The Silver Thatch Atlantic condos are two high rise buildings located on the west side of A1A in at 525 and 531 N Ocean Blvd in Pompano Beach. They are connected by a parking garage and shared amenities like pool and tennis courts. There are a total of 361 units in the two buildings. Both buildings are 18 stories tall. Most of the units have ocean views. The views improve as the floors get higher. And of course the units closer to the east sides of the building get an even better view. Don’t confuse Silver Thatch Atlantic with Silver Thatch Intracoastal which is located close by on Riverside Dr and overlooks the Intracoastal Waterway.

I think Silver Thatch has become an especially good value because for the last two plus years it has been going through a massive $18,000,000 renovation project. The renovations include concrete restoration, new impact resistance windows, exterior paint, pool renovations and much more. The exterior renovations are nearly complete. Next, the common areas like lobbies and hallways will get a facelift. Owners were assessed up to $50,000 for the project.

The timing couldn’t have been worse. The market had begun its decline as the project started. The assessment became a hardship for many owners. The declining market and a building under construction made selling very difficult. At one time units were routinely selling above $400,000. In the last couple of years there have been 15 foreclosure sales in the building. I sold a foreclosure listing in the south building on the penthouse floor for $107,000. It was a one bedroom unit and needed updating. Two bedroom units have been selling from $125,000 to $208,000 this year.

New owners are not only getting a condo for less than a third of what they once sold for they also get the added benefit of a completely restored building. The impact resistant glass alone can add $10,000 to $20,000 to the value of a condo. The ongoing renovations put even more downward pressure on prices compared to neighboring buildings. If you can put with the remaining renovations your patience will be rewarded. Currently there are 24 active listings in the building from $134,500 and up. Silver Thatch Atlantic has an added benefit in that it allows leasing right away, rather than having to own for a year which is common for area condos.

Silver Thatch Atlantic Condos

Tom Day, Remax in Motion

www.TomDayProperties.com