Boca Raton is a very unique city in South Florida. There are several very exclusive high end residential communities scattered through the town. However, the High End Oceanfront Condominiums available are situated on a strip of beach just under one mile long. On this very exclusive strip of sand there are some of the most exclusive oceanfront condominiums available in South Florida.
The building resgtrictions limit the height of these buildings and therefore the density is very low. Luxuria has a mere 25 ultra luxury residences. One Thousand Ocean, one of the newest and most exclusive hosts only 52 residences. One of the most notable ultra luxury oceanfront sales in South Florida was at One Thousand Ocean. A 6909 square foot penthouse listed for $11,750,000 sold for $10,400,000. There is another penthouse on the market listed for $15,250,000. It is over 8700 square feet and truly spectacular.
There is a limited amount of inventory available and sales have been brisk over the past 6 months. $48 million in condo sales for units priced over $ 1million sold in the past 6 months. There were 19 closed sales. The highest price per square foot that sold was the penthouse at One Thousand Ocean which sold for $1505 per square foot. The lowest priced per square foot transaction was at the Addison. The Addison condominium sold for $1million and was over 3000 square feet, which worked out to $320 per square foot.
Looking at the statistics, it became apparant that in many transacitons the selling price was 10-15% lower than asking price. Many properties today are discounted off the highs of 2005 and 2006. However, with the decline in inventory and increase in sales prices are will begin to firm.
Again, as I have written many times, brand new developer units provide great buying opportunties. Especially today were they are motivated to sell out the last of their inventories and prices have been adjusted to todays market. These opportunties present great upside potential in value. Especially in such an exclusive area as Boca Raton were inventories are very limited. There are only 38 active listed oceanfront condominiums priced at $1 million or above.
Boca Raton offers some of the finest choices of ultra luxury large oceanfront condominiums in all of South Florida.
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