George and Barbara Petrello bought a two-bedroom, two-bath condo at 3900 N. Ocean Dr. in Lauderdale-by-the-Sea from David and Sheila Bright for $450,000 on Feb. 25.

The Brights acquired the property for $480,000 in June 2005. Unit #8C is part of Fountainhead, a condominium built in 1966.

Mr. Petrello is a professor at the University of Maryland University College. Previously, he was a professor and dean at the School of Business, Public Administration and Information Science at Long Island University and the dean of the Andreas School of Business at Barry University.

He also held key positions at Bryant College, St. Mary's University in San Antonio, Wagner College, Montclair State University, and New York University.

He earned his bachelor’s from Montclair State University and his master’s from Seton Hall University. He received his Ph.D. from New York University.

Ms. Petrello has served as the senior vice president of the Coral Ridge Yacht Club in Fort Lauderdale.

Sales at Fountainhead were up 25 percent from 2007-08, while the median sales price fell 7.5 percent.

There were 166 condo sales in Lauderdale-by-the-Sea in 2008, with a median price of $291,000.

Address: 3900 N. Ocean Drive, Unit: 8C
Buyer(s): George J Petrello and Barbara A Petrello
Seller(s): David K Bright and Sheila M Bright
Sale date: Feb. 25, 2009