What’s up in the real estate market…

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Sinai Residences Installs

Generator

The Toby & Leon Cooperman Sinai Residences Boca Raton has installed a generator that can power the entire campus.

The $4.6 million undertaking was completed in June at the start of hurricane season.

In 2018, Sinai Residences put a plan in place that would power the 600,000-square foot facility after then-Gov. Rick Scott mandated nursing homes to have generators.

Since the mandate, Sinai’s Board of Manager decided to revisit their plan.

The result was the decision to not only revamp the system they had in place, but to construct their very own on-campus generator farm, adding six custom-made generators with 3400kw of wattage total.

The 18-month long project, from permits to strategic manufacturing and exhaustive testing, received final certificates of approval in June.

“The project is really exemplary of our board’s commitment to 5-star service and resident safety,” said Chris Newport, Executive Director of Toby & Leon Cooperman Sinai Residences. “Very few luxury retirement communities offer what we’ve been able to accomplish here. When the power goes out, within seconds, everything’s back on – from kitchen equipment to air conditioning, even closet lights. Best of all is that every single elevator will still be fully operational, which is critical for our residents with mobility limitations.”

Sinai Residences’ generator farm, which features seven total generators, will ensure 100% of the campus is under generator power if the power goes out. This includes: Health Center, independent living suites, emergency lights, call lights, security safety, elevators, light switches, cooking elements, air conditioning and more.

 

Group P6 closes $3.2 million

sale digitally at Royal Palm

Residences

A luxury condo at Royal Palm Residences recently sold for $3.2 million with the new owner never stepping foot inside.

Developer P6 Group announced the sale last month.

The entire sale was done digitally. Royal Palm’s sales executive completed the sale after an initial FaceTime showing with the buyer, followed by additional virtual meetings to review details and finalized with a contract that was fully executed online.

The unit is 3,715 square feet of indoor living space with an additional 1,081 square feet of terraces that offer prime waterfront views. It has four bedrooms plus a den and four and a half bathrooms with a private elevator and two designated parking spots.

“We were already close to 40% sold before the pandemic started and now buyers from the Northeast are ready for a less crowded and congested lifestyle,” said Ignacio Diaz, Managing Partner at Group P6. “Our sales office is busier than ever, and we are seeing that buyers are not shying away from virtual showings and digital sales.”

The complex is located on the corner of Fifth Avenue and East Royal Palm Road. The nine-story, 48-residence condominium is expected to be delivered in 2022.

Royal Palm Residences will offer three to five-bedroom residences – including six penthouses – ranging from 2,425 to 7,168 square feet. Prices start at $1.9 million.

For added privacy, each unit has a dual-entry private elevator access. Each residence will have 270 degrees of natural light, European kitchens and top of the line appliances, including Wolf gas barbecues built into large outdoor terraces.

Building amenities include two assigned, secured, underground parking spaces; an expansive wellness plaza, featuring a state-of-the-art fitness center, boutique pool with a heated spa and a club room with European kitchen and bar for entertaining. The building will also feature a 24-hour doorman and private underground storage.

 

Douglas Elliman reports on Palm Beach County State of the Market

Douglas Elliman hosted a state of the market in Palm Beach County last month.

The real estate company reported that the market is hot.

In June, new signed contracts for single-family homes are up 76.1% year over year. New signed contracts for condos are up 61.4% year over year.

Compared to May 2020, new signed contracts for single-family homes in Palm Beach County were up 25.9%. There was a 55.14% increase in new signed contracts for condos compared to May 2020.

“With the market opened in June, there was a surge in new signed contracts far exceeding year-ago levels, with excess demand coming from the Northeast. New inventory level gains have not kept pace with the growth in new contracts,” Douglas Elliman reports.