Scarcity of New, Ready-to-Occupy Oceanfront Condos Adds to One Thousand Ocean's Appeal

With only two new residences available in the iconic building in Boca Raton, the developer anticipates selling out this year (2013). End Quote

West Palm Beach-Boca Raton, FL (1888PressRelease) September 05, 2013 - Sales at One Thousand Ocean in Boca Raton continue as luxury condominium buyers recognize that only a handful of oceanfront properties with new, move-in-ready residences are currently available from Palm Beach south to Miami-Dade County.

"While Miami is booming with new construction (completed buildings and others underway), there is very little new inventory on the market in the area northward through Broward and Palm Beach counties," said Jamie Telchin, president of development for LXR Luxury Resorts & Hotels. An LXR affiliate developed the modern, 53-unit One Thousand Ocean condominium building that overlooks the Boca Raton Inlet, Atlantic Ocean and Intracoastal. One Thousand Ocean is also next door to the Boca Raton Resort's Boca Beach Club - part of the esteemed Waldorf Astoria Collection, providing opportunities to elect private membership privileges at this world-class resort destination.

"There are many buyers who don't want the higher density and fast pace of Miami, but prefer a more relaxed atmosphere that still offers them a great lifestyle, including wonderful opportunities for shopping, dining, entertainment and other recreational pursuits," Telchin explained. "Boca offers all of this and much more, such as less traffic, excellent private schools and an executive airport. Plus, one's money goes much farther here than in the Miami market, where some of the hottest new condos are selling for over $2,500 per square foot. On the other hand, the average price per sellable square foot for closed sales at One Thousand Ocean is approximately $1,100."

Commenting further, he said "Improved economic conditions, increased consumer confidence and an influx of foreign investment dollars have led to declining inventory and higher prices in much of South Florida. Homebuilding starts have also jumped since the recession ended; however, the area from Palm Beach to Miami has a small supply of new condo product currently available. All of these reasons have contributed to One Thousand Ocean's most recent success."

Supply is now limited at One Thousand Ocean as well. After selling five new condominiums, totaling $38 million, during the 90 days from early March to early June, only two new move-in-ready residences remain. One is a Signature Penthouse on the sixth floor, with 4,972 sellable square feet and 1,265 square feet of terraces. Featuring southern shoreline and western (Intracoastal) exposures, it is priced at $6,400,000. The second unit, with 2,981 sellable square feet and 691 square feet of terraces, offers northeastern views and is offered at $2,900,000. Both include a private elevator lobby, expanses of floor-to-ceiling glass, finished flooring throughout, a fully equipped kitchen, sumptuous master bath with his-and-her dressing areas, a private plunge pool, an outdoor kitchen, and a private two-car garage.

Both residences are also offered with optional furniture packages.

"There is not much else available, and because of the building's prime location, unique design and desirability among high-net-worth individuals, we anticipate selling out this year," Telchin concluded.

For further information, visit www.onethousandocean.com or call (561) 869-5000 to arrange a private showing.

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