by Grant W. Kehres* | Posted 11/01/2009
Home prices in Boca Raton as measured by my Boca Raton Home Price Index dropped 46 points to 3535.50 from the March figure of 3581.50, a 1.28% decline for the month; and is off 43.8% from its peak of 6232.49 reached in April of 2006.
All ten categories in the index saw a decline, but high end condominiums on the beach saw the smallest decline averaging less than 0.3%, with lower end single family homes in the western part of the community showing the largest decreases averaging slightly more than 3.25%.
Starting in January of 2001, my Home Price Index for Boca Raton was developed to help our clients and real estate professionals monitor residential home prices in the community. The index reflects a statistical makeup of Boca Raton housing, tracking price changes in ten categories of homes, town homes and condominiums located in the various regions of the city from the swamp to the beach between the C-15 Canal and the Hillsboro Canal.
The Boca Raton Home Price Index should not be used as a substitute for the professional evaluation of a particular property. Each property is unique with a number of factors that influence valuation. If you have a question as to the value of your property or are thinking of buying or selling a home and require assistance in selecting a real estate agent, property inspector, appraiser, mortgage broker or other real estate professional, call our office. We routinely work with a number of highly qualified real estate professional. Allow us to refer you to the one that would best fit your particular needs.
*Grant Kehres is Board Certified by the Florida Bar Board of Legal Specialization as a Real Estate Law Specialist. He holds a doctorate in jurisprudence from Vanderbilt University, an MBA (finance) from Babson College and a dual undergraduate degree in investments and economics from Babson College. Admitted to The Florida Bar in 1978, he has handled nearly 10,000 closings for more than 6,000 clients. For more information on our services and what distinguishes our office from other law firms and title companies, call (561) 392-5200.