One Thousand Ocean Closes Another New Penthouse and Launches New Penthouse Floor Plan

BOCA RATON, FL, March 09, 2013

With just a few residences remaining and during what is anticipated to be its final selling season, One Thousand Ocean reports the sale of a new penthouse for just under $5.9 million, or $1,415 per sellable square foot. The iconic condominium building is currently 89% sold out.

Available for customization, the unfinished, designer-ready residence features direct east ocean views and totals just over 4,142 square feet of air conditioned living space. The terrace provides an additional 1,450 square feet.

"After touring our largest penthouse, the couple immediately loved it but felt it was too large for them," said Maria Scarola, One Thousand Ocean's sales director and an LXR Realty, LLC associate. "We presented a solution and they went to contract within 72 hours," she said. "This is in keeping with most of our other sales here. Prospects tour the property, are impressed with what they see, and close quickly for cash."

"The solution was to split the largest penthouse in the building, thus selling a portion to this buyer and also creating a new penthouse with amazing southeastern, western and northern views, now available for purchase," explained Jamie Telchin, president of development with LXR Luxury Resorts & Hotels.

Through One Thousand Ocean's Concierge Build-Out Program, the development team will supervise the design, permitting and interior construction for this buyer, thereby easing the way for them to transform a beautiful blank canvas into the home of their dreams.

Scarola said several prospects are already considering the unsold southern half of the penthouse, which is also "a trophy space." Named "The Sky" and offered at $7,650,000, the new seventh-floor floor plan has 4,628 sellable square feet in addition to 2,343 square feet divided between two terraces. Along with tremendous exposures over the Atlantic Ocean, Intracoastal and Lake Boca Raton, highlights include a private elevator landing, 14-foot ceilings, floor-to-ceiling walls of glass, private pool deck cabana, and a private three-car garage.

Scarola said a new penthouse residence at One Thousand Ocean that sold in June 2011 was the highest-priced new oceanfront condominium to sell that year in Palm Beach County. It closed at $10.4 million, or $1,505 per square foot. She also pointed out that the largest unit in the building, located on the fifth floor and closed in May 2012, totals 10,000 sellable square feet.

"The value is being maintained at One Thousand Ocean, as demonstrated by our recorded prices. Furthermore, resales in the building continue to sell for more than their original purchase prices," she concluded.

An LXR affiliate developed the building which is situated on the tip of a private peninsula, surrounded by water on three sides. One Thousand Ocean is also adjacent to the Boca Raton Resort's Boca Beach Club, enabling One Thousand Ocean residents who elect private resort membership privileges to enjoy the numerous amenities and services of a world-class destination.

Currently, only six of 53 residences remain. These include the "The Sky" Penthouse floor plan and two other customizable penthouses ("The Shore" and "The Beach"). The developer s currently working to permit and design these extraordinary penthouses in preparation for prospective buyers. Additionally, three move-in-ready residences are available. Select units offer optional furnishings packages by international home furnishings company, Roche Bobois.

Prices are from approximately $3,000,000 to $12,950,000. For further information, visit http://www.onethousandocean.com or call (561) 869-5000 to arrange a private showing.