The Real Deal Miami

GL Homes leads Boynton Beach residential rebound

Under-55 set helps bolster Boynton home market
By Alexander Britell | May 12, 2010 02:42PM

Home sales in Boynton Beach’s western suburbs have been driving its
emergence from the downturn, with homes built by GL Homes leading the

The Sunrise-based builder has been bolstering the residential market in Broward and Palm Beach counties, even topping Miami-based Lennar
Four of the top five residential sales in Boynton Beach last quarter
were GL Homes properties, according to data from Condo Vultures. (To
see a list of the five top Boynton sales, click here.) 
“A lot of the good, stable properties are starting to rebound,” said realtor David Podgursky of Boca Executive Realty.

He said he had completed several transactions on home properties in the Valencia Reserve, a GL Homes development.

GL Homes has already sold more than 300 properties at its dynamic Valencia Reserve, west of Boynton Beach, since sales commenced at the beginning of the year.
“Valencia Reserve is one of their newest properties, which they started building during the worst time to start building. It’s definitely a pioneer thing, fighting the trend of the market, but 300 sales in a little bit over a year, is a good number of sales,” he said.

Beyond GL Homes, the Boynton Beach residential market is going strong.

Millage rates (the amount per $1,000 of property value that is used to calculate property taxes) in Boynton Beach actually rose nearly 4.8 percent from 2008 to 2009, and GL homes has actually increased prices at its Valencia Reserve development to $16,000 from $6,000 in the past year.

“A lot of the good, stable properties [in Boynton Beach] are starting to rebound,” Podgursky said. “New construction has picked up. People are very confident right now, either in buying spec homes or putting down deposits on properties set to be built.”

Much of the market strength is coming form the over-55 community developments, which have typically been a staple of Boynton Beach’s suburban communities, but also the emerging under-55 population.

In downtown Boynton Beach, the Promenade development was finally able to close on two units, the first since construction was finished in the summer of 2009.  

“Boynton Beach is the fastest growing city in Palm Beach County right now,” Podgursky said. “It has a history of the over-55, but the all-ages, family side has taken off.”