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One Thousand Ocean Sells Half of Its Units

FT. LAUDERDALE, FL-The 52-unit, oceanfront condominium sold 25 of its units for a total of $100 million, half of the expected sellout volume.

By Hortense Leon | Updated on July 18, 2010

FT. LAUDERDALE, FL-One Thousand Ocean, a 52-unit, luxury condominium on the tip of a private peninsula adjacent to the Boca Raton Resort & Club’s Boca Beach Club, closed on 25 of its units for a total of $100 million. This is about half of the projected sellout volume of over $200 million, says Jamie Telchin, president of development with LXR Luxury Resorts.

While the developer of One Thousand Ocean, a seven-story condominium that finished construction in February, closed on 25 units, 35 units had been under contract. Telchin expects another five of those units to close in the next few weeks. “Realistically, we expect to sell another two or three units in the coming tourist season, from November through April,” he says. The average price for the units that have been sold, which average 4100 square feet, is $4.2 million or about $1100 per square foot, says Telchin.

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