MIAMI, FL--Even though buyers acquired more developer units per month in the first 90 days of 2011 than a year earlier, the Downtown West Palm Beach market still has more than 700 new condos unsold from the South Florida real estate boom, according to a new report from CondoVultures.com.
As of March 31, 2011, the unsold new condo inventory represents nearly 21 percent of the more than 3,400 units created in Downtown West Palm Beach since 2003, according to the report based on the Condo Vultures® Official Condo Buyers Guide To Downtown West Palm Beach And Palm Beach Island™.
In the first quarter of 2011, buyers acquired an average of 12 new condos per month at a blended price of $236 per square foot in Downtown West Palm Beach, according to an analysis of Palm Beach County records.
This year’s new condo sales activity represents a nine percent increase in transactions from the first quarter of 2010 when an average of 11 units were acquired per month at a blended price of $232 per square foot.
“At the current sales pace in this all-cash market, Downtown West Palm Beach has nearly five years of available inventory remaining,” said Peter Zalewski, a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures® LLC.
“The good news is, Downtown West Palm Beach has fewer unsold new condos than the markets of Greater Downtown Miami, South Beach, and Sunny Isles Beach in Miami-Dade County.
“The bad news is, Downtown West Palm Beach's total unsold inventory number does not include some 500 units that were previously acquired in distressed bulk deals by out-of-town investment groups that are now trying to resell the condos at a profit to individual purchasers.”
Peter Zalewski of Condo Vultures® can be reached at 800-750-0517 or by email at peter@condovultures.com
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