37% of New Condos In Boca Raton Still Unsold

 MIAMI, FL---More than one-third of the new condos in the coastal Boca Raton / Deerfield Beach market created during the South Florida real estate boom are still unsold as of Sept. 30, 2010, according to a new report from CondoVultures.com.

Buyers have purchased slightly more than 650 units - some 63 percent - of the nearly 1,050 units created since 2003 in the Boca Raton / Deerfield Beach market east of Dixie Highway, leaving nearly 400 unsold developer units available at the end of the third quarter of 2010, according to the report based on the soon-to-be-published Condo Vultures® Official Condo Buyers Guide To Boca Raton / Deerfield Beach™.

"The Boca Raton / Deerfield Beach market has the highest concentration - percentage wise - of unsold developer units in South Florida east of Interstate 95," said Peter Zalewski (bottom left photo), a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures® LLC.

 "The Boca Raton / Deerfield Beach market like many other parts of the tricounty South Florida region still has a sizable chunk of unsold new condos. The difference in the Boca Raton / Deerfield Beach market is the pricing has held strong much like in the South Beach neighborhood of Miami Beach."

The Boca Raton / Deerfield Beach market has not yet had a bulk deal for new condo product but that could change as much of the unsold developer units near the coast in South Florida are being pursued by investors.

Condo Vultures® is hosting a discussion "Condo Conversions - The Next Wave For Bulk Buyers" on Dec. 14 to explore the topic

Peter Zalewski of Condo Vultures® can be reached at 800-750-0517 or by email at peter@condovultures.com