Early bulk buy turns sour

Kensington at Royal Palm Beach

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Considered one of South Florida’s first bulk condo purchases, the deal
to buy more than 100 condo units in Royal Palm Beach is not looking
quite so smart. Two years later, 70 percent of units at the Kensington
at Royal Palm Beach are in foreclosure or were recently repossessed by
lenders. According to an analysis of bankruptcy filings, buyers from
throughout the country made buys at Kensington at Royal Palm Beach,
including a Costco employee making $715 a week who bought three units in
2008. But experts say the prices paid by group Kensington Trust were
too high, even for the boom. [Palm
Beach Post]