Fort Lauderdale offers a fine range of luxury condos and penthouses for sale – from waterfront units, to oceanfront units to units on the famous Galt Ocean Mile.
Key Statistics for Buyers / Sellers
- Median Sales Price $715,000
- Median Sales to List Price 94%
- Median Days on Market 81 Days
Luxury condo prices have been on the rise and 2013 was an excellent year for sales!
2014 however was a far more “settled” market!
We can see from the graph above how median sales price for luxury condos here in Fort Lauderdale languished in 2009, 2010 and 2011.
However in 2012 and in 2013 median prices rose steeply reflecting the recovery of the housing market here in Fort Lauderdale and across Florida.
The median sales price for a Fort Lauderdale Luxury Condo in 2013 was $722,000 and in 2014 is was $715,000 – down so slightly.
Luxury Condos 2014
The market analysis report for luxury condos for 2014 is presented below.
|High||5 / 5||7,115||$3,750,000|
|Average||3 / 3||2,204||$867,599|
|Median||3 / 3||2,078||$715,000|
We can see from this report that the average price for a luxury condo sold here in Fort Lauderdale in 2014 was $867,599 – this being for a 3 bedroom 3 bathroom unit of 2204 square feet.
The median sales price for a luxury condo in 2014 was $715,000 which was also for a 3 bedroom 3 bathroom unit – of a smaller square footage at 2078 square feet.
This was down from the median in 2013 which was $722,500 this for a 3 bedroom 2 bathroom unit of 2110 square feet.
Important to note are the sales price to square foot prices – which sit based on average and median prices at between $380.00 and $389.00 – up from 2013 when they were between $367.00 and $371.00!
Also important to note is that the average price for a luxury condo sold in 2014 was up from 2013 when the average price was $850,714.
% Sales to List Price
An important real estate indicators that is important to note is how much buyers are paying for Fort Lauderdale Luxury condos - based on the percentage of sales price to list price paid by buyers.
The 2014 market analysis report for this is presented below
We can see from this report that the average sales price to list price for Fort Lauderdale luxury condos is 91%
What is important to note however is the median sales price to list price at 94%
This means if a Fort Lauderdale condo for sale is listed at $1 Million – then based on median sales data the home would sell for 94% of that amount or $940,000.
Note also the highest price paid at 114% of list price.
Days on Market
Days on market for Fort Lauderdale Luxury condos for Sale is an important indicator on how our real estate market is preforming.
Here is the market analysis report for Days on Market based on condo sales for 2014.
|Pricing||Days on Market|
We can see from this report that the average days on market for a Fort Lauderdale luxury condo for Sale in 2014 was 119 days or just under 4 months!
More importantly is the median days on market at just 81 days – this is fast and shows how strong the demand is for Fort Lauderdale Luxury condos for sale
Days on Market is the time from when the home was listed for sale till the condo sold AND closed.
Luxury Penthouses 2014
The market analysis report for Fort Lauderdale luxury penthouse sales for 2014 is presented below.
|High||4 / 5||7,115||$3,500,000|
|Avg||3 / 2||2,546||$1,168,186|
|Med||3 / 2||2,140||$850,000|
We can see from this report that the average price paid for a luxury Fort Lauderdale penthouse in 2014 was $1,168,186 – this for a 3 bedroom 2 bathroom unit of 2546 square feet.
We can also see that the median price was $1,149,000 - this also being for a 3 bedroom 2 bathroom unit.
Fort Lauderdale Luxury Condos
Distressed Sales in 2014
In 2014 there was a total of 31 distressed sales of luxury Fort Lauderdale condos – 20 foreclosures / REO’s and 11 short sales.
The market analysis report for these sales is presented below.
|REO||3 / 3||1,941||$637,500|
|S/Sale||2 / 2||1,630||$780,000|
We can see from this report that the median price in 2014 for a luxury Fort Lauderdale condo sold as a REO in 2014 was $637,500 – this being for a 3 bedroom 3 bathroom unit of 1941 square feet.
We can see the median price in 2014 for a luxury Fort Lauderdale condo sold as a short sale in 2014 was $780,000 – this being for a 2 bedroom 2 bathroom unit of 1630 square feet.