$12.2M luxury condo sold in Dorado, setting new real estate record
Dorado is once again making waves in the luxury real estate market, with a record-breaking $12.25 million condo sale that closed on Dec. 29.
The transaction was the third to exceed $10 million in Puerto Rico in 2023, all of which occurred in Dorado Beach.
The Colectivo Group, a local boutique real estate firm, was the listing agent for the sale, collaborating with the DBR Sales Team.
The property is a spacious three-bedroom ground-floor unit, boasting more than 4,000 square feet.
“Such spacious luxury residences are rare, with prime markets like Miami and New York being the only ones comparable in registering such accomplishments,” the firms stated in a release.
This sale follows another significant transaction by The Colectivo Group in May 2022, which set a previous industry record on the island at $5,684 per square foot at the West Beach residences within the Dorado Beach Resort.
“Despite a relatively sluggish 2023, the luxury real estate market appears to be regaining momentum early in 2024. As evidence of this resurgence, The Colectivo Group’s managing partner and lead broker, Ricky Santana, spearheaded a $7.7 million sale at the highly desirable West Beach complex. While the market highs of 2021 and 2022 may be a thing of the past, the demand for high-end luxury properties remains robust,” the firm stated.
Election years often influence real estate values, and federal rates and economic conditions will continue to affect the market. Current trends suggest a resurgence, with some experts predicting rising demand in select areas.
According to The Colectivo Group, luxury buyers in Puerto Rico have been watchful, anticipating market corrections.
“Recent sales indicate that we are likely at or past the market bottom,” Santana said, adding “there is a strong likelihood that market pricing for premium high-end luxury properties will remain resilient at current lows and increase gradually throughout the year as demand grows.”
