The Real Deal Miami

Palm Beach’s first post-bust condo sells 29 units

The condo glut from the last South Florida real estate cycle has shrunk considerably

September 06, 2013 01:33PM

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4001 North Ocean Boulevard, Palm Beach County

4001 N. Ocean Blvd.

Palm Beach County’s first condo project since the market’s collapse in 2007 is ready for move in.

In partnership with New York City-based capital management group Och-Ziff, local developers the Kolter Group have sold 29 units out of the project’s 34 units, ranging in price from $1.4 million, Miami-based consultancy CondoVultures.com reported, citing public Palm Beach County records. 

“They’re hitting it out of the park,” Peter Zalewski, principal and founder of CondoVultures, told the Sun Sentinel.

It is unclear from records whether the sales include any of the villas, which appear on the website to be at only the renderings stage. The Kolter Group has completed $16 billion in projects, according to its website.

South Florida’s oversupply of pre-crash condos is nearly gone. In their stead, tight inventories are driving up rental rates and spurring on a spate of new development.

About 2,000 developer- or bank-owned units of the approximately 49,000 constructed during South Florida’s last real estate cycle are left on the market, as The Real Deal previously reported. [Sun Sentinel]Emily Schmall

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