Sapphire Condos Sold in 2010| Sapphire Condos for Sale

92 Units were sold in Sapphire in 2010, which is truly phenomenal!

When Sapphire reduced their prices in late 2009, Sales increased rapidly in 2010 and have continued consistently because savvy Buyers comparison shopped, completed their market research, and are aware that Sapphire’s prices, Amenities, location, and other features present a terrific value that’s unmatched in the Ft. Lauderdale Beach area.

There were others who questioned whether a significant number of Units would sell, many who decided they would wait and see what happened and wait until later to purchase since they felt that prices would be further reduced and that a large number of Units would remain unsold. Well, 2010 is over and the large sales volume speaks for itself. Those who predicted a negative outcome were proven wrong in a very big way and Units they could have purchased at great prices were purchased by other Buyers.

The 92 Units were purchased in a purchase price range of $280,000 – $715,000, with an average purchase price of $450,000. Of 92 Units sold, only 2 Units were purchased for under $300,000 and only 14 were purchased for under $350,000. The lowest priced Units that were purchased are those that have inferior views and/or are smallest in size.

It should be noted that the majority of Buyers who have purchased in Sapphire were Cash Buyers and Sapphire is a very financially healthy Building. Sapphire Condo is Fannie Mae approved, so purchases can be Financed through your choice of Lenders, however in our current market, Cash sales account for approximately 80% of Condo Sales, so the large number of Cash Buyers at Sapphire Condo isn’t unusual.

In the 2 Towers at Sapphire, North and South, there’s a total of 172 Units (86 Units in each Tower). Property Tax Records indicate that, of the 172 Units, only 46 are currently Developer owned. The first closed sale in Sapphire Condo took place on June 12, 2009. All of the Units have been purchased by individual Buyers (there haven’t been any Bulk sales). Information about Units purchased is obtained directly from Broward County’s Property Tax Records, so these are not pending sales that haven’t closed yet.

When future sales are recorded in Property Tax Records, I will provide updates (typically, sales are recorded in Property Tax Records online within 1-2 weeks after Closing). Based on Sapphire’s record sales in 2010 and based on reports about Units that are currently under Contract for purchase, I expect that the 46 remaining Developer owned Units will be purchased quickly and will very likely be sold within the first 6 months of this year.

November and December 2010 Sales in Sapphire Condo

During the months of November and December of 2010, 9 Units were purchased in Sapphire and their details are included below.

Unit #	Purchase Date	Purchase Price	Tower*
908N	12/28/10	$495,000	North
808N	12/23/10	$480,000	North
804N	12/15/10	$490,000	North
403N	12/7/10	$455,000	North
1105S	12/2/10	$715,000	South
PH01S	11/29/10	$710,000	South
505S	11/12/10	$575,000	South
604N	11/5/10	$475,000	North
306S	11/2/10	$311,000	South

*2831 N. Ocean = the North Tower and 2821 N. Ocean = the South Tower

Note: The first number of the Unit number indicates the Floor that the Unit is located on. Prices vary, based on size of the Unit, Water views, Floor location, and position of the Unit as related to most desired and least desired views.

Sapphire Condos for Sale

Sapphire Condos for Sale are currently available in a price range of $399,000 – $1,155,000 and include 2-Bedroom Units, 3-Bedroom Units, and Penthouses. All of the Units for Sale in Sapphire are Developer Owned except for 1 Unit that’s listed for resale. It will most likely be a few years before much more resale inventory is available at Sapphire (reasons for this include: sales in Sapphire only started in 2009, the majority of sales in Sapphire occurred in 2010 so Owners are just settling in, Buyers who bought at Sapphire aren’t “upside down” on the value of their Units, there aren’t any Short Sales or Foreclosures, and most Buyers paid Cash instead of Financing their purchases). I’ve received inquiries about the availability of Resales at Sapphire, however, Owners who sell their Units before Developer owned Sales in the Building are complete almost always price higher than the Developer does, so buying a Resale Unit here does not offer a better deal than buying a Developer owned Unit.

The location, Ocean, and Intracoastal views are beautiful and the Amenities are absolutely fabulous!!! Click to view the full Building profile for Sapphire Condo in Ft. Lauderdale.

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