Palm Beach’s first post-bust condo sells 29 units

The condo glut from the last South Florida real estate cycle has shrunk considerably

TRD MIAMI /
Sep.September 06, 2013 01:33 PM

Palm Beach County’s first condo project since the market’s collapse in 2007 is ready for move in.

In partnership with New York City-based capital management group Och-Ziff, local developers the Kolter Group have sold 29 units out of the project’s 34 units, ranging in price from $1.4 million, Miami-based consultancy CondoVultures.com reported, citing public Palm Beach County records. 

“They’re hitting it out of the park,” Peter Zalewski, principal and founder of CondoVultures, told the Sun Sentinel.

It is unclear from records whether the sales include any of the villas, which appear on the website to be at only the renderings stage. The Kolter Group has completed $16 billion in projects, according to its website.

South Florida’s oversupply of pre-crash condos is nearly gone. In their stead, tight inventories are driving up rental rates and spurring on a spate of new development.

About 2,000 developer- or bank-owned units of the approximately 49,000 constructed during South Florida’s last real estate cycle are left on the market, as The Real Deal previously reported. [Sun Sentinel]Emily Schmall


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...