The Real Deal Miami

Bulk buyer snaps up units at Belaire Club

December 29, 2010 09:27AM

A bulk buyer has purchased 340 unsold units at the Belaire Club in Boca Raton for $23.2 million, a 61 percent discount off the original loan amount, according to a report from Condo Vultures. The buyer, 22461 SW 66th Boca, with principal Thomas Delponti of Irvine, Calif., paid an average of $68,300 per unit. The property, which has units spread across 32 garden-style buildings, was built in two stages in the 1970s and the 1990s. Peter Zalewski, founder of Condo Vultures, said the Boca Raton buy is a good example of his firm’s view of 2011: that buyers would move north and west after the oceanfront inventory vanished. TRD