MIAMI, FL---Less two percent of the nearly 5,100 condos created in the Downtown Fort Lauderdale and Beach market during the South Florida real estate boom remain unsold as of March 31, 2011, according to a new report from CondoVultures.com. The unsold inventory was reduced even further between January and March of 2011 when buyers acquired 76 developer units for nearly $10.7 million, according to the report based on the Condo Vultures® Official Condo Buyers Guide To Downtown Fort Lauderdale and Beach™.
A super majority of the units that transacted in the first quarter of 2011 were in the Village East condominium (top left photo) conversion, where a 68-unit bulk deal traded for $7.65 million in February. The other developer units to transact in the first quarter of 2011 were located in the Coconut Grove Residences on Fort Lauderdale Beach (lower right photo), according to an analysis of Broward County records.
"Downtown Fort Lauderdale and the Beach is arguably one of the most stable coastal condo markets in the tricounty South Florida region based strictly on remaining unsold developer units," said Peter Zalewski, a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures® LLC.
"As a result of a somewhat anti-development city commission during the boom years, several new condo projects planned for Downtown Fort Lauderdale and the Beach were never constructed. Many of the units that ultimately were built ended up coming on line right as the real estate crash was beginning.
"Buyers with preconstruction purchase contracts at the time opted to go forward with their transactions rather than lose their deposits of typically 20 percent."
Peter Zalewski of Condo Vultures® can be reached at 800-750-0517 or by email at peter@condovultures.com
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