Scenes From the Housing Bust, Delray Edition

Last month, we introduced you to some of the saddest tales from South Florida's condo meltdown, including the ghostly Tao Sawgrass towers in Sunrise and the now-foreclosed CityPlace South Tower in West Palm Beach. It would be easy to assume that downtown Delray Beach was immune to such problems, since...

By Lisa Rab

July 16, 2009

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Last month, we introduced you to some of the saddest tales from South Florida's condo meltdown, including the ghostly Tao Sawgrass towers in Sunrise and the now-foreclosed CityPlace South Tower in West Palm Beach.

It would be easy to assume that downtown Delray Beach was immune to such problems, since Atlantic Avenue's chic restaurants and clubs still draw a trendy, cash-laden crowd on the weekends.

But for months, the CODA town house project on SW Second Avenue -- just a block south of Atlantic Avenue -- has been forlornly announcing its troubles. This "47 percent sold" sign (above) has been out for weeks. In fact, Palm Beach County property records indicate that just ten of the 41 units have closed.

Three of the unsold units are owned by the nonprofit, publicly funded Delray Beach Community Land Trust, which is offering the homes at reduced prices to working families. Delray's Community Redevelopment Agency, an arm of the city government, owns two more units. A call to the agency's assistant director, Jeff Costello, was not immediately returned.

A quick web search reveals that at least nine units in the new development are now listed for sale, starting at $300,000 for a two-bedroom, two-bath unit.

Anybody want to help battle this bust?

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