Delray Beach and Boca Raton Real Estate and Homes for Sale

Watch as Jeff and Dave, the founders of YourDelrayBoca.com, give you their take on the local real estate market:

There is no more dynamic real estate market in the U.S. than Boca-Delray.

From oceanfront mansions and historic homes to picturesque country clubs and subdivisions the market is vibrant, the choices are endless and the neighborhoods varied depending on age range, price and taste. The area features everything from old Florida to the most modern downtown condo’s and townhomes.

You are sure to find exactly what you want in these two world-class cities.

Buying or selling in the Delray-Boca area and need a recommendation? We can help. Learn more here.

22 October, 2013 0 Comments

Florida Real Estate Market Showing Continued Strength

October 22, 2013 By Jeff Perlman Leave a Comment

Dr. John Tuccillo, chief economist for Florida Realtors, says market is resilient.

More closed sales—check.

Higher median prices—check.

Increased pending sales—check.

All signs point to a sunny outlook for Florida’s housing market, according to the latest data released by Florida Realtors®.

“Throughout the year, we’ve seen Florida’s housing market strengthen, and that positive momentum continued in September,” says 2013 Florida Realtors President Dean Asher, broker-owner with Don Asher & Associates Inc. in Orlando. “Home values are rising and many homeowners across the state see improving home equity. Those trends are helping to ease tight inventory levels in many areas as people who had been waiting on the sidelines decided to list their homes for sale. September marks 22 months in a row that the statewide median sales prices rose year-over-year for both single-family homes and for townhome-condo properties.”

Statewide closed sales of existing single-family homes totaled 18,490 in September, up 18.8 percent compared to the year-ago figure, according to data from Florida Realtors Industry Data and Analysis department in partnership with local Realtor boards/associations. Closed sales typically occur 30 to 90 days after sales contracts are written. The local market in Palm Beach County appears even stronger than the state.

Meanwhile, pending sales – signed contracts not yet completed or closed – for existing single-family homes last month rose 10.5 percent over the previous September. The statewide median sales price for single-family existing homes last month was $170,000, up 17.2 percent from the previous year. The median is the midpoint; half the homes sold for more, half for less.

According to the National Association of Realtors (NAR), the national median sales price for existing single-family homes in August 2013 was $212,200, up 14.4 percent from the previous year. In California, the statewide median sales price for single-family existing homes in August was $441,330; in Massachusetts, it was $345,000; in Maryland, it was $272,895; and in New York, it was $242,000 making Florida an extraordinary value.

Looking at Florida’s year-to-year comparison for sales of townhouse-condos, a total of 8,279 units sold statewide last month, up 11.4 percent from September 2012. Meanwhile, pending sales for townhouse-condos last month increased 4.6 percent compared to the year-ago figure. The statewide median price for townhouse-condo properties was $130,000, up 23.5 percent over the previous year. NAR reported that the national median existing condo price in August 2013 was $211,700.

Inventory was at a 5.3-months’ supply in September for both single-family homes and for townhouse-condo properties, according to Florida Realtors.

“Not too long ago, the focus was on the strength and longevity of Florida’s housing market recovery, but we’ve moved into a slightly different stage of growth,” says Florida Realtors Chief Economist Dr. John Tuccillo. “Now, the focus turns to growth in different segments of the real estate market. For example, it is very difficult to find homes for sale priced under $200,000. Investors have taken whatever has come on the market in this range. However, despite this, inventory has definitely stabilized and appears to be on the verge of rising. More sellers are coming into the market — new listings are up — and investor demand appears to be cooling off a bit, as shown by the fact that cash sales as a percentage of all sales are falling.”

According to Freddie Mac, the interest rate for a 30-year fixed-rate mortgage averaged 4.49 percent in September 2013, up from the 3.47 percent average recorded during the same month a year earlier. But despite the rising rates, buyers remain bullish on Florida real estate.

In Palm Beach County, home prices were up 11 percent in September from a year ago, with the median price for existing homes settling in at $250,000.

While looking strong measured against September 2012, prices have leveled off and stayed steady since March, which many realtors say is a good thing and will prevent the market from overheating.

Sales of single-family homes were up a whopping 21 percent over last year, according to the Realtors’ monthly report.

Palm Beach County also saw an impressive increase in the median price for existing condominiums last month. The median price hit $118,500, up 41 percent from a year earlier. But transactions were off 5 percent from a year ago.

Local realtors say that inventory in Palm Beach County is still lacking. That is having an impact on the length of time homes are staying on the market. Homes went under contract in a median 44 days last month, the lowest level in five years.

Interested in the Boca-Delray lifestyle? Contact us for in-depth community information. We can answer your questions about schools, taxes, crime rates, cultural opportunities and more. We also work with a trusted network of real estate professionals who can help you find your ideal home. Contact dave@yourdelrayboca.com with your questions and needs. No cost, no obligation, just real information from people who have lived, worked and raised our families in Boca Raton and Delray Beach.

16 October, 2013 1 Comment

The Lakes/Shores At Boca Raton: Setting the Standard for Quality in West Boca

October 16, 2013 By David Reeves 1 Comment

The Lakes At Boca one of West Boca’s best neighborhoods

The Lakes and The Shores At Boca Raton were clearly on the forefront of West Boca’s transformation from farm lands to a residential destination for families seeking a quality lifestyle.
This community began development in the late 1980s and rapidly became one of the trend-setting neighborhoods that spurred the development of shopping centers, the construction of many new schools, and the opening of numerous parks.
Multiple Home Selections
The original developer, Centex, envisioned a community with multiple housing types, including single-family estates, town homes, and zero lot line homes. Today, that combination has stood the test of time as “The Lakes” and its neighbor, “The Shores”, remain one of the most popular re-sale communities along the State Road 7 corridor. It is located west of State Road 7 on Yamato Road.
In addition to the varied home selections, The Lakes features meandering roadways, expansive lakes, and a recreation center with exercise facility, pool, tot lot, billiard room, and tennis/basketball courts. With more than 600 homes, it has pretty much something for everyone. Today, home prices range from the high $200,000s to the high $500,000s.
The Shores: A guard-gated option
Adjacent to The Lakes, is The Shores, a guard-gated community with 330 single family homes with up to 4,000 square feet. Prices range from the high $200,000s to the mid $500,000s.
Families find that one major attraction is the proximity to high-rated rated schools, including Sunrise Park Elementary, Eagles Landing Middle School, West Boca High School, and Olympic Heights High School. In addition, just down the road is South County Regional Park, boasting an amphitheater that host concerts, soccer/softball fields, Osprey Point Golf Course, bike trails, and much more.

For more information, here’s the link to the community newsletter – www.thelakesitenews.com

7 October, 2013 1 Comment

International Sales Important for Florida Real Estate

October 7, 2013 By Jeff Perlman 1 Comment

International sales growth strong in Florida

Florida real estate is a hot commodity for foreign buyers.

International real estate deals made up 8 percent of all existing homes sales in Florida over a one-year period ending in July 2013, according to Florida Realtors®’ recently released “2013 Profile of International Home Buyers in Florida.”

By dollar volume, international real estate transactions made up 9 percent of sales over the same period.

The report is based on an annual study done by the National Association of Realtors® (NAR) in cooperation with Florida Realtors. A total of 977 Realtors responded to this year’s survey conducted July 9-Aug. 16, 2013.

For the study, foreign buyers were defined as non-resident foreigners – individuals who purchase property in the U.S. but live here only part of the year. These buyers typically use the property as a rental unit, vacation unit or both.

The international real estate market is important to Florida. Nationwide, 61 percent of all reported foreign sales take place in five states: Florida, California, Arizona, Texas and New York, according to NAR’s larger study on international homebuyer activity in the U.S. Of those five states, Florida has the largest share: 23 percent of national sales to foreign buyers closed in the Sunshine State.

For the 12 months ended July 2013, existing home sales in Florida – single-family homes, townhomes and condos – accounted for 327,350 transactions worth $74 billion dollars. Of that total, there were 22,572 transactions worth $6.4 billion dollars to foreigners.

Here are some highlights of the report:

Canadians lead the way (30 percent of total Florida international sales) as the largest source of buyers, followed by Venezuela (8 percent), Brazil (7 percent), and the U.K. (6 percent). Boca Raton has seen a surge in Brazilian buyers according to local realtors.
Two in three (63 percent) of Realtors in Florida have international clients, compared to the national average of 27 percent.
80 percent of surveyed Realtors said that international clients found Florida property less expensive than similar property in their home country. Overall, foreign buyers say the U.S. residential housing market provides a good value.
84 percent of international transactions are cash sales
International buyers had a preference for detached single-family homes (47 percent of Florida foreign sales), followed by townhouses (11 percent) and condominiums (34 percent).

Another emerging trend is the number of Asians who are investing in Florida real estate. While still lagging Canada, Brazil and Venezuela, a growing number of Chinese and Japanese buyers are discovering Florida. So far, the trend seems to be seen more in Fort Lauderdale and Miami than in Boca Raton or Delray Beach but experts say it’s only a matter of time before foreign buyers discover the quality and value of Palm Beach County.

2 October, 2013 0 Comments

The Interview: Charles Shane of Bryason Realty

October 2, 2013 By David Reeves Leave a Comment

Charles Shane and his “associates”

Bryason Realty Corporation is one of the area’s leading commercial real estate companies. We sat down with Bryason Principal Charles Shane to talk about real estate trends.

Please tell us a little bit about the company, its niche, and secret to success:

Bryason Realty Corporation is a boutique firm, based in downtown Boca Raton. We have successfully negotiated several of the largest sales in Boca Raton over recent years, each in excess of $35 million. We specialize in office/retail development, leasing, sales and property management. We manage several well-known “trophy” properties in town. Our geographical focus is South Palm Beach/North Broward Counties. Our success can be attributed to long-term relationships with a select group of clients, who have multiple real estate assets.

What are some of the trends you’re seeing in the local market and how it relates to the emergence of South County as a prime business location?:

The local market began showing increased activity early in the year, following five years of limited sales/leasing. We expect 2014 to be a banner year, with activity levels approaching 2007 levels. South County has long been established as a prime business location, with extensive amenities, low taxes, and business-friendly city administrations.

What are the “hot” areas and what types of businesses are moving here?:

Boca Raton remains #1! The Business Development Board of Palm Beach County reports that 90% of the inquiries received target Boca Raton. Recent new additions to the workforce in Boca Raton include high tech companies, medical research firms, and many financial and legal firms.

Why are businesses moving to the South County area?:

South County offers all the amenities – A-rated schools, beautiful beaches, parks and recreation, low taxes, and a broad spectrum of housing – from gated communities on the west side to beachfront luxury on the east.

For more information on Bryason, please visit www.bryason.com and view their market updates at theshanereport.com.

30 September, 2013 0 Comments

Changes Coming to Delray’s South Federal Highway

September 30, 2013 By Jeff Perlman Leave a Comment

Delray Place symbolizes a South Fed resurgence

After years of calling for a new vision and plan for the South Federal Highway corridor, residents of the southeastern gateway to Delray are starting to see lots of activity.

All four corners at Linton Boulevard and U.S. 1 have significant developments planned.

Consider:

Delray Plaza, long the anchor of the area is rumored to be adding an LA Fitness. Some residents are concerned about losing the Regal 18, for 20 years the go-to place to see a movie in Delray.
On the southwest corner, a new SunTrust Bank and Chick-Fil-A have been approved. The SunTrust will be constructed in what is now the parking lot of the existing SunTrust bank. Chick-Fil-A will occupy the site where the bank currently sits.
Nearby Linton Towers has been purchased by a partnership controlled by CDS International Holdings, owner of Atlantic Plaza downtown.
A much anticipatedTrader Joe’s is the lead tenant for Delray Place on the southeast corner.
On the northeast corner, construction is underway on a new Fresh Market. A new Mexican restaurant is also planned. Also on the northeast corner, a new Chase Bank (on an outparcel of the Old Harbour Plaza) is planned. The bank will be 3,550 feet with a two-lane drive thru.

Meanwhile, other key parcels along South Federal Highway are undergoing renovation projects.

Ed Morse Cadillac—construction is underway on a new 2,180 square foot body shop. A used card building will be removed to allow for a reconfiguration of a parking lot.

Delray Honda—the owner of the dealership is acquiring commercial property on the west side of South Federal Highway just north of the current location to build a new state of the art facility.

A new Wal-Mart is being built in a shopping plaza on the south end of the corridor in an existing shopping center.

And Out of Denmark, a well-known Delray restaurant, that has been on hiatus for a number of years is coming back to the corridor.

Still, a couple of sore spots remain. The leadership of the nearby Tropic Isle Civic Association recently met with city planners and economic development officials to urge that the city clean up some properties including an old dealership and a former hookah lounge which burned down.

The association is asking that the properties either be cleaned up or demolished.

The lounge was subsequently demolished.

The group also wants increased landscaping in the medians, compliance with landscape codes from commercial properties and better signage.

The neighborhood has also informed the city of what they would like to see in the area.

Desired uses include:

Restaurants, high end national chains
Indoor amusement and recreation facilities
High end car dealerships
Hotels
Office buildings, if the ground floor is retail, food service or a commercial use.
Movie theater
Walk in medical clinic
Mixed-use multi-family projects with retail/commercial on the first floor
Businesses that support car dealerships

Uses that would not be favored include:

Any 24-hour businesses
Pawnshops, astrologists, fortune tellers
Adult entertainment, including gambling or hookah businesses
Flea markets
Big box retail over 50,000 square feet

27 September, 2013 0 Comments

Boca Reserve Opens Model Center

September 27, 2013 By David Reeves Leave a Comment

Minto enters West Boca market

It’s been quite some time since a new community has come out of the ground in West Boca Raton. The Minto Group is doing just that with the Grand Opening of Boca Reserve (www.bocareserve.com) , a luxury single-family home community featuring a wide range of single-family homes priced from $500,000.

This private, gated community is located west of State Road 7 on Palmetto Park Road. It is located near other communities such as Loggers Run, Boca Winds, and Boca Falls.

Boca Reserve will have only 44 homes. Seven floor plans are available with up to six bedrooms in one and two-story designs.

The key appeal of Boca Reserve is its location. It is minutes from the beach, Town Center Mall, and South County Regional Park. Families also have access to some of the finest schools in the area such as Loggers Run Middle School, Sandpiper Shores Elementary School, Waters Edge Elementary School, and West Boca Raton Community High school.

Boca Reserve is located at 12066 Boca Reserve Lane.

About The Company

Minto was founded in 1955 by four brothers in Ottawa. Since then, the company has grown into a multi-dimensional real estate development, construction and management company. It currently has operations in Ottawa, Calgary, and Florida and has built more than 70,000 homes and has in excess of 17,000 rental homes and apartments under management.

Minto has a commercial portfolio of more than 3 million square feet of office, retail, and industrial space.

25 September, 2013 0 Comments

Villagio Reserve Plans 598 homes in West Delray

September 25, 2013 By Jeff Perlman Leave a Comment

Ansca Homes is bullish on Delray

Ansca Homes recently held the official groundbreaking for Villaggio Reserve, their newest South Florida retirement community for adults 55 and older in Delray Beach at Atlantic Avenue and Hagen Ranch Road.

According to Ansca Homes Senior Vice President Ron Yuter, “We have really nailed it this time for homebuyers 55 and up who are looking for an active, social and luxurious lifestyle. We were excited to officially break ground at Villaggio Reserve recently, and we are even more excited by the enthusiastic response that has almost immediately followed our recent groundbreaking.”

Yuter believes the reason for all the excitement about Ansca’s newest residential community for adults is, once again, the home builder’s unique combination of home quality and lifestyle quality.

“Upon its completion, Villaggio Reserve will be an intimate and exclusive community of just 598 homes, surrounded by lakes, golf courses and lush landscaping. It will offer residents more than 38,000 square feet of total recreational area and preferred amenities including a clubhouse with grand ballroom; fitness and business centers; four pool areas; dedicated space for yoga, mah jongg, zumba, massage and more; and six tennis courts. Plus all the things that everybody loves about downtown Delray Beach are just minutes away.”

Prices start at about $300,000.

The villas at Villaggio Reserve offer home buyers a choice of nine unique floor plan designs that will be priced from $300,000. All homes will include a garage, a choice of two or three bedrooms and quality features and finishes such as GE appliances, Mohawk carpeting, Moen fixtures and KitchenCraft cabinetry. Delray Beach has been described as one of the best places to retire in Florida.

Pre-Grand Opening at Villaggio Reserve is scheduled to be held in October. For more information about Villaggio Reserve, call the sales hotline at (855) 230-1858 or visit their website: https://www.villaggioreserve.com.

About the company:

Ansca Homes has grown into a leading Florida home builder proudly led by the experience of Angelo Scardina; his son Charles Scardina, president of the company; his son-in-law Ramsey Akel, vice-president; and his grandson Charles Scardina Jr., representing the next generation. With the vision and resources to continue to create homes and new home communities that feature uncompromising excellence and attention to detail, Ansca Homes continues to lead the way.

11 September, 2013 0 Comments

All Cash Deals Driving Market

September 11, 2013 By Jeff Perlman Leave a Comment

Cash buyers are flocking to Florida

When it comes to Florida real estate, cash is king.

The Sunshine State led the nation in July in the percentage of “all cash” home sales.

In fact, a whopping 66 percent of home sales were all cash deals, a new report shows. Real estate experts call the rate “astounding” and the trend is being fueled by investor groups, international buyers, landlords and those seeking vacation homes.

The high rate of all cash deals is putting a crimp on entry-level home buyers who are still having some difficulty obtaining mortgages. Sellers and realtors are opting for all cash deals rather than wait for appraisals, mortgage approvals and other issues associated with those seeking FHA mortgages.

Cash sales made up 57 percent of Florida’s home sales a year ago and 61 percent of all sales in June of this year, according to real estate research company RealtyTrac.

That trend rose again to 66 percent in July. Realty Trac executives called the trend astounding.

Only Nevada—another hard hit state in the recession–and Maine compare with Florida’s numbers.

In Nevada, 64 percent of deals are all cash. In Maine, a popular vacation home destination for Floridians, 60 percent of homes were sold for all cash.

In Nevada, another trend is beginning to take shape. Some underused hotels are converting a portion of their units to condo’s which are attractive to overseas investors, especially Chinese who enjoy gambling.

The hotel market in Florida continues to be robust, but the idea of condo-hotels, popular before the real estate bust in 2007-08, does not seem to be making a comeback.

Brevard County in Florida, home to Daytona Beach led the state with 70 percent all cash deals in July.

The Fort Lauderdale-West Palm Beach market, which includes Boca Raton and Delray Beach, was second in Florida with 69 percent all cash deals in July.

A deeper dive into the numbers suggests that large institutional investors such as private equity firms are beginning to seek out other states for their purchases. Only 14 percent of the cash deals were from institutional investors, according to Realty Trac.

Most of the all cash deals now seem to be driven by smaller investors seeking vacation homes, retirement homes or homes that can be fixed up and rented for income.

While some experts are concerned about the entry level buyer, others say the activity is helping the market by flushing out inventory and creating new demand.

Indeed, residential homebuilding in Boca-Delray appears to gaining steam with GL Homes, Ansca and others entering the market and custom builders focusing on hot neighborhoods including the beach area in Boca-Delray and the red hot Lake Ida market.

27 August, 2013 0 Comments

Saturnia: A Residential Success Story In West Boca

August 27, 2013 By David Reeves Leave a Comment

Saturnia in West Boca

Truly one of the residential community success stories of west Boca Raton, Saturnia (www.saturniabocaratonhomes.com) continues to be one of the preferred destinations for families seeking a South Florida lifestyle.

Developed in the late 1990s by G.L. Homes, Saturnia features 400 Mediterranean-style single family homes with up to 6,000 square feet. The guard-gated community also boasts an elegant clubhouse with resort-style pool, deck space, and a full-service fitness center.

Large lakes wind through the community, creating a peaceful environment. In addition, Eagles Landing Middle School and Sunrise Park Elementary School are just outside the main gate, within easy walking distance. It is located on the west side of Coral Ridge Drive, south of Yamato Road, and west of State Road 7.

Prices range from the $400,000s to over $1 million.

26 August, 2013 0 Comments

Neighborhood Profile: Loggers Run

August 26, 2013 By David Reeves Leave a Comment

Loggers Run features nearby schools, parks and shoppinh

Loggers Run features nearby schools, parks and shopping

Loggers’ Run Community

Loggers’ Run (www.loggersrun.com) is an upscale family oriented community located in west Boca Raton. The community provides a number of amenities to its residents and is located close to a number of excellent schools. There are dozens of parks, museums, and shopping centers located only a quick drive away.

History

The Loggers’ Run community was built up over a period of approximately thirty years from the late 70s through the early 2000s. As Boca Raton has grown in popularity, the community at Loggers’ Run has become more and more popular along with it over the years.

Housing

Home buyers will find a collection of single-family homes, villas, and townhouses in all different sizes and styles. Loggers’ Run is divided up into 15 different subdivisions, each with their own style and personality.

The Indian Head subdivision is comprised of 200 ranch homes. The Timberwalk subdivision has 255 homes that all share a community pool and clubhouse. The homes in the Estates of Country Landings subdivision all border on the public golf course that is in the process of being developed. For a more exclusive option, the Crystal Cove Estates and Island Lakes subdivisions are both gated communities.

Restaurants & Shopping

With the extreme popularity of the Boca Raton area, there is no shortage of great places to eat and shop around Loggers’ Run. The Shoppes of Loggers Run is located on W Palmetto Park Rd and features a number of everyday stores like Walgreens and Publix. The Shoppes of Loggers Run also has a Salon and a Nail Spa, as well as a Wendy’s and a Subway.

For more serious shopping, Town Center at Boca Raton is just a short drive from Loggers’ Run. This is a huge mall that features hundreds of stores, including Abercrombie, Banana Republic, Coach, Lacoste, Ralph Lauren, and many others.

With all of the restaurants of Boca Raton only a quick drive away, there is also no shortage of excellent restaurants near Loggers’ Run. One of the more interesting local options is The Sybarite Pig. They are known for making their own sausages and having an extensive collection of craft beer. If you are looking for a classy dining experience, The Capital Grille in Boca is always fantastic.

Family & Fitness

Many of the subdivisions at Loggers’ Run have their own amenities, but there is also a park for the entire community located on Palmetto Park Road. The park has a playground for children, a picnic pavilion, and restroom facilities. For more active residents, there are also basketball courts, nature trails, and a roller hockey rink.

Schools

The Boca Raton area is known for having an excellent education system. Residents of the Loggers’ Run community will see their children assigned to one of three elementary schools, three middle schools, and three high schools. One of the middle schools, Loggers’ Run Middle School, is actually located right in the middle of the community.

Quirks

All homes fall under the Loggers Run community association. Island Lakes, Winding Lakes Estates, and Crystal Cove also have their own associations due to the maintenance of guard gates.

Major Street Boundaries

Loggers’ Run is bordered by the Sawgrass Expressway and US-441. Residents also have easy access to the Florida Turnpike, 595, and I-75.

When you combine the restaurants, shopping, schools, and other amenities with the weather of Boca Raton, it is hard to imagine a reason not to target Loggers’ Run as the kind of place to raise a family or retire.