New Oceanfront Condos in Ft. Lauderdale| Ft Lauderdale Oceanfront Condos

So, what’s going on in the market of Oceanfront Condos in Ft. Lauderdale?

Direct Oceanfront Condo Inventory and Purchases in New Buildings

Many Buyers who are interested in Oceanfront Condos have heard that there’s lots of new Inventory of Oceanfront Condos in Ft. Lauderdale, however, the perception regarding our Waterfront Condo inventory, both Oceanfront and otherwise, is often very inaccurate and, to paraphrase Mark Twain, “the reports of our demise are greatly exaggerated.” Inventory and market conditions vary drastically in various areas and Ft. Lauderdale is fortunate not to have experienced the extreme levels of new Condo Inventory that were experienced in some other areas.

Within the last 12 years, only 4 direct Oceanfront Condos have been built in Ft. Lauderdale and none are currently under Construction or approved for Construction, so Buyers who are interested in “new”, direct Oceanfront Condos in Ft. Lauderdale don’t have a wide variety of Buildings to choose from. When I refer to “direct Oceanfront”, it means Condos on the Sand/Beach, NOT across the Street from it.

The Table below includes information about Units that have been purchased this year in the 4 Buildings. None of these Buildings had high numbers of sales during the peak of the market, so they have been very minimally affected by Short Sales, Maintenance Fee delinquencies, and Foreclosures and the current purchase prices of Condos reflect significant reductions from peak market prices of several years ago.

Of 823 total Units in the 4 Buildings, only 102 are listed for sale, so inventory isn’t high.

(Clicking on each Condo’s name in the Table below links to additional information about the Building and listings in the Building)

Condo	Year Built	Sales in 2010	2010 Purchase Prices	2010 Average Purchase Price	Current Listings
Coconut Grove Residences	2007	17	$405,000 – $1,950,000	$724,511	$605,000 – $7,995,000
L’Ambiance	2003	4	$649,000 – $1,300,000	$872,000	$749,999 – $2,499,000
L’Hermitage	1998	14	$610,000 – $1,854.400	$1,047,157	$599,900 – $3,900,000
The Palms	1999	8	$695,000 – $2,200,000	$1,083,750	$565,000 – $2,999,000

So, you wonder, which direct Oceanfront Condos in Ft. Lauderdale have the most sales? The majority of purchases are in older Condo Buildings and I included information about those later in this post.

Condo Inventory and Purchases in New Buildings Across from the Ocean

Within the last 5 years, 4 Condos were built on A1A/N. Ocean Blvd. across from the Ocean and information about their sales is included in the Table below.

Of the 4 Buildings, Las Olas Beach Club is the only one that doesn’t have Buildings in front of it–only the Ocean and Beach are across the Street from it and that section of Beach isn’t wide enough for Building construction. Private Elevator entry into each Residence, luxury Amenities, beautiful views, spacious Residences, and walking distance to Shops, Restaurants, and Nightlife make Las Olas Beach Club one of Ft. Lauderdale’s top choices in Luxury Condos.

Although Vue, Fountains, and Sapphire have other Buildings and Homes across the Street from them, Units on mid-high Floors have gorgeous Ocean, Intracoastal, and/or City skyline views (with the exception of Fountains, which doesn’t offer a lot so far as phenomenal views since it’s only a 7-story Building).

Sapphire Condo offers the most “bang for the buck” in terms of being a total package so far as discounted price, new Construction, luxury Amenities, outstanding Water views, great Floor Plans ranging in size from 1,274 Square Feet of living area – 2,680 Square Feet of Living Area, contemporary design, low Maintenance Fees, and great location. Buyers in the current market obviously recognize its value, as indicated by 71 closed sales to date in 2010. Yes, that’s 71 sales so far for this year alone and the Building has currently sold ~75% of the total Units (“Sold” means closed sales/purchased Units that are recorded in Property Tax Records, NOT pending Sales).

Condo	Year Built	Sales in 2010	2010 Purchase Prices	2010 Average Purchase Price	Current Listings
Las Olas Beach Club	2007	11	$610,000 – $1,250,000	$891,636	$799,000 – $3,995,000
Sapphire Condo	2009	71	$280,000 -$690,000	$425,581	$350,000 – $1,010,000
Fountains on Ocean Blvd.	2009	14	$334,900 – $705,000	$436,300	$300,000s – $500,000s
Vue Condo	2005	7	$260,000 – $469,000	$394,143	$219,900 – $750,000

(Clicking on each Condo’s name in the Table above links to additional information about the Building and listings in the Building)

Oceanfront Condos Purchased in older Buildings

The majority of Oceanfront Buildings in Ft. Lauderdale are those that were built more than 25 years ago, so most sales occur in those Buildings. For those interested in move-in ready Units, note that a number of Owners have updated their Units to reflect current tastes in design and almost all of the older Buildings have undergone renovation. Residences that haven’t been updated are perfect for designing to your own preferences and many that are in need of work have been priced accordingly.

Through August 31, 2010, records indicate that 163 Condos were purchased in the older Oceanfront Condo Buildings (built in 1957 – 1987, with an average age of 30). Their purchase price range was $113,000 for a 1-Bedroom Condo in original condition in Galt Towers, built in 1979 – $1,050,000 for a 3-Bedroom Condo in Point of Americas, built in 1970. Despite market conditions, Building age, and property condition, Oceanfront is considerered by most to be the ultimate Waterfront location and that’s reflected in the purchase prices of Oceanfront property.

Elsewhere in Broward County, the nearby Cities of Lauderdale by the Sea, Pompano Beach, Deerfield Beach, Hillsboro Beach, Hollywood, and Hallandale are a HUGE part of the Oceanfront Condo market and recorded sales of 691 Oceanfront Condos in 2010, through August 31st.

Aside from Oceanfront Condos, other types of Waterfront Condos that are currently selling in Broward County include those that are Intracoastal front, Riverfront (on the New River in the Las Olas area of Ft. Lauderdale), and Canal front on Ocean access Canals. Waterfront Condos on Ocean access Canals are typically the lowest priced Condos that are available.

Additionally, some Condos are not direct Waterfront, but are located close enough to the Water to enjoy great Ocean and/or Intracoastal views (Jackson Tower, The Port, The Tides at Bridgeside Square, and Sapphire are 4 examples of such Condos).

New Condo Selections near Ft. Lauderdale

The Cities of Lauderdale by the Sea, Pompano Beach, Deerfield Beach, Hillsboro Beach, Hollywood, and Hallandale Beach are very close to Ft. Lauderdale and offer new Oceanfront Condos as well, so can be added to your list of locations to consider if you would to extend your available choices.