The luxury real estate market in Boca Raton has witnessed another high-profile sale, as a British family behind the Matalan retail empire recently sold two stunning mansions along the Intracoastal Waterway for a combined total of $23.47 million. This significant transaction underscores the continued allure of Boca Raton real estate among affluent buyers, with the homes’ appreciation rates reflecting the growing demand for waterfront properties in South Florida.
The sale, which includes two neighboring estates, marks a milestone in the area’s upscale market. The larger of the two homes, an 8,222-square-foot mansion, sold for a remarkable $19.03 million, while the smaller one fetched $4.44 million. Both properties, though distinct in size, have seen notable increases in value since their original purchases, further solidifying the Boca Raton realty market’s status as a hotbed for high-end real estate investing.
In this article, we will take a closer look at the two properties, their historical significance, and the broader impact of this sale on the Boca Raton real estate market.
The Larger Mansion: A $19 Million Waterfront Estate
The first property in this blockbuster deal is an 8,222-square-foot mansion located at 550 N.E. 5th Ave., a prime piece of real estate situated just a few blocks from the renowned Mizner Park. This estate was originally bought by the Hargreaves family, owners of Matalan, in 2000 for $5.88 million. After transferring ownership to Three Jays Limited, a company controlled by family members Jamey and John Jason Hargreaves, the property saw a dramatic appreciation in value, nearly quadrupling to its final sale price of $19.03 million.
The waterfront home, which was built in 1966 on a 1.11-acre lot, offers a prime location with seven bedrooms, 6.5 bathrooms, a pool, and a private dock. The estate’s proximity to Mizner Park—a popular shopping and entertainment destination in Boca Raton—adds to its appeal, making it a highly sought-after location for those looking to enjoy both privacy and access to the best the city has to offer.
Smaller Mansion: A Notable Appreciation in Value
The second home in the sale, located at 550 N.E. 4th Lane, is a 5,011-square-foot mansion built in 1995. This property sold for $4.44 million, a considerable increase from its purchase price of $3.15 million in 2022. The smaller home, which sits on a quarter-acre lot, still commands a premium due to its desirable location along the Intracoastal Waterway, offering stunning water views and easy access to the best of Boca Raton real estate.
While the larger estate stole the spotlight with its near $19 million price tag, the smaller mansion also shows how the Boca Raton luxury real estate market continues to appreciate. The area has become a prime destination for those looking to invest in properties with high potential for long-term value growth, as evidenced by both homes appreciating significantly over the past few years.
Seller Financing: A Key Element in the Deal
An interesting feature of this transaction is the inclusion of $13.75 million in seller financing, which covered both homes. Seller financing is a method where the seller of the property acts as the lender for the buyer, allowing the buyer to pay in installments instead of securing a traditional mortgage from a bank. This type of financing is often used in high-end deals where buyers and sellers have more flexibility in structuring the terms of the sale.
In this case, the seller financing likely made the deal more appealing to the buyers, as it allowed for greater flexibility in the terms of the purchase. This kind of arrangement is not uncommon in the luxury real estate market, especially for high-value properties where traditional financing may be less attractive.
A Family Legacy: The Hargreaves Behind Matalan
The sellers, Jamey Hargreaves and John Jason Hargreaves, are part of the family behind Matalan, a successful fashion and homeware retailer based in the United Kingdom. Founded in 1985 by their father John Hargreaves, Matalan has grown into a major retail chain with over 200 locations across the U.K. Despite selling these properties in Boca Raton, the Hargreaves family remains deeply involved in the operations of the company, which continues to thrive in the competitive retail space.
The sale of these Boca Raton mansions may mark the end of a chapter for the Hargreaves family’s ownership of these estates, but it also highlights the family’s success both in business and in real estate. Their ability to acquire prime properties and watch them appreciate significantly over time speaks to their savvy investing and the strong demand for waterfront properties in South Florida.
Impact on the Boca Raton Real Estate Market
The sale of these two properties provides a snapshot of the current state of the Boca Raton real estate market, which continues to see high demand from wealthy buyers, particularly those seeking waterfront properties. As more affluent individuals flock to the area, prices for luxury homes are expected to remain strong, with more buyers eyeing the city’s prime locations along the Intracoastal Waterway.
Boca Raton’s appeal is multifaceted. Its proximity to world-class shopping, dining, and entertainment venues, as well as its excellent schools and top-tier golf courses, make it a desirable place to live for both families and retirees. Moreover, Boca Raton Florida mansions are often viewed as symbols of success, with many buyers seeking to own a piece of the city’s prestigious real estate.
For those considering investing in Boca Raton real estate, now may be an ideal time to explore the market. The sale of these two properties highlights how well-priced homes in Boca Raton can see significant appreciation, making it an attractive option for those looking to build long-term wealth through real estate investing.
Conclusion: A Shifting Real Estate Landscape
The sale of these Boca Raton homes is just one example of the ongoing growth and demand in the area’s luxury real estate market. Whether you're looking for a Boca Raton luxury real estate investment or simply dreaming of a waterfront estate in one of South Florida’s most prestigious cities, Boca Raton real estate agents can help guide you through the process.
If you're considering buying or selling property in Boca Raton, or if you're interested in learning more about the Boca Raton real estate agencies, it's crucial to work with a knowledgeable Realtor in Boca Raton who understands the intricacies of the market.
For personalized assistance with your Boca Raton real estate needs, contact The Mastropieri Group at (561) 544-7000. Whether you're buying a luxury home, selling your property, or simply exploring the possibilities, our team of expert Realtors Boca Raton is here to help you navigate the exciting Boca Raton real estate market.
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