Boca Raton, Florida's Still Hot, Say Realtors
by Blanche Evans
Despite a slight cooling off period, the housing market in Boca Raton is still hot, say local Realtors. "The market is slowing a bit this month, with many homes sitting for up to 30 days or more," says Realtor Jim McLane. "There is still a strong demand with more buyers then sellers. Finding a home under $400,000 is very tough, and it usually needs remodeling. Last weekend I was out and every home I looked at was over $400,000. This was a zero-lot-line 3/2 that needed to be remodeled. They were nice areas but nothing fancy. I'm also starting to see many price reductions in many markets. Also, homes are selling further under their original asking price." "The Jupiter beach area continues to be very strong, as prices have risen so rapidly buyers are looking elsewhere or waiting for a better deal," says McLane. "A 2/2 condo near the beach in Jupiter is almost $350,000 and if you want waterfront, expect to pay mid $500's. Investors are still driving the market and until the appreciation slows down, investors will continue to hold on to their properties. With all these factors I see the lower-end homes prices in Palm Beach County continuing to rise. Finding a basic 2/2 condo in a nice area will run you almost $200,000. One last tip before shopping, get pre-approved and have that letter ready when making an offer as many sellers will not take an offer without a pre-approval letter." Says Realtor Joanne K. Lewis, "Boca Raton is at the southern tip of Palm Beach County. With its many country clubs, bath and tennis clubs, high fashion stores, and malls, it is one of the most sought-after housing areas of Florida. Most of the Olympic swimmers have trained here, and many known tennis players have made this their home. Early December sees the Chris Evert Tennis Classic, with many famous players." "It's a first-class community -- great for families, active retirees, boaters and sunbathers. Something for everyone, small condos to the largest of luxurious oceanfront estates," says Realtor Karen Dove. "This is the city for all seasons. Boca's warm days, ocean breezes and cooler nights and you'll feel why. Add great beaches, golf courses, tennis and user-friendly parks to create a combination that makes Boca unique. For indoor activities; shopping, dining, movies -- there's the famous Mizner Park. Here you can enjoy unique boutiques, delicious eateries, movies and live concerts in the Amphitheater." Dove explains, "Boca's real estate market continues to be active and strong. We have the lowest inventory in years (single family homes -- 38 percent over this time last year), combined with more people moving to Florida to retire, or buying that second home are keeping the desirable properties selling in a matter of days. New construction offers more choices, although higher in price than many resales, and the luxury and amenities offered make living in Florida fit for a king. Reasonable resale properties are harder to come by and are sell lightning fast. The public schools are among the best in Florida and Palm Beach schools were recently ranked third in the country by Expansion Management magazine. Private school choices are also excellent. There are many community colleges and universities nearby for the kids staying close to home." |
