Success of Boca resort project doesn’t reflect luxury market as a whole, experts say

TRD New York /
Dec.December 23, 2009 01:39 PM
alternate textAt left and right: Renderings of One Thousand Ocean. Center: Jamie Techlin, LXR president of development, on the terraces of One Thousand Ocean, overlooking its construction

From the South Florida Web site: Stalled luxury building projects abound in Boca Raton.

So a recent spike in sales at the almost-finished ultra-luxurious One Thousand Ocean is cause for optimism, at least for its developer, LXR Luxury Resorts & Hotels.

On Wednesday, LXR announced the sale of six units in a six-week period from November to mid-December for nearly $23 million. That brings the total number of units sold to 32 of 52 available apartments which range in price from $3 million to $15 million.

“I just signed another contract yesterday,” said Senada Adzem of the Corcoran Sunshine Marketing Group, and senior sales associate for One Thousand Ocean.

While LXR welcomes the jump in sales activity, it doesn’t necessarily indicate an improvement in the luxury market, one of the sectors hit hardest by the South Florida real estate downturn, development experts said. Builders in the wealthy city of Boca Raton have to reconfigure projects and lower expectations, they said.

Many luxury projects will have to have a price adjustment before there’s an improvement in the market, said Lewis Goodkin, a Miami-based real estate consultant.

Related Articles

49 East 10th Street and Barbara Corcoran (Credit: Google Maps and Getty Images)

Corcoran to shut down office in building partly owned by Barbara Corcoran

Corcoran President & CEO Pamela Liebman (Credit: Corcoran, Getty Images)

Welcome to Queens: Corcoran opens first borough outpost

Corcoran CEO & President Pamela Liebman (Credit: iStock)

Corcoran begins new lead-gen push via Facebook ads

Compass' Rachel Glazer (inset) and The Corcoran Group’s Steve Gold with Circa Central Park (Credit: Getty Images, Compass)

Steve Gold loses exclusive at record-setting Harlem project

Lennar's Stuart Miller and a Lennar home (Credit: Lennar and iStock)

Lower-priced home sales drive Lennar’s Q4 revenue

From left: Corcoran CEO Pam Liebman, Amazon CEO Jeff Bezos, former WeWork CEO Adam Neumann, Related Chairman Steve Ross, and Albany's State Capitol (Credit: Getty Images, iStock)

Amazon, WeWork and more — the biggest real estate stories of 2019

Blackstone's Jonathan Gray and an aerial of Industry City (Credit: Getty Images and Google Maps)

Industry City gets $720M refinancing

From left: Blackstone's Jonathan Gray, Joseph Simone of Simone Development and 535 Zerega Avenue in the Bronx (Credit: Google Maps, Simone Development)

Blackstone buys Bronx warehouse for $29M from controversial carter