Azure: Luxury Condos Are Nearly Sold Out
March 18, 2016 | Richard Sites
Azure, the luxury, waterfront condos under construction in Palm Beach Gardens, reported that the first phase is nearly sold out. Located in a prime location along the Intracoastal, the site overlooks Loggerhead Marina and is situated between Frenchman’s Creek to the west and the Toll Brothers community of Frenchman’s Harbor across the water to the east.
This ideal, 14 acre spot sat vacant for years and has been listed for sale many times. Frankel Enterprises, famous for Admirals Cove, San Michele and Valencia, bought the site then relocated the massive, live oaks on it to form a protective sound barrier from the traffic on Prosperity Farms Road and Donald Ross Road.
Azure reported that 43 of the 46 units in the first building were sold at prices from $900,000 to $3,000,000 and about half of the units in the second building are sold as well.
According to Tom Frankel, sales were slow during the first part of this year due mainly to the turbulent stock market but have resumed their pace.
Luxury residences in Frenchman’s Harbor across the water sold so quickly that Toll Brothers purchased another parcel of land with room for 29, million dollar plus homes and they also sold out quickly.
Sales of new condos in Bay Colony, to the south in Juno Beach, are priced a little lower and have not been as brisk as other locations. But the pace of new construction in the area shows no signs of slowing down and the massive Alton development, where 2,500 homes are going in, is just another example. You can read other posts on Sonoma Isles and Reynolds Ranch in this blog.
In addition to Azure, just a little to the west you will find The Bear’s Club and Trump National Jupiter. And along Prosperity Farms Road (actually Palmwood) Cypress Island and The Cove offer even more luxury homes, both waterfront and off the water.
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