This week I’m back to share three neighborhoods that will give you total access to the East Boca lifestyle, without the East Boca price tag. Downtown Boca is getting revitalized, no doubt about it – there’s new construction everywhere you look – new luxury rental buildings and hotels in and around Mizner/ Royal Palm speak to that, and to support this influx of people there are new businesses, shops and restaurants opening weekly.
While new construction is everywhere, there are still some great deals to be had. The key with these neighborhoods is that you’re buying based on LOCATION. These are hot areas where the greatest reward is to be had long-term.
First up is: Boca Villas/ East of Mizner Park
Located north of Palmetto Park Road and East of Mizner Park this neighborhood, formerly filled with old-Florida style “granny” homes are knock-downs waiting to happen. Developers have steadily been buying up these old homes to build spec and custom homes in Mediterranean and West Indies styles.
A brand new home in this neighborhood will start at about $1.2M, and homes on the intracoastal to the East are mega mansions (like $10M+). Even with its proximity to Mizner Park, this neighborhood is really livable, walkable and pleasantly quiet while still having total access to everything that downtown Boca has to offer.
East of Mizner Park/ North of Palmetto Park Road
Prices for a brand new home start at about $1.2M
Older homes start at about $500K
5-10 minute walk to Mizner Park
Some tips for buying in a transitional East Boca neighborhood:
1. Look at lot size – the larger the lot, the greater the possibilities to renovate or knock down.
2. Is the property already plumbed for gas? Gas lines are run street by street in many of these East Boca neighborhoods, and while it’s possible to get natural gas installed, it can be quite costly, especially if it needs to be run from another street. (Tip: If you’re planning on doing a major renovation or knock down and your property does not have gas – a propane tank buried deep below ground is a popular and cost-effective option.)
3. Order a soil density test. If you DO plan to knock down the existing home or do any major renovations down the road, make sure to order a soil test in addition to your home inspections. Closer to the ocean, the soil is less dense, so you’ll need to find out if the property will need pilings to support the larger home you intend to build. The soil density test itself is not cheap, but if pilings are needed, they’ll cost around $50,000 so it’s worth it to know in advance!
4. Look at what new homes on similar lots are selling for. When choosing a transitional neighborhood, you sometimes have to see it for what it WILL be, rather than what it is. Purchasing a property in the entry price point of a neighborhood where there’s a lot of upward mobility (i.e. new homes on comparable lots selling for considerably more) is desirable because as long as you renovate or upgrade appropriately, your investment is protected.
My next pick is just across the bridge from Boca Villas: Boca Riviera
Nestled between A1A and Palmetto Park Road in Boca Raton is the Boca Riviera neighborhood. It abuts the affluent and popular Sun & Surf community where homes start at about $1 Million (and go up from there). Public beach access is just a short walk or bike ride away and you truly get that “sleepy beach town” feel, while being mere minutes away from downtown. Homes on the water start at well over $1 Million, but under there are older Florida style homes as well as some historic bungalows.
Between A1A and the intracoastal North of Palmetto Park Road
Prices for a brand new home start at about $1.3M
Older homes start at about $600K
5-10 minute walk to the beach/ 15 minute bike ride to Mizner
Public beach access with pavilions at Palmetto Park Road
Slightly further South from Boca Rivera is the neighborhood of: Spanish River Land Co.
A short distance from the Boca Raton Beach Club and swanky One Thousand Ocean at the Boca Resort is the Spanish River Land Co/ Spanish River Land Estates neighborhood. Homes on the water in this neighborhood easily start at $4 Million and can top $9 Million. Neighborhoods like this one are particularly interesting because there’s a range of homes for sale not on the water in a variety of price points.
Typically in South Florida you see homes on the intracoastal in the million-dollar range, but landlocked properties across the street often sell for far, far, far less. That’s true in this case too, but instead of $2 Million and $300,000, it’s $7 Million on the water and $2 Million not on the water. Not too shabby. Here are some neighborhood stats:
Between A1A and the intracoastal South of Camino Real
Prices for a brand new home (not on the water) start at about $1.9M
Homes start at about $700K
5-10 minute walk to the beach
It’s so exciting to see so many new things coming to Boca Raton!
If you’re looking to make Boca your home, or are considering a move, call me! I’d love to work with you! (561) 789-7084