The $28.5 million mansion that recently hit the market in Boca Raton, Florida, located at 2633 Spanish River Rd.
Ultra high-end real estate in Boca Raton, Florida is on a stratospheric ascent, breaking record sale prices every year for five consecutive years. And the price per square foot of high-end homes in the city is now comparable to that of Miami Beach.
“People tend to think of Miami when the subject turns to high-end South Florida real estate,” said Douglas Elliman, Senada Adzem real estate agent, “But Boca Raton is, without a doubt, the one of the main luxury residential markets in the region.”
The city’s all-time best sale, located about 45 miles north of Miami and 28 miles south of Palm Beach, traded last year for $24.5 million, offering a price at the square foot over $2,800, according to public records. That’s more than four times the average price of $670 per square foot for a luxury home, representing the top 10% of sales, in Boca.
The record sale also exceeds the average price per square foot realized in Miami Beach, at $2,766, according to the latest Elliman report for the first quarter.
“Trophy properties have been gaining momentum in the South Florida market over the past three years — for tax advantages, for safety reasons, and because of the pandemic,” Adzem told CNBC.
The Great Hall at 2633 Spanish River Rd in Boca Raton, FL.
This year, three more mega-homes have already hit the Boca market, each priced to break last year’s record and push the city’s high end even higher.
Here is a look at the three most expensive homes for sale in Boca Raton:
169 West Key Palm Road
The twilight view of 169 W Key Palm from the waterway.
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 posh Royal Palm Yacht & Country Club community, and the asking price is just under $3,000 per square foot.
Living room overlooking the marina.
The nearly 9,000 square foot residence is being sold fully furnished. Douglas Elliman’s Dustin Nero, who co-lists the home with Adzem, says high-end buyers leaving places like California and New York are willing to pay a premium for a turnkey mansion.
Sunset view from the infinity pool and dock.
“It overlooks the Royal Palm Marina. You’re not looking at a house – it’s a very high-end view,” said Nero, who thinks the home’s unique view will help him break the sale price record. from the city.
Owner’s suite overlooking the waterway and marina.
The six-bedroom home sits on 104 feet of waterfront with deep-water dockage on the Fishtail Palm Waterway and includes five full bathrooms and two half baths.
One of the two dressing rooms in the master suite of the house.
Nero, who represents clients in Miami and Boca, believes a trophy home in Boca is still a bargain compared to the very high end of Miami.
“That house in Miami would cost $4,000 or $4,500 a square foot,” he said.
The pool and hot tub located above the dock of the house and overlooks the community marina.
Another selling point for Boca: buyers can land their private jets there. Boca’s private airport recently added its own customs office, Nero said, the ultimate convenience for local residents traveling abroad by private jet.
2633 Spanish River Road
The view of the Spanish 2633 River from the Intracoastal Waterway.
This nearly 10,000 square foot home on the Intracoastal Waterway in the Estate section of Boca was listed this month for $28.5 million. That puts the price per square foot just below $2,900.
The entrance to the house is flanked by a water feature that spans the entire walkway on one side and lush vegetation on the other.
“It’s like a residential work of art that manages to distinguish between artistic splendor and the comfort of a resort,” said Adzem, who is a co-agent on the property with Nero.
The view from the cantilevered master suite.
The contemporary house, which is also sold fully furnished, is spread over two floors with six bedrooms, eight bathrooms and a powder room. The owner’s bedroom cantilevered over the deck so that when you lie in bed, the room appears to float above the water.
Terrace of the owner’s suite overlooking the swimming pool and the watercourse.
The large room in the house has a wall of double height windows which offers panoramic views and floods the room with sunlight.
Glass panels at ground level slide, blurring the lines between indoor and outdoor space.
The room also includes a 12-foot double-sided fireplace clad in gray and black porcelain.
A retractable glass wall opens the great room to the outdoor lounge area and pool.
Adzem told CNBC that the home also includes an ultra-high-end, hospital-grade air filtration system that is linked to the central air system.
“It’s designed specifically for a Covid-free home environment, with separate HVAC zones for each room,” she said.
298 West Key Palm Road
The night view of 298 W Key Palm from the pool.
The most expensive home for sale in town is a $35 million mansion spanning nearly 11,500 square feet, built by developer SRD Building Corp.
“We’ve consistently set new heights,” said SRD President Scott Dingle.
The newly built modern residence, also located on West Key Palm Road in the Royal Palm Yacht & Country Club community, is located on the Butterfly Palm Waterway. It includes a private dock and over 166 feet of waterfront.
Private dock of the house at the water’s edge.
The home’s five-car garage doubles as a supercar showcase that’s visible through a floor-to-ceiling glass wall from a desk in the home office.
Roberts, who sold $545 million worth of homes in the community last year, said the spec builder’s record-breaking strategy is simple.
“They buy premium [lots]and they value it,” he said.
The pool deck and veranda areas.
The home’s asking price of $3,050 per square foot is a high bar for Boca Raton, which has yet to see a sale top $3,000 per square foot. But Dingle, who said he has built 160 homes in the community over the past 28 years, is confident it can happen.
The spec builder told CNBC it has another home in the community under contract for $26.5 million, slated to close later this year at a record $3,200 per square foot.
“This year you’re going to see new records set,” he said.
Modern interiors at 298 W Key Palm feature a mix of stone and wood finishes with a dramatic floating staircase.
Dingle says 95% of the homes he’s built are in this community alone, and after nearly three decades, he’s still betting on Boca to break records.
“With a country club, marina, championship golf course, direct beach access, it’s a special place,” Roberts said. “We have all our cards and chips in it.”