2400 SW 19th Ave APT 128, Boynton Beach, FL 33426

Here’s an analysis of the property at 2400 SW 19th Ave APT 128, Boynton Beach, FL 33426, combined with current real estate and refinancing insights for the area:

Property Details:

• Address: 2400 SW 19th Ave APT 128, Boynton Beach, FL 33426
• Property Type: Apartment (though some sources classify similar units in the complex as “Villa” or “Townhouse” due to private outdoor space)
• Bedrooms: 2 beds
• Bathrooms: 2 baths
• Square Footage: 1,211 sqft
• Estimated Refinance Payment: $2,047/mo
• Built in: 1981
• Price/Value: $250,400 (This is the value provided in your input. Public records show a recent listing for a similar unit (Unit 135) at $340,000 as of July 18, 2025, and a sale in July 2020 for $194,000.)
• HOA Fees: For Unit 135 in Cedarwood Villas, HOA fees were listed at $538/month. This is a crucial factor for apartment/condo ownership.
• Property Taxes: For a similar unit (Unit 135) with a 2024 tax year, taxes were $2,975/year ($248/month), reflecting a homestead tax exemption.
• Subdivision/Complex: Cedarwood Villas

Additional Property Features (based on a similar unit in the complex):

• Updates: Recently updated with luxury vinyl plank flooring, motorized shades, and a renovated primary bath.
• Outdoor Space: Enclosed, air-conditioned patio and a fully fenced backyard, providing privacy with no rear neighbors (a rare feature for an apartment/villa).
• Recent System Updates: AC in 2019, electrical panel in 2020, accordion hurricane shutters, new washer/dryer.
• Utilities: Water, heat, trash removal, sewer, and air conditioning may be included in HOA fees, but this needs verification.
• Community: Quiet, well-maintained community.
• Construction: CBS Construction (Concrete Block Stucco).

Boynton Beach, FL Real Estate Market Trends (as of July 2025):

• Market Condition: Boynton Beach is currently considered not very competitive by Redfin, indicating it might be leaning towards a buyer’s market or a balanced market.
• Median Sale Price:
  • $320,000 in June 2025, down 11.1% compared to last year (Redfin).
  • $427,833 in May 2025 (Zillow).
  • The discrepancy between sources might be due to what property types are included in their “median sale price” calculations (e.g., Redfin’s might be more condo/townhouse heavy for this zip code, while Zillow includes more single-family).
• Average Home Value: The average Boynton Beach, FL home value is around $406,622, down 6.4% over the past year (data through June 30, 2025, Zillow).
• Median Days on Market: Homes typically sell in 83 days (Redfin) or 57 days (Zillow), which is longer than the previous year, suggesting a cooling market.
• Sales Activity: Number of homes sold is down year-over-year.
• Sale-to-List Price Ratio: Around 94.5% of homes sell at or below asking price.
• Property Taxes (for zip code 33426): The median effective property tax rate is 1.43%, and the median tax bill is $3,216 per year. The provided property tax for Unit 135 ($2,975/year) is consistent with this range, likely benefiting from a homestead exemption.

Current Mortgage Interest Rates in Florida (as of Sunday, July 20, 2025):

• 30-Year Fixed Mortgage: Average APRs are around 6.83% – 6.88%.
• 15-Year Fixed Mortgage: Average APRs are around 5.88% – 6.113%.
• 5-Year ARM: Average APRs are around 7.108% – 7.81%.

Note: These are average rates and are subject to change based on market conditions, specific lenders, and individual borrower qualifications.

General Requirements for Refinancing a Loan in Florida:

• Home Equity (Loan-to-Value Ratio – LTV): Most lenders require at least 20% equity (LTV of 80% or less) for conventional refinances. For cash-out refinances, you can often borrow up to 80% of your home’s value. An appraisal will be required to determine the current market value and calculate your LTV.
• Credit Score: A minimum FICO score of 620 is generally needed for conventional loans. Higher scores (740+) will secure the most favorable rates. FHA loans may offer lower minimums (e.g., 500-580+), but come with specific mortgage insurance requirements.
• Debt-to-Income (DTI) Ratio: Lenders typically look for a DTI of 43% or lower, although some programs may allow up to 50%.
• Property Type and Occupancy: The property must generally be your primary residence, and you must occupy it within 60 days of closing. For apartments/condos, lenders will also review the financial health of the HOA.
• Stable Income and Employment: You’ll need to provide documentation such as pay stubs, W-2 forms, and tax returns to prove a consistent income.
• Closing Costs: Expect to pay 2% to 6% of the new loan amount in closing costs, which can sometimes be rolled into the new loan.
• Mortgage Insurance (PMI): If your LTV is above 80% on a conventional loan, you will likely need to pay Private Mortgage Insurance (PMI).

The estimated refinance payment of $2,047/mo for this apartment suggests it could be an option for the homeowner to lower their interest rate or change loan terms. However, with potentially high HOA fees and a fluctuating market, it’s essential for the homeowner to get multiple personalized quotes from lenders and carefully weigh the overall costs and benefits of refinancing.