It’s official. After years of often contentious battles with neighbors
and under different ownership, One Thousand Ocean, the ultra-luxurious
condominium project in Boca Raton, is done. The city issued the
developer LXR Luxury Resort & Hotels, owner of the Boca Raton
Resort & Club, a certificate of occupancy last week. The condo sits
on the resort’s property adjacent to its Boca Beach Club. The first closing at One Thousand Ocean, which is owned by New York-based Blackstone Group, took place yesterday, officials said.
The units run from $3 million to $15 million. TRD

From the South Florida Web site: Bogged down by pricing that
remains out of sync with plunging property values and buyers expecting
great deals, the $1 million-plus luxury market in South Florida moves
at a trickle compared to lower priced homes. Even realistically priced
but expensive homes sit on the market for twice as long as homes in the
$300,000 and under range, due mostly to the battering of the stock
market and sagging economy — and topped off by a tough financing
climate. Together, that’s taken plenty of prospective buyers out of the
equation. One doesn’t have to look far to find examples of luxury homes
that aren’t selling. A 10,000-square-foot Intracoastal home in Boca
Raton has been on the market for two years. The seller dropped the
price several times — from $12 million to $7.1 million. [more]

From the South Florida Web site: South Florida’s real estate
ranks, thinned by the market collapse, are starting to increase again
as brokerages anticipate an upturn. Some struggling part-timers left
the business as the boom times faded, and others near retirement exited
gracefully. Those who hung on are sharpening their swords in
preparation for renewed opportunities. Home sales are once again on the
rise, but different strengths are needed for a market characterized by
lower prices, fewer buyers, and rising foreclosures. Companies like Flagler Development are taking advantage of the down economy to recruit talented brokers and train them to leverage market opportunities. In the last six months, the firm has hired four people, taking advantage of cutbacks at rivals such as CB Richard Ellis. [more]