Boca Raton Rental News & Updates

Two-story townhouses 'priced to sell'

By Paul Owers | Sun Sentinel

A Fort Lauderdale builder is back selling homes in Boca Raton, three years after scuttling its development amid the historic housing collapse.

Stiles Corp. opens Centra to buyers at 10 a.m. Saturday. The retooled project, a mile west of Interstate 95 off Yamato Road, will consist of nearly 200 townhouses priced from $239,900 to $363,900.

That's far less expensive than the previous price tags: $675,000 to more than $1 million for 172 single-family homes and townhouses. Stiles broke ground on the development, then known as Reserve at Blue Lake, in March 2007, only to pull the plug once the housing market nosedived.

By Monica Hatcher-Miami Herald

As home prices fell and the job picture worsened, the percentage of Florida home loans either past due or in foreclosure hit 23 percent in the second quarter, outpacing any other state in the nation.

The figure represents 807,000 loans, a staggering sum of the roughly 3.5 million mortgages outstanding in Florida.

"Florida deserves special mention as the worst state in the country,'' said Jay Brinkmann, chief economist of the Mortgage Bankers Association that released the numbers Thursday. ``Nevada is a close second, but everyone else is far behind.''

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