The Real Deal Miami

Lennar sells Palm Beach County development

August 06, 2009 03:10PM

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.