Inspector accuses Palm Beach County of overpaying in land deal

TRD MIAMI /
Sep.September 29, 2011 11:11 AM

Last year, Palm Beach County spent $2.4 million for a 1-acre parcel at the northeast corner of Silver Beach Road and U.S. 1. with a market value of about $626,000 after not doing an appraisal. Price Inspector General Sheryl Steckler called the transaction “way out of line with market conditions,” the Palm Beach Post reported.

To pay for the land, the county took $2.4 million from a $50 million bond issue approved in 2004 to buy the land to expand parking at the town’s marina, the Post said.

“Why in a down market would you pay that much? By not doing an appraisal, the county has no documentation showing why they paid that price,” Steckler said.

Ross Hering, the director of the county’s properties and real estate management division, defended the price.

“Characterizing this as a simple real estate acquisition and focusing solely on the market value of the land acquired does not give adequate consideration to the public benefits derived from the overall project,” he said. [Palm Beach Post]


Related Articles

arrow_forward_ios
920-1934 Stirling Road in Broward and 510 Linton Boulevard in Delray Beach (Google Maps, iStock)

South Florida’s retail market weakens in Q3

South Florida’s retail market weakens in Q3
Clockwise from top left: 1801 NW 82nd Ave, Miami; 6600 Congress Avenue, Boca Raton; 501 103rd Avenue, Royal Palm Beach; 3423 McIntosh Road, Hollywood (Google Maps)

South Florida industrial market shows signs of weakness in Q3

South Florida industrial market shows signs of weakness in Q3
Despite record high office vacancies across South Florida, average asking rates hit new highs

South Florida Q3 office rents hit record high, despite higher vacancies

South Florida Q3 office rents hit record high, despite higher vacancies
Multifamily project in Palm Beach County advances

Multifamily project in Palm Beach County advances

Multifamily project in Palm Beach County advances
2290 and 2328 10th Avenue N, Lake Worth

Lake Worth Beach office buildings sell for $11M

Lake Worth Beach office buildings sell for $11M
Stuart Miller of Lennar & a map of Arden community

Lennar pays $14M for land at Arden

Lennar pays $14M for land at Arden
An aerial view of the property (Credit: Google Maps)

Mixed-use multifamily project proposed for central Palm Beach County

Mixed-use multifamily project proposed for central Palm Beach County
While newly signed contracts for both single-family homes and condos rose on an annual basis, month-over-month contracts fell compared to July

New signed resi contracts rose in August in South Florida

New signed resi contracts rose in August in South Florida
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...