The Real Deal Miami

Boca’s gated enclaves insulated

September 22, 2008 09:45AM

Private communities, with big gates and even bigger price tags, represent a slice of Boca Raton barely touched by the national housing bust and its local consequences.  Residents like golf legend Greg Norman, former ambassador Richard Egan and philanthropist Christine Lynn are among homeowners in neighborhoods where $5 million cash deals are commonplace. The Royal Palm Yacht & Country Club, The Sanctuary and Le Lac gained national recognition a few years ago when Forbes magazine ranked them among the 10 most expensive gated communities in the country. All three communities were on the list at the peak of the housing boom in 2004, and little has changed within their confines, say brokers who do business there.