A bulk sale of 110 units in the Bermuda Cay condominium closed for $15.1 million.
CapasGroup Realty Advisors and Cushman & Wakefield of Florida collaborated on the deal for the units, which are located at 661 East Woolbright Road in Boynton Beach.
“The coastal Boynton Beach condominium resale market has recovered considerably since the depths of the recession. By our estimates, the average resale price of waterfront condominiums in this submarket has increased 19 percent since 2012,” said Brad Capas, president of CapasGroup, in a press release. “At Bermuda Cay, unit pricing has increased 49 percent since 2011 and 26 percent since 2012. Notwithstanding this significant pricing growth, today’s unit prices at Bermuda Cay are less than half of 2006 peak-market prices, signaling significant upside price potential.”
The sale price of Bermuda Cay equates to approximately $137,300 per unit or $127 per square foot for the 110 units. – Christopher Cameron