The information resource for Luxury Oceanfront Condominiums in Miami, Sunny Isles, Bal Harbour, Fort Lauderdale, Boca Raton and Palm Beach. (954) 632 3266

Construction is progressing on schedule as the Penthouse floor has just been completed at One Thousand Ocean in Boca Raton.  It is expected that work will begin on the interiors as well as the exterior facade in the upcoming week.

One Thousand Ocean is built on the most coveted inlet in Boca Raton on South Ocean Boulevard.  It is situated across the bay from the Boca Resort & Beach Club which in January will join the Waldorf-Astoria Collection.  The Beach Club is undergoing a $120 million renovation which will offer a completely renovated facility including the three oceanfront pools, guest residences, oceanfront dining, children’s play area and stuning oceanfront bar.

The Boca Raton Resort is truly an all inclusive destination offering all the amenities you could think of.  Residents at One Thousand Ocean will be a stones throw away from it all.  The Boca Resort & Beach Club has recently added some great dining options including The Old Homestead, Morimoto, Lucca and one of my old New York favorites Serendipity for frozen hot chocolates.    

This is one of the truly unique ultra luxury properties available in South Florida. There will be only 52 one and two story Residences.   Residences start at 2,835 square feet.  The Beach Penthouse is 5837 square feet with an outdoor living area of 3,665 square feet.

 

 

 

According to the Wall Street Journal Wealth Report,  a survey of high net worth individuals say they are cutting back for fear of what the future might bring.  Categories hardest hit will be SUV’s, jewelry, handbags, leather goods and private jet usage.

The Silver Lining: Real Estate.  The survey found that three quarters of the respondents cited real-state as  ”an opportunity”, compared with about a quarter who cited it as a “risk”.

30% are in the market to acquire real estate this year.

In another Wall Street Journal article, “Is Now A Good Time to Buy a Home?”

Their answer is, yes if you ……

• have access to credit
• have fat cash reserves
• aren’t already over-exposed to real estate
• expect to hold the proerty for at least two years…

Then now is an excellent time to buy!!!

As, reported by the Wall Street Journal, a growing number of rich Russians are house-shopping and buying in costly U.S. enclaves. The WSJ states, the “Miami area in particular is drawing Russians with its upscale shopping, hip nightlife and an escape from Moscow’s harsh winters.”

Donald Trump;s $100 million mansion in Palm Beach was recently purchased by fertilizer mogul Dmitry Rybolovlev.

South Florida attracts second, third and fourth home buyers from around the world.  Visitors to blogsouthflorida.com come from every country imaginable.

As we come to the end of June, a 6 month marker for the year, we thought it would be a good time to take a look at the data. We pulled statistical data for Miami Beach, Bal Harbour, Sunny Isles, Hollywood-Hallandale, and Fort Lauderdale (which includes Lauderdale by the Sea and Pompano Beach). Each city has its own statistical identity which you will see in the charts.

We used the following criteria for the data:

• Oceanfront Condo
• Built after 2002
• Units with over 1500 square feet under air
• Minimum of 2 bedrooms

We are looking at average asking price, average closed sale price, average percentage sold to asking price and the number of condo sales with this criteria. This information was sourced from the MLS of South Florida.

On average, Miami Beach commands the highest price per square foot.

Bal Harbour, a much smaller geographic area has the highest percentage of selling to asking price. Sellers are less negotiable.

Sunny Isles had the highest number of closed sales. Sunny Isles also has a dense concentration of relatively new oceanfront condos built after 2002.

You can see that Hollywood and Hallandale offer the best prices per square foot.

Fort Lauderdale does not have that many newer oceanfront condos.

A footnote to add, there is always a delay of reporting on closed sales so additional closed sales data for June is expected.

Trader Monthly, a magazine and online information resource, ranked the world’s best trading cities. In today’s world of connectivity, “where you trade matters less than what you trade.” The editors set out to rank 50 of the top cities constructing a matrix that combined a mix of business and lifestyle criteria. The factors included; entertainment, nightlife, recreation, weather, taxes and other factors. Miami ranked 5th in a list of very impressive cities. Here is the ranking of the top twenty:

1. 1. Chicago

   2. London

   3. New York

   4. Hong Kong

   5. Miami

   6. Sao Paulo

   7. Los Angeles

   8. Paris

   9. Toronto

   10. Dubai

   11. Boston

   12. Houston

   13. Dublin

   14 .Monaco

   15. Tokyo

   16. Sydney

   17. Las Vegas

   18. San Francisco

   19. Denver

   20. Dallas

   It is always interesting to read other views on what a great place South Florida is!!!

We receive a constant stream of phone calls from buyers from all over the world that are interested in purchasing oceanfront condos. There are buyers who are seizing the moment so to speak, and stepping in to take advantage of the great opportunities out there right now.

Are there opportunities? You bet there are and I have been in situations, where once we identified a great unit at a great price, other buyers were also putting offers in on the same units.

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There are varying degrees of motivation by sellers in all price ranges. There are some units in building less than 2 years old that the original developer still owns that now are very motivated to sell. There are units that are being sold by investors that are several hundred thousand dollars less than what they paid for it. Each situation is different but the opportunities are there. The units that are available under these circumstances include the most desirable oceanfront floor plans in premier buildings.

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All I can say is that if there is a desire to own an oceanfront condo in South Florida, at this point in time, you can get the best of the best at deeply discounted prices. When the media says…”We are now at the bottom and the market is going to turn around”… the best units in the A rated luxury buildings will be long gone!!!

As reported by the Sun-Sentinel, today, the real estate bust is a big boon for foreign buyers. They are buying in now because they believe the region remains a powerful long-term draw. Some condos are selling at 25-60% less than during the boom times. Flush with cash, buyers from Italy, Germany, England, Spain and other countries are scooping up condos here for at least 30 percent less than the cost of properties in their homelands.

We study the statistics and data on oceanfront condo sales in Miami, Fort Lauderdale and Palm Beach, and the trend is indicating an increase in sales in all three areas. Watch for trend data on our next post.

80,000 square feet on 6 acres of unobstructed ocean views…sold.  As reported by the Palm Beach Post.

Mr. Trump first listed the home at $125 million. But he recently dropped the price to $100 million, he declined a $90 million offer last year. The deal would set a record for Palm Beach, but not for the U.S.

Even at the ultra ultra high end…there are deals to be had

As our readership knows, we specialize in luxury oceanfront condos in South Florida. In our opinion very few properties qualify for an ultra luxury classification. One Thousand Ocean in Boca Raton is a new oceanfront ultra luxury condo that has earned that distinction.

This seven story building is a mixture of 52 one and two story Residences with Beach Villa and Penthouse choices. Built on the most coveted inlet on South Ocean Boulevard, residences feature spectacular views of the ocean, the shoreline, and westerly city and lake views. One Thousand Ocean is under construction with occupancy expected spring 2009. According to the developer it is already 50% sold out. Prices for this ultra-luxury property begin at over $4 million.

The team behind One Thousand Ocean is LXR Luxury Resort, owned by an affiliate of the Blackstone Real Estate Advisors, Garcia Stromberg, RTKL, and EDSA .

The residences are all spacious starting at around 4000 square feet with 10 foot ceilings. Villas feature 20 foot double height spaces. Penthouse units exceed 12,000 square feet. All the units have floor to ceiling window and are finished out with tasteful color choices and the finest materials. Everything about this property has been given the utmost attention to detail.

The images below will provide you with a preview of One Thousand Ocean.

The residences are pre wired to accommodate the state of the art technology. Kitchens are finished with custom designed cabinetry and the finest appliances including Wolf 36 inch five burner gas stove.

Close up of stone and glass materials used in the kitchen.

Stone fireplaces are in the master Bedroom and main living area.

Master baths have stone vanity countertops with glass mosaic accents, frameless glass shower enclosures, Roman Therapy Whirlpool tubs and custom designed Italian Cabinetry.

His and her dressing rooms are custom designed with built ins and a free standing vanity dresser. A Sub-zero midnight snack refrigerator drawer is included.

Terraces are oversized and include a private plunge pool with massaging jets, and outdoor kitchen, and exposed wood ceilings.

One Thousand Ocean is a mere water taxi to the Boca Raton Resort and Club. The Boca Raton Resort and Club has outstanding first class amenities including two championship golf courses, 30 award-winning clay tennis courts, Spa Palazzo, 32-slip marina, Half-mile private beach, beach club, three state-of-the-art fitness centers, and an extensive schedule of social activities available for all ages. Boca Raton Resort has world-class restaurants including Old Homestead from New York. Gordon Ramsey is opening a restaurant as well as Serendipity, one of New Yorkers favorite dessert destinations.

One Thousand Ocean in Boca Raton is a most unique modern designed ultra luxury residence.

As reported today in the Sun-Sentinel, Foreign investors are hunting for housing deals in the United States, lured here by falling prices and a dollar in decline.

As detailed in today’s paper, Florida is a top target for international buyers. Fifteen percent of all Florida home sales now involve foreign purchasers, and 65 percent of agents in the Sunshine State said they had overseas clients, according to a 2007 survey by the National Association of Realtors.

“The U.S. is still an attractive place to own real estate. There’s prestige involved,” said Iverson Moore, spokesman for the group. “Home prices are relatively low compared to other countries, and the investors perceive there is value there.”

Homes in the United States typically cost half of similar-size properties in major European markets, Moore said Friday. In addition, the dollar’s purchasing power has dropped by about 40 percent compared with the euro during the past few years.