The Plaza at Oceanside Pompano Beach Condo purchased in bulk deal

The Plaza at Oceanside Pompano Beach Condo
Follow-up to my November 24th post 

Oceanside Pompano Beach Condo

According to Public Records, Oceanside Pompano Beach was purchased from WCI in a bulk sale of 138 Units by JJ Plaza Realty, LLC (the Group whom, reportedly, owns Willis Tower in Chicago, formerly known as Sears Tower) for a purchase price of $36.5 Million.    

Per the latest information that I received from Oceanside’s Sales Representative, the Condos are currently being offered in a price range of ~$275 per Square Foot – ~$375 per Square Foot, which represents more than a 65% discount off of the highest purchase price previously.  The highest purchase price (NOT List Price) previously was $1,415,000 in April of 2008.   The current prices range from ~$400,000 for an Intracoastal front Condo –  ~$500,000 for an Oceanfront Unit.  

For Buyers who are interested in Financing their purchases, Financing has been arranged with minimum down payment requirements of 20% – 24%.  The monthly Association amount is .42 cents per Square Foot which is VERY affordable and  one of the lowest of any new Oceanfront Condos in the area.

Besides purchasing the 138 Units, the Commercial space and the Vacant Lot across the Street were also purchased.  I think the fact that they purchased the Vacant Lot as well is a benefit because it offers control over the future development and construction plans for the vacant lot.  Previously, when I showed Oceanside Pompano Beach to interested Buyers, they were concerned about the possibility of a future Building on the vacant lot obstructing the Oceanfront views of the Units on the front/Ocean side of the Building.  Construction of a Condotel (an estimated $250,000,000 Project)  on the Vacant Lot was previously planned, however, it appears that will no longer be happening.  Though obstruction of views was a concern, I was told that the concern was never a valid one because positioning of the tallest Condotel Tower (estimated 17 Floors) would have been to the right side of the Lot such that Oceanfront views from the Condos would never have been obstructed anyway. 

So, as I thought they would be, the new prices are definitely a great deal!    If you would like additional information or would like to view the Property, contact me.  

Oceanside Pompano Beach Condo is a beautiful property and should definitely be on your list if you’re considering Pompano Beach Waterfront Condos, Pompano Beach Oceanfront Condos, Pompano Beach Intracoastal Condos or Condos in the Broward County area of South Florida .