Only 4% Of Downtown Fort Lauderdale Condos Remain Unsold

MIAMI, FL--Less than four percent of the 5,100 completed condominiums created during the development boom in Downtown Fort Lauderdale and the Beach are unsold as of Sept. 30, 2010, according to a new report from CondoVultures.com.

The total number of unsold developer units was reduced by 69 condos in the third quarter of 2010, leaving less than 180 units created since 2003 still in developer control, according to the report based on the soon-to-be-published Condo Vultures® Official Condo Buyers Guide To Downtown Fort Lauderdale and the Beach™. 

The Downtown Fort Lauderdale and the Beach total remaining unsold inventory does not include the yet-to-open 298 condo-hotel project on North Fort Lauderdale Beach Boulevard that was to be the Trump International Hotel & Tower (top left photo). The project's namesake, New York developer Donald Trump, ended his affiliation with the project in November 2010, according to the South Florida Sun-Sentinel.

Mired in foreclosure, the project's co-developers, Stillman Development International and Bayrock Group, have not yet filed the declaration of condominium, which is the last step before presales can be transacted, according to the South Florida Business Journal.

"Fort Lauderdale is a condo market with minimal developer inventory available," said Peter Zalewski (middle  right photo), a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures® LLC.

 "If the former Trump International Hotel & Tower is excluded, there are only a dozen projects with less than 180 unsold units out of 47 condominiums with 5,100 units created since 2003.

“ This is a extremely low ratio for the tricounty South Florida region where most submarkets have at least 15 percent of their boom-time inventory still vacant." 

Peter Zalewski of Condo Vultures® can be reached at 800-750-0517 or by email at peter@condovultures.com