The Real Deal Miami

Boynton Beach site sells for $3.8M

November 07, 2011 01:29PM

A 43.1-acre site in Boynton Beach has been sold to Pulte Homes for $3.8 million, a significant premium over the price investor Stefan Hoyer paid for the same property in March. The lot, which is located at 7570 State Road 7 in Boynton Beach, had been purchased by GH Savannah Lake earlier this year for $2.2 million. “That is a $1.4 million profit in eight months,” Hoyer said. “I’m pretty happy today.” Hoyer, who is the president of Hoyer Investment, said he made a series of improvements to the site, including the construction of a bridge. Pulte intends to build a single-family community on the property. [SFBJ]