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Downtown Fort Lauderdale And Beach Luxury Market Faces 19-Month Supply Of Condos For Sale At Start Of Winter Buying Season

Buyers Purchased Nearly 95 Downtown Fort Lauderdale And Beach Luxury Condos In First Nine Months Of 2019  

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(This Report Is Powered By Brickell Ventures LP)

DOWNTOWN MIAMI (Dec. 5, 2019) - At least 200 luxury condo units are formally listed for sale at a minimum price of at least $1 million in the Downtown Fort Lauderdale and Beach market in the South Florida county of Broward, according to a new report from Condo Vultures® Realty LLC.

Based on luxury condo sales of more than 10 units monthly in the first nine months of 2019, the Downtown Fort Lauderdale and Beach market now has more than a 19-month supply of units available for purchase in the tricounty South Florida region of Miami-Dade, Broward and Palm Beach at the start of the Winter Buying Season, according to the report based on data from the Southeast Florida MLS Matrix.

A balanced market is generally considered to have about six months of supply. More months of condo supply listed for sale suggests a buyer’s advantage and less months typically indicates a seller’s advantage in the market.

It is worth noting this report only tracks those Downtown Fort Lauderdale and Beach luxury condos formally listed for sale. The report does not factor in the nearly 47,750 new condo units currently in the development pipeline east of Interstate 95 in the tricounty South Florida region.

Currently, more than 80 Downtown Fort Lauderdale and Beach luxury condo units are under contract - or pending - and waiting to transact at an asking price of less than $2.8 million or about $1,269 per square foot, according to the statistics. 

The average asking price of a Downtown Fort Lauderdale and Beach luxury condo currently listed for sale is nearly $2.3 million per unit. This works out to an average asking price of about $849 per square foot, according to the data compiled by CondoVulturesRealty.com.

In the first nine months of 2019, the average transaction price of a Downtown Fort Lauderdale and Beach luxury condo was less than $1.8 million or about $623 per square foot.

This means the current asking price of a Downtown Fort Lauderdale and Beach luxury condo listed for sale is more than 30 percent higher than the average transaction price achieved on a per-unit basis and more than 36 percent higher than the average transaction price on a per-square-foot basis between January and September of this year.

In the first three quarters of 2019, the sellers who were able to unload their units needed about 193 days to transact a Downtown Fort Lauderdale and Beach luxury condo listed for sale. The current Days-On-The-Market average for Downtown Fort Lauderdale and Beach luxury condos listed for sale is about 213, according to the statistics.

The number of Days-On-The-Market for the luxury condo units currently under contract is about 109 in the Downtown Fort Lauderdale and Beach area, according to the statistics.

CondoVulturesRealty.com is a licensed Florida brokerage that specializes in assisting buyers and tenants in value-oriented condo acquisitions and leases in the tricounty region of Miami-Dade, Broward and Palm Beach.

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