BOCA RATON, FL -- (Marketwire) -- 01/08/13 -- Recent sales at 200 East in downtown Boca reflect an accelerated growth pattern in the luxury Boca Raton residential real estate market. The luxury condo project located in downtown sold nine new residences in the months of October and November with a total price tag of $7 million. Most are scheduled for closing this month. Market analysis completed by Nestler Poletto Sotheby's International Realty with numbers from the Regional Multiple List Service, indicates a 120 percent 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.
"The summer was a steady time, but the increase since October began has been extremely dramatic," said John Poletto, principal of Nestler Poletto Sotheby's International Realty. "I believe we're going to wrap up 2012 with record sales."
According to market numbers provided by the Regional Multiple List Service, the average number of "days on the market" has dropped from 323 days to 237 days, a decrease of nearly 73 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.
200 East is now 90 percent occupied.
"We have had great sales success this season," said Lon Tabatchnick, developer of 200 East. "We are completely sold out of certain floor plans, with limited availability of others."
Tabatchnick said 200 East has become popular with young professionals who want to work, live and play in the downtown Boca area, as well as families who want a nice place for their kids to live in while attending nearby colleges.
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 $695,900.
For more information on 200 East, please contact Nestler Poletto Sotheby's International Realty at 561-368-5105. The property is located at 200 East Palmetto Park Road, Boca Raton, FL.
About Lojeta Group and Millennium Homes
The Lojeta Group is diverse, very successful and highly respected family owned real estate development firm. Focused on developing and investing in high quality large-scale opportunities, the Lojeta Group has completed more than 1,000 homes and many retail and commercial space since its inception in 1985. In addition to 200 East, the firm is also developing Margaritaville Hollywood Beach Resort in Hollywood, Florida. For more information, please visit www.lojeta.com.
For more than 50 years, Millennium Homes has been building communities nationwide to the highest standard of quality and design. Builders of communities that bring people together Millennium has completed over 20,000 homes, 10,000 rental apartments and 1,000,000 square feet of commercial and retail space that stretch from New Jersey south to Florida and west to Texas and California. For more information, please visit www.millenniumhomes.com
About Nestler Poletto Sotheby's International Realty
Nestler Poletto Sotheby's International Realty represents one-of-a-kind properties from Manalapan in the north to Lighthouse Point in the south, extending from the Atlantic Ocean on the east to the western country clubs and private communities. Combining their wealth of local knowledge with the comprehensive Sotheby's International Realty network of more than 12,000 agents in 44 countries across the globe Nestler Poletto Sotheby's International Realty can reach out and market properties on a scale that no other firm can match.
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