West Palm Beach Condo Sales Set Record
They aren’t even built yet, but already two West Palm Beach condominium units are breaking records. The two units each sold for more than $14 million dollars, smashing an old city record.
Both of the condo units are housed within a building called the Bristol. The first unit is a three-bedroom penthouse. Located on the 25th floor, the home is currently under contract for $14.99 million, its full asking price. Just across the waterway from tony Palm Beach where multi-million dollar units are the norm, this particular condo unit is set to become the highest priced condominium ever to sell in West Palm Beach. In fact, the price more than doubles the old record holder, sold for $7.42 million in 2004, and located within One Watermark Place.
In second place comes another condominium that’s also recently sold in the Bristol. Also located on the building’s 25th floor, this five-bedroom unit brought in $14.7 million, at $2395 a square foot. Compare that to the median price per square foot in West Palm Beach of $84 per square foot. As of mid October, a 24th floor penthouse unit was still available in the building, priced at a whopping $22 million. If in sells at that price, it will of course set an even higher record for condominium prices in West Palm Beach.
Construction on the Bristol is expected to begin next year and should be finished in 2018. However, the building has not been without controversy. The building site originally sold to Golub & Co. and Elion Partners for $23 million but it took more than three years to work through the approval process alone. During this time, some residents had expressed concern over the influx of more traffic in the area, and diminished views due to the large residential building.
Now that the process is moving forward, though, more details about the units, themselves, are being released. All Bristol units will include Intracoastal Waterway views and well as ocean views. In addition, residents will have use of a fitness center, an elongated swimming pool, valet parking and a salon. Other amenities include a concierge, doorman and massage rooms. In addition, the building includes both outdoor and indoor dog runs.
This luxurious complex is located near the Royal Park Bridge. This is where the former Chapel-by-the-Lake once stood. Suitable land for multi-family construction is not readily available in the area, and the Bristol offers potential buyers a central location.
