Ocean Eighteen, an 18-unit boutique condo development in Palm Beach Shores, is reportedly 50 percent sold.
The three-story project, developed by Prodesa U.S., will have oceanfront units of approximately 1,700 square feet priced between $769,000 and nearly $900,000. Sales director John Hodgdon told the Palm Beach Post that nine units have been sold to cash buyers, unlike heavy borrowers from a decade ago.
“They’re spending three-quarters of a million for a second home,” Hodgdon told the newspaper. “In this kind of a market, they’re not concerned about financing.” [Palm Beach Post] — Kristina Puga