MIAMI, FL -- A Delaware corporation has paid $10 million for the final 19 units of a new waterfront condo complex in the Downtown Fort Lauderdale and the Beach market, according to a new report from CondoVultures.com.
The buyer - Hemingway Landings LLC with a permanent address in Williamstown, Mass. - paid an average of $238 per square foot for more than 42,000 square feet of livable space at the in a deal that transacted on Nov. 22, 2011, according to Broward County Hemingway Landings (top left photo) records.
"As a result of this bulk deal, there are now fewer than 50 developer units that remain unsold in the Downtown Fort Lauderdale and the Beach submarket from the last South Florida real estate boom," said Peter Zalewski (bottom right photo) a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures® LLC.
"Depending upon how new unit sales go in the fourth quarter of 2011, the Downtown Fort Lauderdale and the Beach submarket could be sold out by the end of the year. If this does not happen, it is only a matter of time until the boom-era condos in the Downtown Fort Lauderdale and the Beach market are eventually sold."
As of Sept. 30, 2011, developers had sold 99 percent of the nearly 5,100 units created in the coastal Downtown Fort Lauderdale and the Beach market since 2003, according to a recent CondoVultures.com report.
Condo Vultures® LLC is a real estate consultancy and marketing company based at 1005 Kane Concourse, Suite 205, Bal Harbour, Florida, 33154. You can reach Condo Vultures® LLC at 800-750-0517.
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