Pompano Beach, FLMarcus & Millichap, as exclusive listing agent, is excited to bring to market Pure Residence. The current owner acquired the site in April 2018 and has been working for over two years to obtain development approvals.Since the time of acquisition, the seller successfully signed contracts and took deposits from 46 buyers and had an additional 18 in the process of being executed, until March 2020, when Covid-19 impacted the market and buyers began cancelling. Initial sales in 2017 averaged $484 per square foot. In 2018, as the development got closer to being approved, sales increased to $659 psf. The past year of sales resulted in 18 buyers agreeing to pay an average price per square foot of $704. The total sellout amount was expected to be approximately $113,000,000 and $681 per square foot; not including any additional sales proceeds from storage or parking. The buyer profile ranged from Canadian, to American, to Latin American. As Covid-19 concerns subside and markets settle down, the belief is that a new owner could quickly pick up presales where the current owner left off and with development approvals expecting within six months, the new owner should be able to begin development sometime in 2021.
Address3300 SE 1st St, Pompano Beach, FL 33062
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