The Real Deal Miami

WPB still has 700 unsold new condos

May 25, 2011 11:35AM

The downtown West Palm Beach market has 700 condos built after 2003 that
are unsold, according to a report from real estate brokerage and
consultancy Condo Vultures. The unsold units are approximately 21
percent of more than 3,400 units built after 2003 in the city. “At the
current sales pace in this all-cash market, downtown West Palm Beach has
nearly five years of available inventory remaining,” said Condo
Vultures founder Peter Zalewski. “The good news is, downtown West Palm
Beach has fewer unsold new condos than the markets of Greater Downtown
Miami, South Beach and Sunny Isles Beach in Miami-Dade County.” Buyers
purchased an average of 12 new condos per month in the first quarter in
West Palm Beach, according to the report. TRD