West Palm Beach’s condo prices jump 25 percent as sales fall: report

Sales of new condominiums in West Palm Beach fell by 23 percent, while prices rose by 25 percent in the first quarter, according to a report from Condo Vultures. There were a total of $10.6 million in new condo sales in downtown West Palm Beach and Palm Beach Island in the first three months of 2012, with an average of 10 new condos trading monthly. The area still has five years of condo inventory remaining, however. “The downtown West Palm Beach market for developer condo units showed signs of life in the first quarter of 2012,” said Peter Zalewski, founder of brokerage and consultancy Condo Vultures. “Developers sold new condo units for an average of $300 per square foot, representing the highest average dollar amount per square foot achieved in at least four years in the downtown West Palm Beach market.” — Alexander Britell