One Thousand Ocean in Boca Raton Sells 'Shore' Penthouse for $11.7 Million

BOCA RATON, FL, June 08, 2013

The highly successful One Thousand Ocean in Boca Raton has sold its final penthouse, "The Shore," which closed on June 4, 2013 for approximately $11.7 million or $1,547 per square foot. In addition to being the highest-priced residence in the building, it was also one of the highest priced condominium residences ever to sell in the history of Palm Beach County.

Featuring 7,550 sellable square feet, plus 4,591 square feet of wraparound terraces, the fully customizable, designer-ready penthouse provides southern views over the Boca Raton Inlet and ocean shoreline, as well as northern and western Intracoastal panoramas. Other highlights are a private elevator lobby, 14-foot ceilings, floor-to-ceiling walls of glass, a free-standing glass-enclosed area on one of the terraces suitable for a private gym or other purposes, an outdoor kitchen, a private poolside cabana, and a private three-car garage.

"More than ever, timing is everything. Our latest penthouse buyer had looked in Boca a year and a half ago and liked the value he could get. Though he visited One Thousand Ocean, he didn't realize at that time we would be approaching a sell-out so quickly. He bought a resale in a nearby Boca oceanfront building, but recently returned to look at One Thousand Ocean again," explained One Thousand Ocean's Director of Sales Maria Scarola. "When he looked at our last available penthouse, he quickly went to contract and closed within several weeks. He loves the Boca Raton lifestyle and wanted to be in the very best building."

Tim Shane with Meridian Realty in Boca Raton introduced and represented the buyer for the transaction.

"The recent activity at One Thousand Ocean has been truly amazing. We sold that penthouse and the three other remaining penthouses within 90 days," said Jamie Telchin, president of development for LXR Luxury Resorts & Hotels. "We knew the market was improving and that our penthouses were jewels. Apparently those buyers understood this and didn't want to miss out on the opportunity to own one."

Only two new residences remain at this time, which Telchin expects to sell out this year. "Both are move-in-ready and priced at approximately $2,900,000 and $6,400,000 respectively. Optional furniture packages are offered, enabling buyers to begin enjoying the One Thousand Ocean resort lifestyle immediately," he concluded.

For further information, visit http://www.onethousandocean.com or call (561) 869-5000 to arrange a private showing.