Homebuilder K. Hovnanian Homes, in business since 1959, recently purchased a foreclosed property on the Boynton Beach waterfront as well as two additional parcels.
A company spokesman explained Hovnanian would build a high-end residential community with marina on the site. “This fantastic location will offer oversized luxury townhomes, resort-style amenities, and a marina,” said Division President Derek Fenech. “We look forward to opening for sale in 2015.” The property is slated to be called the Casa Del Mar.
According to a report in the June 14 edition of the Sun Sentinel, Palm Beach County homes purchased for a million dollars or more rose by 16% this quarter and suggests the local real estate market is rebounding.
“A total of 245 single-family homes sold for $1 million or more in the county in the first three months of this year, according to data from public records and the Realtors Association of the Palm Beaches,” wrote Paul Evans. “The most expensive? A $30 million deal for [a property] at El Bravo Way in Palm Beach.”
July 2012 real estate search results are in and West Palm Beach-Boca Raton, FL was the #16 most searched market in the country in July 2012, based on data released today by Realtor.com, the #1 homes for sale real estate web site.
Median list prices for homes in West Palm Beach-Boca Raton, FL hit $225,000 in July 2012, a 12.55% increase from one year ago this month, and 0.00% increase from June 2012. The national median list price in July 2012 was $194,900, a 2.63% increase compared to July 2011.
Active for sale inventory of homes in West Palm Beach-Boca Raton, FL in July 2012 leveled out at 17,668, a -18.71% decrease compared to July 2011. National inventory counts for July 2012 were 1,866,075, a -19.26% decrease as compared to a year ago.
The median age of inventory in West Palm Beach-Boca Raton, FL in July was 113 days, a 0.00% increase compared to June 2012. Nationally, the median age of inventory was 84 days, a 4.76% increase compared to June.