The Karp Report: Views & Visions for the 2014 Boca Raton Ultraluxury Real Estate Market

The Karp Report is prepared with buyers, sellers and homeowners of ultraluxury condominiums in Boca Raton and neighboring South Florida communities in mind. The numbers for 2012 and 2013 have been released, and I’ve analyzed them to track significant trends and make market predictions for 2014 to help you navigate the local real estate market.

My 35 years of experience in real estate, coupled with 10 years as the Undisputed Sales Leader in the ultraluxury condominium market allows me to offer stakeholders the information and interpretation they need to make informed decisions.

To summarize The Karp Report’s findings, the ultraluxury condominium market in Boca Raton and beyond has been demonstrating an upswing—though overall sales activity was down, inventory levels of condominiums priced at over $1M were down as well. Some telling figures show that in 2013 the demand met the supply 40 to 40, as compared to 2012 when the supply (67) was in excess of the demand (47). The price per square foot in 2013 remained stable over 2012, and even increased in price in some buildings, such as 1000 Ocean, Ocean Grande, and Toscana. These numbers indicate that the market is finally entering a recovery phase.

This recovery can be attributed to a variety of factors, both on the seller and buyer side of the transaction. We can conclude that sellers have become more realistic in the last year, and prices are adjusting to better meet the demand, while buyers who were previously inactive in the marketplace are emerging, ready to purchase property.

It should also be noted that interest rates are presently at their lowest since the 1970s. As we experience the lowest interest rates in the last 30 years, it is expected that buyers will continue to take advantage of this high level of housing affordability.

Be sure to browse the full Karp Report for a detailed analysis of each building’s stats over the last two years, and what that means for buyers and sellers in 2014. Don’t hesitate to contact me with any questions about the report, or about the ultraluxury real estate market in South Florida.