Massachusetts software CEO sells in Addison on the Ocean

John C. Thibault and his wife, Elaine, sold their three-bedroom, four bath condo in the Addison on the Ocean at 1400 S. Ocean Blvd. in Boca Raton for $1,143,996 to Lewis Bernstein on June 23.

Unit #0101 is one of 172 in the Addison on the Ocean development, which was built in 1985.

Mr. Thibault serves as executive chairman for Virtual Iron Software, a server virtualization software company based in Lowell, Mass.

He joined Virtual Iron Software from Convergent Networks, where he served as the chairman and CEO. He was previously senior vice president for Cisco Systems' expansion into the New England area. Previously, he was president, CEO and founder of GeoTel Communications Corp, which was acquired by Cisco in June 1999.

Condo sales in Boca Raton dropped 31 percent in 2007. The median sale price also dropped $55,000, from $400,000 in 2006 to $345,000 in 2007.

Sales in the Addison on the Ocean did not change in 2007. The median sale price, however, fell 19 percent, from $1,687,500 in 2006 to $1,357,500 last year.

Address: 1400 South Ocean Boulevard, Unit: 101
Buyer(s): Lewis Bernstein
Seller(s): Elaine Zouzas and John C Thibault
Sale date: Jun. 23, 2008

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