Top Sales for October 2022 in Coastal Boca Raton

The top two sales from October 2022 in the coastal Boca Raton market were both from Royal Palm Yacht & Country Club. Our top sale was a new construction, stunning 8,000+ sqft waterfront modern estate home that traded for $25,750,000 or over $3,000 per sqft. Our other Royal Palm home traded for $6.M or $1,031 per sqft - much closer to the average price per square foot for the area. The majority of homes from the top ten were on the market in less than 10 days, showing the velocity of our local real estate market continues to outpace historical averages. 40% of the homes on the list are oceanfront condos, including two from buildings built in the 1970s. The majority of the homes on our list are smaller in size, with three and two-bedroom offerings dominating 70% of the list. There are 182 luxury homes listed on the market on the MLS (Multiple Listing Service) as of November 2, 2022, with 36 coming to market in the last 30 days; a 20% increase over the same period last year.

As we approach the high season, we expect to see the number of homes coming to market increase as well as the number of sales each month. If you are considering listing your home, call or text me for a confidential conversation.

500 E Alexander Palm Road
5  beds |  7 baths | 8,287 sq. ft.
$25,750,000

2296 Acorn Palm Road
5 beds | 5.5 baths | 6,203 sq. ft.
$6,400,000

200 SE Mizner Blvd E 707
2 beds | 3.5 baths | 2,718 sq. ft.
$3,450,000

775 NE 39th Street
3 beds | 3.5 baths | 2,600 sq. ft.
$3,076,844.95

1 N Ocean Blvd 506
2 beds | 2.5 baths | 3,088 sq. ft.
$2,400,000

500 S Ocean Boulevard 2101
2 beds | 2 baths | 1,479 sq. ft.
$2,200,000

5288 Boca Marina Circle S
3 beds | 3 baths | 2,587 sq. ft.
$1,851,000

2600 S Ocean Blvd 20-F
3 beds | 2.5 baths | 2,134 sq. ft.
$1,825,000

4101 N Ocean Blvd D-901
3 beds | 3 baths | 2,319 sq. ft.
$1,710,000

Will My House Still Sell in Today’s Market?

If recent headlines about the housing market cooling and buyer demand moderating have you worried you’ve missed your chance to sell, here’s what you need to know. Buyer demand hasn’t disappeared, it’s just eased from the peak intensity we saw over the past two years.

Buyer Demand Then and Now

During the pandemic, mortgage rates hit record lows, and that spurred a significant rise in buyer demand. This year, as rates increased due to factors like rising inflation, buyer demand pulled back or softened as a result. The latest data from ShowingTime confirms this trend (see graph below):

The orange bars in the graph above represent the last few months of data and the clear cooldown in the volume of home showings the market has seen since mortgage rates started to rise. But context is important. To get the full picture of where today’s demand stands, let’s look at the July data for the past six years (see graph below):

This second visual makes it clear that, while moderating compared to the frenzy in 2020 and 2021, showing activity is still beating pre-pandemic levels – and those pre-pandemic years were great years for the housing market. That goes to show there’s still demand if you sell your house today.

What That Means for You When You Sell

The key to selling in a changing market is understanding where the housing market is now. It’s not the same market we had last year or even earlier this year, but that doesn’t mean the opportunity to sell has passed.

While things have cooled a bit, it’s still a sellers’ market. If you work with a trusted local expert to price your house at the current market value, the demand is still there, and it should sell quickly. According to a recent survey from realtor.com, 92% of homeowners who sold in August reported being satisfied with the outcome of their sale.

Bottom Line

Buyer demand hasn’t disappeared, it’s just moderated this year. If you’re ready to sell your house today, let’s connect so you have expert insights on how the market has shifted and how to plan accordingly for your sale.

After 28 years, Boca Raton will soon welcome a new waterfront park: Ocean Strand

Article provided by Jasmine Fernandez, Palm Beach Post

A 14-acre stretch of land from the beach to the Intracoastal on Ocean Boulevard has been sitting dormant for 28 years. Soon, it will be known as Ocean Strand Park.

The Greater Boca Raton Beach & Park District bought the land at 2300 N. Ocean Blvd. in 1994. City officials envisioned turning it into a public park that would accentuate the area’s natural beauty.  "When you go there, it's like walking back in time almost," said Briann Harms, executive director of the Beach & Park District, reminiscing on the homes once spread across the property when it was developed. "You forget that you're in South Florida for a minute because you're surrounded by trees, you're surrounded by the sounds of birds and nature and wildlife."

Items found during the dig at the site date to 800 AD

After its purchase, those homes were taken down and the land remained gated as a vacant lot. But in early August, Beach & Park District officials completed the permitting process required to move forward with the park's development, which took two years.

The process lasted longer than District Commissioner Erin Wright had anticipated, but Boca Raton city officials are diligent when it comes to permitting, she said. That, and archaeological remains of pottery dating back to 800 AD were found on the site. 

Archaeological digs are not always required by city officials, Harms said, but typically produce the best results in coastal communities, where objects tend to wash up. Harms plans on proposing displaying the pottery at the Boca Raton Historical Society, but if the team there does not accept the pieces, they will be preserved at one of Boca Raton's parks or community centers, she said.

Harms predicts Ocean Strand will be completed by the new year. Though work on the park will start this month, heavy machinery is not permitted on the land because of the archaeological finds. So everything that's being done now, such as the invasive plant removal requested by city officials, must happen manually, extending the process.

Can a national contest bring extra money for Boca's new park?

When Wright proposed Ocean Strand, the project's budget was $100,000. Today, the number has risen to $300,000, she said. But that could change with the national recognition the park has garnered so far, even before its completion — and the price that comes with it.

Currently, Ocean Strand Park is fifth in place, out of 10 contestants, for the Niagara "Perk Your Park" Project. If Ocean Strand wins, $75,000 would be awarded toward the park's cost, Wright said. Park officials expect to know the winners on or around Oct. 20.

An award such as this one certainly could help taxpayers, such as Dave Petruzzelli, who has lived in Boca Raton his entire life, even supporting the acquisition of the land for the park back in the 1990s. "It was an excellent piece for preservation and passive use," Petruzzelli said. "It really helps complete the natural area that surrounds Lake Wyman, … and it's really kind of like land that time forgot, just kind of a lot of people don't even realize it's there. It's absolutely gorgeous."

Petruzzelli, 61, plans to enjoy the park daily, primarily by walking its trail, which is near his home. But he also hopes others in the area will take advantage of the hidden gem.

The park is in Phase 1 right now, meaning the work will focus on natural walking trails through the mangroves, ADA accessibility and educational opportunities. Future phases could bring electricity and running water to the park, as well as picnic tables, a kayak launch and space for parking.