SOURCE: 200 East

200 East

April 02, 2012 10:40 ET

Boca Raton Condominium Sales Increase Nearly 15%

BOCA RATON, FL--(Marketwire - Apr 2, 2012) - South Florida's luxury condominium market is on the rebound according to a new market analysis completed by Boca Raton based Nestler Poletto Sotheby's International Realty. The analysis 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 South Florida market," said John Poletto, principal of Nestler Poletto Sotheby's International Realty, who represents Boca Raton's newest luxury condominium building, 200 East. "Especially in Boca Raton, 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 to 275 days, a decrease of nearly eight percent.

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 five 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."

A half mile from the Ocean and within walking distance from popular shopping and dining venues such as 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, located at 200 East Palmetto Park Road, Boca Raton, FL, contact Nestler Poletto Sotheby's International Realty at 561-368-5105 or www.200eastbocaraton.com.

About Lojeta Group and Millennium Homes
The Lojeta Group is a diverse, successful and highly respected family owned real estate development firm. Focused on high quality large-scale opportunities, the Lojeta Group has completed more than 1,000 homes and many retail and commercial spaces 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 more than 20,000 homes, 10,000 rental apartments and 1,000,000 square feet of commercial and retail space. 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 in South Florida. 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.