One Thousand Ocean Closes Three Residences in March, Reaches 93% Sold-Out Mark

BOCA RATON, Fla. - March 28, 2013 - PRLog -- BOCA RATON, Fla. – One Thousand Ocean has closed the sale of a second designer-ready, customizable penthouse in March 2013. Selling for just over $8.7 million, or $1,540 per sellable square foot, “The Beach” captured the highest per-square-foot price to date at the iconic building, which is located next door to the Boca Beach Club, on the tip of a private peninsula at the Boca Raton Inlet.

With the sale of a second penthouse in March, the number of closed transactions on new inventory at One Thousand Ocean jumped to three for this month alone, totaling nearly $20 million. Earlier in March, a penthouse and a two-story beach villa sold for nearly $11 million collectively. Only four residences remain available for purchase. Two are move-in ready, and two are fully customizable penthouses.

Providing direct east, northeastern, northern, and western Intracoastal exposures, “The Beach” was purchased by an international buyer who will build out the residence, with the One Thousand Ocean development team supervising the process. Featuring 5,652 sellable square feet and a 3,620-square-foot terrace connected from front to back, the expansive residence includes a private elevator lobby, walls of floor-to-ceiling glass, a separate glass-enclosed bonus room, a private pool-deck cabana, and a private three-car garage.  

One Thousand Ocean’s Director of Sales, Maria Scarola of LXR Realty, Inc., said the buyer was brought to the building by Tim Shane of Meridian Properties. “They arrived early afternoon on a Friday, and six hours later we had an accepted offer,” she said. “This is in keeping with our previous sales, where prospects tour available units, find one they love, and close for cash in a very short period of time.”

According to Scarola, the buyer had been shown other condominiums as well as single-family homes he could tear down and rebuild. “But, designing and rebuilding would take years, and he wanted a place he and his family could move into much quicker,” she explained. “He likes the quality of life and lifestyle in Boca Raton compared to Miami, and that his family will be members of a private club on the ocean [the Boca Raton Resort and its Boca Beach Club].  He could have purchased in any high-end building in Sunny Isles Beach or Miami Beach, but preferred Boca where it feels more like a neighborhood. In addition, his family will be spending time on a beach that has a more private feel because it is next to an inlet, rather than in between a strip of other condos.”

Continuing, Scarola said, “The new owner also wanted a place for his family to come to that felt safe and was an active playground, even when he may not be here with them. There’s a lot less traffic in Boca, and his family can cruise across Lake Boca aboard the resort’s Mizner’s Dream shuttle boat to enjoy ice cream at Serendipity or dinner at numerous restaurants on property without getting into their car. Furthermore, he immediately recognized the value of One Thousand Ocean because it is on such a rare site – on the point of a peninsula.  

“One more reason he bought now is because he realizes the South Florida real estate market appears to be on a major upswing. Timing is everything,” she added.

The first penthouse within the modern, nautilus-shaped building sold for $1,505 per sellable square foot in 2011 and was the highest-priced new condominium to sell in Palm Beach County that year.

“With our newest rush of activity, the building has reached its 93% sold-out mark,” Scarola pointed out. “We are confident the momentum will continue and we expect to sell out this year.”

Prices are from approximately $3,000,000 to $12,950,000. For further information, visit www.onethousandocean.com or call (561) 869-5000 to arrange a private showing.