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Linda Rawls
Home > Real Estate > Archives > 2006 > October > 04 > Entry
Boynton gets bragging rights
Boynton Beachers can claim bragging rights for the highest rate of home appreciation for the past five years, a new Census Bureau survey shows. Home values from 2000 to 2005 in this quiet southern Palm Beach County community rose even more than in the priciest cities on the nation’s other coast.
The American Community Survey, which gives the latest information on housing, population, employment and other factors, says home values w ithin the city limits of Boynton Beach rose 120 percent from 2000 to 2005. That’s the highest appreciation among 15 smaller U.S. cities (under 65,000 population) in the survey.
Folsom, Calif., was No. 2 with 99 percent appreicatino for the period, and Redondo Beach, Calif., was No. 3 with 92 percent.
Other highlights of the survey, which measured Palm Beach County’s 2005 characteristics:
The median value of a home in Palm Beach County was $269,800, with an error margin of $7,256.
The median household income was $48,099; the average Social Security income was $15,484.
11 percent of residents were in poverty; 18 percent of related children were below the poverty level, compared with 7 percent of people 65 and over.
70 percent received earnings; 37 percent received Social Security income; 18 percent received retirement income other than Social Security. (Some received income from more than one source.)
47 percent of homeowners with a mortgage paid 30 percent or more of their income for housing costs. (The government recommends no more than 30 percent of income be spent.)
The median monthly mortgage was $1,500 a month.
52 percent of renters spent 30 percent or more of their income on housing costs.
The median monthly rent was $936 a month.
There were 513,556 occupied housing units.
74 percent of households were owner-occupied; 26 percent were renter occupied.
The homeowner vacancy rate was 2 percent.
The rental vacancy was 7 percent.
55 percent of households were single-unit structures; 42 percent were multifamily; 3 percent were mobile homes.
4 percent of households didn’t have telephone service; 7 percent didn’t have a car, truck or van for private use, while 11 percent had three or more vehicles.
82 percent of residents had lived in the same home a year earlier; 11 percent had moved within the county; 2 percent had moved from another county in Florida; 4 percent had moved to Palm Beach County from out of state; and 1 percent had moved from abroad.
81 percent of Palm Beach County workers drove to work alone, with an average commute time of 26 minutes; 10 percent carpooled; 1 percent took public transportation; 3 percent used othermeans; 5 percent worked at home.
Permalink | Comments (16) | Post your comment | Categories: Linda Rawls
Comments
By Janna
October 5, 2006 07:30 AM | Link to this
Ooops! That means Boynton will be one of the first communities for prices to fall in PB County….
By Michael Fink
October 5, 2006 08:57 AM | Link to this
I would interpret that as, Boyton will fall the hardest, not be the first to fall.
Either way, not a distinction you want in a collapsing housing market.
By Jeff Bates
October 5, 2006 11:00 AM | Link to this
How misleading is this article when no houses are selling in Boynton or elsewhere. Even homes priced significantly below appraisal are sitting. Just because the article reveals the escalation in price through 2005 no less. What about a real time article that reflects reality. The reality is that realty in Boynton is busted and will be for some time, much like the rest of south FL.
By kp
October 5, 2006 11:30 AM | Link to this
I booked a town home (3bed - 2.5bath- 1 car carriage) in Jog and summit on Jan 2005 for 237k.Now the home is ready to close. Closing cost is around 10k.(Builder fee is 1.75%)I am just not sure with the current market can i go-ahead and close it or lose the deposit(5%).I moving to other state in a year. The monthly mortgage +HOA+ property tax comes around 2200$ per month. If I close will I able to get the deposit back by selling or will i struck. Please advise. Please remember I am a first time home buyer.
By Chris Marquez
October 5, 2006 11:37 AM | Link to this
Part of the size of the rise was due to what I viewed as Boynton Beach’s level of development. I bought early in 2004, and felt comfortable with the price and possible retreat. Northern California did the same in the 90’s while I was there. I ran from condos and townhomes after seeing a buyer calculating flip costs. Boynton is still evolving from a retirement/snowbird community to a year-round residence. Starbucks has opened and Muvico will do so soon.
By Debbie
October 5, 2006 12:45 PM | Link to this
I own a Real Estate Company with offices in Palm Beach County, Tampa, Orlando and Pensacola and we are closing deals every day. Of course September was slow but it is slow every year. Being slow 1 month a year is not bad that is our vacation time.
By tIM fOSTER
October 5, 2006 12:50 PM | Link to this
I Think Boynton Beach should clean up their city it smells.
By Jupiter-Renter
October 5, 2006 01:14 PM | Link to this
Dear KP, You need to check recent sales in your area. You can get basic results by searching your address at zillow.com For more complete results, go to the county tax assessor’s web site (http://www.pbcgov.com/papa/aspx/GeneralSearch/GeneralSearch.aspx). If sale prices of similar size/location/amenity units in 2005-2006 were 20 % higher then 237K, you should be fine to close, so long as you attempt to re-sale immediately.
If sales in 2005-2006 were at similar prices or lower then 237K, then most likely you should walk. In a years time you could end up selling the unit for under $200K or be forced to rent it out, possible at a loss.
I wish you the best of luck.
By J
October 5, 2006 01:18 PM | Link to this
Dear kp,
I just noticed that you said your payments would be $2200. Being a renter, I can tell you that that type of unit would go for $1100-$1500 per month. You would definitely have to rent the unit out at a significant loss.
By Tom
October 5, 2006 01:26 PM | Link to this
Boynton lacks the snob appeal and cache of Boca and to a lesser degree Delray. But it’s making progress, slowly but surely.
By Tom
October 5, 2006 01:29 PM | Link to this
Boynton lacks the snob appeal and cache of Boca, and to a lesser degree Delray. But it’s getting there, slowly but surely.
By To Easyasabc.com
October 5, 2006 02:57 PM | Link to this
Hey Easyasabc, where are you? Shouldn’t you be telling kp to buy, or better yet, shouldn’t you tell him to walk so you can buy it?
Does it make sense to buy it for that price when, if you got financing, would have to rent it out at a loss?
It probaboy does to you, because you are a fool, an idiot, and let us know when you will be in foreclosure, it will be fun to watch you weep as they sell your “investments” for peanuts, if you even have anything, you loser.
By MF
October 5, 2006 03:02 PM | Link to this
But do they mean only incorporated Boynton or both incorporated and unincorporated? There are big differences in the atmosphere and prices on different sides of Military Trail, which is pretty much the dividing line between the two.
By David
October 5, 2006 03:48 PM | Link to this
Marina Village is flawless and will have a positive impact on the area!
By Boynton Native
October 5, 2006 04:57 PM | Link to this
I was born and raised in Boynton and am one of the lucky ones who has been able to sell my house to move to Vero. The development (Marina Village and the Motorola project) has just about ruined Boynton. The traffic has gotten out of hand. The crime is out of hand. The schools are the pits. It is sad that Boynton has become so crowded and congested. Despite my roots in Boynton, it became a bad place to raise my family. As far as prices raising in Boynton quicker than anywhere else, I think that is just a numbers thing…Boynton, Boca, Delray, Lake Worth…they all appreciated quickly and none is better than the other at this point re: ability to sell. What has been done to Boynton/Delray is ashame.
By Robert Muchel
October 10, 2006 08:41 AM | Link to this
Boynton:
I believe that Boynton will see the influx of new residents who will continue to improve this area. I dont want this to be Delray,Boca or City place. We allready have those. Boynton needs to develop there own persona using the downtown developement as a focal point in attracting residents and visitors. Robert Muchel.