Distressed sales are starting to get traction. Abacoa developer Cypress
Real Estate Advisors picked up the West Palm Beach area development
Bayhill Estates. The final price of the 193-lot development wasn’t
disclosed, though the sale price was recorded at $22.77 million.
Cypress’ Nader Salour said his company paid less, but he didn’t
disclose the bottom line cost. Bayhill is plotted out, but no houses
have been built. Austin-based Cypress wants to keep the lots until the
market recovers. [more]