The Palms Condo and Oceanfront Townhouses
Currently, there are 26 active listings of Condos for Sale in The Palms. Their price range is $599,900 – $3,295,000. Of the listings, 26 are Condos for sale and 1 is a Palms Townhouse for Sale.
The $599,900 Condo is a 2 Bedroom, 2 Bath Unit on the 8th Floor and the $3,295,000 Condo is a 5 Bedroom Penthouse that includes the entire top Floor of the Building, the 31st Floor.
Of the active listings, 2 are listed as Short Sales and none are listed as Bank Owned Foreclosures.
This year, through November 30, 2009, there have been 12 sales in The Palms. Their purchase price range was $487,500 – $2,025,000. Of the 12 sales, 11 were Condos (highest purchase price $1,425,000) and 1 was a Townhouse, purchased for $2,025,000. Of the 12 Sales, 1 was a Short Sale and none were Bank Owned Foreclosures.
In 2008, there were only 6 sales in The Palms, so the number of purchases in 2009 so far are double the amount that closed in 2008. Of the 6 Condos sold in The Palms in 2008, one of them was Broward County’s 2nd highest Condo sale for the year and was purchased for $4,000,000.
It’s VERY IMPORTANT to note that, of the 194 Condos in The Palms and 7 Oceanfront Townhouses, only 26 are listed for Sale.
The Palms is a VERY stable Community that hasn’t been affected by serious delinquencies and Foreclosures. A Tax Record search indicates there are 0 Foreclosures and that there’s 1 Pre-Foreclosure in each of the 2 Towers.
As I’ve mentioned in other posts, it’s a gross misconception to assume that all Buildings and Property Owners are in distress because that simply isn’t the case. Market conditions vary DRASTICALLY from one Building to the next.
Though there have been price reductions in The Palms, it’s one of several Buildings that has “weathered the storm” when it comes to not taking a very severe hit on property value. Factors that contribute to its’ health include:
- Its’ fabulous location directly on the Beach in Ft. Lauderdale
- Its’ luxury Amenities
- The lack of Foreclosures and Short Sales (only 2 Short Sales currently)
- The lack of significant numbers of purchases by “Flippers” during the Boom
- Very low numbers of purchases during the Boom
- The age of the Building. It was built in 1998, so in “Condo Years”, it’s a young Building and desireable to Buyers and current Owners. On the other hand, relative to the turbulence of the market, it’s not a brand new Building, so doesn’t have an issue of new, empty Units to be sold
If you’re considering Ft. Lauderdale Oceanfront Condos, Ft. Lauderdale Oceanfront Townhouses, or Ft. Lauderdale Luxury Condos, The Palms Condo and The Palms Oceanfront Townhouses would be great choices to add to your list.
Click to view The Palms Condo full property profile and listings for sale.
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