Palm Beach Gardens, Fla., July 16, 2010 — Ram Realty Services, the developers of The Residences at Midtown in Palm Beach Gardens, announced today that they have sold the final condominium in that community, a Regent floor plan two bedroom with den, from an inventory of 225 homes.
Caught in the severe real estate downturn that intensified with the near collapse of the financial markets in last quarter of 2008 and first quarter of 2009, Ram chose to adjust pricing in April 2009 to match current market conditions. The strategy quickly attracted mostly cash buyers who were unaffected by the tightening of the credit market. Ram initially posted sales of 42 homes in 42 days, and sold 90 homes in five months, relying heavily on traditional advertising and the support of the local brokerage community. As a result of increased sales, Midtown earned Fannie Mae approval several months later, which offered new buyers more lending options. In the ensuing months the community was able to inch prices upward and to stay above the fray as a community with no foreclosures or short sales and a solid homeowners association.
“Midtown achieved the enviable position of being the ‘fastest selling community in Palm Beach County’ through a successful combination of quality product, excellent location and realistic pricing,” said Mike Hammon, Ram’s Chief Development Officer. “In so doing we were able to give homeowners real value.”
Midtown is a new village-like community in the heart of the PGA corridor, offering a walk-to-everything lifestyle including extensive dining choices, sophisticated boutiques, and a 500-seat cultural center. Midtown is also recognized for its arts and entertainment programming. A new concept fresh grocer called Sweet Greens Farmers Market is currently under construction and slated to open Fall 2010.
Midtown’s ideal location on the north side of PGA Boulevard at Military Trail provides easy access to I-95, Florida’s Turnpike, and the airport. Visit www.midtownPGA.com, on Facebook and twitter.com at Midtownpga.