A penthouse at VistaBlue, the oceanfront condo in Riviera Beach, fetched $7.56 million -- and the developer says the price of $1,176 per square foot is the richest sum ever paid for a Singer Island condo.
The buyers of that unit are Singer Island residents Walter and Karen Worthy, according to property records.
In all, VistaBlue — the first Singer Island condo development built since the real estate bust — has sold 35 units for a combined total of nearly $94 million, according to deeds available as of Monday. Nine more units are under contract, said developer Randall Tuller of Texas-based Third Palm Capital.
Buyers include billionaire Joe Mansueto and former college football coach Bret Bielema, according to property records. They're drawn by high-end construction quality and topnotch finishes, not to mention sweeping views of the Atlantic Ocean and the Intracoastal Waterway.
The average sale price of the 35 condos that have closed: $2.68 million. Just 14 units remain for sale at VistaBlue — and the brisk pace of closings seems to indicate that the condo tower on Singer Island is bucking a trend of sluggish sales in Palm Beach County’s luxury market.
While megamansions in Palm Beach and Manalapan priced at more than $100 million have languished on the market, VistaBlue is nearing a sellout.
Tuller declined to comment on the identity of the buyers, but he said VistaBlue’s owners value ocean views — and they’re not keen on the hassle of looking after a Palm Beach estate.
“They want lock and leave,” Tuller said.
In Palm Beach County and nationwide, there’s a glut of luxury homes, said Mike Leipart of The Agency, a Los Angeles-based company that specializes in high-end properties.
“We’ve consumed so much luxury real estate in the last seven years that we have indigestion,” Leipart said.
VistaBlue, however, seems to have escaped the slowdown.
The second-priciest unit to close so far sold to Joe Mansueto, the Chicago billionaire whose stake in Morningstar Inc. was worth $3.2 billion as of Monday. Mansueto and his wife paid $3.9 million for a unit at VistaBlue, according to a deed.
Meanwhile, Bret Bielema, the former head football coach at the University of Arkansas and the University of Wisconsin, dropped $1.95 million for a unit, according to property records. Bielema and his wife took a $1 million mortgage.
VistaBlue has attracted a predictable mix of buyers from the Northeast and from other condo towers on Singer Island. In one twist, however, a surprising number of buyers come from the Midwest.
Mansueto is one of two Chicago buyers. Others are from Ohio, Indiana, Missouri, Iowa and Kansas.
VistaBlue is the first post-crash condo project completed on Singer Island. Two other towers are under construction: 5000 North Ocean and Amrit Resort.
Third Palm Capital hopes to build more luxury condos in South Florida, and Tuller said he’s scouting for oceanfront sites from Fort Lauderdale to Singer Island. However, with the real estate market in full bloom, few parcels are on the market.