A redevelopment tide has hit a portion of Boca Raton’s waterfront property, and a trio of developers responsible for it are being called artists of a major construction renaissance for high-end real estate.
Ralph Aucoin, Frank DiMisa and Dan Swanson say people from around the world are coming to see their works of art — single-family luxury homes that they’ve razed and replaced with stately mansion estates.
“People are choosing to live here. What’s happening proves this a top place to live,” DiMisa said. “We’re more like artists than builders. We build a completed house. The buyers just have to bring a toothbrush.”
In the past month, the developers have scheduled for demolition an unprecedented 11 luxury homes in Boca Raton’s Royal Palm Yacht and Country Club. The lack of new waterfront property lots is the developers’ treasure. Aucoin said consider that 10 years ago, they would’ve paid about $20,000 for a general lot, $30,000 on a lot with a golf course and $40,000 for waterfront property. Today, the dirt on those respective lots is valued at $320,000, $550,000 and $1 million. In one case, a buyer invested $3.5 million to buy land and raze the property on it. The investment is now valued somewhere between $8 million and $10 million. Some buyers who desire more land, buy the home next door, raze it and build. The developers say that cost of the lots typically represent about 28 percent of a buyer’s total package for land and constructing their dream home. Plan on one year to move-in after purchasing a lot. The properties typically involve six months to get permits and over one year to build. The homes generally sell within six months, the developers said.
Boca Raton-based Premier Estate Properties, marketer for the developers’ deep-water properties in Royal Palm, reports that corporate executives, entrepreneurs, Hollywood stars and professional athletes are among the typical people considering and buying the properties. Singer Celine Dion, an opener for the Olympic Games, is one example of someone from the entertainment industry considering a home in Royal Palm. Premier Estate won’t say how close Dion is in making a decision, though.
“People are saying I can have an office anywhere thanks to technology, and Boca Raton is the world class address that many are choosing. It’s supply and demand,” said Gerard P. Liguori, broker-owner of Premier Estate Properties.
What Liguori describes here as a phenomenon has happened in the past 12 months, and only in a few other high-end real estate markets around the country. Greenwich, Conn.; Beverly Hills and Malibu, Calif. are three such places. Another market, just north of Boca Raton is in Delray Beach, where the demolition ball has also swept over existing waterfront property, and developers have constructed luxurious estate homes — some of them three times the original square footage.
The diverse people considering the new luxury homes are in many ways different, but their demand for a high level of quality ties them together. High ceilings, deep-water docks to accommodate large yachts, twin Corinthian columns flanking a woman’s private bath and a kitchen equipped with granite counters and deluxe appliances are among the features in one home, and similar attention to detail is given in the developers various other properties. The new Royal Palm properties have the distinction of being in Boca Raton’s only country club waterfront community. Residents can also get access to the prestigious Boca Raton Resort & Club across the street if they purchase memberships.
“Each home’s room has a different touch. You won’t find any prefabricated work here. These are all Architect Digest quality homes, and these guys aren’t just architects, they’re architects with the vision to see the potential that has fueled this phenomenom,” Premier Estate broker-owner Joseph G. Liguori said.
