Michael J. Venard and wife, Janet, bought a two-bedroom, two bath condo in the Oceantree development at 3400 N. Ocean Dr. in Riviera Beach from Beverly A. Gateman for $500,000 on Feb. 28.

Ms. Gateman paid $119,000 for Unit #505 in August 2000.

The condo was listed as high as $565,000.

Mr. Venard has worked for Venard Builders in Lisle, Ill.

Condo sales in Riviera Beach dropped 20 percent in 2007 versus sales in 2006. The median sales price increased from $242,000 to $310,000.

Oceantree was built in 1978.

BlockShopper Metrics started tracking condo sales in South Florida in 2006.

Address: 3400 N. Ocean Drive, Unit: 505
Buyer(s): Michael J Venard and Janet M Venard
Seller(s): Beverly A Gateman
Sale date: Feb. 28, 2008