Jean Yves Monette and Gerard Geoffrion bought a three-bedroom, three bath condo at 1600 S. Ocean Blvd. in Lauderdale By The Sea for $1.125 million from Harold Altman on Oct. 23.

Mr. Altman paid $990,200 for the property in Oct. 2005.

The 2,572 square foot condominium was listed for $1.35 million.

Mr. Monette is the President and CEO of Van Houtte Inc., a coffee services company headquartered in Montreal, Quebec.

Since joining the company in 1994 as president of the Coffee Group, he increased production six-fold and led the expansion and development of the Van Houtte brand.

Mr. Monette is also the Director of the Council of Food processing and Consumer Products and sits on the board of the Canadian Coffee Association. He earned a degree in Business Administration from Concordia University.

Mr. Geoffrion is an Executive Vice President at Van Houtte, Inc.

He joined the company as a VP in 1995 before being elevated to his current position in 1997 where his duties include strategic development and acquisitions.

He holds a degree in industrial engineering from I'Ecole Polytechnique de Montreal and an M.B.A. from the University of Sherbrooke in Quebec.

Condo sales in Fort Lauderdale dropped two percent through Dec. 15, 2007, versus the same period in 2006. The median sales price, however, remained the same, at $325,000.

Blockshopper Metrics began keeping track of condo sales in South Florida in 2001.

Address: 1600 S. Ocean Boulevard, Unit: 1802-1
Buyer(s): Jean-yves Monette, Gerard Geoffrion and Monette Trust
Seller(s): Harold Altman
Sale date: Oct. 24, 2007