The Real Deal Miami

Ocean’s Edge at Singer Island all sold out

Appraiser's office says asking price for $1M-plus units is much higher than in 2010

August 06, 2013 03:00PM

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Ocean’s Edge at Singer Island

All 40 condominium units, averaging $2.3 million apiece, have sold out at Ocean’s Edge at Singer Island in Palm Beach County, the Palm Beach Post reported.

Most of the units in the 18-story building are priced at more than $1 million and range from 2,800 square feet to 7,900 square feet in size.

The prices are representative of the significant price growth in the county. Three years ago, a 2,800-square-foot three-bedroom, two-bathroom unit — one of the smaller units at Ocean’s Edge — would have been listed for $800,000, the Palm Beach County Property Appraiser’s office told the newspaper.

Meanwhile, in other South Florida counties, home prices are expected to drop, as previously reported. A CoreLogic Case-Shiller report projected that Miami-Dade prices will fall 2.7 percent and Broward prices will drop 2.6 percent from the first quarter of this year to that same period next year.

The Toll Brothers condo property at 5050 North Ocean Drive was built in 2005. [Palm Beach Post]Mark Maurer

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