New Downtown Fort Lauderdale Condos Sell At 2003 Prices

More than 95 percent of the 5,100 new condos created in Downtown Fort Lauderdale and the Beach since 2003 have been sold as of June 2010, generating sales of nearly $2.3 billion, according to a new Condo Vultures® White Paper™.

Unsold new condo inventory in Downtown Fort Lauderdale and the Beach decreased to just five percent in the first half of 2010 as buyers purchased 36 new condo units at an average price of $267 per square foot.

This year's average price ranks as the second lowest amount paid since 2003, and represents a 46 percent discount off of the 2007 peak pricing of $499 per square foot, according to the report based on the soon-to-be-published Condo Vultures® Official Condo Buyers Guide To Fort Lauderdale™.

"Downtown Fort Lauderdale and the Beach is in one of the most enviable positions of any major South Florida submarket as less than 300 new condo units remain unsold from the boom years," said Peter Zalewski, a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures® LLC.

"To the south in Greater Downtown Miami, developers and lenders are battling to sell off 5,000 new condo units. To the north in Downtown West Palm Beach, there are nearly 1,000 unsold new units on the market."

Contact: Peter Zalewski of Condo Vultures®,  800-750-0517 or by email at peter@condovultures.com.