The developer of a waterfront condominium complex in Palm Beach Gardens has finished construction and has sold almost all the units for a total of $155 million.
Units at the condo complex, called Azure, have sold at prices ranging from $900,000 to $3 million. Two the 101 units remain unsold, including a 3,200-square-foot unit priced at $2 million and a 4,850-square-foot unit priced at $3.3 million.
The developer, Tom Frankel of Frankel Enterprises, told the Palm Beach Post that most of the buyers who closed on their purchases of condos at Azure have moved into them.
Frankel also told the Post that the condo owners at Azure are former residents of nearby country club communities and out-of-state buyers drawn by Florida’s weather and the absence of a state income tax.
The federal government’s enactment of a new tax law last year limited the amount of state and local taxes that property owners can deduct from their taxable income.