Boca Raton may very well be the most misunderstood city in the United States. In popular culture, its name has become a metonymy for retirement, even though the city has a vibrant and growing business community. With a population of over 84,000 souls, it is also much larger than most people think. In fact, it is the most populous city between West Palm Beach and Pompano Beach.
With that said, some of the stereotypes and assumptions about Boca Raton are at least in the ballpark. Yes, the city is home to a disproportionate number of retirees. How do we know this? Because the median age is four years higher than the Florida average—43 to 39! Boca Raton is also home to three of the top ten most expensive gated communities in the United States, according to Forbes.
Like most cities in Florida, Boca Raton suffered mightily during the housing crisis and subsequent recession. Home values plummeted and many owners lost their properties to foreclosure. While things have improved in recent years, the local housing market is far from healthy. The good news is that prices and values have finally stabilized, which cannot be said for most other resort towns in the Sunshine State. What does this mean?
Real Estate investors are often attracted to areas where prices are still declining for one simple reason—they can typically get more for less. But this tactic completely ignores the law of supply and demand. That is, it will always be easy to buy something cheap if nobody else wants it. Boca Raton is an exclusive resort town and the decline in home values in the area had nothing to do with demand. Lots of people would love to move to the city. They simply don't have the money or they postponed their retirement during the Great Recession. Now that the economy is improving, albeit at a chelonian pace, it may be the perfect time to buy Boca Raton luxury homes.
What to look for?
Purchasing property in a recovering market is always a risky proposition, especially when you are doing so for investment purposes. Real estate wildcatters learned this lesson well when the housing bubble burst in late 2006. However, if you are buying to own, it is possible to find Boca Raton luxury homes at a fraction of what they were going for just a half a decade ago.
Why now?
The best deals on Boca Raton luxury homes involve foreclosure properties in the city, and according to market watchers their prices are rising. These homes are typically sold at auction or through a short sale, which is when a bank allows an owner to sell his home for less than he owes on his mortgage. The sale prices are obviously increasing because demand is rising. Does this mean that they will be more next month than they are today? Of course not! We don't have a crystal ball and real estate values are difficult to predict. But a trend has been established and the market is improving.
Our advice to interested sellers is to locate a listing service that specializes in Boca Raton luxury real estate listings. They offer all the advantage of full-service brokerages for a flat-fee. Though the cost savings are often significant, these companies do not sacrifice personal service. Every client is paired with a certified luxury home marketing specialist, whose job is to develop a plan that enables them to reach qualified buyers quickly.
With that said, some of the stereotypes and assumptions about Boca Raton are at least in the ballpark. Yes, the city is home to a disproportionate number of retirees. How do we know this? Because the median age is four years higher than the Florida average—43 to 39! Boca Raton is also home to three of the top ten most expensive gated communities in the United States, according to Forbes.
Like most cities in Florida, Boca Raton suffered mightily during the housing crisis and subsequent recession. Home values plummeted and many owners lost their properties to foreclosure. While things have improved in recent years, the local housing market is far from healthy. The good news is that prices and values have finally stabilized, which cannot be said for most other resort towns in the Sunshine State. What does this mean?
Real Estate investors are often attracted to areas where prices are still declining for one simple reason—they can typically get more for less. But this tactic completely ignores the law of supply and demand. That is, it will always be easy to buy something cheap if nobody else wants it. Boca Raton is an exclusive resort town and the decline in home values in the area had nothing to do with demand. Lots of people would love to move to the city. They simply don't have the money or they postponed their retirement during the Great Recession. Now that the economy is improving, albeit at a chelonian pace, it may be the perfect time to buy Boca Raton luxury homes.
What to look for?
Purchasing property in a recovering market is always a risky proposition, especially when you are doing so for investment purposes. Real estate wildcatters learned this lesson well when the housing bubble burst in late 2006. However, if you are buying to own, it is possible to find Boca Raton luxury homes at a fraction of what they were going for just a half a decade ago.
Why now?
The best deals on Boca Raton luxury homes involve foreclosure properties in the city, and according to market watchers their prices are rising. These homes are typically sold at auction or through a short sale, which is when a bank allows an owner to sell his home for less than he owes on his mortgage. The sale prices are obviously increasing because demand is rising. Does this mean that they will be more next month than they are today? Of course not! We don't have a crystal ball and real estate values are difficult to predict. But a trend has been established and the market is improving.
Our advice to interested sellers is to locate a listing service that specializes in Boca Raton luxury real estate listings. They offer all the advantage of full-service brokerages for a flat-fee. Though the cost savings are often significant, these companies do not sacrifice personal service. Every client is paired with a certified luxury home marketing specialist, whose job is to develop a plan that enables them to reach qualified buyers quickly.
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