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About - History of Green Cay VillageGreen Cay Village - 2007 - 2009 - The Great Recession Property Values - The preconstruction prices for townhomes ranged from $250 - 300K and the condos from $200 - 250K and the Developer held firm on these prices with only a little give on concessions like appliance upgrades and one or two years of free HOA fees. But dark clouds were already evident by mid 2007 as sales ground to a halt. And while few knew it at the time, we were living through the last days of a housing bubble. Then the bubble started to deflate. In August of 2008 the Palm Beach County Property Appraiser posted the 2008 assessed values for Green Cay Village townhomes and condos - the assessed property values were down on average 17% from the original sales prices. In the Fall of 2008 the world financial system became unglued, mostly due to the overstated value of home mortgage portfolios and the inability of many borrowers to pay their mortgages. By August of 2009, Green Cay Village assessed property values were down a whopping 50%. The bubble had burst.
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