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Tribune BUSINESS
Monday June 21, 2004

Buyer bonanza: Harbour Isle investors cashing in big time
By Kate Grusich
Staff writer
Fort Pierce, FL – Less than a year ago, the Harbour Isle development was pitched as waterfront living with an affordable price tag.

Now – only about two months after the 864-unit condominium project broke ground – prospective homebuyers will have to dig much deeper into their pockets to purchase the two-bedroom units on the Fort Pierce Inlet.

Buyers who originally paid from the upper $100,000s to $250,000 have put the yet-to-be constructed condos back on the market for prices ranging from $350,000 to $520,000 for a penthouse.

Even real estate experts are flabbergasted by the rapid rise.

“Wow,” said Jack McCabe of McCabe Research & Consulting, a Deerfield Beach real estate consulting firm. “I’m not surprised the prices have escalated, but I’m amazed they have gotten so high. I didn’t think anything sells for that much in Fort Pierce.”

Since Harbour Isle was conceived late last summer, many in real estate predicted it would be a success – as well as a godsend for redeveloping Fort Pierce.

Harbour Isle prices – then and now
Fall 2003                                  June 2004
(actual)                                      (listed)
$170,000/$250,000        $350,000/$520,000

Source: Beachfront Mann Realty


The $128 million project is the brainchild of developer Mason Simpson and builder Otto DiVosta, both well respected in the Florida housing business. Neither Simpson nor DiVosta returned phone call seeking comment.

Situated on a more than 100-acre parcel on Seaway Drive, Harbour Isle will feature swimming pools, tennis courts, clubhouses and an adjacent marina with 63 boat slips and a commercial plaza.

Interest in the development was obvious last fall. When 5,000 people jockeyed to buy the condos at a Saturday morning auction. Those lucky enough to purchase – and resell – are enjoying a tidy return on their investments.

“These individuals that became investors overnight.” said Sean Mann, owner of Beachfront Mann Realty, the agency handling Harbour Isle resales.

“I don’t know if they realized they were buying such a value at the auction, but they did after the project.”

Despite the hefty new prices, Mann said the condos are still somewhat affordable.

“This (price) is still on the low end for waterfront property,” said Mann. “It’s a new product, and there hasn’t been one at this level in quite a while. The demand is definitely there.”

- kate.grusich@scripps.com

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