RETURN TO GROWTH

RETURN TO GROWTH

Condo comeback: More projects in works The views, the ease, the retiring Boomers:High-rise lifestyle attracting new buyers BY KIMBERLY MILLER – PALM BEACH POST STAFF WRITER The recovery in Palm Beach County’s condominium market has lagged the overall housing rebound, but with inventory near depletion and a revival in urban living, sale prices and new projects are hitting post-boom highs. A turnaround in condo purchases began in mid-2012 and barreled through last year with the aid of billionaire Jeff Greene’s bulk buy of 166 units at The Strand in downtown West Palm Beach. But Greene isn’t solely responsible for the condo comeback, which has developers scurrying once again for buildable lots. “We are actively looking at other parcels,” said Ed Jahn, vice president of Kolter Urban. “We were definitely pleased with the number of sales we made last year.” Downtown West Palm Beach, where about 15 new condos sprouted during the ill-fated days between 2003 and 2008, has nearly sold out of developer-owned units. Just 54 of 448 units remain available as of earlier this month at Kolter Group’s Two City Plaza. CityPlace South Tower has just 70 units of 428 remaining. The Related Group’s purchase of 325 unsold units in early 2013 at Boynton Beach’s Casa Costa, formerly known as the Promenade, is paying off. In less than a year, 200 units in the 14-story twin-towers have been snatched up, and the sales team estimates the remaining 100 will be gone by year’s end. In Boca Raton, Vander Ploeg & Associates, Inc. isn’t waiting for its 192-unit Tower One Fifty Five to even break ground before getting to work on...