MIAMI, FL--A Florida developer has slashed the asking price on the remaining 100 units in a new, oceanfront condo project by 43 percent to ignite sales in the luxury complex located in Florida's Treasure Coast, according to a new report from CondoVultures.com.
Prices have slipped below $200 per square foot on some unsold developer units at the two-tower Oceanique condominium (top left photo) located on the barrier island just south of Vero Beach, according to the licensed Florida buy-side brokerage Condo Vultures® Realty LLC.
When the project first opened in 2007, the average sales price in the 144-unit project was $336 per square foot, according to the report based on St. Lucie County records.
"This veteran developer has finally come to grips with the new world order of pricing for Florida condos, even for oceanfront projects," said Peter Zalewski (middle right photo), a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures® LLC.
"Vero Beach is located about three hours north of Miami Beach and two hours southeast of Orlando.
“The Oceanique does not have a South Beach or Walt Disney World type of location but the new pricing scheme for this oceanfront project may allow the developer to finally overcome that hurdle.
"The reason being, new oceanfront condo units sell for a minimum of $415 per square foot in Greater Miami and nearly $350 per square foot in Fort Lauderdale."
Peter Zalewski of Condo Vultures® can be reached at 800-750-0517 or by email at peter@condovultures.com.
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