In recent times, Boca Square has witnessed a significant transformation as developers and homeowners are beginning opt to demolish existing properties to build new luxury homes. This movement highlights a growing desire to modernize and upscale residences in the area, aligning with broader trends in South Florida's real estate market.
Boca Square is an attractive neighborhood offering a blend of affordability, location, and access to top-tier amenities. Some of the primary benefits include:
A-Rated Schools: Boca Square is served by some of the best public schools in Palm Beach County, including Addison Mizner Elementary School, Boca Raton Community Middle School, and Boca Raton Community High School. These highly rated institutions make the area an excellent choice for families.
Proximity to Downtown Boca Raton: Residents enjoy easy access to Mizner Park, Royal Palm Place, and numerous fine dining and shopping options.
Strong Community Atmosphere: Boca Square fosters a tight-knit residential environment, with community events and well-maintained streetscapes.
Parks and Recreation: The neighborhood is close to multiple parks, walking trails, and recreational facilities, enhancing its appeal for outdoor enthusiasts.
Proximity to the Beach: Just a short drive away, Boca Raton’s pristine beaches provide residents with a resort-style coastal experience.
Historical Market Conditions
Between 2018 and 2024, Boca Square experienced significant property value appreciation. In 2018, the median sales price for single-family homes in Boca Raton was approximately $457,500. By December 2024, the median sale price in Boca Square had risen to $813,000, marking an increase of over 77% during this period.
Current Market Conditions
As of December 2024, the median sale price in Boca Raton Square reached $813,000, reflecting an 11.2% increase from the previous year. The median sale price per square foot also rose by 6.6%, standing at $476.
In contrast, the broader Boca Raton area experienced a slight decline, with the median sale price decreasing by 0.98% to $631,000, and the median price per square foot dropping by 3.1% to $369.
Highest Sale in the Past 12 Months
Over the past year, Boca Square recorded 30 property sales, with a median listing price of $815,000. The highest recorded sale in Boca Square within the past 12 months reached $1.37 million, setting a new benchmark for the neighborhood.
New Luxury Homes Under Construction
Several properties in Boca Square are currently undergoing redevelopment, signaling the early stages of this luxury transformation.
957 SW 12th Street
957 SW 12th Street marks the first instance of this redevelopment trend. Originally part of an adjoining property at 949 SW 12th Street, it was subdivided into a separate parcel and sold on October 26, 2021, for $770,000.
Now listed for sale, the property features 5,124 square feet of gross living area, with five bedrooms, 6.5 bathrooms, a two-car garage, and a pool. The asking price is $3.2 million—more than 230% higher than Boca Square’s highest recorded sale. The developer, Prospective, a Miami-based luxury home builder, is actively involved in multiple projects across South Florida.
1224 SW 13th Street
Recently acquired for $695,000, this property was formerly a 1,290-square-foot, two-bedroom, two-bathroom home. Since its purchase, the original structure has been demolished, and a new luxury home is currently under construction. Public records have yet to disclose its specifications or a projected asking price.
971 SW 12th Avenue
Located on 12th Avenue, a major neighborhood thoroughfare, this property is nearing completion. Developed by CJM, a luxury home builder, the new home exhibits a contemporary one-story design. While the property is not currently listed, further details should emerge soon via public records.
1174 SW 9th Avenue
Another property being developed by Prospective, 1174 SW 9th Avenue was acquired as vacant land on July 27, 2023. Currently under construction, the home will feature 5,270 square feet of luxury living space, five bedrooms, six bathrooms, an L-shaped pool, and a cabana bath. It is not yet listed for sale.
Comparison with Neighboring Communities
While Boca Square is experiencing an influx of new luxury construction, neighboring communities such as Palm Beach Farms and Camino Gardens have long been regarded as superior neighborhoods. These areas offer established reputations, mature landscapes, and historically higher property values, making them more desirable for discerning buyers.
Feasibility of New Luxury Homes
Despite the rising number of luxury home projects, several challenges cast doubt on their long-term feasibility. Escalating construction costs, extended project timelines, and shifting buyer preferences have led to slower luxury development throughout Boca Raton. Additionally, the slight decline in broader market median prices suggests potential oversaturation or changes in demand.
The Evolution of Real Estate in The Boca Villas
Over the past thirty years, The Boca Villas neighborhood, located directly east of Mizner Park, has undergone a dramatic transformation. Originally consisting of modest single-family homes that sold in the $100,000s, the area has evolved into one of Boca Raton’s most sought-after luxury enclaves. Today, vacant lots alone are selling for over $1.5 million, with newly constructed homes fetching multi-million-dollar prices. This rapid appreciation highlights the increasing demand for high-end properties in prime locations, as well as the changing architectural landscape of Boca Raton’s downtown residential market.
As of December 2024, the median listing home price in Boca Villas was $5.7 million, reflecting an 18.3% increase year-over-year. The median listing price per square foot stood at $984.10. In terms of sales, the median closing price was $3.7 million, with a price per square foot of $989.25. However, no properties were reported sold in the last 180 days leading up to January 30, 2025.
Will Boca Square follow a similar path?
Conclusion
While the trend of replacing older homes with luxury residences in Boca Raton is gaining momentum, the success of these developments is unproven. As of now, the market indicators suggest caution. With the current disparity between new construction prices and existing home values, the feasibility of these developments remains uncertain and unproven. Prospective investors and homeowners should carefully evaluate the risks and rewards before committing to these high-end projects.
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