Over 25% of new condo units in a coastal market go unsold

200 East Palmetto Park in Boca Raton
200 East Palmetto Park in Boca Raton

More than one-fourth of new condominium units in the greater areas of Boca Raton and Deerfield Beach don’t have owners yet.

As of the year’s second fiscal quarter, buyers reduced the unsold inventory to 265 units, Palm Beach County records show. Buyers bought nine condo units at an average price of $867 per square foot, bringing the total to $28.3 million. Deerfield Beach is in Broward County, while Boca Raton is in Palm Beach County.

“Even as the South Florida real estate market has gained momentum, the Boca Raton / Deerfield Beach market for developer units has not kept pace with the resale activity occurring in the tricounty region of Miami-Dade, Broward, and Palm Beach,” Peter Zalewski of Condo Vultures said in a report.

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Buyers have scooped up about 770 new condos developed during the post-2003 boom – a total of $692 million worth of real estate as of late June. [Condo Vultures]Mark Maurer

Correction: A previous headline of this article incorrectly stated that 25 percent of units in South Florida’s new condo market are unsold. The percentage refers to units that are unsold in the Deerfield Beach-Boca Raton new condo market.