115 New Condos Unsold In Downtown West Palm Beach From Crash Of 2007 Published on 12/30/2013 4:05:00 PM
Less than 115 condos created in the Downtown West Palm Beach and Palm Beach Island coastal market from the last South Florida real estate boom-and-bust cycle are unsold as of September 30, 2013, according to a new report from CondoVultures.com.
Buyers acquired more than 30 developer units for a combined $12.5 million in the Downtown West Palm beach and Palm Beach Island market between July and September of 2013, according to the analysis based on the Condo Vultures® Official Condo Buyers Guide To Downtown West Palm Beach and Palm Beach Island™.
The unsold developer inventory does not include the several hundred units that were acquired by investment groups in earlier bulk deals but have not yet been resold to individual buyers, according to an analysis of Palm Beach County records.
"The Downtown West Palm Beach condo market has sold about 97 percent of the developer inventory created during the last South Florida boom-and-bust cycle that began 2003," said Peter Zalewski, a principal with the Greater Downtown Miami-based real estate consultancy Condo Vultures® LLC. "As the Downtown West Palm Beach market moves closer to a sellout of the new condos from the last cycle, developers are coming forward with plans to build at least 11 new condo towers in the area."
CondoVultures.com has been profiling condo trends in the third quarter of 2013 in the 10 largest coastal markets in the tricounty South Florida region of Miami-Dade, Broward, and Palm Beach counties since the week of October 14, 2013.
The Condo Vultures® Market Intelligence Report™ is scheduled to publish a 10-part weekly series that analyzes the markets of Greater Downtown Miami, South Beach, Bal Harbour / Surfside / Bay Harbor Islands, Sunny Isles Beach, Aventura, Hollywood / Hallandale Beach, Downtown Fort Lauderdale and the Beach, Pompano Beach, Boca Raton / Deerfield Beach, and Downtown West Palm Beach and Palm Beach Island.
The Downtown West Palm Beach and Palm Beach Island condo market is defined as Palm Beach Lakes Boulevard south to Southern Boulevard, and the Atlantic Ocean west to Australian Avenue / Interstate 95, according to the analysis based on the Condo Vultures® Official Condo Buyers Guide To Downtown West Palm Beach and Palm Beach Island™.
As of September 30, 2013, less than 115 developer condo units - located in a pair of projects - were unsold in the Downtown West Palm Beach market, according to an analysis of Palm Beach County Property Appraiser records.
Between 2003 and the third quarter of 2013, buyers have purchased more than 3,310 condo units - created since 2003 - for nearly $1.27 billion in the Downtown West Palm Beach market, according to the report.
Overall, the Downtown West Palm Beach and Palm Beach Island market has 74 condo projects - with a minimum of 15 units - for a combined 7,300 units, according to the Condo Vultures® Official Condo Buyers Guide To Downtown West Palm Beach And Palm Beach Island™.
On the resale market in Downtown West Palm Beach, more than 300 condos are available at an average asking price of about $266 per square foot as of December 28, 2013. More than 35 condo resales are under contract waiting to transact at an average asking price of nearly $250 per square foot, according to licensed Florida brokerage CVR Realty™.
In the third quarter of 2013, buyers acquired nearly 100 condo units on the resale market at an average price of less than $125 per square foot in Downtown West Palm Beach, according to data from the Florida Realtors association.
As the developer unit inventory shrinks, at least 11 new condo towers with more than 1,800 units have been proposed in the Downtown West Palm Beach area as of December 23, 2013, according to the Preconstruction Condo Projects Database™ compiled by the licensed Florida brokerage CVR Realty™.
Overall, more than 180 condo towers with nearly 24,700 units have been proposed for the tricounty South Florida region of coastal Miami-Dade, Broward, and Palm Beach as of December 23, 2013, according to the Cranespotters.com.
It is important to note there are various stages to a residential real estate transaction in South Florida.
A transaction begins when a property is made available for sale and ends when a title is conveyed from one party to another party as a result of the recording of a deed with the local government.
As part of the process, a property typically goes under contract and into a due diligence phase by which a deal can be canceled.
The CondoVultures.com new condo sales report is based on completed transactions where a deed is recorded and taxes paid as a result of the sale.
Condo Vultures® LLC is a real estate consultancy and marketing company based in the 225 Midtown Building at 225 NE 34th St., Suite 209B, Downtown Miami, Florida, 33137. Condo Vultures® LLC can be reached at 800-750-0517.
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