WE WANT TO DISCUSS THE ARTICLE POSTED ON OUR WEB SITE OF APRIL OF LAST YEAR.
Ready to make a move? Are you ready to make a closer look to Boca Raton?
The prices for new construction in new or relatively new projects in Sunny Isles Beach like Turnberry Ocean Colony, Jade Ocean, Mansions at Acqualina or Regalia are flying through the roof and have appreciated for the last two years almost 18-20% annually.
If you ask me what this info has to do with 2 projects in Boca Raton, where the developers still have inventories like Luxuria Boca Raton and One Thousand Ocean Boca Raton, then I have the answer.
Those 2 new projects are set to raise the prices of units in the future. This is why the last 5 years no new development has been started in the whole shoreline from Boca Raton all the way to South Beach. Also in the newest project Regalia, where the construction has already started, are having developers requesting an asking price of $1,150 per foot in the middle floor.
What is my point? Developers are building and selling only luxury projects lately such as Apogee at Hallandale, Oceana at Key Biscayne, Porsche Towers at Sunny Isles Beach or Mansions at Acqualina at Sunny Isles Beach with charging premiums.
All of the new projects on the beach except Chateau Beach in Sunny Isles are starting at least $1,000 per foot. Also, you have to put an average of at least 40-50% down and wait 3-4 years. At this point you can still buy 4,500 sq. ft. units with ocean views as well as intercostal views at $720,00 per sq. ft. at places such as Luxuria Boca Raton or $1,000 per foot at One Thousand Ocean Boca Raton. I can also advise to check prices at 200 East at Boca Raton, where the prices there are between $370-700 per foot.
There are better deals on the “secondary market” or existing market, where developers are holding unsold inventories. But you have to hurry up. This tendency will not last long.
As you see, we did not make a mistake in our prediction. The real estate market in Boca Raton did outperform such cities like Sunny Isles Beach and Miami Beach. The market in Boca Raton is on fire.
It is easy to look back and see where you have been right or wrong. If you ask me where is the next area that would outperform the other markets, I will definately say that it will be Hillsboro Mile. We will discuss the prediction when the time comes.