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Ft. Lauderdale’s Fountains heads to auction

February 15, 2011 03:16PM

The unsold units at the Fountains on Ocean Boulevard in Downtown Fort Lauderdale are set to hit the auction block next month at an average starting price of $112 per square foot, according to a new report from Jack Dinerstein’s North Ocean Condos LP has sold two-thirds of the 61-unit, two-building project thus far at an average of $295 per square foot, and is attempting now to find buyers quickly for the remaining 32,700 square feet. The project first hit the market in early 2009. “Given the lack of new condo product available in the Downtown Fort Lauderdale and the Beach market, the developer can only be optimistic that the auction will go a long way towards selling out the project,” Peter Zalewski, a principal at brokerage and consultancy Condo Vultures, predicted in his report. TRD