Ft. Lauderdale Luxury Condos| Broward Luxury Condos Sold

Sales are continuing to increase in the Luxury segment of the Condo market and the Summer definitely was not a slow time for Real Estate purchases locally.

2009 vs. 2010 Sales

Sales have increased since 2009. Within the first 9 Months of 2009 (January 1st – September 30th), there were 266 Sales of Condos within the $500,000+ purchase price range compared to 337 sales within that price range during January – September of 2010. Buyers who are purchasing are paying prices that are drastically reduced from the peak prices of several years ago and the increase in sales indicates that many are much more motivated to purchase unlike the significantly lower number of sales that we experienced during 2007 and 2008.

Recent Sales

In my 6/26/10 post, I reported that 193 sales of Condos and Townhouses in Broward County have been recorded in the MLS* and Tax Records in 2010 from January 1, 2010 – May 31, 2010 in a purchase price range of $500,000 – $6,750,000 and my 8/17/10 post reported that sales of 66 Condos and Townhouses in a purchase price range of $500,000 – $2,931,035 were recorded during the months of June and July.

During the months of August and September of 2010, sales of 81 Condos and Townhouses in the $500,000+ purchase price range have been recorded. Their purchase prices ranged from $500,000 – $2,522,000. Of the 81 sales, the average purchase price was $733,780.

52 of the 81 sales are indicated to have been Cash purchases
12 of the purchases were $1,000,000 and over
60 of the 81 properties are Waterfront Properties (located Intracoastal front, Oceanfront, Riverfront in the Las Olas area, and on Ocean Access Canals)
8 of the sales were Bank Owned Foreclosures and 12 were Short Sales (Short Sales and Foreclosures ARE NOT the majority of Luxury Property sales)
Of the Cities where the Condos are located, Ft. Lauderdale had the highest number of Sales, accounting for 33 of the 81 sales
Regarding Waterfront Condos, the Term “Luxury” is relative because prices vary significantly based on views from the Unit, low Floor vs. high Floor, quality of the Building, type of Waterfront location, and other factors, so it’s possible, in some cases, to pay a luxury price for a Unit that’s in need of complete updating and/or remodeling because the price reflected fabulous views, larger size, and/or other features that demand premium price

Condos and Townhouses purchased for $1,000,000+:

Ritz Carlton Condo #2005, purchased for $2,522,000 on August 27, 2010
3 Units in Trump Hollywood, purchased in a price range of $1,600,000 – $1,779,000 between August 20, 2010 and September 30, 2010
Ocean Grande Condo #905, purchased for $1,975,000 on September 24, 2010
Ritz Carlton Condo #1904, purchased for $1,385,000 on August 27, 2010
La Rive Condo #802, purchased for $1,100,000 on August 2, 2010
Las Olas Beach Club Condo #2302, purchased for $1,020,000 on August 31, 2010
Malaga Towers Condo, #21P, purchased for $1,325,000 on August 26, 2010
Villas of Positano Condo #8G, purchased for $1,300,000 on August 31, 2010
Villas of Positano Condo #7C, purchased for $1,050,000 on August 24, 2010
The Plaza at Oceanside Pompano Beach #06-2, purchased for $1,028,400 on September 27, 2010

Details about the top 2 Purchases

Ritz Carlton Condo in Ft. Lauderdale- Unit #2005, purchased for $2,522,000 on August 27, 2010
3 Bedroom, 3.5 Bath Unit with 3,200 Square Feet offering Intracoastal and City views
Monthly Maintenance Fee = $3,181
Pictures of the listing were not included in the MLS
Ocean Grande Condo in Hillsboro Beach- Penthouse #905, purchased for $1,975,000 on September 24, 2010
3 Bedroom, 4.5 Bath Unit with 3,562 Square Feet of Living area offering Ocean and Intracoastal views
Monthly Maintenance Fee = $2,690

Ft. Lauderdale Properties Sold

Colee Hammock, 350 Las Olas Place, Bella Vista, Coral Ridge, Enclave at Victoria Park, Hendricks Isle Retreat, Il Lugano, Jackson Tower, L’Ambiance (2 Sales), L’Hermitage, La Rive, Lago Mar Villas, Las Olas Beach Club (4 Sales), Las Olas Grand (2 Sales), Las Olas River House, Ocean Club, Playa del Mar, Plaza South, Point of Americas, Hilton Resort, Ritz Carlton (2 Sales), Villa E’ Este, Sapphire Condo (3 Sales), and Watergarden Condo

Hillsboro Beach Properties Sold

Ocean Grande Condo (2 Sales) and Harborside at Hillsboro Beach

Deerfield Beach Properties Sold

Tiara East and Orchid Beach

Pompano Beach Properties Sold

Aqua Lofts, Santa Barbara Estates (3 sales), The Criterion, Riverside Grande, Plaza at Oceanside Pompano Beach (4), and Palm Cove Lofts

Lauderdale by the Sea Properties Sold

Aquazul, Europa by the Sea, Corniche, Villas by the Sea, and Village at Seagrape

Hollywood Properties Sold

Villas of Positano (2 Sales), Renaissance on the Ocean (4 Sales), White Sands Beach Homes (2 Sales), North Beach Condo, Diplomat Residences, Harbor Islands (2 sales), and Trump Hollywood (4 sales)

Hallandale Properties Sold

Beach Club 1, 2, and 3 (9 sales), 2080 Ocean Drive, and Malaga Towers

Related Information:

*- MLS = Multiple Listing Service (the central Database where Brokers input and store listing and purchase data for properties that they represent for property Owners)