Well, the marketing of the Boca townhomes went about as well as expected. I received many calls and emails. However, when I met my first client at the property last Saturday, he was sort of taken aback as there are mobile homes across the street. Not a trailer park, mind you, but nonetheless there are mobile homes on regular residential streets. To the east of the site there are villas from the 1980s. So my customer did change his mind and decided not to go forward. I cannot blame him. I thought I knew the exact area of the project but got it confused with Militarty Trail and Sandalfoot Blvd W.
However, with that being said, when you begin to take emotion out of it the project still has merit. First, where can you get a 3 or 4 bedroom brand new townhome with a one car garage for $339,000 or $349,000? The answer, several hours north of Boca. There are many examples of pre-construction projects that turned out very well for investors saavy enough to look beyond the obvious. An example that comes to mind is Murano in Miramar. No offense meant for anyone that lives there, but that is not the best area. I'm sure a lot of investors changed their mind when they saw the location. But the people that took a risk made over $100,000 profit on each unit bought. I think the same potential exists here.
There still are 4 units out of 10 remaning. BTW, the company sold the first 5 to people who plan to live there as their primary residence. So less competition for any investors that will either rent or sell after closing.
If you would like to know more, either post a comment or call me.
