Bulk Deal: 150 Condos Sell At 38% Discount In Downtown West Palm Beach

  

Jeff Greene

MIAMI, FL -- A bulk buyer has paid $195 per square foot - representing a 38 percent discount off of the average sales price to date - for the remaining 150 new residential condo units in the City Palms condo project in Downtown West Palm Beach, according to a new report from CondoVultures.com.

Billionaire Jeff Greene, who capitalized on the housing crash with credit default swaps and then unsuccessfully ran in 2010 for one of Florida’s two U.S. Senate seats, led the bulk group - comprised of four Florida corporations - that paid a combined $34 million for more than 148,000 square feet of salable residential space and nearly 26,300 square feet of commercial space in the 10-story City Palms project on Hibiscus Street in Downtown West Palm Beach, according to the Palm Beach Post.

City Palms, West Palm Beach, FL

Prior to the Nov. 5, 2012 bulk deal, the original developer had sold 138 residential units - about 48 percent of the 288-unit project - for nearly $39.2 million for an average of more than $310 per square foot since the first transaction was recorded in October 2008, according to an analysis of Palm Beach County Property Appraiser records.

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Condo Vultures® LLC is a real estate consultancy and marketing company based in the 225 Midtown Building at 225 NE 34th St., Suite 209B, Downtown Miami, Florida, 33137. Condo Vultures® LLC can be reached at 800-750-0517.