101 Lofts West Palm Beach

This is a 5-story mixed-use complex (vintage 2002) with floors one and two zoned for commercial and floors three to five comprising 60 original loft models ranging from just under 1000 to 2,630 square feet (UA) with some double combinations. Prospective buyers interested in 101 Lofts condos for sale discover that the HOA fees (70 cents per square foot of condo ownership) are relatively expensive. Why do we say that? Because the complex shuns the amenities standard in many West Palm Beach Downtown (WPBD) competitors. For example, there are no amenities such as swimming pools, fitness centers, a clubhouse, concierge & valet services, green spaces, saunas, or spas. Moreover, WPBD investors put up with restricted rental latitude, allowing only a maximum of two tenants annually (versus monthly in many other towers).

However, nothing above seems to deter people from closing deals at eye-popping prices, so let's look deeper at what 101 Lofts does have:

• Keypad security.
• Allocated covered parking.
• A door attendant 24/7.
• Pet-friendly protocols.
• Beautifully presented and maintained coastal Mediterranean architecture.
• An unbeatable location on the east end of Clematis looking across Flagler at the Waterfront Green and Intracoastal that provides unobstructed spectacular azure-blue water vistas integrated with:
  
  • Flourishing South Florida foliage.
  • Tall palms, other indigenous trees, and birdlife.
  • Yachts docked at the south end of a sizable marina and steps from the condos.

Some condo owners have upgraded their residences to the hilt. Consider the one on offer for over $3 million in 2023, asking $1,311 per square foot (UA) as an example. First, it takes in the total views described above through high-impact windows, sliders, and standing on an expansive balcony. Secondly, catching one’s eye immediately is the gourmet chef's open kitchen featuring:

• European appliances (Bosch).
• Semi-precious rock crystal countertops and backsplashes.
• A bar area containing wine/beverage refrigerators + a large butler's pantry. 
• The contemporary finishes extend into the living spaces with incredible stone detailing, designer lighting, and window treatments.
• Three covered garage spaces on the same floor as the unit. 

Your first thought may be that this is only the asking price. That’s correct, but notably, a similarly renovated loft changed hands in 2022 for $2.6 million - approximately $1,000 per square foot. Also, there’s a 961-square-foot one-bedroom unit in the same building with little improvement on the original developer's interior package asking $581 a square foot (UA). 

So, what does this tell us? The building has charisma, no doubt about it, and buying the least elaborate option in the tower makes much sense (considering the perceptions driving deals) for future asset value. Although residences don't come up often on the MLS, it's best to enter these negotiations with a ZFC realtor expert by your side to navigate the ins and outs. We traditionally add hundreds of thousands of dollars to condo value propositions out there because finding diamonds in the rough is our thing.

$2,795,000

MLS#R10866116
101 N Clematis Street 315
West Palm Beach, FL 33401

3

4

2

1,875

Ocean Access

1 Acres

46 Days

$1,699,000

MLS#R10871410
101 N Clematis Street 503
West Palm Beach, FL 33401

2

3

1

1,764

1 Acres

25 Days

$625,000

MLS#R10875561
101 N Clematis Street 303
West Palm Beach, FL 33401

1

2

1

1,296

9 Days