The Real Deal Miami

No closings at pricey Promenade

October 19, 2009 12:31PM

Boynton Beach’s latest luxury condominium project, the Promenade, is ready for occupancy, but hasn’t closed any purchases. Nearly two months after receiving a certificate of occupancy from the city of Boynton Beach, the downtown property has not closed any sales on its 395 units. June Dunlea of Tauriello & Co. Real Estate in Delray Beach represents several buyers with contracts in the Promenade, and said nothing is happening to get buyers inside. Fannie Mae requirements stipulate that 51 percent of a condo be pre-sold before it will buy the building’s mortgages. For the Promenade, that means closings won’t start until January. Lisa Bright, president of Boynton Beach’s Community Redevelopment Agency, said the developer is trying to get buyers with contracts in the south tower to move to the north tower, so that at least one tower can be filled and opened. [Palm Beach Post]