Neighborhood profile: Median market value down 45.2 percent from 2006 peak in Royal Palm Beach?s Elysium

This week’s installment in our real estate profiles series takes us to Royal Palm Beach. Surrounded on three sides by the Village Golf Club, Elysium includes 49 homes.

According to data from financial and property information company CoreLogic, 2 of the houses in Elysium, about 4.1 percent, are currently in foreclosure. Those properties are highlighted in red on the interactive map below. Click on them or any other house in the neighborhood to see its current market value according to the Palm Beach County Property Appraiser, that amount?s decline from the peak market value, the most recent sale date and price, whether the owner has a homestead exemption and the foreclosure status.

Thirty-eight of the homes in Elysium, 77.6 percent, have a homestead exemption, meaning they are the primary residence of a permanent Florida resident, almost exactly the same as the 77 percent countywide rate for all single-family homes.

The chart below shows the lowest, highest and median market value in the neighborhood during the past five years. Remember that while real-world sale prices tend to be higher than the property appraiser?s market value estimates, they?re important both as the starting point from which property taxes are determined and as an indicator of a neighborhood?s general price trend over time.

The median market value in Elysium peaked at $314,051 in 2006, and fell 45.2 percent to $172,128 in 2010.

The median price of qualified or arm?s length transactions in the neighborhood last year was $186,000, down 48.3 percent from the 2005 peak of $360,000, according to data from the property appraiser. Of course, the 2005 figure reflects just one sale. But, you know, still. Individual prices peaked with a sale for $370,000 in September 2006.

Don?t forget to look for The Palm Beach Post?s neighborhood of the week feature in the Accent section of your print edition every Saturday. And be sure to check out the Elysium page on The Post?s real estate website, Florida Home, where you can find homes currently for sale or rent, sales data updated every weekday and information on local schools.

Source: http://blogs.palmbeachpost.com/realtime/2011/05/04/neighborhood-profile-median-market-value-down-452-percent-from-2006-peak-in-royal-palm-beachs-elysium/

Jill Duggan Palm Beach Woman Jill Duggan Palm Beach Woman Magazine Jill Duggan Jill Duggan Palm Beach Jill Duggan Palm Beach Florida