Boca Raton and the rest of South Florida experienced tremendous real estate demand following the 2021 pandemic. The resurgence of golf as a primary lifestyle component along with exceptional lifestyle delivered by Boca West Country Club propelled the community to the top of the list for luxury club lifestyles in the US. Although the real estate transaction level has leveled out in recent months due to lower inventory of homes available for sale, Boca West continues to experience high demand for its award-winning lifestyle, recording over $250 million in real estate sales throughout 2021 and 2022. Recently ranked by Forbes as one of the top 15 country clubs worldwide, there’s no end in sight for this Boca Raton private club that’s is soon to unveil its completed $45 million club expansion.
Boca West Realty, the only on-site real estate at Boca West, recently published its 2022 Market Report. Having opened its new Welcome Sales Center just outside the Glades Road gate in the fall of 2022, Boca West Realty dominates the market achieving a 51% market share* for 2022. 2023 has started out strong with the firm achieving a 63% market share in January. The firm’s release of the 2022 Market Report showcases just a few of the notable real estate trends buyers and sellers should look for in 2023. Let’s take a closer look.
High Demand Leads to Low Inventory
Boca West currently has 82 residential properties for sale, representing an all-time low for the community. Although the transaction volume fell by 28% from the year prior, with 233 homes sold compared to 322 sold in 2021, the sales revenue remained steady at $129,000 as a result of rising prices throughout the community. Now, with only 82 of 3,500 homes on the market, active listings at Boca West are well below the national average. Homes hitting the market are selling quickly. Boca West Realty witnessed the average days on the market drop 66% in 2022, from 141 days to 48 days, with many going under contract in 24 hours or less. Overall, Boca West condominiums recorded a 69% decrease in days on the market year over year, while days on the market for single-family homes decreased by 45%, and townhomes by 61%.
Renovated Homes Raise Real Estate Values
While inventory continues to remain sparse at Boca West, 2022’s total sales volume remained constant due to the increasing quality of the homes available. Prior to the formation of Boca West Realty in 2019, many of the homes sold within Boca West were outdated and required major renovations. With the development of its revolutionary Renovator Program, the community is experiencing higher home values due to the demand for move-in ready residences updated with today’s most sought-after features and design style. Through the program, a list of preferred renovators have purchased older homes and transformed them into modern, maintenance-free enclaves. Last year, Boca West’s average sales price rose to $555,819, representing a 40% increase from 2022. Overall, average prices for condominiums increased year-over-year by 52%, single-family homes by 9%, and townhomes by 52%. Home buyers have appreciated the ability to buy a home without the headaches of managing a renovation, while current residents have benefitted from increased neighborhood comparative values.
Boca Raton’s Best Private Club Value
While the Renovator Program has driven significant energy to Boca West, the renovated homes in combination with an exceptional private club Membership create a compelling value. For under $400,000, homebuyers have the opportunity to purchase fully renovated residences with new flooring, appliances, windows, and stylish interior design, as well as the Boca West Country Club Membership. Here are just a sampling of the move-in ready residences that are currently available within Boca West:
Beds, 2.5 Baths – Courtside – $325,000
Gemini Homes has completed renovations on a 2-bedroom, 2.5-bathroom condominium in the Courtside neighborhood, conveniently located next to Boca West’s main clubhouse. This move-in-ready residence offers top-to-bottom upgrades with the most sought-after features and finishes. The open-concept floorplan is inviting and bright, with two master bedrooms overlooking the picturesque surrounding lakes.
2 Beds, 2.5 Baths – Lakewood -$269,900
SFL Custom Design Build has recently completed a full renovation on this beautiful middle unit in the Lakewood Midrise neighborhood. The 2-bedroom, 2.5-bathroom condo is perfect for seasonal visitors looking for a lock-and-leave neighborhood while taking full advantage of the Boca West lifestyle. The private residence includes brand-new appliances, porcelain tiles, and stylish upgraded features throughout. Residents within Lakewood enjoy spectacular views of the Palmer I golf course, as well as a private heated pool.
2 Beds, 2.5 Baths – Bridgewood – Nearing Completion
Nearing completion in Bridgewood, three fully renovated townhomes will soon be available by Hasey Construction. Each offers picturesque garden and lake views and modern upgrades throughout. Located within the Bridgewood neighborhood, these move-in-ready townhomes will be renovated from top to bottom to provide the most sought-after features and finishes, including a premium collection of new appliances.
Boca West Realty Knows Best
In just three short years, the dedicated team of professionals at Boca West Realty have become the market leader for Boca West. By product type, Boca West achieved 57% market share for single-family homes, 63% for townhomes, and 48% for all condominium offerings, including the luxury contemporary condominium residences at Akoya Boca Raton. Boca West Realty is on hand daily as a resource for potential new Members and homebuyers. Details on Club Membership and the extensive amenities of the community are showcased through an interactive sales presentation at the firm’s new Welcome Sales Center located at 7763 Glades Road in Boca Raton.
The Nation’s #1 Private Residential Country Club Lifestyle
Situated on 1,400 acres of lush tropical landscaping, waterways, and wooded preserves, Boca West is truly a natural paradise. Beyond the greens, Members have access to 29 Har-Tru tennis courts, 14 pickleball courts, 400,000 sf of Club amenities, and over 600 annual events, ensuring there is something for every member of the family to enjoy. A $45 million Club expansion at the new Lifestyle & Racquet Center is nearing completion with an expanded state-of-the-art fitness center, a spectacular spa, multiple rooftop terraces, a game room, new on-site dining venues, an expanded aquatics center, and much more.
Boca West’s idyllic location just 10 minutes from downtown Boca Raton also puts residents in the heart of all the action. Residents are within easy reach of Mizner Park, a world-class shopping, dining, and entertainment destination as well as Boca Raton’s pristine beaches. Travel is also seamless in and out of the area with Palm Beach International and Fort Lauderdale Airports as well as the nearby private FBO at the Boca Raton airport.
To get the details on the Boca West lifestyle, request a complimentary copy of Boca West Life Magazine. To stay updated on real estate information, register your interest at BocaWest.com or contact Boca West Realty at 561.665.5855 to schedule a private Club tour or real estate preview.
*Data source: copyright 2022 MLS and FBS. Data is deemed to be reliable but is not guaranteed.
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