BOCA RATON, FL (BocaNewsNow.com) — Nestler Poletto Sotheby’s International Realty says that condo sales are up in Boca Raton by nearly 15%. While this is somewhat contradictory to national results recently released showing that the housing market is still on its way to a bottom, the firm issued the following release earlier today. We have no reason to question its accuracy, as the numbers are based on the local MLS and not national statistics.
Recent sales at 200 East in downtown Boca reflect an accelerated growth pattern in the luxury Boca Raton residential real estate market. Market analysis completed by Nestler Poletto Sotheby’s International Realty with numbers from the Regional Multiple List Service, indicates a 14.67% increase in the number of sales in Boca Raton as compared to the same period in 2011 for properties valued at $600,000 to $3 million.
“There’s real action in the Boca Raton market,” said John Poletto, principal of Nestler Poletto Sotheby’s International Realty. “We’re seeing an increase in the number of sales, and a decrease in days on the market.”
According to market numbers provided by the Regional Multiple List Service, the average number of “days on the market” has dropped from 298 days to 275 days, a decrease of nearly eight percent. At the forefront of this positive sales boom is downtown Boca Raton and buildings like 200 East.
200 East has seen an accelerated sales pace thus far in 2012, as well as an increase in the cost per square footage of units being sold as compared to last year. This is in contrast to the most recent Case-Shiller housing index which reported South Florida’s housing prices are off nearly 5 percent from 2010.
“We have had great sales success in Q1, especially in the month of March,” said Lon Tabatchnick, developer of 200 East. We are completely sold out of certain floor plans, with limited availability in others.”
200 East is the newest luxury condominium building in downtown Boca Raton. A half mile from the Ocean and within walking distance from Mizner Park and Royal Palm Place, 200 East offers two and three bedroom residences and townhouses priced from $674,900.
For more information on 200 East, please contact Nestler Poletto Sotheby’s International Realty at 561-368-5105 or www.200eastbocaraton.com. The property is located at 200 East Palmetto Park Road, Boca Raton, FL.