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Strong Sales Mark Belmont at North Lauderdale Conversion

FORT LAUDERDALE FL-The project will consist of 302 units and is being sold in three phases. Phase one sold out, and more than 1,300 people remain on a waiting list to buy one of the units, which are priced from $99,900 to $191,000.

By Melissa Bogdany | Updated on June 07, 2004

FORT LAUDERDALE, FL-EB Developers has decided to convert the Belmont at North Lauderdale here into condominiums, and sales have experienced a rapid beginning.Since sales just began a little more than a week ago, EB Developers has sold out phase one, which consists of 100 units. The conversion plans have left more than 1,300 people on a waiting list to buy a condo unit there. The multifamily development opened in September 2001 as a luxury rental property located at 100 Belmont Lane.

Equity Financial Group is providing on-site mortgage services exclusively to the units’ buyers, and the company’s sales and marketing division has teamed up with EB Developers’ on-site sales staff to sell the units. According to EB Developers principal Elie Berdugo, when the sales staff arrived at 6 a.m. the first day of sales, many people were waiting to reserve a unit, and during the first weekend, 1,032 people registered at the sales center. Phase two consists of 94 units, and phase three has another 108 residences, which are scheduled to be released in the middle of this month.

The sales have gone beyond EB Developers’ expectations, according to John Markey, the company’s vice president. Strong sales can be attributed to low interest rates, he says. “With interest rates still being so low and it being very much a seller’s market, we could raise more money from the sale of individual condo units,” Markey says. “We’ve sold our projects to condo converters in the past, but this is the first time we’re doing it ourselves.”

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