The homes at West Palm Beach’s Bay Hill Estates provide great opportunities for buyers to find a large, stately mansion on an acre lot for prices close to market bottom.
Sales at Bay Hill have held steady at a little more than a house closing every month, but prices have languished at about where they were in 2011 at the bottom of our local real estate market.
Through October, 2014 there were 12 homes sold in Bay Hill averaging $160 per square foot. During all of 2011 there were 14 homes sold in Bay Hill averaging $159 per square foot.
One probable cause for the lack of movement in community home prices is the number of distressed homes sold during 2014. One-third of homes sold at Bay Hill through October 2014 were distressed properties – short sales or foreclosures. These are traditionally sold below market value and serve to depress overall community home prices.
Bay Hill is an upscale gated community of large homes sitting on an acre or more of land located about eight miles west of I-95 on Northlake Boulevard. The homes surround a golf course which is one of PGA National’s five courses. Membership is optional.
There are currently 27 homes on the market in Bay Hill ranging in price from $475,000 up to $3,995,000. Two of the homes are distressed properties.
If you are interested in more information about Bay Hill Estates, or any community in Palm Beach County, please check out my website and contact me directly. I look forward to hearing from you.
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