Ritz-Carlton PH sale breaks Fort Lauderdale price psf record

Unit's balcony designed to look like back yard

May.May 13, 2015 03:30 PM

A penthouse at the Ritz-Carlton, Fort Lauderdale was just sold for $4.4 million, setting a new price-per-square-foot record for condos in the city, The Real Deal has learned.

The price equates to $1,556 per square foot, which is the priciest in Fort Lauderdale’s history. It was almost the highest price per square foot for a condo in all Broward County, but the 2007 sale of a unit in Hollywood’s Diplomat Oceanfront Residences beat it by a whopping $2.

The 2,827-square-foot Ritz-Carlton residence has three bedrooms, five bathrooms and sits on the top floor of the building.

Listing agent Dan Teixeira of Douglas Elliman told TRD that the unit was a second home for its owner, an unnamed seller from Manhattan.

The seller completely remodeled the unit before putting it on the market. Its most unique feature, Teixeira said, is the 1,600-square-foot balcony: It’s covered in faux grass, giving off the backyard feel of a traditional home — with the advantage of ocean views.

The buyer is a homeowner from Weston, and was described by Teixeira as an empty nester looking to downsize.

Teixeira said he’s seeing a trend where homeowners are exchanging their houses for condos, especially in amenity-rich buildings like the Ritz-Carlton. It is known for offering residents all the amenities of hotel guests, such as room service and house keeping, while having a separate lobby and elevators for its condo owners.

He also said roughly 25 percent of his business comes from Weston, which has a large supply of empty nesters who want to downsize once their children move out.

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