Move over Miami, here comes Fort Lauderdale with a condo development building spree! I can see it happening right in front of my eyes when I take my clients Helicopter House Hunting™ over all these new and pre-construction condominiums in the Fort Lauderdale and surrounding area. The market is getting here because there’s nothing left in the Miami area. The construction boom of recent years in Miami Beach and its neighboring areas, has used up almost all of the best lots. That’s why the same developers are now migrating a little further north to Broward County, to cities such as Hallandale Beach, Hollywood, and Fort Lauderdale. Because of their great beachfront locations, they have a great upside potential. The land is much cheaper too, which makes for good investment opportunities, if you get in the game right now. Fort Lauderdale has #1.5 billion in development and that’s why Fort Lauderdale is booming!
Has Greater Downtown Miami condo resale market passed its peak for this cycle? Yes, I think so, because several factors are now prompting market observers to question whether the luxury sector in Miami-Dade County is starting to lose its momentum, which was emphasized by this latest article: “Has Miami’s luxe market lost its vigor?“. While the luxury market in Miami-Dade has begun to slow, its counterpart in Broward County and especially Fort Lauderdale is not showing this weakness, it has actually seen an increase in sales and inventory that are desirable for future growth.
Broward’s real estate market continues its upward climb, with property values rising for the fifth straight year. While condo sales in Miami declined by over 10% in the first quarter of 2016, its “little sister”30 miles north, Fort Lauderdale, is racking up record-setting deals, especially in the highly desirable luxury oceanfront condominium penthouses.
Up here, in Fort Lauderdale, you can still get luxury for $600 a square foot. Buyers still want access to the beach, but at a fraction of the price, and they can still get that here. Often half or less of what similar condominiums have been fetching in Miami Beach, Sunny Isles, Bal Harbour and other coastal communities in Miami-Dade County. Value for money is especially important for cost-conscious foreign investors who plan to rent out their units. That’s why affluent Europeans, Brazilians, Russians, Chinese, and other International clientele are seeking out expensive condominiums in the Fort Lauderdale and surrounding area now. Last year, Fort Lauderdale accounted for 8% of Florida’s total international sales. Latin Americans represented 33% of international home buyers in the city. Actually, foreigners buy more in South Florida then anywhere else in the sunshine state.
No wonder that Forbes named the Sunshine State one of the best buy cities where to invest in housing in 2016. No surprise that Fort Lauderdale is way up there in the top of the list. Why is Florida dominating the list? Because it attracts retirees, second-home buyers, and investors.
The development along this stretch of the coast includes not only residential complexes, but hotels and retail space that promise to change the face of this region. On Broward County’s 24-mile coastal strip, 83 new residential towers, with 7,901 units, have been announced or are under construction, and 37 of these in the last year. 44 Such projects are currently in the works, 29 more than last year. The New York Times recently reported on this South Florida’s construction boom.
There are currently a few buildings under construction that would probably command close to $5,000 a square foot if they were built in the Miami area, but because it’s Fort Lauderdale, spectacular luxury units with 20-feet-deep terraces are selling for $1,100 a square foot. I went to see a few pre-construction condominiums last week and what they are about to build here is just stunning, and people who are financially comfortable should be able to get something fantastic. It gets harder and harder in Miami and that’s why I see clients coming further north. Not because of the allure, but because people are priced out of Miami Beach, it’s that simple. Below are some photos I took of a few fantastic models of these pre-construction condominiums.
If you are interested in some of the renderings of these new development projects, then have a look below or contact me to get more photos, renderings, floor plans, brochures, availability and/or pricing at +1 (954) 557-6609 or email me. You can also instantly search for available new construction luxury condos and/or homes by clicking here.
Did you know that the average price per square foot for luxury condos in Fort Lauderdale was up 14.2% in the second quarter compared with the first quarter, and 18% more than a year before? Yes, it was, and the average price per square foot in Miami Beach was down 16.1% from the previous quarter, and 2.5% below the second quarter 2014. It’s time for Miami to move over for Fort Lauderdale.
Myself, my fellow real estate agents, and developers are seeing exciting times ahead in Fort Lauderdale and we have been saying for months that Fort Lauderdale is coming into its own as a rival of Miami’s booming real estate market. Even the New York Post said that Fort Lauderdale is the hottest real estate spot in Florida! Prices are still very favorable in Fort Lauderdale. It’s the same beach, it’s the same developers, it’s the same finishes, but at a fraction of the price. Check out some of these phenomenal interior photos / renderings below, the finishes are spectacular.
To give you a better idea of what they are building in Fort Lauderdale, I narrated a quick video for you from up in the helicopter. Make sure you watch the video in HD.
If you can read between the lines here, then you can probably see that there is a great opportunity right now to own a piece of real estate in the Fort Lauderdale area, with prices only to go up. If you are not afraid of heights, then I would like to personally invite you for a complimentary Helicopter House Hunting™ experience where I will be your private helicopter pilot, and real estate agent. We will view all of the available new and pre-construction condominiums from 1,000 feet up, fly along the beautiful South Florida beaches, and enjoy the vistas. This exclusive offer is not only available to people wanting to buy new and/or pre-construction condominiums. If you are interested in an Intracoastal home, or something different, please give me a call and schedule your complimentary flight with me.
If you want to know more about the availability and pricing of these pre-construction condominiums, other smart real estate opportunities and investments, or you have any other questions, feel free to call or text us directly at +1 (954) 397-3203, or email us. You can also instantly search for available new construction luxury condos and/or homes by clicking here.