As 2011 draws to a close, home values in Palm Beach Gardens' premiere estate community of Steeplechase continue to decline following the county wide pattern where prices of single family homes throughout Palm Beach County hit numbers not seen since spring 2002. Yet, some local estate communities appear to have reached bottom pricing and are beginning to see values increase.
If you are interested in purchasing an estate home in Palm Beach Gardens, this is the time to be seriously looking.
In September 2011 the median price of a single family home in Palm Beach County fell to $180,300, a 57percent drop from the housing boom peak of $421,500 reached in 2005. For Steeplechase the average dollars per square foot for the 11 homes sold through the end of October, 2011 was $187/SF a decline of 44 percent from 2006.
Within Steeplechase, the price disparity between larger and smaller homes is significant. Of the 11 homes sold, seven were under 4000 square feet and averaged $160 per square foot. Four homes were larger than 4000 square feet and averaged $234/SF.
Four of the 11 homes sold were short sales, foreclosures or abandoned homes and they were all smaller homes. These distressed properties continue to adversely impact properties values in Steeplechase and many other communities.
There are currently 13 homes on the market in Steeplechase.
In San Michele, for example, prices declined eight percent in 2011 compared with 2010. Of the six homes sold in the community, two were short sales. There are eight homes on the market in San Michele.
It can take years for home values to come back up from the pricing damage caused by distressed sales. But we find that as communities are rid of short sales and foreclosures, prices can stabilize and even begin to increase.
At Mirabella in Palm Beach Gardens prices in 2011 have increased an average $11 per square foot or six percent compared with 2010. Mirabella prices decreased five percent in 2010 compared with 2009 and seven percent in 2009 compared with 2008. There are currently 26 homes on the market in Mirabella.
And at Bay Hill Estates in West Palm Beach prices are up almost 12 percent in 2011 compared with 2010. There are 13 homes on the market in Bay Hill.
The Weiss-Clawson Team is on top of the market in Steeplechase and in most communities throughout Palm Beach Gardens, providing the most up to date information to our clients. If you are interested in buying or selling a home anywhere in Palm Beach County please call Sue or Carol directly.
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