Lennar sells Palm Beach County development

Distressed sales are starting to get traction. Abacoa developer Cypress Real Estate Advisors picked up the West Palm Beach area development Bayhill Estates. The final price of the 193-lot development wasn’t disclosed, though the sale price was recorded at $22.77 million. Cypress’ Nader Salour said his company paid less, but he didn’t disclose the bottom line cost. Bayhill is plotted out, but no houses have been built. Austin-based Cypress wants to keep the lots until the market recovers.