The Real Deal Miami

West Palm condo sales a potential barometer

January 05, 2009 01:03PM

A trio of large condo projects hitting the West Palm Beach market could herald further market troubles or a recovery. Observers are keeping an eye on the 467-unit Two City Plaza, the 420-unit CityPlace South Tower and the 288-unit City Palms, which together will add 1,175 new units in downtown West Palm Beach, with only 142 of those closed, according to property records and the projects’ developers. At Kolter Homes’ Two City Plaza, 81 units have sold since closings started in late August. Only 30 buyers have walked away, leaving 300 buyers who signed contracts but have neither closed nor defaulted, project manager Ed Jahn said. At Related Group’s CityPlace South Tower, where closings began in early September, 32 units have sold, according to property records. Closings at H&H Development’s City Palms began in October, and 29 units have changed hands there, sales manager Maureen McKerns said.