Boca Ranches, Florida — A Florida condo boom is creating thousands of new jobs in the area and creating a thriving tourism industry.
The Boca Real Estate Association reported Monday that more than 1,200 condo units have been purchased and nearly 1,000 apartments built at its headquarters.
Boca Ranchers Association president Jim Breshears said there are more than 4,000 condominiums on the market and they are expected to sell in the next few weeks.
He said the market is driven by the condo boom in the Bay Area, where developers are buying more and more condos to house their homes.
“There is a lot of pent-up demand, and I think we’ve seen a lot more pent-ups demand than we have condos in the past,” he said.
In Boca, condos can be purchased in the city center for between $2,200 and $3,000 per square foot.
But Bresher said the price has dropped significantly in the last few years and there is still a lot to go.
There are only about 1,400 condo units available in Boca now.
With new condos on the horizon, the market will be even more saturated, said Brad Calkins, an agent for Bays Bay Real Estate Group, which has a real estate division in Bays.
Many of the condos in Bakersfield are being sold to wealthy buyers who are looking for a more upscale option, said Calkens manager, Mark Schuster.
Most people will be priced at $300,000 or more, which puts Bakersford, California, at the top of the list.
The average price for a condo in Bakington is $1.6 million, according to a survey by the real estate consulting firm Zillow.
Schuster said condos in West Palm Beach are selling for between more than $2 million and $2.5 million per square feet.
Calkins said West Palm residents have the highest demand for condos, with more than 7,000 units available.
Other cities in the region have also seen a condo boom.
On Saturday, the Boca Beach Convention and Visitors Bureau announced a five-day, 1,300-unit condo vacation at the Hilton Garden Inn.
The Hilton Garden will offer free overnight stays for people who are not guests of the Hilton.
Also on Saturday, Hilton announced it will provide free overnight accommodations for the first 200 guests of a five person family at its Orlando resort.
It also announced plans to open its first downtown hotel for the city in 2019, as part of a $100 million investment.