Developer Of W Fort Lauderdale Attempts To Sell Unsold Units In Bulk Deal
The Downtown Fort Lauderdale and Beach coastal condo market is on the verge of selling out of the remaining developers units - located primarily in the two-tower W Fort Lauderdale Beach project - created during the last South Florida real estate boom that began in 2003, according to a new report from CondoVultures.com.
After a 20-month campaign of individual sales, the developer of the W Fort Lauderdale Beach condo-hotel project - built in 2009 on a 4.5-acre site overlooking the Atlantic Ocean - is pursuing a bulk deal for the remaining unsold units and common areas for an unknown price, according to the South Florida SunSentinel.
As of Sept. 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 third 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 Oct. 15, 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 $800 per square foot with individual units trading in a range from less than $650 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 CondoVultures.com.
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.
As of Nov. 14, 2012, at least four new condo towers - 151 Isle Of Venice Drive, 1110 Seminole Drive, Grand Birch, and Orion - are proposed for the Downtown Fort Lauderdale and Beach coastal market, according to a new CondoVultures.com report.
Overall, developers are planning at least 86 condo towers with more than 12,550 new units in the tricounty South Florida region, according to the Proposed Condo Projects list compiled by the licensed Florida brokerage CVR Realty™.
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.
Don't forget to sign up for our weekly Market Intelligence Report™ for detailed condo reports to stay informed on the latest market trends and to find out about our various Condo Vultures® Seminars. Looking for a property at a deep discount? Take a peek at the Vultures Database™ or view our Video Library. Looking for bulk projects direct from developers or lenders? Visit the Condo Vultures® Bulk Deals Database™. Our new books, the Official Condo Buyers Guide to Miami™, Official Condo Buyers Guide To South Beach™, Official Condo Buyers Guide to Sunny Isles Beach™, Official Condo Buyers Guide to Downtown Fort Lauderdale and the Beach™, Official Condo Buyers Guide to Hollywood / Hallandale Beach™, Official Condo Buyers Guide to Downtown West Palm Beach™, and Official Condo Buyers Guide to Boca Raton / Deerfield Beach™, are now available. Want to see every foreclosure filed in South Florida since 2007? Check out our Foreclosure Database™.
© Copyright 2012. Condo Vultures® LLC. All Rights Reserved.
