Luxury Oceanfront Condominiums in Boca Raton- What is Selling?

 

 

 

 

 

 

 

 

 

 

 

 

There are a handful of  relatively newer luxury oceanfront condominium in Boca Raton. They are Addison on the Ocean, Aragon, Excelsior, Luxuria, One Thousand Ocean, and Presidential Place. On the west side of A1A is Mizner Grand worthy of inclusion.  The readers of my blog know that I value the word luxury and use it sparingly.

Due to strict building codes in Boca Raton, all the oceanfront condominiums are mid rise buildings averaging 7-10 stories high.  These wonderful properties are mostly boutique style buildings. One Thousand Ocean hosts only 52 residences, Luxuria has 26 residences, Presidential Place has 42, Aragon has 41 and Addison the largest  has 169 residences.  These small intimate buildings offer very large living spaces providing residents spacious homes in a condominium setting.

Both One Thousand Ocean and Excelsior have a handful of developer units left.  Price performance along the South Florida coast, even through the downturn of the market, have consistently been beneficial to buyers of developer units.  I have written about this on many occasions.  Opportunities to buy directly from the developer are limited. Prices today are attractive and inventories are truly dwindling.  The Reiter Group maintains floor plans and current pricing on developer units and they are selling ! Although one of the penthouses at One Thousand Ocean has sold for over $10 million, there is another one still available, asking price $15,250,000. It is over 8700 square feet and truly one of a kind.

The following information will provide some interesting statistics on luxury oceanfront condos that are selling in Boca Raton. The following data is limited to oceanfront condominiums priced over $1 million.

This information is based on the last 6 months.

$47 million in sales of oceanfront condos in Boca Raton
19  Number of closed sales
$10,400,00- The most expensive condo sold was a penthouse unit at One Thousand Ocean unit
6909- The Square footage of the largest condo sold-the above mentioned penthouse at One Thousand Ocean
$1505- The most expensive price per square foot.  Again, the honor goes to One Thousand Ocean
$320- The least expensive price per square foot. The was sold at the Addison. Asking price $1,249,000 over 3000 square feet. Sold for $1,000,000.
27%- The biggest discount off of asking price. The Addison unit 1601. Asking Price $2,199,000 Sold $1,600,000
14- The number of condos that sold at a discount off of asking price of more than 10%
10-The number of condos that sold at a discount off of asking price of more than 15%
38- Number of condos actively listed today with the same criteria

Sales along the coast of South Florida have seen unprecedented sales in the last 12 months.  This is fueled by enormous interest coming from international buyers from around the world. South Florida is the healthiest real estate market in the country.  That being said prices are still, in many situations,  greatly discounted off of pricing highs of 2005-2006. As you can see many of the oceanfront condominiums that sold in Boca Raton sold at very nice discounts off the asking prices.  In the luxury market there are buying opportunities still to be had.

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