The Palms Oceanfront Condo in Ft. Lauderdale
Real Estate Market Report
Since my previous Market Report, 4 Units were purchased in the Palms. All 4 Units are located in The Palms Tower 1, which is the South Tower, located at 2100 N. Ocean Blvd. The Units that were purchased are as follows:
- Unit 23A, purchased for $1,350,000 on January 6, 2012: 3 Bedrooms and 4.5 Baths, 2,862 Square Feet of Living Area
- Unit 15D, purchased for $699,000 on April 24, 2012: 2 Bedrooms and 2.5 Baths, 2,172 Square Feet of Living Area
- Unit 9F, purchased for $650,000 on April 16, 2012: 2 Bedrooms and 2 Baths, 1,604 Square Feet of Living Area
- Unit 7E, purchased for $409,900 on March 29, 2012: 2 Bedrooms and 2 Baths, 1,601 Square Feet of Living Area
The Units feature a variety of views, including Ocean, City Skyline, Coastline, and Intracoastal. As usual, Units with the best views, size, condition, and design features command premium prices. Two of the Units were sold at purchase prices that were equal to their list prices, Units 15D and 7E, which is becoming more frequent in the current Market, particularly in cases where Sellers have priced their properties realistically in line with current market values and in cases where there’s limited Inventory of specific types of properties within a certain price point.
Units for Sale
Of 195 total Units in Towers 1 and 2 at The Palms, only 21 are currently listed for sale, so Inventory is at a normal level and is not excessive. The price range of the Units listed for sale is $410,000 – $4,250,000. 18 of the 21 listings are Condos and 3 of the 21 listings are 4-story direct Oceanfront Townhomes. The Units for sale have 2 Bedrooms, 3 Bedrooms, 4 Bedrooms, and 5 Bedrooms, with spacious sizes of 1,600 – 4,738 Square Feet of Living Area. 4 of the Units are luxury Penthouses. None of the Units for sale are listed as Bank Owned Foreclosures or Short Sales.
Built in 1999 – 2001, The Palms is one of Ft. Lauderdale’s newest direct Oceanfront Condos since only 4 new Condos on the Beach were built in Ft. Lauderdale within the last 14 years. With luxury Amenities, a great location, spacious Units, and beautiful views, The Palms Condo remains a very desirable choice for discerning Buyers.
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