Marshall Hotels & Resorts, Inc. Takes on Three Receivership Assignments

SALISBURY, MD, Dec. 6, 2010—Officials of Marshall Hotels & Resorts, Inc., a leading, Maryland-based hotel management and services company, today announced the company has been appointed receiver for the Four Points by Sheraton Hotel & Suites Allentown Airport (top left photo), in Pa.; and Holiday Inn Danbury (middle right photo), in Conn and as operator for the Holiday Inn Buffalo Amherst Hotel (middle left photo), in N.Y., which is in receivership.

 “We are seeing lenders becoming increasing more aggressive in taking back hotels,” said Mike Marshall (middle left photo), president and CEO.

“We have a proven track record in quickly stabilizing and turning around troubled hotels and have the infrastructure in place to immediately take over individual properties and portfolios on a moment’s notice.

“ For these three properties, we will focus initially on what we believe are substantial opportunities in marketing and food & beverage to substantially increase revenues.”

·  Holiday Inn Buffalo Amherst Hotel, in N.Y.-- Located at 881 Niagara Falls Blvd., in Amherst, a short distance from Niagara Falls, downtown Buffalo, HSBC Arena and 30 minutes from Ralph Wilson Stadium, the 199-room hotel features complimentary 24-hour airport transportation to nearby Buffalo/Niagara International. 

 Four Points by Sheraton Hotel & Suites Allentown Airport, in Pa.—At 3400 Airport Rd., in Allentown, in the center of Lehigh Valley Industrial Parks, the property is conveniently near historic downtown Bethlehem, Dorney Park & Wild Water Kingdom, Blue Mountain Ski Area, Lehigh Valley Mall and Lafayette College. 

·  Holiday Inn Danbury, in Conn.—Situated at 80 Newton Rd., in Danbury, the full-service hotel has 114 guest rooms. The pet-friendly property has a 24-hour fitness center, seasonal pool, fax and copy services, book nook library and enough banquet space to accommodate up to 200 people.  Marshall will oversee a renovation of the hotel’s restaurant and lounge.

 Additional information about Marshall Management may be found at the company's Web site: http://www.marshallhotels.com/.

Contact: Jerry Daly, media, Daly Gray Public Relations, (703) 435-6293,

jerry@dalygray.com

                       

NAI Realvest Negotiates Purchase of Vacant Land for City of Longwood, FL Public Works Facility

MAITLAND, FL – NAI Realvest negotiated the acquisition of a 3.18-acre site located off SR 434 and U.S. Highway 17-92 in Longwood where a new City of Longwood Public Works facility will be built.  

NAI Realvest principal Michael Heidrich (top right photo) negotiated the transaction representing the City of Longwood who paid $475,000.00 for the property and will relocate its public works facility to the new location once construction is completed next year.

Note Investors, LLC of Scottsdale, Ariz. is the seller

For more information, contact:

Michael Heidrich, Principals at NAI Realvest, 407-875-9989 mheidrich@realvest.com;

Patrick Mahoney, President NAI Realvest , 407-875-9989 pmahoney@realvest.com;

Beth Payan, Larry Vershel Communications, Inc. 407-644-4142 lvershelco@aol.com

.

Arbor Closes $2,175,000 Fannie Mae DUS® Small Loan for Forest Ridge Apartments in Milwaukie, OR

Uniondale, NY (Dec. 6, 2010) – Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $2,175,000 loan under the Fannie Mae DUS^® Small Loan product line for the 50-unit complex known as Forest Ridge Apartments (top left photo) in Milwaukie, OR. The 10-year loan amortizes on a 30-year schedule.

The loan was originated by Brian Scharf, (lower right photo) Director, in Arbor’s full-service Uniondale, NY, lending office.

“We were successful in locking the rate on Forest Ridge Apartments at a historical market low point, saving the borrowers several hundred basis points in debt service,” Scharf said.

 “This asset is a representation of Arbor's comfort not only in metropolitan Portland, OR, but in the surrounding suburbs as well. We look forward to continuing to grow our relationships in the Pacific Northwest.”

Contact: Christopher Ostrowski, costrowski@arbor.com

 

Post Properties Opens The Ritz-Carlton Residences in Buckhead and Welcomes First Owners

 ATLANTA, GA,  Dec. 6, 2010 - Post Properties, Inc. (NYSE: PPS), an Atlanta-based real estate investment trust, announced today that closings have commenced at The Ritz-Carlton Residences, Atlanta, Buckhead. (top left photo).

Post Properties opened the on-site sales office at The Residences at the end of September, and sales are being led by Karen Rodriguez of Dorsey Alston Realtors. The building opened in November, and the first owners have taken up residence.

 The 129 residences comprise the top 17 floors of the 34-story, mixed-use 3630 Peachtree development in Buckhead.

 Inside each residence, color palettes and wood finishes have been hand-selected by Robert T. Brown. Here, he brings a unique understanding of elegance and personal style to each home.  The private amenity spaces can be found on the 18th and 19th floors where there is a sense of modern chic and Southern refinement.

 The Residences are managed by The Ritz-Carlton Hotel Company, which recently appointed Jean-Baptiste Queguiner as General Manager of The Residences, where he and his staff will offer their famed “anticipatory service” to homeowners.

“Having the General Manager and his staff now in place and welcoming the first residents is the crowning touch for this beautiful property,” said David P. Stockert (middle right photo)  CEO and President of Post Properties.

 “We are honored to have Jean-Baptiste leading the residential team of ladies and gentlemen at The Residences. We know they will offer our purchasers the service and luxury they have come to expect from The Ritz-Carlton brand.”

 In addition to the 129 residential units, the 3630 Peachtree mixed-use development includes 425,000 square feet of Class-A office, retail and restaurant space, and several office and retail leases have been completed and announced by the commercial development team.

 For more information, visit  http://www.theresidencesatlanta.com/ or call (404) 961-3630.

Media Contacts:

Terri Sherrod, Post Properties, 404.846.5063

Terri.Sherrod@postproperties.com

 Charlotte Marie Sturtz, Jackson Spalding, 404.214.3555

csturtz@jacksonspalding.com

 

Post Properties Opens The Ritz-Carlton Residences in Buckhead and Welcomes First Owners

  

 ATLANTA, GA,  Dec. 6, 2010 - Post Properties, Inc. (NYSE: PPS), an Atlanta-based real estate investment trust, announced today that closings have commenced at The Ritz-Carlton Residences (top left photo), Atlanta, Buckhead.

Post Properties opened the on-site sales office at The Residences at the end of September, and sales are being led by Karen Rodriguez of Dorsey Alston Realtors.

The building opened in November, and the first owners have taken up residence.

 The 129 residences comprise the top 17 floors of the 34-story, mixed-use 3630 Peachtree development in Buckhead.

 Inside each residence, color palettes and wood finishes have been hand-selected by Robert T. Brown. Here, he brings a unique understanding of elegance and personal style to each home. 

 The private amenity spaces can be found on the 18th and 19th floors where there is a sense of modern chic and Southern refinement.

The Residences are managed by The Ritz-Carlton Hotel Company, which recently appointed Jean-Baptiste Queguiner as General Manager of The Residences, where he and his staff will offer their famed “anticipatory service” to homeowners.

“Having the General Manager and his staff now in place and welcoming the first residents is the crowning touch for this beautiful property,” said David P. Stockert (middle right photo)  CEO and President of Post Properties.

 “We are honored to have Jean-Baptiste leading the residential team of ladies and gentlemen at The Residences.

"We know they will offer our purchasers the service and luxury they have come to expect from The Ritz-Carlton brand.”

 In addition to the 129 residential units, the 3630 Peachtree mixed-use development includes 425,000 square feet of Class-A office, retail and restaurant space, and several office and retail leases have been completed and announced by the commercial development team.

 For more information, visit  http://www.theresidencesatlanta.com/ or call (404) 961-3630.

Media Contacts

Terri Sherrod, Post Properties, 404.846.5063

Terri.Sherrod@postproperties.com

 Charlotte Marie Sturtz, Jackson Spalding, 404.214.3555

csturtz@jacksonspalding.com

Grubb & Ellis Acquires Central Florida Affiliate

  

SANTA ANA, CA (Dec. 6, 2010) – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that it has strengthened its presence in the Southeast with the acquisition of its central Florida affiliate, Grubb & Ellis|Commercial Florida, with offices in Melbourne, Orlando and Tampa.  Terms of the transaction were not disclosed.

 “We believe that the Southeast offers considerable growth opportunities for commercial real estate services providers, and acquiring Grubb & Ellis|Commercial Florida was a logical next move in what is a larger plan to increase Grubb & Ellis’ presence throughout the region,” said Thomas P. D’Arcy (top right photo), president and chief executive officer of Grubb & Ellis.

  “Grubb & Ellis|Commercial Florida has been a strong partner for a number of years.  The firm has many highly talented professionals, strong client relationships and a solid platform for growth.”

The change in ownership structure adds approximately 45 experienced brokerage professionals to Grubb & Ellis Company, who specialize in all aspects of commercial real estate, including office, industrial, retail, investments, multifamily and land.  Grubb & Ellis will now manage more than 15 million square feet of commercial property throughout Florida.  

 “We’re impressed by the progress Grubb & Ellis has made in attracting top talent and broadening its platform over the past several years, and we believe that as an owned office we will be able to leverage these enhancements to better serve our clients,” said Jeffrey Sweeney (top left photo), managing principal with Grubb & Ellis|Commercial Florida. 

 Sweeney will continue to oversee the Orlando and Melbourne offices as executive vice president, managing director.

 “Adding the north Florida presence was an integral part of our growth strategy in the Southeast and greatly enhances our ability to service all of our clients’ real estate requirements throughout the region,” said Randy Buddemeyer (lower left photo), executive managing director, Florida and the Carolinas.

Grubb & Ellis has stated that its goal is to be the leading provider of integrated real estate services.  In support of this objective, over the past two years it has aggressively recruited top talent into the company and strengthened and expanded its service platform to better meet the needs of clients and enhance the company’s overall profitability.

 During 2010, Grubb & Ellis acquired its affiliate in Las Vegas and opened owned offices in Cincinnati, San Diego and Phoenix, and announced similar plans for Columbus, Ohio, and Charlotte, N.C.

 The phone numbers and addresses of Grubb & Ellis’ Melbourne, Orlando and Tampa locations will remain the same. 

The addresses and phones for the offices are as follows:  Melbourne: 2108 W. New Haven Ave., 321.984.1957; Orlando: 20 N. Orange Ave. Suite 500, 407.423.1200 and Tampa: 3030 N. Rocky Point Drive West, Suite 560, 813.639.1111.

Contact: Janice McDill, Phone, 312.698.6707,                                       

Email: janice.mcdill@grubb-ellis.com

    

Woolbright Development Announces New Tenant Openings at The Commons at Town Center in Boca Raton, FL

  

BOCA RATON, FL (Dec. 6, 2010) – Woolbright Development announced that the following three stores have recently signed leases at The Commons at Town Center (top left photo) in Boca Raton and are now open for business.

•  Plato’s Closet occupies 3,000 square feet and features gently used name-brand clothing and accessories that have been in the retail stores within the past 12 to 18 months.

•  Prime Cigar & Wine Bar is Boca Raton's first full-service bar that specializes in the service and pairing of premium cigars with spirits.  Occupying 2,335 square feet, the bar offers fine wine, small batch bourbons, single malt and blended whiskey, signature rums and top shelf spirits of all kinds.

•  Jamie’s Boutique sells high-end women's contemporary and denim apparel and occupies 1,235 square feet.

The Commons at Town Center is located on N.W. 19th Street between Butts Road and Renaissance Way and is immediately adjacent to the Town Center Mall (middle right photo). The 117,921 square-foot shopping center is anchored Barbara Katz, TooJays and Moe's Southwest Grill. 

 “With a prime location near I-95 and Town Center Mall, recent renovations and a diverse retail mix that keeps expanding, The Commons at Town Center is becoming one of the premier retail destinations in Boca Raton,” said Pete Schlang (lower left photo), Woolbright’s director of leasing.

Gloria Kramer, leasing agent with Woolbright Development, handled these transactions.

Media Contact:  (954) 776-1999

Pierson Grant Public Relations

Maria Pierson, ext. 222, mpierson@piersongrant.com

Rachel Shapiro, ext. 230, rshapiro@piersongrant.com

Stirling Sotheby’s International Realty posts sale of $1.325 Million Belle Isle, FL luxury home

ORLANDO, FL --- Stirling Sotheby’s International Realty recently negotiated the sale of a $1.325 million lake front luxury home on the Lake Conway chain of lakes in Belle Isle.

Roger Soderstrom, founder and owner of Stirling Sotheby’s International Realty, said associate Dan Natoli (top right photo) of Stirling Sotheby’s Luxury Rooftops team negotiated the sale of the 5,908 square foot four-bedroom contemporary home and its 1.98 acre home site.

Soderstrom said the site is listed one of Orlando’s historical sites as the original Harney Homestead.

For more information, visit http://www.luxuryrooftops.com/6135matchett

 

For more information about this press release, contact:

Roger Soderstrom, Founder/Owner Stirling Sotheby’s International Realty 407-581-7890  

Larry Vershel or Beth Payan, Larry Vershel Communications 407-644-4142 

NAI Realvest negotiates industrial leases totaling 8,560 square feet at Monroe CommerCenter South in Sanford, FL

MAITLAND, FL--- NAI Realvest recently negotiated two lease agreements for industrial space totaling 8,560 square feet at 4265 and

4295 Church St.

at Monroe CommerCenter South in Sanford.      

Michael Heidrich (top right photo), a principal in the firm, brokered both transactions representing the landlord, Maitland-based COP-Monroe LLC.  

Heidrich negotiated a new lease agreement with Big Services, Inc. of Crawford Ga. for 4,240 square feet in

suite 1029

at

4265 Church Street

.  

In addition Advantage Medical Systems, Inc. renewed its lease of 4,320 square feet in

suite 1029

at

4295 Church Street

.

For more information,  contact:

Michael Heidrich, Principal, NAI Realvest 407-875-9989 mheidrich@realvest.com

Patrick Mahoney, President, NAI Realvest 407-875-9989 pmahoney@realvest.com

Beth Payan, Larry Vershel Communications, 407-644-4142 lvershelco@aol.com

  

NAI Realvest Negotiates Lease Agreement for Collection Agency’s Office in Maitland Center, FL

ORLANDO, FL – NAI Realvest negotiated a new lease agreement for 1,035 square feet of office space in

Suite 100

at

291 Southhall Lane

in Maitland Center.(top left photo)

Tom Kelley CCIM, principal at NAI Realvest, negotiated the transaction representing the landlord JLR Properties, Inc. of Maitland. The tenant, DiMark Inc., a local collection agency, was represented by Robert Craig Graham.

For more information, please contact:  

Tom Kelley, CCIM, Principal, NAI Realvest, 407-875-9989, tkelley@realvest.com

Patrick Mahoney, President, NAI Realvest, 407-875-9989 pmahoney@realvest.com;

 

Beth Payan, Larry Vershel Communications, 407-644-4142 lvershelco@aol.com

 

New Owners name Lavista Associates to leasing team at Suwanee Gateway One office building in Northeast Atlanta

ATLANTA - Lavista Associates, Inc., one the largest and most active full-service commercial and industrial real estate firms in the Atlanta region, was appointed leasing representative for the Class A, 142,427 square foot Suwanee Gateway One office building located on

Lawrenceville-Suwanee Rd.

at I-85 in Suwanee.

Tom Davenport (middle right photo), president of Lavista Associates, Inc. said office leasing associates Kirven Brantley and Austin Chase were appointed to the Suwanee Gateway One leasing team along with Chris Scott of Greenstone Properties.

SDM Partners, a real estate investment company based in Atlanta, recently acquired the five-story Suwanee Gateway One building from Fifth Third Bank for $7.7 million.

Suwanee Gateway One ranks as the Northeast Atlanta submarket’s largest contiguous block of available office space built to LEED Silver standards with interstate exposure. The building is located adjacent to Interstate 85 and formerly the site of the Atlanta Falcons' training facilities.

Opus South delivered the building in January 2009 at the height of recession.

“This transaction represents one of only a handful of significant office acquisitions in the Atlanta market in the past two years,” Davenport said. 

SDM Principal Steve Martin said Gwinnett County attracts at least one big office user a year and Suwanee Gateway One is well positioned to benefit from anticipated demand growth.

“As we move forward, tenant rep brokers will want to deal with new owners that are well capitalized,” Martin said. “I sense that the market is starting to change, and I'm hopeful our timing is good."

For more information,  contact:  

Tom Davenport, President, Lavista Associates, Inc. 770-448-6400; tdavenport@lavista.com; 

 

Kimberly Steele, Director of Marketing & Administration, Lavista Associates, Inc., 770-729-2824, ksteele@lavista.com; 

 

Larry Vershel or Beth Payan, Larry Vershel Communications, 407-644-4142, lvershelco@aol.com  

Stirling Sotheby’s International Realty Commercial Group Negotiates Sale of Downtown Orlando Office Condo in the Plaza for $325,710

ORLANDO, FL - Stirling Sotheby’s International Realty’s Commercial Group recently negotiated the sale of an office condominium on the 10th floor of The Plaza building (top left photo) on Orange Avenue and Church Street in downtown Orlando.

Stirling Commercial Group Associates John Kurtz, James Mincy and Erik Vasquez negotiated the transaction representing the buyer, Global REO, Acquisitions LLC of Orlando and the seller, Plaza North Tower Commercial Condo Assn., Inc.

Global REO paid $325,710 for Suite 1070N with 4,653 square feet. 

Stirling Sotheby’s Commercial Group is the marketing representative for the Plaza.

For more information, contact:  

James A. Mincy, John Kurtz and Erik Vasquez, Sales Associates, Stirling Sotheby’s International Commercial Group, 407-581-5550, Jmincy@stirlingSIR.com, Jkurtz@stirlingSIR.com;

Roger Soderstrom, Owner/Founder Stirling Sotheby’s International Commercial Group, 407-581-7890, rsoderstrom@stirlingSIR.com;

Larry Vershel or Beth Payan, Larry Vershel Communications, Inc. 407-644-4142, Lvershelco@aol.com

Mercantile Capital Corp. reports 2010 shaping up as best year in the company’s history

ALTAMONTE SPRINGS, FL --- Mercantile Capital Corporation, a wholly owned subsidiary of Old Florida National Bank, which specializes in U.S. Small Business Administration 504 loans that assist small business owners acquiring or developing their own facilities, is having the best year in the company’s eight year history.

Geof Longstaff (top right photo), chairman of Mercantile Capital Corp., said the firm will close commercial loans funding projects valued at more than $140 million this year.

Longstaff said Mercantile Capital recently closed its largest loan ever to fund the $8.7 million acquisition of a commercial building on Broadway in New York City.

Longstaff said a second major loan is scheduled to close in January and will fund the acquisition of a Houston Diagnostic Center valued at $7.5 million.

Since January 1 of this year, Mercantile Capital has closed 46 loans to fund projects valued at more than $132.6 million. That represents an 83.4 percent increase over the same 11-month period in 2009.

In November, Mercantile Capital closed six loans on projects valued at $18.5 million.

Visit www.504Experts.com and http://www.504blog.com/

.

For more information, contact:

Chris Hurn, CEO Mercantile Capital Corporation, 407-786-5040 churn@mercantilecc.com

Larry Vershel, Larry Vershel Communications, 407-644-4142 lvershelco@aol.com

Hendricks & Partners Negotiates Sale of 250 Acre Martingale Estate Site in Stuart, FL for $2.4 Million

ORLANDO, Fla. --- Hendricks & Partners, the nation’s largest multifamily advisory and research firm, recently negotiated the sale of the 250 acre Martingale Estate site off I-95 and S.R. 714 in Stuart for $2.4 million.

Cole Whitaker (top right photo), who heads the southeast region for Hendricks & Partners in Orlando, said the site was co-listed with Celebration-based Jim Dowd Properties, Inc., who assisted in the negotiations for the seller, Capstone Resdev, LLC, of Delaware. 

H.M. Properties, an international investor, acquired the property. Southeast, Inc. participated in the transaction representing the buyer.

For more information,  contact:  

Cole Whitaker, Southeast Partner, Hendricks & Partners 407-218-8880 cwhitaker@HPAPTS.com;

  

Hal Warren, Associate Partner, Hendricks & Partners 407-218-8881 hwarren@HPAPTS.com

Larry Vershel or Beth Payan, Larry Vershel Communications 407-644-4142 lvershelco@aol.com

  

DiMucci Properties expanding new corporate facilities on Dunlawton Ave. in Port Orange, FL

DAYTONA BEACH SHORES, FL. --- DiMucci Properties, is expanding its corporate headquarters facility at

51 Dunlawton Ave.

in Port Orange.

Anthony DiMucci, who heads the DiMucci Companies, said expansion and renovation for the facility on the half-acre site is in the design stages now and he expects to open the new offices in the spring.

DiMucci Realty Company is currently headquarterd in a temporary office structure on the site, DiMucci said.

When completed, the new DiMucci Properties headquarters facility will offer 4,000 square feet of office and administrative space.

The DiMucci Companies is developer of the DiMucci Twin Towers (top left photo)  luxury oceanfront condominiums on

South Atlantic Ave.

in Daytona Beach Shores and Bouchelle Island (middle right photo), a gated condominium community in New Smyrna Beach.

For more information, contact:

Corinne LeClaire, Administrator DiMucci Companies 386-322-2000

Larry Vershel Communications, Larry Vershel or Beth Payan 407-644-4142

South Florida Resale Inventory Falls 39% In Last 2 Years

MIAMI, FL--The South Florida housing market is showing small signs of improving based on the number of single-family houses, townhouses, and condos currently available for resale in the tricounty region.

In the last two years, the number of homes for resale in Miami-Dade, Broward, and Palm Beach counties has declined by nearly 39 percent to less than 66,000 as of Nov. 22, 2010, compared to nearly 108,000 on Nov. 24, 2008, according to a new report from CondoVultures.com.

Pending sales during the same two-year period spiked 128 percent from 9,300 in November 2008 to nearly 21,250 in November 2010, according to the report based on Florida Association of Realtors data.

 "The number of residences for resale in South Florida has tumbled by more than 41,500 properties since the Lehman Brothers failure and the Troubled Assets Relief Program was adopted in autumn 2008," said Peter Zalewski, a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures® LLC.

"Statistically, the South Florida region has painfully made strides toward stabilization despite the lack of financing available for purchasers, especially those looking to buy condos. The unknown is when the lenders will finally begin to release their bank-owned product.

"Earlier this year, the number of bank repossessions that have occurred in South Florida since 2007 - the beginning of the real estate crash - surpassed 100,000 properties. It is unclear how many of these bank-owned properties have yet to be sold."

CondoVultures.com has tracked available resale inventory and pending sales in South Florida on a weekly basis since Thanksgiving week of 2008.

During the first 18 months of research gathering, the resale inventory consistently held steady or gradually decreased on a week-over-week basis, tumbling to 65,000 properties on the South Florida market by May 2010.

As the region went into June 2010, the resale inventory began to increase as bank-owned product and tired individual sellers began to list their properties for resale to take advantage of the buyers who historically attempt to purchase before the current school year was scheduled to begin in late August.

The recently listed resale product pushed overall inventory up to more than 69,000 homes in September 2010.

The trend of increasing inventory was abruptly reversed in October when issues related to administrative irregularities involving foreclosure proceedings began to surface. Several lenders took the dramatic step of halting foreclosure proceedings while evaluating their respective foreclosures processes.

 For the last eight weeks, the number of resale properties on the market has fallen by 3,000 properties to less than 66,000 homes as of Nov. 22, 2010, according to CondoVultures.com.

Some industry watchers predict that foreclosures that are currently on hold will be initiated in 2011, which could bring more product onto the South Florida resale market.

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

22% Of New Condos Unsold In Downtown West Palm Beach

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.