A look inside the Boca Raton mansions commanding Miami Beach prices
The $28.5 million mansion that recently hit the market in Boca Raton, FL located at 2633 Spanish River Rd.
Danny Petroni
Ultra-high-end real estate in Boca Raton, Florida, is on a stratospheric rise, breaking record sale prices every year for five consecutive years. And the price per square foot of the town’s top-end homes is now on par with Miami Beach pricing.
“People tend to think of Miami when the subject turns to high-end South Florida real estate,” said Douglas Elliman real estate agent Senada Adzem, “But Boca Raton is, without question, one of the region’s premier luxury residential markets.”
The all-time top sale in the town, located about 45 miles north of Miami and 28 miles south of Palm Beach, traded last year for $24.5 million, delivering a price per square foot of more than $2,800, according to public records. That’s more than four times the average $670 price per square foot for a luxury home, representing the top 10% of sales, in Boca.
The record sale also tops the average price per square foot achieved in Miami Beach, at $2,766, according to the most recent Elliman Report for Q1.
“Trophy properties have gained momentum in the South Florida market over the past three years — for tax benefits, for safety reasons, and because of the pandemic,” Adzem told CNBC.
The great room at 2633 Spanish River Rd in Boca Raton, FL.
Danny Petroni
This year’s already seen three more mega-homes hit the Boca market, each one priced to break last year’s record and push the town’s high-end even higher.
Here’s a closer look at the three highest-priced homes for sale in Boca Raton:
169 West Key Palm Road
The twilight view of 169 W Key Palm from the waterway.
Danny Petroni
The waterfront home at 169 West Key Palm Road was listed this week for $26.9 million. It’s located behind the private gates of Boca’s swanky Royal Palm Yacht & Country Club community, and the asking price is just shy of $3,000 a square foot.
Living room with marina views.
Danny Petroni
The almost-9,000-square-foot residence is being sold fully furnished. Dustin Nero at Douglas Elliman, who co-lists the home with Adzem, says high-end buyers moving from places like California and New York are wiling to pay a premium for a turnkey mansion.
Sunset view from infinity pool and dock.
Danny Petroni
“It overlooks the Royal Palm marina. You don’t look at a house — it’s a very premium view,” said Nero, who believes the home’s unique view will help it break the town’s sale price record.
Owner’s suite overlooking waterway and marina.
Danny Petroni
The six-bedroom home sits on 104 feet of waterfront with deep water dockage on the Fishtail Palm Waterway and includes five full baths and two half-baths.
One of two walk-in closets in the home’s primary suite.
Danny Pettroni
Nero, who represents clients in both Miami and Boca, believes a trophy home in Boca is still a relative bargain compared to the very top-end in Miami.
“This home in Miami would list at $4,000 or $4,500 a square foot,” he said.
The pool and hot tub…
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