Boca Raton continues its seller's market with rising housing prices and low inventory of homes for sale, particularly under $1million, according to local Realtors.
Say Realtors Marilyn Wechsler and Allen Rosenthal, "The Real Estate market in Boca Raton, Florida and the surrounding area has been "red hot" for the past six months. The result is a decrease in available inventory. Whether you are interested in buying or selling, now may be the best time to call for assistance with your plans. It's anybody's guess how long the cost of borrowing will remain affordable or low."
"I love living in Boca Raton and I know you will, too," says Realtor Gloria Singer. "It offers a great blend of sun, sand, recreation, and a great business climate. The housing options are varied, ranging from beautiful ocean-front condos and mansions, to estate homes in country club communities, to townhomes and modest single-family homes.
Singer explains, "South Florida remains a seller's market for properties priced under $1,000,000, with lower than normal levels of inventory and time on market less than 60 days in many cases. Feelings are that the market in this price range will remain strong, as buyers are flocking to the unique lifestyle from all over the country as well as abroad. Record-low mortgage interest rates are also helping to fuel the demand from buyers.
"In the higher-priced market (over $1,000,000), inventory levels are increasing and the number of days on the market is approaching 180 days," she says. "Often these homes are 2nd and even 3rd homes, and many owners are being affected by the weak financial markets and trying to unload their vacation homes for less expensive properties."
Agrees Realtor Alfredo Ruiz, "Boca Raton is a dynamic, growing community of 70,000+ located at the southern end of Palm Beach County. The area has long been a magnet for home shoppers from all around the nation - and the world - seeking to relocate to sunny South Florida. With a diverse range of housing - from entry-level condos to multimillion dollar estates, Boca Raton offers something for every buyer.
"Boca Raton benefits from the vibrant economy of Palm Beach County and the continued influx of affluent purchasers into the area. The community boasts an average household income of $118,548 and enjoys a strong and solid real estate market," says Ruiz. "With five miles of beachfront and over 1,000 acres of parkland, Boca Raton offers extraordinary recreational resources for both residents and visitors. The shopping and entertainment is also top quality, helping to make Boca Raton a wonderful place to live."
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Published: November 22, 2002
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