Apartment in Dorado sold for $12.3 million

The Colectivo group managed to sell their apartment in Dorado for $12.3 million, which they consider a record-breaking price in this municipality.

According to a press release, The sale took place at the West Point community at Dorado Beach Resort.

“This transaction represents the largest resale in the year, being only the third transaction of over $10 million islandwide during 2023. All sales (over $10 million) were led by Colectivo Group, which led this transaction Cooperated with DBR sales team”he told in a press release.

The property is a three-bedroom first floor unit in 4,000 sq ft of space.

“In May 2022, Colectivo Group set a record for the island’s industry with the sale of $5,684 per square foot for a residence in West Beach within the Dorado Beach Resort,” the agency said in a statement. “The luxury real estate market looks to take off in 2024. As proof of that, Colectivo Group senior partner Ricky Santana guided the $7.7 million sale on this West Beach complex.”

The real estate firm said there is demand for these luxury properties and said election years – like 2024 – have a particular impact on real estate values.

“Public policies and economic prospects will directly influence the market. He expressed, “Most indicators suggest we are going to return to higher levels and some experts predict there will be demand in some markets.” “Many buyers are watching the Island market closely and waiting for the market to adjust. “Recent sales indicate that we are near or have already passed (the hardest part).”

Meanwhile, Santana said that “it is likely that prices in the luxury market will remain elastic at their lowest point and continue to rise throughout the year as demand increases.”