Real Estate Trends in Boca Square (Boca Raton, FL) – 2024
Boca Square, one of Boca Raton’s most desirable non-HOA neighborhoods, has been experiencing significant transformation in recent years. The market remains strong, with a notable trend of older homes being demolished and replaced with luxury new-builds.
1. Pricing & Market Conditions
Median Home Price: ~$750,000 to $1.2M for existing homes, but newly built luxury homes are selling for $1.5M - $2.5M+.
Price Growth: Values have risen 10-15% YoY due to demand and new construction.
Market Type: Still a seller’s market, though buyers now have more choices due to increased inventory.
2. The New Trend: Demolition & Luxury Rebuilds
🔹 What’s Happening? Boca Square, originally built in the 1960s-1980s, had many single-story ranch homes (~1,500-2,000 sq ft). Recently, developers and investors have been buying these homes, tearing them down, and replacing them with modern, high-end homes (~3,000-4,500+ sq ft, two-story, luxury finishes).
🔹 Why is This Happening?
Prime Location: Boca Square is east of I-95, close to Mizner Park, beaches, and top-rated Addison Mizner School.
Land Value: The land itself is now worth $500K-$600K+, making older homes with smaller footprints prime candidates for redevelopment.
Luxury Demand: Buyers are looking for new, modern homes in established neighborhoods rather than west Boca’s cookie-cutter developments.
🔹 What Do the New Homes Offer?
4-5 bedrooms, 3,000+ sq ft, modern open floor plans
Luxury features: High ceilings, smart home tech, impact windows, gourmet kitchens
Large lot sizes (~8,000-10,000 sq ft) compared to newer developments in West Boca
🔹 Impact on Market
Older homes (if not renovated) are being valued mostly for land rather than their existing structures.
Investors & builders are paying $500K-$700K for teardowns, then selling new builds for $1.8M - $2.5M+.
Buyers now expect high-end finishes, which has driven up the value of even renovated older homes.
3. Days on Market & Buyer Trends
Older homes (not renovated): Selling slower (~60+ days) unless priced competitively.
Renovated homes & new builds: Selling very quickly (~30 days or less) due to high demand.
Buyers: A mix of young professionals, families, and investors wanting a modern home in a central location.
4. Future Outlook (2024-2025)
✅ More teardowns & luxury builds expected as land remains valuable.
✅ Prices will continue rising due to demand for newer homes in prime locations.
✅ Strong investment potential: Buying older homes for redevelopment remains lucrative.
Would you like me to pull recent sales data or compare prices of teardowns vs. new builds?
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