Equity is $70,000, but there is a golf special until the end of this month of $55,000. So if you are looking for a country club lifestyle in Boca Raton, you will be very happy in Boca Grove.
If, however, you are looking for a Boca Raton home in the under $200,000 range that is not in a country club community, you are probably in for a struggle, even if you are a cash buyer.
There is a shortage of homes on the market in general, and a desperate lack of homes in that particular price range. We have at least half a dozen cash buyers for everBoca home in that range, many of them sending in contracts with numbers above asking price.
People using mortgages have no choice but to offer to bring money to the closing table beyond appraisal rates if they want to purchase these homes. If they don't have the extra cash, they don't stand a chance. It's 2005 all over again.
Country clubs are suffering. Fewer and fewer people can afford to pay the up front equity, along with the annual club dues. As a result, prices for absolutely gorgeous homes in these Boca Raton country clubs are falling faster than you can say pneumonoultramicroscopicsilicovolcanaconiosis.
Marc Jablon, The Jablon Team
RE/MAX Complete Solutions