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Condos in Water Club's final tower for sale at $1.4M to $3M

POSTED ON: JUNE 26, 2018

Condos in Water Club's final tower for sale at $1.4M to $3M

Buyers are taking an interest in the $1.4 million to $3 million condos in the third and final tower of the Water Club, Kolter's luxe high rises along the Intracoastal Waterway.

The developer has sold four condos since sales opened at the end of March and is close to a deal on a fifth sale, Kolter Urban Senior Vice President Ed Jahn said.

"The activity has been very good, even though it's a slower time of year," Jahn said. "We've got a good start."

The first phase of the Water Club featured 162 units, including condos in two towers and 20 luxury villas. The condos are on U.S. 1 just south of PGA Boulevard.

Kolter expects to start construction on the third tower in the next three months. It should be finished in the first quarter of 2020, Jahn said.

Kolter has released about half of the third tower, which has only 30 condos, for sale.

Kolter started taking reservations for the third tower earlier this year. Interested buyers were required to put down a $10,000 deposit.

Seven people made reservations between Jan. 1 and Feb. 12. Of the initial reservation-holders, five dropped out, Jahn said. That isn't surprising, given the lower-than-usual payment required to hold a reservation, he said. In some of Kolter's other high-rise projects, reservations require a $25,000 deposit.

"We're very pleased with the feedback from the prospects and the people who have purchased," Jahn said.

With only two units per floor in the third tower, the 2,300- to 2,900-square-foot floorplans are the size that buyers are looking for, he said.

There are six unsold condos in the first two towers — three penthouse units that sell for up to $3 million and three units for just under $1 million on the third floor, Jahn said. The gated, 22-story towers have views overlooking the Intracoastal Waterway and Singer Island.

Across from The Water Club, the 35-year-old Crystal Tree Plaza shopping center and office building is being redeveloped into a luxury outdoor dining and retail center.

SOURCE

Palm Beach Post

Sarah Peters Palm Beach Post Staff Writer