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Old 06-19-2007, 07:36 AM
 
23 posts, read 324,910 times
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Can anyone give me a snapshot of what's happened to prices in Palm Beach Gardens in the last five years? I'm looking at several communities that are 5 to 10 years old, and trying to get educated. Thanks.
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Old 06-19-2007, 08:06 AM
 
17,290 posts, read 29,298,528 times
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Hi there,

I responded to the post you made a couple days ago about homes in that area, but I guess it got buried down a few pages. Here's a link to my response, basically telling you to check out "Abacoa" in Jupiter (the main interest is LITERALLY across the street from Palm Beach Gardens (Southside of Donald Ross Rd. is PBG, North side is Jupiter, lol):

//www.city-data.com/forum/flori...ch-county.html

Here's their "community website":

ABACOA


You may also enjoy "Evergreene," where people are slashing prices and bargains on nice new homes can be found under 400k. (I've never been IN Evergreene, but apparently they have clubhouse, pools, trails, ..... it's just gated so I'm locked out. Their HOA MIGHT be kind of high though if the rumors are true....)


Prices have skyrocketed in the past few years in the overall area, but Jupiter-PBG is one of the few areas where I can see those values somewhat tied to improved quality of life factors, such as new stores, downtown at the gardens, etc.
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Old 06-19-2007, 08:51 AM
 
23 posts, read 324,910 times
Reputation: 44
Thanks for your reply. A friend took me to Abacoa yesterday. I did like the homes very much, but I had the feeling that if was a very family-oriented area. I want to explore PBG, which seems to have more "empty nester" type homes. I drove past Isles and Evergrene, and both looked interesting. The range in price for resales of the same home in all of these developments is over $100K, for no apparent reason, so I'm trying to figure out if these homes have come down in price or not. The inventory of homes is huge. I'm concerned about paying too much. I was hoping to get some opinions about prices, given the large inventory.
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Old 03-31-2009, 12:29 PM
 
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Default Evergrene's HOA Fees are outragious

The reason that Evergrene has so many properties for sale, and at such good prices, is because the HOA Fees are outragious. They are almost $6,000.00 per year for even a very small home. I heard from a realtor that the HOA Board purchased their clubhouse for over $9M during the same month that it was appraised for about $4M, so now they are paying for it.

A realtor told me that Paseos or The Isles, which are communities nearby, are a better value because they have reasonable HOA fees. Don't expect as many homes for sale in communities with reasonable HOA fees.
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Old 03-31-2009, 01:22 PM
m5*
 
166 posts, read 657,680 times
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I wouldn't move somewhere with HOA fees, too many rules. As for prices, they've gone down quite a bit in PBG and Jupiter in the last 6 years since I've lived in the area. A nice small, safe, wonderfully located neighborhood is called Garden Oaks. Anything that's less than 10 years old will most likely involve HOA fees unless you head out west on Northlake where you can find an 8 year old home on an acre for $280k. I met with a realtor in February and she said that everyone is offering less than asking price. I'm also worried about paying too much but research is the key and now is the time to buy.
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Old 03-31-2009, 02:35 PM
SKB
 
Location: WPB
900 posts, read 3,488,167 times
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Quote:
Originally Posted by bogie View Post
Thanks for your reply. A friend took me to Abacoa yesterday. I did like the homes very much, but I had the feeling that if was a very family-oriented area. I want to explore PBG, which seems to have more "empty nester" type homes. I drove past Isles and Evergrene, and both looked interesting. The range in price for resales of the same home in all of these developments is over $100K, for no apparent reason, so I'm trying to figure out if these homes have come down in price or not. The inventory of homes is huge. I'm concerned about paying too much. I was hoping to get some opinions about prices, given the large inventory.
The best indicator of price is researching out what the medians are.

What is the median income for that area?
What is the median price of a home for that area?

If the median price of homes is 3 times the median income it would be considered safe to buy and a balanced market.
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Old 03-31-2009, 03:40 PM
 
17,290 posts, read 29,298,528 times
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Quote:
Originally Posted by SKB View Post
The best indicator of price is researching out what the medians are.

What is the median income for that area?
What is the median price of a home for that area?

If the median price of homes is 3 times the median income it would be considered safe to buy and a balanced market.


Median home price in Palm Beach Gardens is right around 250k right now.

Median family income is a bit over 70k, so looks like home prices are right around where they should be, with the caveat that South Florida has never quite fit the "standards" due to the high amount of migration from other states and retirees.
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Old 04-01-2009, 03:59 PM
 
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My .02: You should consider taking your time and waiting for the right price. Obviously home values are dropping steadily, but you should look into occasional short-sale or bank owned property. They will be selling for a significant amount less than market value, especially in the area you are referring to. My business revolves around the valuation of homes in Palm Beach County and it's amazing how much they have dropped since last year's TRIM notice came out, PBG in particular.
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