3 New Condo Projects With 520 Units Proposed For West Palm Beach Area Published on 9/10/2012 1:01:00 PM
A trio of developers are proposing three unrelated new condo projects with more than 520 units in the West Palm Beach area of Northeast Palm Beach County, and in the process has boosted the total number of planned buildings to 69 since the South Florida real estate crash began in 2007, according to a new report from CondoVultures.com.
With the newly announced projects, nearly 55 condo projects have now been proposed for the tricounty South Florida region of Miami-Dade, Broward, and Palm Beach counties as of the third quarter of 2012, according to the Preconstruction Condo Projects list compiled by the licensed Florida brokerage CVR Realty™.
Some five years after the South Florida condo market began to stall, one new tower has already been completed in the tricounty region and 11 other highrises are under construction as the post-crash development era gains momentum, according to a recent CondoVultures.com report.
CondoVultures.com is scheduled to profile condo trends in the second quarter of 2012 in the seven largest coastal condo markets in South Florida.
Beginning the week of July 16, 2012, the Condo Vultures® Market Intelligence Report™ plans to publish a seven-part series analyzing new condo sales trends in Greater Downtown Miami, South Beach, Sunny Isles Beach, Hollywood / Hallandale Beach, Downtown Fort Lauderdale and the Beach, Boca Raton / Deerfield Beach, and Downtown West Palm Beach and Palm Beach Island.
The Downtown West Palm Beach / Palm Beach Island coastal 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 Condo Vultures® Official Condo Buyers Guide To Downtown West Palm Beach / Palm Beach Island™.
The largest of the three new condo projects is the proposed 300-unit Transit Village slated for a rectangular six-acre site - dubbed the Wedge - located near the Tri-Rail station between Clear Lake and South Tamarind Avenue just north of Okeechobee Boulevard in Downtown West Palm Beach, according to the Palm Beach Post.
The developer - Transit Village LLC led by Michael Masanoff of Boca Raton - plans to develop a $300 million mixed-use project that includes 375 hotel rooms, 400,000 square feet of office space, and 87,500 square feet of retail and civic space, according to the South Florida Business Journal.
To the east on Flagler Drive in Downtown West Palm Beach, a development group has a contract to purchase the First Baptist Church's 3.2-acre Chapel By The Lake property that fronts the Intracoastal Waterway for a reported $23 million, according to the Palm Beach Post.
The buying group - Allan Adelson of Palm Beach Gardens and Golub & Co. of Chicago - plans to construct a pair of condo towers with a combined 100 luxury units that are each about 5,000 square feet and offer views of the Intracoastal Waterway, Palm Beach Island, and the Atlantic Ocean, according to the press report.
To the north of West Palm Beach in Juno Beach, a developer is proposing to build seven four-story buildings with a combined 121 condo units on vacant land in the Bay Colony complex that fronts the Intracoastal Waterway just north of PGA Boulevard on the barrier island, according to town of Juno Beach records.
The developer - Groundstone Inc. of Boca Raton - plans to construct the final seven buildings of a previously approved 10-building complex with a marina that originally was approved for 174 units in the early 1980s, according to government records.
The list of newly proposed condo projects is growing even as nearly 3,900 developer units created during the last real estate boom were unsold in South Florida's seven largest coastal market of Greater Downtown Miami, South Beach, Sunny Isles Beach, Hollywood / Hallandale Beach, Downtown Fort Lauderdale and the Beach, Boca Raton / Deerfield Beach, and Downtown West Palm Beach and Palm Beach Island as of March 31, 2012, according to a recent CondoVultures.com report.
Additionally, more than 1,800 units - previously purchased by bulk buyers during the heart of the condo crash - in South Florida's seven largest coastal markets have not yet been sold as of March 31, 2012, according to a recent CondoVultures.com report.
It is unclear how many of the other proposed towers could get built in the short term as construction financing is challenging - and expensive - to secure, industry watchers said.
To overcome the obvious financing hurdle, most of the newly proposed projects are requiring prospective buyers to commit to deposits - to be paid in phases - of as much as 80 percent of the preconstruction contract price, industry watchers said.
During the most recent South Florida condo boom, preconstruction buyers were generally asked for deposits of about 20 percent, industry watchers said.
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.
Don't forget to sign up for our weekly Market Intelligence Report™ for detailed condo reports to stay informed on the latest market trends and to find out about our various Condo Vultures® Seminars. Looking for a property at a deep discount? Take a peek at the Vultures Database™ or view our Video Library. Looking for bulk projects direct from developers or lenders? Visit the Condo Vultures® Bulk Deals Database™. Our new books, the Official Condo Buyers Guide to Miami™, Official Condo Buyers Guide To South Beach™, Official Condo Buyers Guide to Sunny Isles Beach™, Official Condo Buyers Guide to Downtown Fort Lauderdale and the Beach™, Official Condo Buyers Guide to Hollywood / Hallandale Beach™, Official Condo Buyers Guide to Downtown West Palm Beach™, and Official Condo Buyers Guide to Boca Raton / Deerfield Beach™, are now available. Want to see every foreclosure filed in South Florida since 2007? Check out our Foreclosure Database™.
© Copyright 2012. Condo Vultures® LLC. All Rights Reserved.