What’s up in the real estate market


Staff report
Moderne Boca hits the market
The Kolter Group is making progress on 75 new townhomes as part of its Moderne Boca development.
About 30 units have been finished and the balance of the project is set to be built this fall.
Prices range from $589,000 to $849,000 for the two and three bedroom units which range in size from 2,128 to 2,794 square feet.
The community is at Spanish River Boulevard and Military Trail and features a pool and fitness center.
The project is being developed by Kolter Urban, a division of Kolter Group.
Many of the units have views of a nature preserve and the company is touting Moderne Boca’s convenient location near shopping, restaurants and universities.
The units are three stories and feature a modern design and elevators. The contemporary architecture is being marketed as a break from the Mediterranean style and is designed to appeal to empty nesters and young professionals.
Boca Mansion fetches hefty price
Billionaire Alex Schnaider sold his waterfront Boca Raton mansion for $11.5 million to a publishing executive, records show.
Mason Slaine, chairman of FT Media Holdings, bought the five-bedroom home at 850 Lake Drive in Boca Raton. FT Media, which stands for Furniture Today, was acquired by Sandow Media in 2010.
Slaine’s new mansion spans nearly 11,000 square feet on the Intracoastal. It includes a pool, terrace, elevator, summer kitchen and 120 feet of waterfront with multi-yacht dockage. Mark Timothy built the two-story house in 2003, according to the listing.
Property records show Schnaider paid $9.5 million in 2013. The Russian-born Canadian billionaire is a former commodities trader and entrepreneur. He co-founded Midland Group, a company that has a large stake in Ukraine’s fourth-largest steel mill. Forbes pegs his wealth at $1.6 billion.
Joseph Liguori of Premier Estate Properties was the listing agent, while Juliana Testoni of Coral Shores Realty represented the buyer, according to Redfin.
Hockey Player sells Boca home
Former hockey pro Edvard Jovanovski and his wife Kristen have sold their waterfront home in Boca Raton to a philanthropist doctor for $15 million.
The off-market deal was for 528 East Alexander Palm Road, a seven-bedroom, eight-bathroom estate in the Royal Palm Yacht & Country Club.
The Jovanovskis paid $5.21 million for the property five years ago. They demolished the home a year later and began construction on a new that measured about 13,000 square feet.
The buyers for the home are Steven and Rebecca Scott, well known donors to schools like Duke University, the University of Florida and Wake Forest.
Dr. Steven Scott is the retired chairman of medical investment firm Scott Holdings, and a founder of the Florida Health Plan Administrators company that was acquired by insurer Coventry Health Care for $685 million in 2007.
Jovanoski played for the Panthers among other teams.
Related sells SOFA Apartments
South of the Avenue has arrived.
The Related Group sold its recently-completed SofA Delray apartment project for a whopping $62.4 million last month to an affiliate of Chicago-based Mesirow Financial.
The price equates to $362,791 per unit, a testament to the ongoing strength of downtown Delray.
SofA Delray apartments are located at 150 S.E. 2nd Ave. and 151 S.E. 3rd Ave. The project consists of 172 units ranging in size from under 700 square feet to just under 1,300 square feet.
The project is within walking distance of downtown’s shops and restaurants and shows the desirability of rental projects within the urban core.

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