The same month that the massive investment bank Lehman Brothers filed for bankruptcy protection in September 2008 contributing to an eventual economic meltdown of the U.S. financial system, a Florida entity controlled by the Miami development company the Related Group and the Philadelphia fund Lubert-Adler took title to 67 new units in the 21-story Strada 315 condo tower in Downtown Fort Lauderdale.
Some 41 months later as the U.S. economy is reportedly showing signs of stabilizing, the ownership entity that controls the Strada 315 condo units is launching an initiative to resell the remaining 61 units out of an original pool of 67 units that it still controls in the 117-unit tower located north of Broward Boulevard in Downtown Fort Lauderdale, according to Broward County records.
Pricing for the Strada 315 units starts at less than $225 per square foot, according to an analysis by the licensed Florida brokerage CVR Realty™.
CondoVultures.com is scheduled to profile residential real estate trends in the third quarter of 2011 in the seven largest coastal condo markets in the tricounty South Florida region of Miami-Dade, Broward, and Palm Beach counties.
Since the week of Jan. 16, 2012, the Condo Vultures® Market Intelligence Report™ has been publishing a seven-part 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.
The Downtown Fort Lauderdale and the Beach market stretches from Sunrise Boulevard south to State Road 84, the Atlantic Ocean west to Northwest 7th / Southwest 4th avenues, according to the Condo Vultures® Official Condo Buyers Guide To Downtown Fort Lauderdale And The Beach™.
The Strada 315 units come to market at a time when fewer than 50 new condos created during the South Florida real estate boom in the Downtown Fort Lauderdale and Beach market are still controlled by the original developers, according to a new report from CondoVultures.com.
As of Dec. 31, 2011, buyers had purchased more than 99 percent of the nearly 5,100 condos created in the Downtown Fort Lauderdale and the Beach market since 2003, according to an analysis of Broward County records.
The unsold developer inventory in the Downtown Fort Lauderdale and Beach market shrank in the fourth quarter of 2011 after a Delaware corporation paid $10 million for the final 19 units of the new Hemingway Landings waterfront condo complex just north of the 17th Street Causeway, according to a recent CondoVultures.com report.
Overall, buyers have purchased nearly 5,030 developer units that were created since 2003. The combined purchase price for the developer units totals more than $2.3 billion for more than 6.5 million square feet of space, according to an analysis of Broward County records.
Developer condos from the boom have sold for an average of nearly $360 per square foot, according to an analysis of the Broward County Property Appraiser records.
The remaining unsold developer units in the Downtown Fort Lauderdale and the Beach market are located in four projects.
As of the fourth quarter of 2011, 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.
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