Developer Sales Triple At Edge Condo In Downtown West Palm Beach In Q2 Published on 8/22/2011 9:01:00 AM
Developer sales jumped nearly three fold at the Edge condo tower in Downtown West Palm Beach in the second quarter of 2011 on a quarter-over-quarter basis, according to a new report from CondoVultures.com.
Buyers paid more than $1.7 million for 11 developer units in the Edge condo tower between April and June after purchasing four units for less than $550,000 between January and March of this year, according to an analysis of Palm Beach County records.
CondoVultures.com is scheduled to profile the latest condo trends in the second quarter of 2011 in the seven largest coastal markets in the tricounty South Florida region of Miami-Dade, Broward, and Palm Beach counties.
As of the week of July 21, the Condo Vultures® Market Intelligence Report™ has been publishing a seven-part weekly series analyzing new condo sales trends in Greater Downtown Miami, South Beach, Sunny Isles Beach, Hollywood / Hallandale Beach, Downtown Fort Lauderdale and the Beach, Downtown West Palm Beach and Palm Beach Island, and Boca Raton / Deerfield Beach.
As of June 30, 2011, the 16-story Edge condo project overlooking Clear Lake in Downtown West Palm Beach is now nearly 90 percent sold some four years after the first transaction was completed in August 2007, according to according to Palm Beach County Property Appraiser's Office.
The average sales price of a developer unit in the tower is more than $275 per square foot with individual transactions ranging from less than $100 per square foot to nearly $620 per square foot, according to government records.
As of Aug. 23, 2011, there are 15 units in the Edge condo project actively on the market at a median asking price of $150 per square foot, according to an analysis by the licensed Florida real estate brokerage Condo Vultures® Realty LLC.
The asking prices for individual units in the Edge project range from less than $125 per square foot to nearly $210 per square foot, according to the analysis based on Florida Realtors association data.
Developers created 16 projects with more than 3,400 condominium units in the Downtown West Palm Beach market during the South Florida real estate boom that began in 2003, according to the report.
As of March 30, 2011, buyers had acquired nearly 2,725 units in Downtown West Palm Beach for a sellout ratio of nearly 80 percent, according to a recent CondoVultures.com report.
Overall, the Downtown West Palm Beach and Palm Beach Island market has 74 condo projects - with a minimum of 15 units - for a combined 7,300 units, according to the Condo Vultures® Official Condo Buyers Guide To Downtown West Palm Beach And Palm Beach Island™.
It is important to note there are various stages to a residential real estate transaction in South Florida.
A transaction begins when a property is made available for sale and ends when a title is conveyed from one party to another party as a result of the recording of a deed with the local government.
As part of the process, a property typically goes under contract and into a due diligence phase by which a deal can be canceled.
The CondoVultures.com new condo sales report is based on completed transactions where a deed is recorded and taxes paid as a result of the sale.
Condo Vultures® LLC is a real estate consultancy and marketing company based at 1005 Kane Concourse, Suite 205, Bal Harbour, Florida, 33154. You can reach Condo Vultures® LLC at 800-750-0517.
Don't forget to sign up for our weekly Market Intelligence Report™ for detailed condo reports to stay informed on the latest market trends and to find out about our various Condo Vultures® Seminars. Looking for a property at a deep discount? Take a peek at the Vultures Database™ or view our Video Library. Looking for bulk projects direct from developers or lenders? Visit the Condo Vultures® Bulk Deals Database™. Our new books, the Official Condo Buyers Guide to Miami™, Official Condo Buyers Guide To South Beach™, Official Condo Buyers Guide to Sunny Isles Beach™, Official Condo Buyers Guide to Downtown Fort Lauderdale and the Beach™, Official Condo Buyers Guide to Hollywood / Hallandale Beach™, Official Condo Buyers Guide to Downtown West Palm Beach™, and Official Condo Buyers Guide to Boca Raton / Deerfield Beach™, are now available. Want to see every foreclosure filed in South Florida since 2007? Check out our Foreclosure Database™.
© Copyright 2011. Condo Vultures® LLC. All Rights Reserved.