PALM BEACH GARDENS' STEEPLECHASE HOME SALES BRISK, BUT PRICES DOWN 9%

More homes have sold in Palm Beach Gardens premiere estate community of Steeplechase through early August than have sold during any full year since the real estate market downturn in 2006. But prices in Steeplechase continue to decline due in part to short sales and foreclosures clearing the market.

Eleven homes sold in Steeplechase during the first seven months of 2011. In 2010 there were 10 homes sold for the entire year and in 2009 just two homes sold.

Prices in Steeplechase continue to decline as short sales and foreclosures are sold.
The distressed properties continue to have a negative impact on values. There are 12 homes on the market in Steeplechase in early August, 2011 with some very good opportunities for buyers.

Average dollars per square foot for the 11 homes sold is $186, compared with $200/SF for 2010 sales. But differences are emerging between the larger homes and the smaller ones in Steeplechase. Homes over 4500 square feet sold for $231/SF while those below brought just $160/SF. The short sale and the foreclosures were all smaller homes.

The Weiss-Clawson Team regularly researches sales and market information in Steeplechase and throughout Palm Beach Gardens and West Palm Beach to provide the most up to date information to our clients. If you are interested in selling or buying a home in Steeplechase or throughout the area, we would like to work with you. Please contact The Weiss-Clawson Team directly.