The Real Deal Miami

Bulk buyer takes 15 Boca units

February 23, 2012 12:00PM

Palmetto Fifth Avenue

A bulk buyer paid almost $7.8 million for 15 of the 16 units at the Palmetto Fifth Avenue condominium in Boca Raton in December, according to a report from Condo Vultures. The deal led to a 12 percent increase in developer sales in Boca Raton in 2011. “As developer condos are acquired and prices rise in Miami-Dade and Broward counties, investors are increasingly considering the unsold boom-era inventory in the Boca Raton/Deerfield Beach coastal market,” said Peter Zalewski, founder of Condo Vultures. “The challenge, as always, will be achieving the resale prices that many investors demand.” In the last quarter of 2011, a total of 25 new condos were purchased in the Boca Raton/Deerfield Beach submarket for an average of below $375 per square foot. — Alexander Britell