Massive Condo Conversion Deal in Boca Raton in Face Of Housing Bubble
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In a move that on the outside seems perplexing, Elad Group of Florida is the buyer of 1,073 apartment units that will be converted to condominiums. The conventional wisdom is that the Florida condo market is saturated as buyers are on the sidelines and flippers are in a panic state as appreciation on the units has slowed dramatically.
So when Apartment Realty Advisors announced that Gables Residential South Florida were selling the apartment units in a condo conversion, I was very surprised. This is a transformation that we should follow in the next few months to see if the project is a success or wallows as they should in the face of a housing bubble.
Here are the properties that are being sold.
- Gables Camino Real on Camino Real in eastern Boca Raton. The property features one-, two- and three-bedroom apartments and townhomes.
- Gables Mizner on the Green, 246 townhome units in Boca Raton, some overlooking the Boca Raton Resort & Club.
- Gables San Michele, 592 townhome units in a gated, Weston community.
via the South Florida Business Journal
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Comment by Karl on 16 February 2008:
Well while I’m all for the progress of business I don’t like to see things like this happen as often as they do. As a recent investor in Boca Raton real estate I can say with certainty that I like the area the way it is and I wish these condo’s weren’t going up. Some parts of this world should be left alone, especially when they have history and boast such natural beauty.
Comment by Johnny on 20 May 2008:
The building of new condos might actually help the local economy. Condo’s are always popular because they offer many of the amenities that full sized homes offer but at more affordable prices. I know some people are against more building but with the state of today’s market, condo’s could really help stimulate the Boca Raton Real Estate market.