Foreign buyer takes Jupiter condo building for $9.75M

Miami /
Dec.December 13, 2011 04:10 PM

alternate
text
3000 Ocean Drive
An empty 12-unit condominium in Jupiter that was built in 2010 for $18 million, was sold for $9.75 million to a foreign buyer, GlobeSt.com reported.

Lender West Suburban Bank foreclosed on the property, at 3000 Ocean Drive, in April and tapped a CBRE Group team of Richard Traquino, senior vice president, Robert Given, vice chairman, and Calum Weaver, director of operations, to market the property.

The building features seven stories with two units per floor. Half of the units have 3,870 square feet of interior space and 1,199-square-foot terraces, while the other half have 3,770 square feet and 531-square-foot terraces. The purchase price comes out to about $212.70 per square foot.

“There are no other developable sites in Jupiter just off the beach,” Tarquinio told GlobeSt.com. “Since nine of the units were not completed and the new owner is not in a big hurry to sell to end users, he can actually wait until the market improves even more. There is already a higher demand in the Jupiter market than in other areas of Palm Beach.” [GlobeSt.com]


Related Articles

arrow_forward_ios
Lease roundup: Apparel company inks 142K sf lease in Miami Gardens & more
Lease roundup: Apparel company inks 142K sf lease in Miami Gardens & more
Lease roundup: Apparel company inks 142K sf lease in Miami Gardens & more
Clockwise: River Landing, Delray Commons and the PulteGroup office space
Lease roundup: Driveshack, GoPuff ink leases & more
Lease roundup: Driveshack, GoPuff ink leases & more
Movers & Shakers: CBRE hires two senior vice presidents & more
Movers & Shakers: CBRE hires two senior vice presidents & more
Movers & Shakers: CBRE hires two senior vice presidents & more
CBRE CEO Bob Sulentic and Gordon Messinger (CBRE/Illustration by Kevin Rebong for The Real Deal)
Gordon Messinger joins CBRE from Cushman & Wakefield
Gordon Messinger joins CBRE from Cushman & Wakefield
From left: Miguel Solis, Mario Chirino, and Madelayne Garcia
Longtime Berkshire Hathaway team joins Elliman, CBRE taps new South Florida exec & more
Longtime Berkshire Hathaway team joins Elliman, CBRE taps new South Florida exec & more
Michael S. Sheitelman and Josh Bank
Movers & Shakers: HTG hires Crescent Heights’ former general counsel & more
Movers & Shakers: HTG hires Crescent Heights’ former general counsel & more
Arden Karson
Arden Karson launches real estate firm during Covid
Arden Karson launches real estate firm during Covid
Ivan Chorney and Michael Martirena
Movers & Shakers: Top One Sotheby’s team joins Compass, shakeup at CBRE & more
Movers & Shakers: Top One Sotheby’s team joins Compass, shakeup at CBRE & more
arrow_forward_ios

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

Loading...