Mortgage broker sells for $1.34M in Boca

Richard P. Donnellan Jr. and his wife, Cathy, sold their four-bedroom, four bath at 4450 NW 24th Terrace in Boca Raton for $1.34 million to Richard D. Steinberg and his wife, Naomi, on July 3.

The Donnellans paid $850,000 for the home in Nov. 2001. The 4,157-square-foot house was built in 1989.

Mr. Donnellan is a registered real estate broker and a licensed mortgage broker principal in the Boca Raton office of Apartment Realty Advisors.

Prior to ARA, Mr. Donnellan co-founded a South Florida-based investment sales company, where he was president for 10 years. Before that, he was an investment sales specialist with Coldwell Banker Commercial Real Estate.

Mr. Donnellan graduated from the University of Florida with a bachelor's in finance and real estate.

Home sales in Boca Raton have dropped 24.3 percent thus far in 2008. The median sale price dropped $50,000, from $420,000 in 2007 to $370,000 so far this year.

Address: 4450 Northwest 24th Terrace
Buyer(s): Richard D Steinberg and Naomi K Steinberg
Seller(s): Richard P Donnellan Jr and Cathy G Donnellan
Sale date: Jul. 3, 2008