Oceanside Pompano Beach Closings and Purchase from WCI

Oceanside Pompano Beach Condo

In one of my Blog posts last year, I highlighted my visit to The Plaza at Oceanside Pompano Beach Condo.   Oceanside Pompano Beach is a Luxury Oceanfront Condo located at the intersection of A1A and Atlantic Blvd. in Pompano Beach, FL directly across from the Atlantic Ocean. 

The Amenities are fabulous and include Concierge, a beautiful, large Infinity Pool, Whirlpool Spa, Surround Sound Theater, Fitness Center, Sports Lounge, Club Room, News Café, 2 Hard-Surface Tennis Courts, Climate-controlled Wine Vault, Virtual Golf Simulator, Teen Lounge, Boutique Shops, Cigar Humidor, Massage Room, Juice Bar, and more!!!

Residents have exclusive access to an approximately 50,000 sq. ft. indoor and outdoor amenities level encompassing the entire fourth floor of the residential tower.

Originally, The Plaza was scheduled to include Restaurants, Boutiques, Fountains and Outdoor Cafés, however, they didn’t open because the spaces were never Leased.

Phase 1 of Construction was completed and includes 186 Units, many of which feature Ocean and/or Intracoastal views.   Closings started in April of 2008, however, as of November 2009, Broward County Tax Records indicate that only 48 Units have been purchased between April 8, 2008 – November 5, 2009.  Their purchase prices range from $299,500 – $1,415,000 and the lowest purchase price is the one that occurred on November 5th, a Short Sale sold for $299,500.

Last year, the Developer, WCI, slashed the prices from 14% – 57% on various Units, however, the decrease in prices didn’t increase sales sufficiently.   When I spoke with a WCI Reprsentative last week, I was told that someone is planning to purchase the entire Building and that additional details should be available shortly.   If the purchase from WCI is completed and the Units are placed on the market again, I think the Units will be offered at prices that will offer a VERY attractive buying opportunity.   In order to make the Units available to Buyers who plan to finance their purchases, the new Developer will have to arrange Financing with a  Lender who agrees to finance the purchases of Units because most Conventional Loans are backed by Fannie Mae, whose requirements do not allow Financing of purchases in Buildings where more than 10% of the total Units are owned by a single Entity. 

There are a few Models available for Sale, but the majority of the Units are currently Decorator ready, which means that Buyers would still be able to select their own Flooring, Paint, Molding, etc.

Below, I included a Slideshow of pictures that I shot last year at Oceanside Pompano Beach Condo.  Stay tuned in the future for additional updates about the building’s status.   View the following links for information about other information about other Pompano Beach Waterfront Condos , Pompano Beach Oceanfront Condos, and Pompano Beach Intracoastal Condos.
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