The Real Deal Miami

Developer discounts condos, expects sell-out soon

Marrano/Marc Equity cut prices up to $100,000 per unit at 1200 The Ocean in Hillsboro Beach

April 09, 2016 11:30AM

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Rendering of 1200 The Ocean in Hillsboro Beach

Rendering of 1200 The Ocean in Hillsboro Beach

The developer of an 18-unit oceanfront condominium in Hillsboro Beach is offering discounts as large as $100,000 on the 11 unsold units.

The units at 1200 The Beach have three bedrooms and 2.5 baths. They range in size from 1,825 square feet to 2,300 square feet. The developer, Marrano/Marc Equity, is offering the units at discounted prices ranging from $870,000 to $2.39 million.

Victor Martucci, project manager at Marrano/Marc, told the Sun-Sentinel he expects 1200 The Ocean could be nearly or completely sold out by mid-May.

Completion of the construction of 1200 The Ocean will mark the first delivery of new condos on State Road A1A since 2008, when Marrano/Marc opened another condo development across the road called 1200 Hillsboro Mile.

However, sales of condos have decelerated in South Florida, and some market observers believe the luxury segment of the market could be especially slow this year.

Howard Elfman, president of the Greater Fort Lauderdale Realtors told The Sun-Sentinel, “We’ve built so many, and it’s going to slow down. It’s not going to be dead, but it will just take longer to absorb all the units.” [Sun-Sentinel] — Mike Seemuth