Zip Code 33304 Condominium and Townhouse Sales 2013
We're going to have a decent sampling size based of the housing types we're isolating. This year sales of townhomes were on fire in Fort Lauderdale. It's a wildly popular property type for buyers. Couple that with the fact that there are a large number of townhomes that have been built in Fort Lauderdale, and you can get a sense for the large amount of sales. Throw in condominium sales in an area that covers Victoria Park and Fort Lauderdale Beach, then throw in a dash of the lofts in Flagler Village, and the sales volume make sense. Let us begin by looking at a map that defines the area of zip code 33304.
The first question you're going to have if you read the post on single family home sales in zip code 33304 is about the quality of the data in this post on condo's and townhomes. The data in this post is much more relevant, but still needs to be taken with a grain of sale, albeit a smaller grain versus the single family sales. My reasoning is that we see the largest discrepency in home prices between the northwest and southeast corners of this zip code. However, there are few condo's or townhomes in the northwest corner of zip code 33304 where the predominant type of housing are single family homes. This means less disruption in pricing when we're looking at condo's and townhomes. Victoria Park does not have many condo's, but it does have a number of townhomes which sell at price points comparable to condo's on Fort Lauderdale Beach that have ocean views. In short, it does not all even out, but it's more reliable than the single family home data. If you are interested in buying or selling a home in zip code 33304 please contact me to talk about pricing, this post is only met to be a very general guide.
Data is provided by the MLS through Trendgraphix and is based on closed sale transactions that appeared on the MLS. This data only covers condominium and townhome sales in zip code 33304 for a period of January 2013 through December 2013. All data is based on the 327 condominium and townhome sales that occurred in zip code 33304 during this period. I've made no distinction in this post between waterfront and non waterfront sales.
The median price data takes every sale, from a studio apartment, through a 3 story new construction townhome, into account. Use this as a guide to compare value from one zip code to the next. Please don't think this means townhomes are regularly selling in Victoria Park for $250,000!
I do find value in the price per square foot data. A townhome is going to have larger square footage than a condo. Drilling down to per square foot pricing makes things a bit more reliable. A home with a lot of square footage that sells at a high price will find some commonality with a small condo that sells at a lower price. That commonality, to some degree, is square foot pricing.
I think you have to recognize the relative value of Fort Lauderdale when you look at numbers like this. Mixed into this sales data you'll find loft spaces, townhomes of newer construction, and condo's with water views. When you see per square foot pricing below $300 per square foot, and in some cases well below that number, you really have to take notice.
I feel like a broken record. This year we saw an average of 90 days on market for condominiums and townhomes that sold in zip code 33304. We saw sellers routinely receiving 90% of their asking price. As we've already seen a number of times in this market, sellers really set the pace this year.
There is a decent amount of for sale inventory. However, we also saw a higher number of sales within the condo and townhome property types in zip code 33304. Inventory levels seem to be rising quickly here, the question is whether buyers will quickly absorb this inventory or not. Once again this is a great bit of knowledge for a buyer to have. When there's inventory, there's opportunity!
Going into this year I don't see interest in townhomes sagging. We're going to have a lot of inventory added in the condominium space as The Conrad Fort Lauderdale Beach begins to advertise sales on the MLS. Those buyers priced out of Victoria Park will likely look to Lake Ridge and Pointsetta Heights for their housing needs. This should keep sales in zip code 33304 moving at a brisk pace.
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I work as a Realtor in Southeast Fort Lauderdale. If you’re interested in buying or selling a home, condominium, or townhouse (townhome) in: Rio Vista, Victoria Park, Downtown Fort Lauderdale, Fort Lauderdale Beach, Sailboat Bend, Tarpon River, Croissant Park, Collee Hammock, Wilton Manors, Pointsetta Heights, Coral Ridge, or Las Olas Isles, please feel free to contact me at (786)443-7203 or through my email email@example.com. I am a Realtor that works on Saturdays to accommodate those with busy schedules.
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Written By Casey Prindle