L'Hermitage Condo| Ft. Lauderdale Oceanfront Condos

L’Hermitage Oceanfront Condo Market Report

During the first 6 months of 2011, through June 30th, 15 Units were purchased in L’Hermitage Condo and details about the purchases are included below. Of the 15 Units purchased, 8 of the Units have 3 Bedrooms and 7 of the Units have 2 Bedrooms. The Units that were purchased range in size from 1,630 Square Feet of Living Area – 2,661 Square Feet of Living Area.

L’Hermitage is 1 of only 4 direct Oceanfront Condos that were built within the last 13 years on the Beach in Ft. Lauderdale and, as such, is considered one of the newer Oceanfront Condos in Ft. Lauderdale. Ft. Lauderdale has extremely limited Inventory of new Condos.

South Florida Oceanfront Condos continue to perform strongly with purchases in the current Market.

Tower 1 (3100 N. Ocean Blvd.)

Unit Number	Purchase Price	Purchase Date
1101	$1,000,000	2/22/11
1208	$1,025,000	5/31/11
410	$800,000	2/27/11
2602	$850,000	1/28/11
1204	$800,000	4/13/11
1903	$740,000	4/28/11
2105	$506,126	2/14/11

Tower 2 (3200 N. Ocean Blvd.) –the Tower that’s closest to the Ocean

Unit Number	Purchase Price	Purchase Date
2007	$1,019,000	6/29/11
701	$935,000	4/29/11
1802	$840,000	6/2/11
702	$825,000	6/2/11
2406	$750,000	1/9/11
2105	$625,000	2/18/11
703	$740,000	6/9/11
2605	$650,000	2/7/11

Foreclosures and Short Sales

Of the Units that were purchased, 1 was purchased as a Short Sale (Unit 703 in Tower 2) and 1 was purchased as a Bank Owned Foreclosure. The Foreclosure that was purchased is Unit 2105 in Tower 1, that was listed for $499,900 and purchased for $506,126, so was purchased for an amount that was above its’ listed price, which is typical with Bank Owned Foreclosures in our local Market.

Condos for Sale in L’Hermitage

Of 444 total Units in the Complex (222 in each Tower), 35 are currently listed for Sale, so Inventory is below average since average is typically considered to be 10% of Units for Sale (which, in the case of L’Hermitage, would equal 44 Units for Sale).

Pending Sales

Currently, 5 Units are under Pending Contract for purchase (Buyers submitted Offers that were accepted for purchase of the Units).

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