Prices of condos and townhomes in Palm Beach Gardens continue to decline as short sales and bank foreclosures dominate the market.
Prices have never been better falling well below new construction pricing for communities built in 2005 and 2006. In some cases condos are selling for less than half of new construction pricing. A two bedroom, two bath condo that sold for $279,130 in 2005 was sold for $125,000 in 2010. It remains a buyers market for both investors and residents.
At Legends of the Gardens, built in 2005, there are 12 units that sold between Jan 1 and May 31, 2010. Prices averaged $107 per square foot with nine of the 12 units going as short sales. Prices dropped seven percent from 2009 when 20 units sold averaging $115 per square foot. Of the 20 Legend condo sold in 2090, eight were short sales and five were bank owned.
Going back to 2008, nine condos sold at Legends, seven bank owned and one short saie. Prices in 2008 averaged $124 per square foot.
Legends of the Gardens has both two and three bedroom condos ranging in size from just above 1000 square feet under air up to 2011 square feet under air. There are currently eight units on the market at Legends of the Gardens, but five are under contract.
There is a community pool and fitness center for residents. Some of the units are located on a large lake in the middle of the community. There are about 185 condos at Legends. The community is located just south of Donald Ross Road on Central Boulevard, convenient to Scripps Institute and Florida Atlantic University in Abacoa. It is about 10 minutes to the beach.
The Weiss-Clawson Team researches communities and real estate market trends throughout Palm Beach Gardens, West Palm Beach and much of Palm Beach County. If you are interested in buying or selling a home in Palm Beach County, we would like to work with you. We are an award winning team of realtors who have helped hundreds of residents buy or sell their home. Please contact The Weiss-Clawson Team directly. We look forward to hearing from you and to working with you.