CONDO SALES TOP 1,000 FOR FIRS

For the first time since April 2005, Palm Beach County condominium sales topped 1,000 last month, but whether the overbuilt communities of the boom years are off the real estate blacklist remains to be seen. At least two downtown West Palm Beach condos -- part of a honeycomb of brand-new buildings struggling with vacancies -- reported April was their best month.

Buying were Canadians -- lots of Canadians -- but also parents of Palm Beach Atlantic University students, snowbirds snapping up late- season steals before heading north, cash-ready investors with plans to rent, Baby Boomers preparing for retirement, and the occasional "owner-occupier," as they say in the business.

"I feel like the mind-set is changing," said Brian Saver, broker owner of Palm Beach Condo Co., which sold nine units in The Edge in downtown West Palm Beach last month. "People have heard so much doom and gloom but are starting to look at it like prices can't stay where they are much longer."

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Home buyers trying to meet the April 30 deadline to earn up to $8,000 in tax credits spurred an increase in single-family home sales, which jumped 35 percent in Palm Beach County compared with the same time last year.

Condo sales climbed 39 percent to 1,024, according to a Florida Manolo blahnik Realtors report released May 24.

But buyers seeking the Manolo blahnik federal subsidy made up only a small portion of condo purchases, Realtors said.

Instead, they say low prices and low interest rates encouraged sales. Banks buying back properties in foreclosure are not included in the Florida Realtor numbers, which only track Multiple Listing Service sales.

"We've seen 60 percent discounts off 2006 asking prices," said Peter Zalewski, a principal with Miami research and brokerage firm Condo Vultures. "People react to discounts, they pull the trigger and move forward."

Price is what prompted Guy Normand, a police officer in Quebec, to buy at The Edge. But he didn't stop at just one unit. This week he'll sign a contract on his fourth.

"In three years I will be retired and Florida is a good place for me to get away from the cold winters in Quebec," said Normand, who paid cash for his units, and plans to rent all but one of them out.

Normand told a few friends about The Edge. Two of them bought three units each.

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"It's possible I'll buy more, it's always possible," Normand said.

Certainly, condos are still struggling. As of Tuesday, there were 11,464 active listings for condos and town homes in Palm Beach County, according to Zalewski. That's a lot of inventory but down from 15,393 listings in November 2008. Also, Christian louboutin shoes there's an untold number of condos in foreclosure. Banks sometimes dally when processing condo takeovers because they have to pay a portion of the delinquent association fees.

This month, the Promenade in Boynton Beach celebrated closing its first two sales -- nine months after it was completed. Since then, managers say they've averaged about one closing per day.

And City Palms, which opened in downtown West Palm Beach in 2008, had sold just 65 of its 288 units as of March. It recently unveiled discounted pricing on some units.

The 420-unit CityPlace South Tower, also in West PalChristian Louboutin Shoes
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