PALM BEACH GARDENS COUNTRY CLUB COMMUNITIES SEE SLUGGISH SALES AND DECLINING PRICES

Most country club communities in and around Palm Beach Gardens are experiencing sluggish sales and declining prices according to statistics from the Regional Multiple Listing Service.

Mirasol, Ibis Country Club and Ballenisles have all seen fewer sales during the first eight months of 2009 than occurred during the first eight months of 2008. And prices in each community have declined as much as 30 percent.

In Ballenisles, for example, the number of sale dropped 12 percent comparing January through August 2009 with the same period of 2008. And the numbers are not large. Only 34 homes sold in Ballenisles during the first eight months of 2008 and just 30 homes sold in the upscale community during the same period of 2009.

In 2008 just nine of the 34 homes sold went for $500,000 or below while in 2009, fully half of the 30 homes that closed were bought for $500,000 or less.

Prices in Ballenisles declined about 20 percent in 2009 compared with 2008. Looking at dollars per square foot in Ballenisles, the homes sold between January and August 2008 averaged $240/SF while a year later, homes sold from January through August 2009 averaged $191/SF. And in 2009 just five of the 30 homes sold went for more than $1 million, while a year earlier 11 of the 34 homes sold closed at or above $1 million.

Today there are about 100 homes on the market in Ballenisles, 35 of them priced at or under $500,000. There are some very good deals available to the savvy buyer.

The Weiss-Clawson Team researches home prices in communities throughout Palm Beach Gardens and Palm Beach County to provide the most up to date information to our clients. If you are interested in buying or selling a home in Palm Beach County, we would like to work with you. You can contact The Weiss-Clawson Team directly. We look forward to hearing from you and to working with you.