Archives for July 2007

Enchantment Cutting Prices

Uday Lele, devloper of Enchantment on Clearwater Beach sell the first 40 units of his project at $675 a square foot with a 20 percent deposit, after cutting the price of an average unit to just under $1 million.

When the Gulfview Boulevard project was announced last year, he was asking nearly $3.1 million a unit on average, about $990 a square foot. With a design resembling a butterfly, Enchantment Beachfront Residences initially offered more than 90 units with a 240-degree view of the shoreline from each.  The 40 sales he’s after now are needed for financing for the $180 million project. After those units are sold, the remaining units will be sold for prices at least 20 percent higher. The design has been reconfigured to help deliver the same amenities at a lower cost.

Many condominium projects not already underway are being forced to rethink sales strategies or cease operations altogether. Beachfront property has taken a considerable hit from the housing declines, and some high-profile projects that neighbored Enchantment’s property are history. That includes Indigo Beach Residences & Suites, a 15-story, 112-unit condo project that Taylor Woodrow cancelled in May.