Sales are continuing to increase in the Luxury segment of the Condo market and 2010 has experienced a 25% increase over 2009 in the number of Luxury Condo sales.
October, 2010 Luxury Condo Purchases in Broward County
During the month of October, 31 Luxury Condos were purchased in a price range of $507,000 – $1,586,000. Of the 31 Condos sold, the average purchase price was $641,000. Note: in the purchase price range under $500,000, Buyers purchased 1,140 Condos in Broward County during the month of October.
- 20 of the 31 sales are indicated to have been Cash purchases
- 28 of the 31 properties are Waterfront Properties (located Intracoastal front, Oceanfront, Riverfront in the Las Olas area, and on Ocean Access Canals)
- 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
Details about the Condo that was purchased for $1,586,000
- Ritz Carlton Condo in Ft. Lauderdale- Unit #1808
Purchased for $1,586,000 on October 15, 2010
2 Bedroom, 2 Bath Residence offering Intracoastal, City, and Ocean views
Monthly Maintenance Fee = $2,148
Ft. Lauderdale Properties Sold
Coral Ridge Townhome, Himmarshee Park Townhome, L’Ambiance Condo (2 sales), L’Hermitage Condo, Las Olas Beach Club Condo, Las Olas Grand Condo (2 sales), Las Olas River House Condo, Sapphire Condo, Seminole Lake Townhomne, and The Ritz-Carlton
Pompano Beach Properties Sold
Santa Barbara Estates Townhomes (5 sales–I represented a Buyer who purchased one of the Residences for $630,000) and Aqua Lofts
Lauderdale by the Sea Properties Sold
Cristelle Condo
Hollywood Properties Sold
Ocean Palms Condo (3 sales), Villas of Positano, and Diplomat Oceanfront Residences
Hallandale Properties Sold
Beach Club 1 and 2 (6 sales) and 2080 Ocean Drive