Empire Development Announces New Ultra-Luxury Real Estate Inventory in Boca Raton

Rhea-AI Summary

Empire Development has unveiled three new ultra-luxury properties in Boca Raton, Florida, with a combined listing price of $38,995,000. The Senada Adzem Team of Douglas Elliman Real Estate (DOUG) is exclusively handling sales. The properties include:

• 839 Orchid Drive: $21,500,000
• 1351 Cocoanut Road: $10,500,000
• 300 NE 11th Street: $6,995,000

Empire Development recently closed two record-setting luxury sales totaling $15,050,000. Their current portfolio includes an additional $35,995,000 worth of premium listings. With a total of $74,990,000 in luxury listings and $90,040,000 in overall inventory, Empire Development is setting new standards for luxury real estate in Boca Raton.

Positive

• Launch of three new ultra-luxury properties with a combined listing price of $38,995,000
• Recent closure of two record-setting luxury sales totaling $15,050,000
• Current portfolio includes $35,995,000 worth of additional premium listings
• Total of $74,990,000 in luxury listings and $90,040,000 in overall inventory

Negative

• None.

Insights

Real Estate Analyst

Empire Development's launch of three ultra-luxury properties in Boca Raton, totaling $38,995,000, signals a robust high-end real estate market in the area. The recent record-setting sales of $15,050,000 further underscore the strength of this segment. With an additional $35,995,000 in premium listings, Empire is positioning itself as a dominant player in Boca Raton's luxury market.

The company's focus on architectural innovation and premium locations, particularly waterfront properties, aligns with current luxury buyer preferences. The 160 feet of prime dockage at 839 Orchid Drive is a standout feature that could command significant interest from yacht owners. The diverse portfolio, ranging from $5,850,000 to $21,500,000, caters to various tiers within the ultra-luxury segment, potentially broadening their market reach.

However, with a total inventory of $90,040,000, Empire Development is taking on significant market risk. The luxury real estate market can be volatile and sensitive to economic shifts. The company's success will largely depend on the continued influx of high-net-worth individuals to Boca Raton and sustained demand for ultra-luxury properties in the area.

Market Trends Analyst

The launch of these ultra-luxury properties in Boca Raton reflects a broader trend of wealth migration to Florida, particularly from high-tax states. This influx has been driving demand for high-end real estate, especially in coastal areas. The Balinese-inspired and contemporary designs of Empire's offerings cater to the evolving tastes of luxury buyers who seek unique, resort-style living experiences.

The average listing price of $12,998,333 for the new properties indicates a significant premium over the median home value in Boca Raton, which stands at around $500,000. This 2500% markup underscores the exclusivity of these offerings and the perceived value of the location and amenities.

However, the luxury market's performance can be an early indicator of broader economic trends. The ability to close deals at these price points will be a litmus test for the health of the high-end real estate market and could provide insights into the confidence levels of ultra-high-net-worth individuals. Investors should monitor the absorption rate of these properties as a gauge of market strength and potential headwinds in the luxury segment.

Douglas Elliman's Senada Adzem Team Handling Sales for Newly Launched Homes

BOCA RATON, Fla., Sept. 16, 2024 /PRNewswire/ -- Empire Development proudly unveils its latest luxury real estate offerings, adding three exceptional properties to its distinguished portfolio in Boca Raton, Florida. With a combined listing price of $38,995,000, these newly launched homes are exclusively represented by the Senada Adzem Team of Douglas Elliman Real Estate. Each residence showcases Empire Development's unwavering commitment to redefining luxury living across the region's most coveted neighborhoods:

• 839 Orchid Drive, Boca Raton – Listed at $21,500,000
• 1351 Cocoanut Road, Boca Raton – Listed at $10,500,000
• 300 NE 11th Street, Boca Raton – Listed at $6,995,000

These three extraordinary single-family homes epitomize the pinnacle of architectural mastery and modern luxury. At 839 Orchid Drive, a contemporary waterfront estate on a secluded Intracoastal cove features 160 feet of prime dockage, complemented by a unique primary suite with dual bathrooms, walk-in closets, and private terraces. 1351 Cocoanut Road is a stunning Balinese-inspired modern mansion spanning 11,186 square feet, meticulously designed to blend indoor and outdoor living spaces seamlessly. Meanwhile, 300 NE 11th Street in the prestigious Boca Villas community boasts 24-foot foyer ceilings and 7,126 square feet of sophisticated, contemporary design, underscoring Empire Development's dedication to craftsmanship and innovation.

Adding to its impressive track record, Empire Development has recently closed on two record-setting luxury sales in Boca Raton, totaling $15,050,000. The properties— 561 Golden Harbour Drive, sold for $8,950,000, and 399 NE 7th Street, which closed at $6,100,000—establish new benchmarks in the area's luxury real estate market.

Empire Development's current portfolio continues to set the standard for luxury living, with $35,995,000 worth of premium listings still available:

• 651 Golden Harbour Drive, Boca Raton – Listed at $11,950,000
• 541 Golden Harbour Drive, Boca Raton – Listed at $11,500,000
• 1099 NE 4th Avenue, Boca Raton – Listed at $6,695,000
• 1051 NE 2nd Terrace, Boca Raton – Listed at $5,850,000

With a total of $74,990,000 in luxury listings and $90,040,000 in overall inventory, Empire Development is redefining luxury in Boca Raton. Their innovative designs and meticulous craftsmanship have enhanced the appeal of the area's most prestigious neighborhoods.

About Empire Development:
Empire Development, headquartered in Boca Raton, Florida, is a leading luxury real estate developer known for transforming neighborhoods through exceptional design and high-quality construction. Specializing in next-generation properties, Empire creates homes that are a perfect blend of aesthetics, functionality, and refined living. The company draws on contemporary European and Asian influences to deliver residences that harmoniously integrate architecture, art, and nature.

Led by Founder and CEO Marc Elkman, Creative Director Michael Lupo, Project Manager John Passalacqua, and Structural Engineer and General Contractor Chris Beale, Empire Development is at the forefront of luxury real estate. Their passion and expertise continue to set new standards in craftsmanship and innovation, delivering unparalleled living experiences in Boca Raton and Palm Beach County.

About Douglas Elliman Inc.
Douglas Elliman Inc. (NYSE: DOUG, "Douglas Elliman") owns Douglas Elliman Realty, LLC, which is one of the largest residential brokerage companies in the United States with operations in New York, Florida, California, Texas, Colorado, Nevada, Massachusetts, Connecticut, Maryland, Virginia and Washington, D.C. In addition, Douglas Elliman sources, uses and invests in early-stage, disruptive property technology ("PropTech") solutions and companies and provides other real estate services, including development marketing, property management and settlement and escrow services in select markets. Additional information concerning Douglas Elliman Realty is available on its website, www.elliman.com.

Investors and others should note that we may post information about Douglas Elliman Inc. on our website at investors.elliman.com or, if applicable, on our accounts on Facebook, Instagram, LinkedIn, TikTok, Twitter, YouTube or other social media platforms. It is possible that the postings or releases could include information deemed to be material information. Therefore, we encourage investors, the media and others interested in Douglas Elliman to review the information we post on our website at investors.elliman.com and on our social media accounts.

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SOURCE Douglas Elliman

FAQ

What is the total value of Empire Development's new luxury listings in Boca Raton?

Empire Development's new luxury listings in Boca Raton have a combined listing price of $38,995,000.

Which real estate company is handling sales for Empire Development's new properties?

The Senada Adzem Team of Douglas Elliman Real Estate (DOUG) is exclusively handling sales for Empire Development's new properties.

What was the total value of Empire Development's recent record-setting luxury sales in Boca Raton?

Empire Development recently closed two record-setting luxury sales in Boca Raton, totaling $15,050,000.

How much is Empire Development's current portfolio of premium listings worth?

Empire Development's current portfolio includes $35,995,000 worth of premium listings still available.