Buyers are eager to reserve one of Kolter’s luxury waterfront condos just south of PGA Boulevard.
Seven people have made reservations for the 30 condos priced in the $1.4 to $2.6 million range in the third tower of The Water Club since Jan. 1, Kolter Urban Vice President Ed Jahn said. A reservation requires a $10,000 deposit.
There are only two condos per floor, compared to four in the first two towers, he said.
When Kolter built the towers along U.S. 1, would-be buyers asked for more space for their extended families to stay with them, Jahn said. The developers planned a four-bedroom layout, but that drove up the price.
They scaled the floor plans back to three bedrooms because the demand wasn’t as high for four, Jahn said. The smaller of the floor plans, the 3-bedroom “Indigo,” is 2,317 square feet. The larger “Sapphire is 2,913 square feet, with three bedrooms and a den. Both have three and a half bathrooms.
Kolter expects to start construction in April and see residents move in by the end of 2019, Jahn said.
The third tower will include two guest suites on the ground floor so that residents can rent them to visitors for a day or two.
“This way, their guests don’t have to stay in a hotel. They can stay right on property,” Jahn said.
There will be a pool, pickle ball court and an “occasions” room that opens into an outdoor events plaza. Not to mention the views.
Residents in the third tower will have premium views of the Intracoastal Waterway and ocean to the east, Jahn said. The second tower is partially blocking the perspective to the north for residents on the north side. It doesn’t interfere with their sight lines of the water or the western view of the sunset, he said.
“They still have amazing views,” he said.
Kolter offered pre-construction buyers in the second tower to cancel their contracts and recoup down payments when they realized that tower’s views of the water could be blocked. Several buyers canceled their deals, but sales are still strong.
Of the 162 finished condos and villas in the first phase of development, only 14 are left, Jahn said.
Kolter purposely delayed the start of construction until April to minimize the impact to residents in the first phase who only live here during season.
“We are going to do our best to be good and friendly neighbors and limit the discomfort that’s going to be caused by construction,” Jahn said.
Closings on the first two towers and villas started in November 2016, and the majority of people have moved in, Jahn said. Investors bought a few units with plans to sell, he said.