I am planning to move to Boca Raton area soon.
I would like to buy a 4 bedroom , 2 car garage home with swimming pool.
I am wondering how much property prices have appreciated in last 5 years.
Is it worth to wait for couple of years and hope to see market crash or just buy it now?
Hi Charles. I live in West Palm Beach currently and planning on moving to Boca within the next 5-6 months.
I've been watching prices and they seem to be dropping slightly at the moment. We're looking for a 5 bed, 3.5 bath home and seeing price drops of around $20k on homes between $425k and $550k.
If you're looking for deals, there are plenty of foreclosures available as well if you plan to occupy the property, but I'm not seeing a lot of good "deals" for flipping.
I don't know how familiar you are with Boca Raton and Southern Florida, but typically the lower priced properties require club equity membership of up to $70k up front and monthly HOA's can be as high as $800 plus the monthly membership dues of anywhere from $1200 to $2100 per month depending on the club.
Boca is one of the more expensive areas of South Florida.
A 4 bedroom in a good part of town will be $400k+ as I'm sure you know.
I wouldn't expect to see the market "crash" anytime soon.
I agree with @Brian Garrett . I don't see prices dropping anytime soon. If you're moving, you need a roof over your heads!
With the money pouring into the area, if anything it will hold steady or keep rising at various increments. (depending on the location)
I'd also consider the following:
HOA or non-hoa.
East of 95 or West.
New construction or resale.
Your own pool will definitely have an impact on the price.
Hope that helps and like I said, reach out anytime to talk about the different areas. I work with clients buying in Boca, Delray, Boynton and WPB.