The villa was paid for in cash by an unnamed resident of Virginia. One Thousand Ocean is located on a peninsula adjacent to the renowned Boca Beach Club and extends from the Atlantic Ocean to the Intracoastal Waterway.

The seven-story luxury beachfront building features 52 residences, with beach villas, waterfront condominiums and luxury penthouses. The developement is of the same caliber as Luxuria, The Excelsior and Mizner Tower, all also located in Boca Raton.

The exclusive oceanfront residences range from $3 million to more than $15 million.

Palm Beach has always been a popular location for luxury homeowners because of the fine boutiques, 5 star restaurants and unrivaled ocean views. Unfortunately, the housing market crash put a hold on the purchasing of luxury oceanfront homes for a while.

According to the Realtors Association of Palm Beach, the median price of condominiums in Palm Beach County rose 16 percent this August, compared to the same time last year.

“Buyers who were sitting on the sidelines became very active after the first of the year,” said Bonnie Lazar, 2012 president of the Realtors Association of the Palm Beaches. “As a result, inventory moved quickly and changed the dynamics of the market, sparking an increase in the median price of single-family homes.”

A few of the sought-after luxury oceanfront condo buildings located in Palm Beach are The Excelsior, Luxuria, Bellaria, One Watermark Place, Dolcevita and The Ritz-Carlton Residences.

Dolcevita

Luxuria