CONDO WATCH: South Palm Beach County

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Courtesy Condo.com Special to The Pineapple Condo pic Palm Beach County has put forth quite a show so far in July with the county selling 725 condos and a grand total of more than $162 million in just the first three weeks of the month. This works out to an average individual condo price of over $224,482. Not only is the amount of sales impressive by itself but Palm Beach counties 725 sales is more than Miami-Dade and Broward who have sold 642 and 703 respectively. Specifically in Boynton, Delray Beach and Boca Raton they have clocked in a total $63.4 million in sales so far this month, averaging out to $180,008 per condo. Like last month Boca Raton has performed well leading the entire county with $26.4 million in total sales volume ($2 million more than Delray, which was the second highest). The three major cities have made up about 50% of all sales closed and 40% of the total sales volume in the county. In fact, within the top ten Boca is ranked first, with Delray at second and Boynton landing at seventh. Boynton has been quite the surprise these past two months with $12 million in the first half of June and $12.9 million so far in July, holding its own next to the power houses like Boca and Delray. One of Delray’s condos made it to the top ten most expensive condos sold so far in July. With not one of the top ten being under a million dollars, Delray still found its way to the top. The 2 bedroom, 2,500 square foot Bermuda High West Condo unit sold for $1,125,000 averaging out to $450 per square foot. Not only is the amount it sold for impressive but how quickly it sold for, only being on the market for a little over three months. Promise Becoming Less of a Question Last month we wrote how Palm Beach’s accomplishments in a vacuum sound impressive and how any city around the country would want the numbers of Boynton, Boca and Delray. However those numbers will always be compared to Miami-Dade which belittles Palm Beach’s accomplishments. So far in July it shows Palm Beach beating not only Dade but also Broward as well in total condo units sold at 725. Not only did Palm Beach come out on top in number of units sold but it also topped Broward in total sales volume by over $27 million (Palm Beach volume $162.7M, Broward volume $135M). As expected Palm Beach did not top Miami’s $231 million total sales volume but that’s exactly why we have seen some of Dade’s condo buying creep up to Broward. Counties like Palm Beach and Broward offer the luxurious sunny Florida beach front condo for a fraction of the price Miami does. Buyers are beginning to realize this and that is why more and more of them are going to Broward to buy condos. Numbers compiled by condo.com have showed a 17% increase in the average price of a condo in Broward so far this year compared to last year due to an increase in demand of condos in Broward. With business already beginning to move north from Miami into Broward who is to say we won’t or haven’t begun to see the migration further north into Palm Beach? July’s numbers have not only shown huge promise for Palm Beach but it has shown it is a serious player among Dade and Broward. Palm Beach sold more condo units than both counties, had more total sales volume than Broward, and is selling condos for almost half the price of Dade. Numbers not easily ignored.