The Real Deal Miami

CityPlace sales crawl

November 30, 2009 10:29AM

West Palm Beach’s CityPlace South Tower started shopping for bulk buyers five months ago, when it went into a so-called friendly foreclosure. Less than 10 percent of its 420 units had sold, and now, the total is up to a whopping 55 units. While Steven Kerr, a managing director at Scotia Capital, which now owns the title of the 20-story tower, said 10 more condominiums are in contract to close before Christmas, the pace is still glacial. The Related Group was committed to buy 367 units during construction, but the deal collapsed along with the rest of the market. [Palm Beach Post]