Buyers have paid an average of $176 per square foot for 36 units in the Village East condo conversion south of the 17th Street Causeway through Sept. 30, 2011, according to an analysis based on the Condo Vultures® Official Condo Buyers Guide To Downtown Fort Lauderdale and the Beach™.
Some seven months earlier in February 2011, a South Florida-based bulk buyer paid an average of $121 per square foot for the unsold developer units in the 264-unit project, according to a CondoVultures.com report.
CondoVultures.com is scheduled to profile new unit sales by project 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.
Beginning the week of Oct. 20, 2011, the Condo Vultures® Market Intelligence Report™ began 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.
Converted in 2006, the Village East condo project sold 195 units at an average of more than $320 per square foot between April 2006 and February 2011, according to Broward County records.
Resale prices are on the rise at the Village East condo conversion as the developer inventory in Downtown Fort Lauderdale and the Beach market dwindles.
In the second quarter of 2011, buyers paid an average of $174 per square foot for 21 units in the 11-building project. Between July and September of 2011, buyers paid an average of $180 per square foot for 15 units, according to government records.
At the current resale pace of six units per month, the bulk owner is on schedule to sell out the remaining inventory by the second quarter of 2012, 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.
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