MIAMI, FL--More than 750 condominium units created in Downtown West Palm Beach and Palm Beach Island during the boom years are still unsold as of Sept. 30, 2010, representing about 22 percent of the total inventory developed since 2003, according to a new report from CondoVultures.com.
The unsold developer units are situated in seven of the 16 new construction or converted projects located in the Downtown West Palm Beach and Palm Beach Island boundaries of Interstate 95/North Australian Avenue east to the Atlantic Ocean, Palm Beach Lakes Boulevard south to Southern Boulevard, according to the report based on the soon-to-be-released Condo Vultures® Official Condo Buyers Guide To Downtown West Palm Beach™.
The remaining unsold developer units do not include the 300-plus condos that a Texas group purchased in the CityPlace South Tower (top left photo) in Downtown West Palm Beach in November for more than $180 per square foot from an entity controlled by the project's original construction lender Scotiabank, according to a recent CondoVultures.com report.
"The percentage of unsold condos in Downtown West Palm Beach is on par with Greater Downtown Miami - the epicenter of Florida's condo crash," said Peter Zalewski, (lower left photo) a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures® LLC.
"The advantage that Downtown West Palm Beach has is only 3,400 condos were created during the boom compared to more than 22,250 in Greater Downtown Miami.
"The disadvantage that Downtown West Palm Beach has is the submarket does not have the same history of urban condo living that exists in Greater Downtown Miami.
"The developers in Downtown West Palm Beach, just like in Greater Downtown Miami, must be patient as the unsold units are unlikely to sell quickly unless deep price discounts are offered."
Peter Zalewski of Condo Vultures® can be reached at 800-750-0517 or by email at peter@condovultures.com.
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