Every company has an “aha” moment that catapults it to the next level. For Colectivo Group, 2022 was that and more. Despite all of the recent turmoil in the real estate market, Colectivo Group ranked #1 on Puerto Rico’s MLS resale list with a 7.1% market share.
This year, our team set record sales for the entire east coast of the island with historical transactions in Fajardo and Culebra. Our most remarkable accomplishment came in May when we set a new record for the local market with a mindblowing $5,600 per square feet sale at West Beach in the Dorado Beach Resort. This would be only the second time ever that a property in Puerto Rico has sold over $5,000 per sq. ft., the previous one having been the 2020 sale of a penthouse also located in West Beach.
It is important to step back and understand the magnitude of these numbers as very few places in the world break the $5K per sq. ft. threshold. In a recent online article, the following were noted as the highest sales averages around the world…
The Most Desirable Property Markets in the World
- Monaco – $5,249.56 per sq. ft.
- Hong Kong, Asia – $4,530 per sq. ft.
- New York, USA – $2,580 per sq. ft.
- Geneva, Switzerland – $2,250 per sq. ft.
- Tokyo, Japan – $2,220 per sq. ft.
- Shanghai, China – $2,200 per sq. ft.
- London, UK – $2,090 per sq. ft.
- Sydney, Australia – $1,990 per sq. ft.
While some might call it luck, preparation or just an outlier in a booming Puerto Rican real estate market, lightning struck again in November when we recorded a $5,064 per sq. ft. sale at West Beach. Colectivo Group is now a proud firm which holds two of the top three sales per square footage in the island’s history. Despite a rise in mortgage rates and a looming global recession, the appetite for Puerto Rico’s luxury real estate outweighs market challenges. However, despite our unique market nuisances, we can expect prices across the board to settle this year except for the ultra premium offerings.
Our team at Colectivo Group is optimistic that 2023 will be another great year for real estate. To all of our clients that have been part of our achievements this year, thank you for your trust and support!