W Fort Lauderdale Condo-Hotel Sales Approach $20 Million As Of Q2 2012 Published on 8/13/2012 7:07:56 PM
Developer sales at the W Fort Lauderdale condo-hotel project in the Downtown Fort Lauderdale and Beach coastal market are proceeding at a pace of nearly two units per month in the 13 months since the first transaction was recorded in May 2011, according to a new report from CondoVultures.com.
As of June 30, 2012, buyers have acquired nearly two dozen units for a combined price of more than $18.2 million in the 171-unit tower that stands on the west side of the W Fort Lauderdale property - also known as the Fort Lauderdale Residences hotel condominium - in the 400 block of North Fort Lauderdale Beach Boulevard, according to Broward County records
A twin 24-story tower located on the east side of the rectangular-shaped W Fort Lauderdale property currently operates as a traditional hotel with no units for sale, according to government records.
CondoVultures.com is scheduled to profile residential real estate trends in the first quarter of 2012 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 July 16, 2012, 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 Beach, Boca Raton / Deerfield Beach, and Downtown West Palm Beach and Palm Beach Island.
The Downtown Fort Lauderdale and Beach coastal market stretches from Sunrise Boulevard south to State Road 84 (Southeast 24th Street), and the Atlantic Ocean west to Northwest 7th / Southwest 4th avenues, according to the Condo Vultures® Official Condo Buyers Guide To Downtown Fort Lauderdale and Beach™.
Sales at the W Fort Lauderdale project began last year shortly after the recording of a "Declaration of Condominium" on March 9, 2011 with the Broward County Clerk of the Court, according to government records.
Since the first sale was recorded in early May 2011, buyers have paid an average of nearly $790 per square foot with individual units trading in a range from less than $635 per square foot to nearly $1,250 per square foot, according to Broward County Property Appraiser records.
In the Downtown Fort Lauderdale and Beach market, foreign buyers and institutional investors have acquired 99 percent of the nearly 5,100 units that were constructed in the area during the real estate boom that began in 2003, according to a new CondoVultures.com report.
The unsold developer unit total excludes the recently launched W Fort Lauderdale condo-hotel units and the nearly completed but vacant 298-unit condo-hotel complex at 551 N. Fort Lauderdale Beach Blvd. that was formerly named the Trump International Hotel and Tower before being repossessed by the lender of record in March 2012, according to a recent report from CondoVultures.com.
At the end of the second quarter of 2012, at least one new condo tower - the planned 170-unit Orion on North Fort Lauderdale Beach Boulevard - is proposed for the Downtown Fort Lauderdale and Beach coastal market, according to the Proposed Condo Projects list compiled by the licensed Florida brokerage CVR Realty™.
In the Downtown Fort Lauderdale and Beach market, about 250 condo units created since the South Florida real estate boom began in 2003 are currently on the resale market at a median asking price of about $335 per square foot as of Aug. 14, 2012, according to an analysis by CVR Realty™.
Buyers purchased nearly 140 condo units - created since 2003 - at a median price of more than $205 per square foot in the second quarter of 2012 compared to about 142 units at a median resale price of less than $195 per square foot in 2011 in the Downtown Fort Lauderdale and Beach market, according to an analysis based on Florida Realtors association data.
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.
Condo Vultures® LLC is a real estate consultancy and marketing company based in the 225 Midtown Building at 225 NE 34th St., Suite 209B, Downtown Miami, Florida, 33137. Condo Vultures® LLC can be reached at 800-750-0517.
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