Fort Lauderdale Luxury Condos as seen from the Galt Ocean Mile Beach

Fort Lauderdale Luxury Condos

Fort Lauderdale Luxury Condos
and Penthouses

Search Luxury Condos $500K – $1 Million | $1 Million to $2 Million
Search Luxury Condos & Trophy Condos $2 Million Plus

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.

Luxury condo prices have been on the rise and 2013 was an excellent year for sales.

Meidan Prices for Fort Lauderdale Luxury condos from 2006 - 2013

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.

This luxury Fort Lauderdale condo offers a large terrace that is both covered and uncovered

Fort Lauderdale Luxury Condos
2013 Market Analysis Report

The market analysis report for luxury condos for 2013 is presented below.

#Beds

#FBaths

SF/FF

Sale Price

SP$/SqFt

SP$/LP$

DoM

High

5

5

6,400

$4,200,000

$1,156

116.58

1,768

Average

3

2.5

2,312

$850,714

$367

90.99

162

Median

3

2

2,110

$722,500

$371

94.34

90

We can see from this report that the average price for a luxury condo here in Fort Lauderdale is $850,714 – this being for a 3 bedroom 2.5 bathroom unit of 2312 square feet.

The median sales price for a luxury condo in 2013 was $722,500 and this was also for a 3 bedroom 2 bathroom unit – of a smaller square footage at 2110 square feet.

Important to note are the sales price to square foot prices – which sit based on average and median prices at between $367.00 and $371.00

 Also important to note is the DoM or Days on Market – this is how long the unit took to sell from the date of listing till the date of sale AND closing.

We can see from the report above that the median days on market for a luxury Ft Lauderdale condo were just 90 days – or approx 3 months – which is a very strong indicator of demand.

Note: The median sales price to list price (SP/LP) at approx 95%.

Fort Lauderdale Luxury Penthouses
Market Analysis Report 2013

The market analysis report for Fort Lauderdale luxury penthouse sales for 2013 is presented below.

#Beds

#FBaths

SF/FF

Sale Price

SP$/SqFt

SP$/LP$

DoM

High

5

5

4,951

$3,461,000

$773

116.58

1,162

Low

2

2

1,283

$450,000

$199

N/A

20

Average

3

3

3,031

$1,344,213

$432

89.14

257

Median

3

3

3,050

$1,149,000

$420

92.92

148

We can see from this report that the average price paid for a luxury Fort Lauderdale penthouse in 2013 was $1,344,213 – this for a 3 bedroom 3 bathroom unit of 3031 square feet.

We can also see that the median price was $1,149,000 – this also being for a 3 bedroom 3 bathroom unit.

Important to note is in the increase in days on market – at 148 days or nearly 5 months.

Also important to note was the “low” with a unit listed above $500,000 selling for $450,000 in just 20 days.  2013 still saw a number of distressed sales – foreclosure and short sales of luxury condos.

Fort Lauderdale Luxury Condos
Distressed Sales in 2013

In 2013 there was a total of 31 distressed sales of luxury Fort Lauderdale condos – 18 foreclosures/REO’s and 13 short sales.

The market analysis report for these sales is presented below.

#Beds

#FBaths

SF/FF

SalePrice

SP$/SqFt

SP$/LP$

DoM

REO

3

2

2,223

$681,625

$339

95.57

33

S/Sale

3

3

2,500

$650,000

$250

95.12

164

We can see from this report that the median price for a luxury foreclosure in 2013 was $681,625 – this being for a 3 bedroom 2 bathroom unit of 2223 square feet.

We can also see from this report that the median price for a short sale was $650,000 – this being for a 3 bedroom 3 bathroom unit for 2500 square feet.

Important to note is the median days of market for foreclosure – at just 33 days – this is from the date of listing till closing – this is very fast – a third of the time a “normal” sale too at 90 days.

Also important to note is that both the average and median for both foreclosures and  short sales was 95% of list price.