Boca Raton Real Estate Market
The Boca Raton real estate market is one that’s experienced quite a bit of change over the past several years. Right now, it is a prime opportunity for buyers and there are a few good reasons why. The Boca Raton real estate market (like many around the state and country) took a serious hit in the run-up to and during the Great Recession. It’s since rebounded. But, current conditions make it a must-look for any real estate investor.
The Boca Raton real estate market presents a real opportunity for those who seek long term gains. And, gains of substantial portions. Right now, there is an imbalance between buyers and sellers in and around Boca Raton. Currently, the market strongly favors buyers due to the lack of active inventory.
Resale property listings are low at this time. Plus, there’s relatively little new construction. These two factors, combined with a few other elements, give the advantage to buyers right now. However, this scenario is only temporary as it could change over the course of 2019.
Home sale prices in Boca Raton range from just under $1 million to about $27.5 million. The median list price in the area stands at $381,2000, with a median list price per square foot of $202. However, the median sales price in the community is only $315,800. Meaning, asking prices are significantly higher than actual sale prices.
One contributing factor for the current residential real estate situation in Boca Raton is partly due to Hurricane Irma. This huge natural disaster seriously interrupted the markets in the area with effects which lasted from mid-September of last year all the way to the present.
Why Enter the Boca Raton Real Estate Market
Savvy real estate buyers and investors should seriously consider Boca Raton because it offers one of the best locations in the Sunshine State. Since inventory is low, sellers are motivated to move their properties at this time.
What’s more, interest rates, though slightly rising, remain at near historical levels. Mortgage interest rates are still very affordable. Of course, that might well change over the course of the year.
Another good reason to get into the Boca Raton real estate market is its location. As everyone knows, location is the single biggest factor in residential real estate performance. And, Boca Raton is a prime location.
Take time to look into Boca Raton real estate -- it’s a solid opportunity for a long term investment.
Cost of Living in Boca Raton
Regardless of which region, city, or country you plan on moving to, the first concern you’ll face is the cost of living. On the off-chance, you decide to move to Boca Raton in Florida, here is all that you need to know about the cost of living there.
The cost of living in Florida is generally the same as the national average cost across the United States. The state comes at 101 on the cost of living index while the nationwide average lies at 100. This implies that Florida is just 1% costlier than most states and this is usually negligible. Nonetheless, the real concern here is the city of Boca Raton and this place has a cost of living score of 128. This is 26.4% higher than Florida’s average and 28% higher than the national average.
What do you think is contributing to this high cost of living in Boca Raton? It is none other than transportation housing and transportation with a COL of 189% and 118%, respectively. Unfortunately, these two are what people are the most concerned about. These are the major expenses that you have to bear wherever you live.
Family budgets always incorporate these two costs, especially when they are moving to Boca Raton. This is the reason for the city initially appearing as highly expensive.
Furthermore, there are a startlingly high number of baby boomers in Boca Raton. This has further increased the demand for houses and apartments with a host of facilities such as activity centers, housekeeping services, landscape services and pools.
The cost of living formula also includes other costs associated with the housing, such as homeowner association fee, mortgage costs, real estate commissions, and taxes. These are actually the costs that make housing in Boca Raton so expensive. If these costs were avoidable, the cost of living in Boca Raton would have been just the same as other states.
Nonetheless, those moving to the city can always choose to compromise on some luxuries. They can choose to move to areas that are economically minded rather than posh and go for appropriately-sized accommodation instead of large, lavish condos or townhouses.
With that said, don’t forget that housing is just one portion of the total cost of living in Boca Raton. Other important living expenses like utilities and groceries will cost you LOWER than what they do in other cities. This is the major motivation behind homeowners choosing to buy properties in Boca Raton i.e. saving money in other aspects of the budget.
What It Is Like Living In Boca Raton
"People are surprised by the casualness of Boca, "It isn't as snobby as some people might think it is". Ultimately, we are all working and raising our families like everybody else is.
Many of these families - and half of the residents of Boca - live in the West Boca area. There is newer construction there, but there is more conformity as well. It is middle of the road - not too expensive but not too cheap. A three-bedroom, 2,500-square-foot townhouse in Boca Grove, a country club community in West Boca located east of the Florida Turnpike, costs $275,000, which is right below West Boca's average $300,000 home price. Jackie Lomonte, who moved to South Florida from New York in 1992, considers West Boca home. She says that she and her husband had always dreamed of retiring there, and they had friends in the area, so it made a lot of sense for them to move there.
County clubs and gated community are commonplace in Boca Raton. Forbes magazine reports that the metropolitan area has three out of the 10 highest priced U.S. gated communities. The Royal Palm Yacht and Country Club in Boca is number one; while Sanctuary is number six and Le Lac is number eight. Fortunately, the crime statistics in Boca don't make the gates necessary, but the lure is explained this way "The streets are much quieter; children are able to play ball outdoors since the only cars on the roads are from residents who actually live there." Although the Boca Raton City Police does not serve West Boca, the area is still included in the mailing address of the city, and access is provided to the community's outstanding school system, which includes 16 private schools.
The area of East Boca is home to second-home owners, retirees, and DINKs (short for "dual=income-no-kids, which is a growing part of the population encompassing married couples who have no kids and makes up 53% of the total population of Boca). Higher-end houses are frequently purchased by second-home owners who are from the Northeast. They are often searching for yacht dockage.
Nature lovers tend to choose Old Floresta, which is a small neighborhood in southern Boca. There were 20 Mediterranean-style houses planned by Mizner here. However, in 1927 he went bankrupt, which left many of the home unfinished. Here the streets have names like Azalea and Hibiscus. Just a handful of houses are true "Mizners," with most of them being constructed in his style, with wrought-iron balconies, stucco walls, and barrel-tiled roofs. The National Register of Historic Places has this seven square block lushly landscape community listed in its register.
The wide range of demographics within the 29 square mile city limits is one of the main reasons why native Floridians decide to move to the city from Deerfield Beach and other Florida cities. Downtown Boca area is very eclectic and has many local independent businesses, which is a big plus. If you want some coffee, stop at the many coffee shops, or for retail therapy, there are many Boutiques. The shops provide the neighborhood with a small-town vibe. You can live right around the corner and walks to work as well. Much of this coziness is due to the strict city ordinances of Boca Raton that limit the type and size of advertisements, signs, and commercial buildings that are allowed. Also, no billboards or car dealerships are allowed in the city limits of Boca Raton.
Boynton Beach Real Estate Market
Boynton Beach, located on the east coast of the Florida peninsula, is one of the best places to live in the Sunshine State. It’s home to the Schoolhouse Children’s Museum, Mangrove Park, Gulfstream Park, and Oceanfront Beach Park. It’s also home to approximately 75,500+ residents and more than 36,200+ households. The Boynton Beach residential real estate market is one which offers a number of choices. So, let’s take a look at the current state of the Boynton Beach real estate market.
Boynton Beach Real Estate Market
The Boynton Beach real estate market at this time is one that’s slightly in favor of buyers. While several other places on the peninsula favor sellers, Boynton Beach is more in-sync with buyers.
Presently, the median home value in the city of Boynton Beach is at $245,300. This reflects an increase in home values of 5.4 percent over the past year. And, market experts forecast Boynton Beach home values will again rise about 4.5 to 4.8 percent.
The median list price of Boynton Beach real estate is now at $160 per square foot. (This is lower than the price per square foot in neighboring Miami-Fort Lauderdale of $217.) While the median home price in Boynton Beach is at $269,000. The median home sale price in Boynton Beach is at $248,200.
For renters, the median lease per month currently stands at $1,850, also lower than in the Miami-Fort Lauderdale metro area of $2,100.Mortgage delinquencies and foreclosures are at near record lows in Boynton Beach. Presently, home loan delinquencies in Boynton Beach are a mere 1.4 percent, which is under the national average of 1.6 percent.
Boynton Beach home types include single-family houses, along with condos and townhouses. Floor plans range from modest two bedrooms, one bath up to three to five bedroom, two to three or more baths.
Reasons to Live in Boynton Beach
Right now, the Boynton Beach residential real estate market does favor buyers, which helps to keep home purchase prices lower. But, there other reasons to call Boynton Beach home.
One such example is there is no state income tax in Florida. So, you keep more of what you work hard to earn. The weather is also a huge perk, with super mild winters and wonderful spring and fall seasons. Plus, this makes outdoor recreation available nearly every day of the year. And, Florida is a business-friendly state which makes it attractive to employers and entrepreneurs alike. Of course, the scenery is another great element.
Palm Beach County Real Estate Market
Palm Beach real estate market is a very active one. And, it’s definitely demonstrated that dynamic over the past decade. Home to Palm Beach, Juno Beach, Belle Glade, Loxahatchee, Delray Beach, Palm Springs, and Lake Worth, the Palm Beach real estate market is quite diverse.
Here, the Palm Beach real estate market boasts a number of housing types. There are single family homes, condos, villas, and townhouses. Layouts are also varied, ranging from the cozy one bedroom, one bath, to two and three bedrooms, two and three baths. And, up to five or more bedrooms, with five or more baths. Here in Palm Beach County, there are beachfront properties, rural equestrian estates, golf home communities, as well as quiet suburban and vibrant urban areas.
Palm Beach County Real Estate Market
The Palm Beach real estate market is currently on a strong trend. Over the past several months, available resale listings have leveled off and even dropped. The result, a seller’s market, particularly at the beginning of 2018. (A seller’s market means inventory is tight and there are more active buyers than available properties.)
But, the trend will definitely move. Currently, the median home value in Palm Beach County sits at $236,900. Home values have increased by 6.3 percent just over the past year. Presently, the median price per square foot stands at $191. (This is actually less than the Miami Fort Lauderdale metro area, where it’s currently $214.)
At present, the median listing price in the Palm Beach real estate market is $349,000, with a median selling price of $273,700.
Relative to its neighbor, the Palm Beach real estate market is still quite affordable. And, it’s full of opportunities. There are primary residences here, of course, but also, property investors can easily find rental homes. It also makes a great location for a vacation home or a second home.
What’s great about Palm Beach County is its location. Located on the mid-southeast costs of the Florida peninsula, it’s northeast of the Everglades National Park and not too far away from the Upper Keys.
Palm Beach County is a great place to live, work, and play because of all it has to offer. Here, the climate provides super mild winters, spectacular spring and fall seasons, along with warm, balmy and breezy summers. Fish, sail, scuba, kayak, snorkel, beach bathe, soak up the sun, take in a show, go to a museum, or shop until you drop. It’s all here and waiting in Palm Beach County.
Broward County Real Estate Market
The Broward County real estate market is a complex one. Located in south Florida on the east coast of the peninsula, it’s home to thirty cities, approximately 2 million residents, all spanning across about 1,320 square miles.
The Broward County real estate market is made up of various types of housing. These include single-family homes, townhouses, condos, villas, and more. Floor plans range from the modest one bedroom, one bath, to five or more beds, with five or more baths. Here, there are an entry, starter homes, and luxury homes, along with luxury estates.
Broward County Real Estate Market
The Broward County real estate market is also home to Fort Lauderdale, Deerfield Beach, Pembroke Pines, Pompano Beach, Coral Springs, Sunshine Acres, and more.
In recent years, the Broward County real estate market has experienced several transitions. Just last year, there was a real shortage of available housing listings. Which of course, drove prices up. The Broward County median home value sits at about $249,000, with a median listing price per square foot of $187. (That’s actually lower than nearby Miami Dade. Or, the Miami-Fort Lauderdale metro area of $214.
The median listing price in Broward County hovers at around $299,000, with the median selling price at $252,000. But, there are certainly homes which lay outside those figures, priced less expensively and of course, houses priced much higher.
People come to live in Broward County because of its many employment opportunities. It’s a rich mix of metropolitan, suburban, and rural communities. What’s more, it’s very attractive because the cost of living is lower than in other parts of the country, particularly the big cities in the northeast and those out on the west coast.
Furthermore, there is no state income tax. Which means residents keep a whole lot more of what they earn. And, it’s a very business-friendly state. Additionally, it boasts a beautiful climate. Super mild winters, gorgeous spring and fall seasons, and balmy but breezy summers.
What’s more, there’s something for everyone and it’s possible to recreate outdoors just about every day of the year. Take a weekend trip down to the Keys, boat, fish, kayak, sightsee, or spend a day at the beach. There are plenty of entertainment options, complete with casual come as you are dining options up to white cloth, fine dining experiences. Even better, there is no shortage of entertainment, both outdoors and indoors. See a concert, enjoy a museum, or explore the Everglades.