February, 2011 Luxury Condo and Townhome Purchases in Broward County
During the month of February, 2011, 35 Luxury Condos and Townhomes were purchased in a purchase price range of $500,000 – $2,600,000 in Broward County.
32 of the 35 sales are indicated to have been Cash purchases, which is typical in our current market, particularly in the Condo market, where Cash purchases currently represent ~80% of all purchases.
The properties are located in the Cities of Ft. Lauderdale, Deerfield Beach, Hallandale, Hollywood, Lauderdale by the Sea, and Pompano Beach.
Note for comparison purposes: In the purchase price range under $500,000, there were 1,450 purchases of Condos in Broward County during the month of February.
Additional details about the properties that were purchased
- 34 of the 35 properties purchased 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
- 2 of the Properties were purchased as Bank Owned Foreclosures
- 3 of the Properties were purchased as Short Sales
The top 10 Sales were:
- Penthouse 2703 at Diplomat Oceanfront Residences Condo, purchased for $2,600,000
- Townhouse 1794 at Hillsboro Bay by the Sea, purchased for $1,990,000
- Las Olas Grand Condo Unit 3706, purchased for $1,200,000 (I represented the Buyers who purchased the Unit).
- Las Olas Grand Condo Unit 3601, purchased for $1,100,000
- L’Ambiance Condo Unit 2502, purchased for $1,050,000
- L’Hermitage Condo Unit 1101, purchased for $1,000,000
- Villas by the Sea Oceanfront Condo Unit 3406, purchased for $999,900
- Coconut Grove Residences Condo Unit 202, purchased for $900,000
- Sea Ranch Club Unit 812, purchased for $825,000 (NOTE: Sea Ranch Club was built in 1979! Oceanfront Property holds its’ value very well)
- Orchid Beach Condo Penthouse 508, purchased for $820,000
Information about the Condo that was purchased for $2,600,000 (pictured below)
- Purchased for $2,600,000 on February 28, 2011
- Penthouse 2703, located at Diplomat Oceanfront Residences Condo in Hollywood, a DIRECT Oceanfront Building on the Beach
- Built in 2007
- 3 Bedrooms and 6.5 Baths
- 5,000 Square Feet of Living Area
- 7,500 total Square Feet
- $3,600 monthly Maintenance Fee
The Listing Description reads as follows:
“SPECTACULAR MARBLE AND ONYX BUILDOUT WITH HIGH END SMART HOME SYSTEM. 10′ FLOOR TO CEILING WINDOWS WITH BREATHTAKING VIEWS, OVERLOOKING THE ATLANTIC OCEAN, TROPICAL POOLS AND LUSH GARDENS. ENJOY ALL AMENITIES OF THE STARWOOD MANAGED WESTIN DIPLOMAT, INCL. MEMBERSHIP IN GOLF&COUNTRY CLUB. DEVELOPER PERMIT FOR LARGE SIZE SPA ON HUGE OCEANFRONT BALCONY.”
Ft. Lauderdale Properties Sold
1 Unit in Coconut Grove Oceanfront Residences Condo, 1 Unit in Jackson Tower, 1 Unit in L’Ambiance, 5 Units in L’Hermitage, 3 Units in Las Olas Grand, 1 Unit in Le Club International, 1 Unit in Nu River Landing, 2 Units in Point of Americas, 1 Unit in The Port, 1 Unit in Venetian Las Olas, and 1 Unit in The Enclave Townhouse.
Deerfield Beach Property Sold
1 Unit in Orchid Beach Condo.
Pompano Beach Properties Sold
3 Units in The Plaza at Oceanside Pompano Beach, 1 Unit in Sonata Beach Club, and a Townhouse in Hillsboro Bay by the Sea.
Hollywood Properties Sold
2 Units in Renaissance on the Ocean Condo and 2 Units in Diplomat Oceanfront Residences.
Hallandale Properties Sold
4 Units sold in Beach Club Condo in Towers 1, 2, and 3.
Lauderdale by the Sea Properties Sold
1 Unit each in Villas by the Sea, Europa by the Sea, and Sea Ranch Club.
Related Information: