View from one of the Fort Lauderdale condo for sale here on Ocean Riviera on Galt Ocean Mile

Ocean Riviera Condos

Ocean Riviera Condos
Fort Lauderdale

Welcome to our August / September 2016 post of Ocean Riviera condos for sale Fort Lauderdale.

Fort Lauderdale condos for sale here in Ocean Riviera are direct oceanfront units set right on the Galt Ocean Mile Beachfront.

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There are 6 condos currently for sale in this great direct oceanfront complex – 1 of these is a new listing, a 2 bedroom unit.

There have been 5 sales in the last 6 months and 2 units are currently pending sale.

In this post we discuss units for sale, new listings, pending sales and also recent sales prices, sales prices by bedroom & sales prices per sq ft. 

We also discuss how long units are taking to sell (called days on market) – and how much buyers are paying for units (sales prices to list price %) as well as the highest prices paid for units over the last 6 months!

We also compare recent sales trends in The Riviera – Important information for both buyers and sellers!

Key Statistics for Buyers / Sellers

  • Prices from $275,000 – $525,000

Pricing Guide

  • Median List Price $482,450
    – 2 bedroom 2 bathroom unit
    Median Sales Prices
  • Last 6 Months $320,900
    – 1 bedroom 1.5 bathroom unit
  • Median Sales to List Price 98%
  • Days on Market 165 Days
View of Ocean Riviera condomnium here on Galt Ocean Mile in Fort Lauderdale
View of Ocean Riviera condomnium here on Galt Ocean Mile in Fort Lauderdale

Ocean Riviera
Condos for Sale

The following market report is for the 6 x Fort Lauderdale condos for sale in the Ocean Riviera Fort Lauderdale

Thie number of Riviera Condos for Sale is from the 10 units for sale as in our last post for May / June 2016

 $$ Beds/Baths SF/FF List Price
High 2 / 2 1,656 $525,000
Low 1 / 1 1,076 $275,000
Avg 2 / 2 1,435 $430,633
Med 2 / 2 1,575 $482,450


We can see from the market report that the median price for a unit currently for sale is $482,450
  – this being based on a 2 bedroom 2 bathroom unit of 1575 square feet with a list price to square foot price of $300.00

In our last post the median price for a unit for sale was $327,450 – this being based on a 1 bedroom 1 bathroom unit of 1076 square feet with a list price to square foot price of $282.00

In our prior post the median price for a unit for sale was $459,900 – this being based on a 2 bedroom 2 bathroom unit of 1575 square feet with a list price to square foot price of $291.00

Note the increase in prices when comparing median prices for 2 bedroom units – an increase of over $22,000!

We can also see from this post that the highest priced unit is offered for sales for $525,000 and the lowest priced unit is offered for sale for $275,000.

Square Foot Prices
Condos for Sale

Here is our market summary report showing square foot prices for Fort Lauderdale Condos here in The Riviera

 $$ LP$/SqFt
High $327
Low $256
Avg $296
Med $300


What we can see from this report is the spread of prices from $256.00 – $327.00 with the median at $300.00 per square foot.

In our last post the median list price to square foot price was $282.00

Important to factor into these prices is the units condition, location in the building (stack) and views.

View from a 1 bedroom condo for sale here in Riviera on Galt Ocean Mile
View from a 1 bedroom condo for sale here in Riviera on Galt Ocean Mile

Ocean Riviera
Condo Median Prices

Here is the market summary report showing median prices by bedroom for condos here in the Riviera.

Beds/Baths SF/FF List Price LP$/SqFt
1 / 1 1,076 $287,450 $267
2 / 2 1,615 $517,000 $315

 

We can see from this report that the median price for:

  • A 1 Bedroom 1 Bathroom 1076 square foot unit is $287,450 – with a list price to square foot price of $267.00 – Note the median price is down from our last post when the median was $294,950 – with a list price to square foot price of $274.00
  • A 2 Bedroom 2 Bathroom 1615 square foot unit for sale is $517,000with a list price to square foot price of $315.00 – Note the median price is down from our last post when the median was $554,500 – with a list price to square foot price of $343.00
View from a 2 bedroom Fort Lauderdale oceanfront condo just listed for sale in Riviera
View from a 2 bedroom Fort Lauderdale oceanfront condo just listed for sale in Riviera

Ocean Riviera
New Condo Listings

There have been 1 new listing of a condo for sale here in Ocean Riviera in the last 30 days – this is the same number of new listings as in our last post!

Our market summary report for this new listing is presented below:

Beds/Baths SF/FF List Price LP$/SqFt
2 / 2 1,656 $519,000 $313


We can see from this report that a 2 bedroom unit – Condo 807 has been listed for sale for $519,000
this being for a spacious 2 bedroom 2 bathroom 1656 square foot condo with a list price to square foot price of $313.00

Unit 807 is a North West corner condo with 2 indoor deeded parking spaces right next to the elevators.

This condo was remodeled in 2006 with an new kitchen, washer-dryer, updated baths, laminate and carpeted floors. You will enjoy having cocktails on the patio while watching the sunsets.

This Galt Ocean Mile condo for sale offers panoramic unobstructed views to the North and West.

Kevin Wirth Fort Lauderdale Realtor

Buying / Selling?
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Kevin Wirth – Realtor
954-459-0337

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High views from this condo pending sale in Riviera - Unit 905
High views from this 2 bedroom condo pending sale in Riviera – Unit 905

Ocean Riviera
Pending & Recent Sales

We review and discuss the data for sales of Ocean Riviera Condos below – including pending sales and sales over the last 6 months below.

Ocean Riviera Condos
Pending Sales

There are currently 2 units pending sale here in Ocean Riviera – in our last post there were 3 units pending sale.

The market analysis report for these units is presented below.

Condo  Beds/Baths SF/FF List Price
Unit905 2 / 2 1,650 $499,900
Unit904 1 / 1 1,076 $290,000


We can see from this report the details for each of these units

  • Unit 905 a 2 bedroom unit listed for sale for $499,900 is now pending salethis 2 bedroom 2 bathroom unit 1650 square foot unit had a list price to square foot price of $317.00.  This condo is a remarkably remodeled oceanfront unit with new custom cabinets and granite in the kitchen and upgraded bathroom vanities.
  • Unit 904 a 1 bedroom unit listed for sale for $290,000 is now pending salethis 1 bedroom 1 bathroom unit 1076 square foot unit had a list price to square foot price of $270.00.  This condo is a great 1 bedroom 1 and a 1/2 bathroom condo with Ocean views and Impact Windows and Door. 

Ocean Riviera
Sales Last 6 Months

There have been 5 sales of condos here in Ocean Riviera in the last 6 months  – this is down slightly from 6 sales in our last post!

The market analysis report for these sales is presented below.

 $$ Beds/Baths SF/FF Sale Price
High 2 / 2 1,620 $705,000
Low 1 / 1 1,076 $263,500
Avg 1 / 1 1,293 $411,880
Med 1 / 1 1,076 $320,900


We can see from this report that the median sales price for a Galt Ocean Mile condo in Riviera has been $320,000  –
this being for a 1076 square foot 1 bedroom 1 bathroom unit.

In our last post the median sales price was $300,000 – this being for a 1076 square foot 1 bedroom 1 bathroom unit.

In our prior post the median sales price was $260,000  – this being for a 1076 square foot 1 bedroom 1 bathroom unit.

It is important to note the overall trend in median prices here in Ocean Riviera – which have increased by $60,000 or 23% since earlier this year!

Ocean Riviera Condos
Median Sales Prices

Here is the market summary report showing median sales prices by bedroom for condos sold here in the Riviera over the last 6 months.

Beds/Baths SF/FF Sale Price SP$/SqFt
1 / 1 1,076 $300,000 $289
2 / 2 1,620 $587,500 $363

We can see from this report that the median sales prices for:

  • 1 Bedroom 1 Bathroom 1076 square foot unit sold has been $300,000 – with a sales price to square foot price of $289.00.  In our last post the median sales price for 1 Bedroom 1 Bathroom 1076 square foot units sold was the same at $300,000 – however it was with a lower sales price to square foot price of $279.00
  • 2 Bedroom 2 Bathroom 1620 square foot unit sold has been $587,500with a sales price to square foot price of $363.00.  In our last post the median sales price for 2 Bedroom 2 Bathroom 1620 square foot units sold was much higher at $705,000 – with a sales price to square foot price of $435.00   

Important to take into account is the stack in which the condo is in, the condition of the unit as well as updates.

Square Foot Prices
Condos Sold

Here is our market summary report showing square foot prices paid for Fort Lauderdale Condos sold in The Riviera over the last 6 months.

 $$ SP$/SqFt
High $435
Low $279
Avg $326
Med $294


We can see from this report that the median sales price to square foot price paid for a The Riviera condo sold over the last 6 months has been $294.00

It is important to note this this is up from $294.00 in our last post – which in turn was up from $258.00 per square foot as per our prior post!

% Sales to List Price

An important real estate indicator is how much  buyers are paying for Fort Lauderdale Condos for sale here in The Riviera – we can gauge this based on the percentage of sales price to list price paid by buyers.

The market analysis report for this is presented below

 $$ SP$/LP$
Avg 96%
Med 98%


We can see from this report that the median sales price to list price for Fort Lauderdale condo here in The Riviera  has been 98% – which is well up from 92% in our last post! 

This means if the condo is listed for sale for $350,000 – then based on the median MLS prices it could be expected to sell for 98% of its list price or $343,000!

Days on Market

Days on market for Condos for Sale in The Riviera is an important indicator of demand for units in this complex.

Here is the market analysis report for Days on Market based on condo sales over the last 6 months.

 $$ Days on Market
Avg 209
Med 165


We can see from this report that the median days on market Fort Lauderdale condo for sale in The Riviera over the last 6 months has been 165 daysjust over 5.5 months!

Days on market is the time from when the condo was listed for sale till the condo sold AND closed.

Kevin Wirth Realtor outside Galt Ocean Mile condominiums

My Thoughts / Summary

Riviera is a great mid century oceanfront complex set right on the beach here on Galt Ocean Mile.

We currently have a great range of units for sale.

It is also very encouraging to see the strong increases in median prices over the last few months.

This in my mind is direct a reflection of the great value that Galt Ocean Mile condos in Riviera offer given its prime location

I hope you have enjoyed my Post on Fort Lauderdale condos for sale here in Ocean Riviera – By Kevin Wirth Realtor