Singer Island Oasis Condos Sell for $4.9 Million

SINGER ISLAND, FL (March 30, 2007) – J.P. King's March 29 auction of two penthouse condominiums on Singer Island resulted in the sale of both units for a combined $4.9 million.

Ten registered bidders gathered in the penthouse in the East tower of Singer Island’s Oasis development for the auction, for which each bidder was required to present a $50,000 cashier’s check.

“We had some pretty envious developers watching,” said Craig King, president of J.P. King. “They’re having a hard time selling anything down here, and selling two units in this price range in one day is practically unheard of these days,” he said.

Both superluxury penthouses had such features as private elevators, terraces overlooking the ocean, marble flooring and private poolside cabanas.

Purchasing the unit in the east tower for $2.5 million was Naim Koymen, of Kalamazoo, Mich., a retired neurosurgeon who intends to move to Singer Island full-time. The west unit sold for $2.4 million to Walter and Karen Worthy, of Washington, who also own another unit in the development.

King predicted that the outcome would catch the attention of other developers and investors with South Florida condominiums to sell. “Everywhere you look, you see cranes for more units under construction. In that environment, it’s difficult to draw attention to units in an ordinary listing. By reaching far beyond the local market, we were able to get a good outcome,” said King.

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