1200 Hillsboro Mile ideally positioned for South Florida real estate rebound
Positive signs help restore consumer confidence
[USPRwire, Wed Jun 03 2009] Recently, some positive signs in the economy are helping to restore consumer confidence. Fortunately, for destinations like South Florida, this is carrying over to the real estate sector where an increase in residential sales is already taking place. Pundits say there has never been a better time to buy, prices are reduced and mortgage rates are historically low.
Realizing that a reduction in prices won’t last forever, consumers are responsible for a boost in activity at the new, luxury waterfront condominium 1200 Hillsboro Mile, which developer Marrano/Marc Equity Corporation calls “the jewel of Hillsboro Beach.” Here, one of two buildings is completed and partially occupied. Offering direct Intracoastal Waterway access, it features only 11 three-bedroom, two and one-half bath residences. A second boutique building, with 18 oceanfront residences, is planned for the future.
1200 Hillsboro Mile is ideally situated along The Mile, a prestigious and quiet residential area long known for its exclusive waterfront estates.
“We’re looking forward to a recovery of the market here,” said Vic Martucci, Marrano/Marc Equity’s vice president of land and diversification. “For one thing, there is little waterfront land for new construction, which makes properties such as 1200 Hillsboro Mile both rare and desirable. For another, Florida remains a great place to vacation as well as live, which is why vacation homes will retain their popularity over the long run.”
Martucci was quick to point out that demographic realities will play a key role in strengthening the market. “An influx of retiring Baby Boomers are certain to create demand for homes and condos in the South Florida market. U.S. Census Bureau statistics show that the growth of this segment of the population is at unprecedented rates, and that this population segment is the wealthiest the U.S has ever seen.”
This was confirmed by Lawrence Yun, chief economist for the National Association of Realtors, in an article about vacation homes in USA Today (April 2009). “The Baby Boomer population is nearing retirement age,” Yun said. “And many wealthier Boomers want to buy vacation homes today to make into their primary home when they retire.”
In that same article, Ted Jones, chief economist for Stewart Title Guaranty, said he believes “the market’s salvation rests on people who see vacation homes more as sources of personal pleasure than financial gain.”
“These demographic trends ensure that vacation home sales will pick up in coming years,” Martucci said, citing statistics presented in the article. Currently, 39.2 million people in the U.S, are 50 to 59, a group that dominated sales in the first part of the decade. An additional 44.8 million people are 40 to 49.
“People who vacation and retire here want to be near the water, and vacation-home buyers seeking an unhurried, laid-back waterfront lifestyle are hard pressed to find a better address than 1200 Hillsboro Mile,” Martucci said. “This is the area’s only new residential construction. The residences are spacious (more than 2,000 total square feet), with open floor plans that ‘live’ like single-family homes. They include stunning interior appointments, ‘livable’ balconies and spectacular panoramas.”
Monthly fees are low when compared to much larger, full-service building; however, 1200 residents enjoy an inviting Key West-inspired lobby, media room with an entertainment deck, fitness center, pool and pool house, beach and Intracoastal access, and dock space for visitors’ crafts (up to 50 feet).
Presenting a quaint, small-town ambiance, the area is only minutes from Boca Raton and Deerfield Beach to the north, and Pompano Beach and Fort Lauderdale to the south, all cities brimming with world-class restaurants, shopping and entertainment. Furthermore, in 30 minutes or less, residents can be at the Fort Lauderdale/Hollywood International Airport and Port Everglades.
Prices at 1200 Hillsboro Mile are from $599,900 to $1,149,900 in the completed Intracoastal building and from $1,445,000 to $1,895,000 in the planned oceanfront building. “In addition to pricing these residences appropriately for the market and providing exceptional value, we can secure access to financing for qualified buyers,” Martucci concluded.
Marrano/Marc Equity Corporation is the number-one builder in Western New York and among the Top 300 builders in the country. The company has completed multi-million-dollar projects in New York, South Florida and Boston. Among those in South Florida are custom estate homes at Old Marsh, Tesoro, BallenIsles and Ibis Country Club, and luxury condominiums at Jupiter Ocean Grande and 1200 Hillsboro Mile.
For further information, visit www.1200hillsboromile.com or call Director of Sales Kathleen Cunningham at (954) 418-8088 for a private tour.