca Raton real estate  - which encompasses all homes sold which are located West of Military Trail.

With the height of another season now behind us, the number of new listings, both residential homes and condo/townhomes, dropped significantly month over month - down from 164 in March to 126 new residential homes listed in April, and 197 in March down to 129 new condo/townhomes listed in April.  This is good news for new sellers, since their competition has now dipped down too.

The number of single family homes and condos/townhomes sold last month also dropped somewhat from the previous month, but when it came to the average number of days it took a Boca Raton FL single…

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April 2009 ~ Boca Raton Real Estate Market Conditions ~ East Boca

Please find below the statistics that make up the April 2009 ~ Boca Raton real estate market conditions.  This shows the activity within the single family homes and condos/townhomes in the East Boca Raton area - which includes all homes between Military Trail and the Atlantic Ocean. 

April saw another month of several (four to be exact) noteworthy properties sold within the Royal Yacht & Country Club community of Boca Raton, FL.  These homes ranged in age from over 50 years to less than 8 and all had 5 bedrooms (and 5 or 6 bathrooms).  Their selling prices ranged between $1,150,000 and $4,535,000, with one selling at 100% asking price and only only on the market for 33 days!

Below is a slideshow of one of these homes (sold at the highest price…

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Boca Raton Real Estate Market Conditions ~ March 2009 ~ Central and West Boca

Below you will find the sales activity within the Central and West Boca area of Boca Raton real estate for the month of March 2009 - these are all homes located West of Military Trail.  

When comparing these statistics over previous months numbers, the activity in sales within the Boca Raton real estate market has skyrocketed!  In particular the condos sold during the month of March 2009 almost doubled that of those sold in February 2009!  In addition, the number of days that both single family homes and condos/townhomes dropped for the third month in a row.  Even with the average sales price of homes selling still depreciating, more buyers are taking advantage of what seems to be the bottom of the decline in house values.  This is encouraging to see…

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