Why Now Is The Time To Buy Boca Raton Luxury Real Estate

Many Americans dream of buying a home and retiring to Florida

. That was until the housing crisis hit in 2007 and home prices in some parts of the state plummeted as much as 60 percent. Many areas still havent recovered, but the more prosperous and exclusive ones are on the mend.

Boca Raton started as a resort town for wealthy tourists and snowbirds from the Northern states who bought real estate in the area and visited during the winter months. It soon became a center for business and is now home to retirees and working-age residents. Like most cities in the Sunshine State, Boca Raton was affected by the recession.

Because residents are generally wealthier and homeownership rates are higher, the crisis did not devastate the housing market in Boca Raton as it did in other parts of the state. Sales slowed and home values fell, but they did not drop by double digits. As the market slowly continues to recover, it is cities like Boca Raton that are leading the way, cities that were largely unaffected by the crash.

Buy Boca Raton Luxury Real Estate

Real estate wildcatters have been searching for the next rebound market since the housing crisis began. Housing in the Northeast has already started to recover, especially in cities like Boston and New York. Investments in these areas are unlikely to yield significant gains, since most of them have been realized. Investors should examine other areas that still have good growth potential now that the economy is improving and home values are on the rise.

During times of economic uncertainty, people do not retire unless they absolutely have to. They keep on working because they do not know what the future holds. But when stability returns, they once again consider retirement. For the past three years, older Americans have been putting off their eventual retirement. Many of them have now saved enough to retire in style. Boca Raton luxury real estate may finally be within their budget.

Though it is not a retirement community, per se, we do know that Boca Raton is home to a large number of retirees. How do we know this? With a median age of 38.7, Florida has one of the nations oldest populations. The average Boca Raton resident is more than four years older than that (42.9)!

As you might imagine, Boca Raton luxury homes dont come cheap. According to Forbes, the city has 3 of the 10 priciest gates communities in the nation. Even outside of these communities, the average home or condo value was 393,000 in 2010. That might sound expensive, but their value more than doubled in a decade (they were $195,000 in 2000)!

Potential investors should also consider demographics. The baby boomer generation is the largest generation in American history (76 million), and most of them will reach retirement age within the decade. These people have more disposable income than any other age group and they absolutely adore real estate. Boca Raton luxury homes are well within their price range.

by: Jonathan Miller

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