By Boca Vibe
Never-Lived-In ‘Spec’ House Sells Privately for $15.75M in Boca Raton
A just-completed house developed on speculation has sold off market for a recorded $15.75 million on the far North End of Boca Raton, Florida. The seller of 220 Arabian Road was a limited liability company co-managed by Mark Marcello, a private-capital specialist, and luxury homebuilder Marc Julien of Marc Julien Homes. Read more at BocaVibe.com.
Marcello signed the deed to the property, which is located in the exclusive Beacon Cove neighborhood, after a lengthy marketing process that reportedly lasted several months. The buyer was not disclosed due to the off-market nature of the sale.
Speculative Development
The 220 Arabian Road house was developed on speculation, meaning it was built with the intention of selling it quickly and at a profit. This type of development is common in areas like Boca Raton, where luxury homes are in high demand.
- Located in Beacon Cove neighborhood
- Completed just months before sale
- Sold off-market for record price
The property features 6 bedrooms, 7 bathrooms, and over 10,000 square feet of living space. It also boasts stunning views of the surrounding area and is situated on a private lot with its own dock.
Market Trends
The sale of 220 Arabian Road reflects the current state of the luxury real estate market in Boca Raton. With prices like this one, it’s clear that buyers are willing to pay top dollar for high-end properties in desirable neighborhoods.
- Luxury homes in demand
- Prices continue to rise
- Speculative developments on the rise
The sale of 220 Arabian Road is also a testament to the enduring popularity of Boca Raton as a luxury real estate destination. With its beautiful beaches, excellent schools, and high standard of living, it’s no wonder that this area remains a favorite among affluent buyers.
Official city info: City of Boca Raton.
Source: Original Report