More than 70 percent of the condo resales in the coastal Downtown Fort Lauderdale and the Beach market transacted for less than $300,000 each in the third quarter of 2011, according to a new report from CondoVultures.com.

An additional 16 percent of the condo resales in the Downtown Fort Lauderdale and the Beach market traded in a range of $300,000 and $500,000 between July and September of 2011, according to the report based on an analysis by the licensed Florida brokerage CVR Realty™.

Of the remaining 14 percent of the condo resales in the Downtown Fort Lauderdale and Beach market, nearly 10 percent of the transactions occurred at prices between $500,000 and $1 million, according to an analysis based on Florida Realtors association data.

Only five units - less than three percent of the deals - traded for at least $1 million each with the top price achieved being $1.1 million, according to the report.

CondoVultures.com is scheduled to profile the latest condo trends in the third quarter of 2011 in the seven largest coastal markets in the tricounty South Florida region of Miami-Dade, Broward, and Palm Beach counties.

As of the week of Oct. 20, 2011, the Condo Vultures® Market Intelligence Report™ has been publishing a seven-part weekly series analyzing new condo sales trends in Greater Downtown Miami, South Beach, Sunny Isles Beach, Hollywood / Hallandale Beach, Downtown Fort Lauderdale and the Beach, Boca Raton / Deerfield Beach, and Downtown West Palm Beach and Palm Beach Island.

In the third quarter of 2011, the median resale price for a condo transaction in the Downtown Fort Lauderdale and Beach market was $180,500. The average condo resale price was $273,900, according to the report.

As of Nov. 16, 2011, there are nearly 400 condos on the resale market in the Downtown Fort Lauderdale and Beach coastal market with a median asking price of $419,250, according to the report.

The units range in price from nearly $10 million to less than $100,000, according to the report.

Of the available condo resale inventory in the Downtown Fort Lauderdale and the Beach market, the greatest concentration – some 35 percent – is priced under $300,000 per unit. An additional 22 percent of the available inventory is priced between $300,000 and $500,000, according to the report.

More than 40 percent of the available condo inventory on the resale market in Downtown Fort Lauderdale and the Beach has an asking price of more than $500,000 with nearly 70 properties being marketed for at least $1 million, according to the report.

Since 2003, developers constructed and converted 47 projects of 15 units or more in a stretch of central Fort Lauderdale from Sunrise Boulevard south to State Road 84/Southeast 24th Street, Northwest 7th/Southwest 4th Avenue east to the Atlantic Ocean, according to the Condo Vultures® Official Condo Buyers Guide To Downtown Fort Lauderdale and the Beach™.

The surge in new condo construction increased Fort Lauderdale's total inventory in the Downtown and Beach neighborhoods to nearly 12,800 units located within 180 projects that feature a combined 1,500 floors of residential living, according to the study.

As of Sept. 30, 2011, developers had sold 99 percent of the nearly 5,100 units created in the coastal Downtown Fort Lauderdale and the Beach market since 2003, according to a new CondoVultures.com report.

At the time, the 298-unit condominium-hotel project formerly known as the Trump International Hotel & Tower - which had not yet begun sales - on Fort Lauderdale Beach Boulevard was not included in the total.

It is important to note there are various stages to a residential real estate transaction in South Florida.

A transaction begins when a property is made available for sale and ends when a title is conveyed from one party to another party as a result of the recording of a deed with the local government.

As part of the process, a property typically goes under contract and into a due diligence phase by which a deal can be canceled.

The CondoVultures.com new condo sales report is based on completed transactions where a deed is recorded and taxes paid as a result of the sale.

Condo Vultures® LLC is a real estate consultancy and marketing company based at 1005 Kane Concourse, Suite 205, Bal Harbour, Florida, 33154. You can reach Condo Vultures® LLC at 800-750-0517.

Don't forget to sign up for our weekly Market Intelligence Report™ for detailed condo reports to stay informed on the latest market trends and to find out about our various Condo Vultures® Seminars. Looking for a property at a deep discount? Take a peek at the Vultures Database™ or view our Video Library. Looking for bulk projects direct from developers or lenders? Visit the Condo Vultures® Bulk Deals Database™. Our new books, the Official Condo Buyers Guide to Miami™, Official Condo Buyers Guide To South Beach™, Official Condo Buyers Guide to Sunny Isles Beach™, Official Condo Buyers Guide to Downtown Fort Lauderdale and the Beach™, Official Condo Buyers Guide to Hollywood / Hallandale Beach™, Official Condo Buyers Guide to Downtown West Palm Beach™, and Official Condo Buyers Guide to Boca Raton / Deerfield Beach™, are now available. Want to see every foreclosure filed in South Florida since 2007? Check out our Foreclosure Database™.

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