Fort Lauderdale Condo Market | An 8-Year Snapshot
Why 8 years? Originally, I had the idea to research Fort Lauderdale condo trends going a decade back but after researching further, our trends & stats only go back to 2009. I then thought a 5-year study would be adequate to prove the point but it didn’t show the scope of our condo market’s long-term trends as we exited the worst of markets from 2007 through 2009. The bold buyers who stepped in and bought with great leverage from 2009 to 2012 did exceptionally well with their investment properties as we see below.
Additionally, new construction has added to the South Florida condo inventory with several impressive residential developments such as Sapphire, The Harbour, Villas by the Sea, Four Seasons, W Ft. Lauderdale, RIVA, Icon Las Olas, Paramount, Auberge, Conrad, Gale, Adagio, Aquavita, and Aqualuna now gracing our skyline.
FORT LAUDERDALE CONDOS (2009 to 2017)
Values are excellent here with the average sale price hovering $300 per square foot for the past few years. Average days on market dropped considerably year over year while buyer discounts increased to approximately 5% off list price. The final graph shows us approximately 8 months of inventory which is just slightly above what one might consider a healthy market but still in favor of buyers with a solid selection of condo inventory and additional new construction in the pipeline. A balanced market is generally considered to have about six months of supply. More months of condo supply listed for sale suggests a buyer’s advantage and fewer months typically indicates a seller’s advantage in the market.
Why the difference from Miami-Dade?
Fort Lauderdale is ‘The Venice of America’ also favorably known as ‘The Yachting Capital of the World.’ Fort Lauderdale has and is growing into a global destination and a very popular location for those wanting the South Florida waterfront lifestyle but also at a super value in contrast to Miami Beach. There have been many from Miami, including myself, who have noted these trends and bought premier real estate here in Fort Lauderdale. Since purchasing a large single family home in 2015, our valuations have increased approximately 20%. We’ve also been inundated with top retailers such as Orchard, Starbucks, Trader Joe’s, Whole Foods, and Fresh Market which have helped increase property values. It’s a much more stable market with less trading as noted in Miami-Dade County.
So what’s the conclusion, my friends?
Continued Fort Lauderdale Condo Deals.
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