event.preventDefault(); still loading - php

Question

I pulled the template for this idea from jquery.com and included it around my form. On submit, the form is still following the action and submitting to and showing condoupdate.php, even with the 'preventDefault' event set. Testing on FF with WAMP.
<div style="display:block;margin:0px 10px 0px 10px;width:99%;">
<form id="condoupdate" name="condoupdate" method="post" action="condoupdate.php">
<table width="100%" border="0" cellspacing="0" cellpadding="0">
<tr valign="top">
<td><img src="img/details.png" /></td>
<td><textarea name="detail" cols="45" rows="5"><?php ECHO $extras; ?></textarea><BR /><BR /><input type="submit" class="unitBtn" name="svUnit" id="svUnit" value="Save"/> <input type="reset" class="unitBtn" name="resetUnit" value="Reset"/><div id="result" style="margin-left:10px;display:inline;"></div>
</td>
</tr>
</table>
</form></div>
<script>
$("#condoupdate").submit(function(event) {
// Stop form from submitting normally
event.preventDefault();
// Get some values from elements on the page
url = $("#condoupdate").attr("action");
// Send the data using post
var posting = $.post(url);
// Put the results in a div
posting.done(function(data) {
var content = $(data).find("#content");
$("#result").empty().append(content);
});
});
</script>