West Palm Beach Real Estate Market Spurred on by Condo Conversions
The South Florida Business Journal reported in April 21, 2005, that Atlanta-based Margolias Realty Group paid $91 million for a 275-unit high-rise apartment community known as The Strand. The units will be converted into condos to help meet the rising demand for waterfront condominiums in downtown West Palm Beach.
Marc deBaptiste, a representative of Apartment Realty Advisors, cites condo conversion companies as the highest bidders in the South Florida real estate market. Some realty experts fear that these sort of investors may be artificially inflating the value of these properties, which could lead to a sudden downturn if they cease being able to unload them at ever-expanding profit margins.
Marc deBaptiste, a representative of Apartment Realty Advisors, cites condo conversion companies as the highest bidders in the South Florida real estate market. Some realty experts fear that these sort of investors may be artificially inflating the value of these properties, which could lead to a sudden downturn if they cease being able to unload them at ever-expanding profit margins.
