Thursday, June 7, 2012

Real Estate Developers Build Larger Luxury Condos

Boca Raton, Florida - Florida Developers have questions to ask, about the size of single family homes and condos. Florida Real estate Developers are increasingly using hedge funds to finance large projects. Many Buyers have stunned listing brokers with their assessment that homes are too small. Three bedrooms wouldn’t cut it, even with 4,000 square feet of outdoor space and a private rooftop pool. Florida Buyers want extra room for a private gym and larger, flow-through spaces with of course swimming pools.

South Florida Luxury Real Estate

One of the Investors with a hedge fund made a suggestion which was why not combine the condo units with ones below or above to obtain the extra square footage that they desire.

Boca Raton Home Investors and Developers

All across Boca Raton and South Florida, developers have been scrambling to super-size condos to meet the surging demand of the highest pool of luxury buyers. These real estate investors continue to break sales records while paying premiums for more square footage. While the idea of combining residences is not new, real estate marketers and appraisers say the jumbo sizes of the combined homes are taking sales into uncharted territory.

Real Estate Developers for Miami and Boca Raton

Not many Boca Raton Real Estate brokers recall seeing this sort of phenomenon happening with these super size Buyers. The highest tier of real estate buyers in Boca Raton and Miami is really looking to create these mini style mansions in the sky. Even without combinations, the average high-end condominium size has grown over the past decade as real estate developers have recognized the demand for more substantial square footage.

Boca Raton Penthouse Condos for Ultra Wealthy

Yet even with 10 full-floor apartments in New York selling for about $50 million each and a duplex penthouse listed at $115 million, Agents were discovering that demand among the world’s superrich for the largest apartments was heavier than envisioned. Is Miami and Boca Raton that far behind? South Florida developers have thought to combine smaller condos into four condo units of similar square footage each. These condos could be designed with four bedrooms or with three bedrooms and a viewing room or library.

Boca Raton and South Florida Real Estate Agents

The current economy could change quickly and pricing could spike up. Boca Raton and Miami Beach Agents are reaching into a new class of buyer, a wealthier class of buyer, and they want to live a certain style. It is not the amount of bedrooms that counts; it is the square footage and design of the condominium that matters.

Manhattan and South Florida Houses for Investors

Many of these Florida Real estate Investors are from countries that are bubbling with newly minted millionaires and billionaires. In both Manhattan and South Florida, a lack of well designed inventory and the strength of demand are reasons to expand. Foreign Buyers are encouraging developers to find creative ways to satisfy this class of all-cash buyers from places like Brazil, China, Russia and the Middle East. Expectations continue to increase as in South Florida Investors arrive with nice size budgets.

Luxury Condos and Homes in South Florida

Given the real estate markets where many of the high-end buyers are coming from, luxury condos and homes in South Florida are still a value compared to other Countries. Look at a flat in London, an apartment in São Paulo or a home in Rome,” and suddenly a Miami Beach Condo or Boca Raton house looks like a bargain.

Luxury Real Estate in Palm Beach County

The super-wealthy buyers have shown they are willing to finance ballooning budgets to combine already huge condos into mega spaces. Even American Buyers are into, a huge master suite with dual bathrooms, sitting rooms, an office, an extra-large kitchen and pantry, maids’ or butlers rooms and secondary bedrooms for guests. Living near the new Boca luxury theater in Mizner Park is not a bad way to live.


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