Highest-priced, new oceanfront condo in Palm Beach County in 2011 -- a $10.4 million penthouse - sold at One Thousand Ocean

There has been nearly $180 million in closings since the iconic building was completed in mid February 2010. Only 12 of 52 residences are now available. End Quote

West Palm Beach-Boca Raton, FL (1888PressRelease) July 08, 2011 - A penthouse residence at One Thousand Ocean in Boca Raton, which sold and closed in early June 2011, is the highest-priced, new oceanfront condominium to sell this year to date in Palm Beach County.

The closed sale of one of new four penthouses located at the landmark Atlantic Ocean-to-Intracoastal condominium was an all-cash transaction. Penthouse 3 is a residence with
approximately 6,900 square feet, plus nearly 4,000 square feet on two expansive terraces. The purchase price was $10.4 million.

Maria Scarola with LXR Realty, LLC, worked closely with The Corcoran Group's Senada Adzem, who represented the buyer.

Featuring a total of 52 Residences, Beach Villas and Penthouses, One Thousand Ocean is situated on the tip of a private peninsula adjacent to the Boca Raton Resort's Boca Beach Club. The building is now 75% sold.
One Thousand Ocean launched its exclusive Penthouse Collection in late 2010. Ranging in size from approximately 5,600 to 8,700 square feet of air-conditioned living space, plus terraces that add approximately 3,600 to 4,500 square feet respectively, Penthouses are offered from $9.75 million to $15 million.

"We're very pleased that a penthouse has already sold, seeing as the four penthouses were released just a few months ago. Situated on the top [seventh] floor, they provide exceptional panoramas of sea, sky and city," said Jamie Telchin, president of development for LXR Luxury Resorts & Hotels. An LXR affiliate developed the modern, nautilus-shaped building that has quickly become a South Florida icon.

Each penthouse, which is customizable, has a private elevator landing, ceiling heights soaring approximately 13 feet above the concrete slab, along with floor-to-ceiling windows. Additionally, all include a large outdoor kitchen, a private cabana overlooking the Atlantic Ocean or Boca Raton Inlet, and a private, enclosed three-car garage.

"While the popular Residences and Beach Villas offered at One Thousand Ocean average 4,000 square feet under air, Penthouses provide even more space - an average of approximately 7,220 air-conditioned square feet," Telchin continued. "And, the penthouse terraces alone are larger than the average size of a new single-family home. These outdoor spaces are wonderful, whether you want to relax, watch the yachts cruise by, or entertain."

Following on the heels of One Thousand Ocean's recent $38 million in sales, only 12 residences are now available: seven Residences; two, two-story Beach Villas; and three Penthouses. Most are one of a kind and available for immediate occupancy. Prices are from approximately $3 million.

"There has been nearly $180 million in closings since the building was completed in mid February 2010," Telchin said.

"One Thousand Ocean is indisputably a canvas for living well," he added. "There is an irreplaceable location, the benefit of carefree living due to an on-site property management team, and the option of enjoying private membership privileges at the neighboring Boca Raton Resort & Club. These include golf, tennis, spa and numerous private venues for dining or snacks, as well as a calendar brimming with social activities."

One Thousand Ocean's own Ocean Club is outfitted with a fitness center with aerobics, yoga and Pilates rooms, cardio/free-weight and training area, spa treatment suite with a hot soaking tub, steam and sauna rooms. Moreover, this amenities area offers a lakefront lounge with catering kitchen, conference room, and multi-purpose room. The building also has an oceanfront pool and sun deck, pool butlers, private cabanas, a 24-hour desk attendant, full-time concierge, valet parking, and patrol services.

Boca Raton is situated along South Florida's fabled Gold Coast, with the island of Palm Beach approximately 30 miles north, Fort Lauderdale approximately 10 miles south and Miami approximately 45 miles south.

For further information, visit www.onethousandocean.com or call the Sales & Design Center at (561) 869-5000 to schedule a private showing.

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