Market Conditions in 33432>Question Details

Dominique, Home Buyer in Boca Raton, FL

condo pricing downtown boca

Asked by Dominique, Boca Raton, FL Tue Jul 1, 2008

So a 2430 sq ft 2 story penthouse condo in Downtown Boca with all upgrades, marble, granite, private interior elevator and 2 terraces (2200 a/c sq ft, 2 br den 3 full bath, at $204 per sq ft, at that time- October 2004- would have been a bargain? What would one expect to pay per sq ft for such an apt today?

Thank you, again!

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Thank you again for all your time and kind consideration.

What continues to be allowed here is just unimaginable. I cannot believe what has transpired and it happened to us.

Yes, an atty is an answer, but any suit would take 3 years, and lots of money we don't have.

This developer is being investigated by the tty Generals office for economic crimes and by the DBPR for what they say is the most egrious case they have seen, yet the powers that be do not controll this?

Thank you again and any help and advice is greatly appreciated.
0 votes Thank Flag Link Wed Jul 2, 2008
Wow, I know the Eden project well. Every time I pass it I think "what a pity". It should have been a fabulous place. I totally understand your consternation.
My only recommendation would be that you consult with an attorney to see what your rights are in this situation. I would think you'd have some recourse to re-coop some of your monthly expenses, but an atty. would be the best person to ask.
Good luck to you & your husband. If I can do anything else or answer any ?'s, please feel free to contact me via e-mail erbishop@coldwellbanker.com or phone 376-5555.
Best of luck. Eileen
0 votes Thank Flag Link Wed Jul 2, 2008
Hi Eileen:

Thank you for your reply.

I live in Eden on Palmeeto Park Road, I am sure you know of our nightmare here.

My husband and I bought our condo here, sold our family home, with the hopes we would be able to make this our last home and enjoy the rest of our days in what was promised to be the finest 5 star luxury full amenity condominium complex in Downtown Boca Raton- we invested LOTSin capital improvements based on what this developer promised over and over again to finish.

e look out our windows at ruble, and now you may know, this developer has offered buy outs at what we paid, + 3%, that would be a litle over $500,000- "not a penny more" he said.

We paid near $800 per month in maintenence fees for almost nothing- invested our life savings and now- nearly 4 years later- with every excuse in the book and some not, this developer has gone on the record at the last P&Z hearing saying he is going to change this to a rental community and will use FL Statute 718.117 to evict us if we don't take his deal.
The developement as you probably know was sold out in 2004, way before any downturn and not effected by any hurricane- prob is, I think, he sold to cheap- to that point, he only closed on 27 units, of those 3 of us were full time residents, the others majority flippers- who the developer hascontracted to buy back from last october and has postponed those closings many times, now until july 31st, again.

I don't think this developer should be able to just throw us out using his lawyers and connections at what he feels is a fair price- based on his own not finishing the developement.

We asked that he pay us fair mkt value, or if not relocate us to a simalr unit with similar upgrades and amenities that we were promised and paid for.

ANy comments are appreciated greatly!

Thank you!
Dominique
0 votes Thank Flag Link Wed Jul 2, 2008
Hi Domiique -
You're absolutely right. $165/sq. ft. is way off.
I took actual sales for this year only of downtown condos of the approx. size that you listed and the actual sales per sq.ft. was $423.26. The prices ranged from $950 to $1,205,000. These are all relatively new buildings but none of the units were penthouse units.
The place you were referring to from Oct. '04 had to have been an unbelieveable bragain.
Along the ocean the range was a little greater - from $542(another bargain) to $1.4 million this year.
Have a great day. Eileen
0 votes Thank Flag Link Wed Jul 2, 2008
With all due respect, I think your answer is way off mark.

An apt such as what I speak about (correction 2 br+ den, 3 full bath) in a luxury building in Downtown Boca , from what I have seen is in the $700,00 and up range- if you can get them for $400,000 I will buy it now.

Thank you,
0 votes Thank Flag Link Wed Jul 2, 2008
Dominique,

Without knowing the full details, exact location, views, amenities, condition ete. etc. your question is one that becomes difficult to answer with any degree of real accuracy. However based on market activity since 2004 and the details provided a "ballpark" figure representing its value would be in the $400, 000 range or approximately $165 per sf.

Hope this is helpful.

The "Eckler Team"
0 votes Thank Flag Link Wed Jul 2, 2008
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