November 2011: Boca Raton Condo "Mizner Grand" Real Estate Market Update

On October 30, 2011, these are the current Condos for Sale in the Mizner Grand in Boca Raton, FL:

[one_half] [/one_half]This condo actually is not oceanfront.  It is situated on the Intracoastal, right in the heart of Lake Boca Raton.  And If you are on a high enough floor, I believe from 6 and up, you will definitely see the ocean.  The higher the condo floor, the better your view of the ocean.  The Mizner Grand is also located on grounds of the Boca Raton Resort which has it's own perks.    If you are in the luxury condo market in South Florida, I believe this building has the best value out there.  It's a full service building with some of the highest standards out there.  I know because I have family that lives there and they remind me of it all the time.  And since I have multiple family members in there, I get all the best gossip of who is going to list and why people are selling....aka knowing the "motivational sellers"
In the Mizner Grand, there are 2 main floor plans that I have seen, the 3 bedroom + media room/den (approx 4200 sq ft)  and the 4 bedroom + media room (approx 5200 sq ft).  And if you are looking the list above, you will see there is a monstrous +8400 sq ft condo which is actually a double apartment.  And to boot, it's the penthouse.  My family members all have the larger 4 bedroom + media room condos.  Whenever they entertain, people fall in love with the floorplan and the view.  If you reference the list above, there are only 2 current on the market;  400 SE 5th Ave #504 and 550 SE 5th Ave #504S.  All of the other listings, with the exception of the penthouse, are the smaller floor plan.  That floor plan does not give the same feeling as the larger floor plan, not just because of the missing extra bedroom and 1000 sq ft of a/c living space, but the kitchen and family room are located in the back of the condo overlooking the parking lot versus the larger model where the kitchen/family room, living room and master bedroom all overlook the Intracoastal, Lake Boca Raton and the Ocean if you are on a high enough floor.
Besides the floor plans, which building you are located in tends to play a big role in the overall feel people get in the condos.  There are several buildings that make up the Mizner Grand.  I would avoid the building closest to the Resort because for a few reasons.  The obvious being privacy, but the hidden reason is the noise from the trucks pulling up to the back of the hotel as well as the garbage trucks at the break of dawn.  If you are light sleeper, choose a different building.  I like the central buildings because they give you the best view of Lake Boca Raton and Intracoastal with no obstructions.
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Click to Enlarge

[/one_half]As of today, there are no condos under contract for sale.  Year to date there have been 7 sales.  If you click the image to the left "Click to Enlarge," it will show you the details of the sales.  Sales have been in the high $1 million to low $2 million range, with the exception of a custom Shuster Design Associates condo selling around $3.2 million.  Even though the Mizner Grand is a top notch development, it is not prone to the real estate bubble.  A few years back, the condos were easily selling in the high $2 to $3 million range.