Forty-two new condo buildings with nearly 3,300 units are currently proposed for the City of Fort Lauderdale as compared to approximately 15 buildings with less than 800 units proposed back in June 2014, according to Peter Zalewski of Crane Spotters. Due to a lack of oceanfront sites in Miami and higher land acquisition costs, some of Miami’s largest developers, such as the Related Group and the Newgard Development Group, have expanded northward into Fort Lauderdale. Their new projects include high-end luxury condominiums on the sand, luxury rental projects and the conversion and renovation of mid-century hotels into boutique condominiums.
Several factors are likely to keep this condo boom in Fort Lauderdale going with the most important being price. According to Zalewski, the asking prices in Miami are equal to or higher than the levels reached at the peak of the last real estate cycle in 2006. Prices in Fort Lauderdale are about 20 percent below the 2006 peak. Domestic buyers and Canadians have long been attracted to Fort Lauderdale, but now more and more international buyers, who have seen their purchasing power diminish due to currency fluctuations, are shifting their attention from Miami to Fort Lauderdale. Another factor fueling this boom is the new direct international flights from Europe and Latin America to the expanded Fort Lauderdale-Hollywood International Airport.
As the condo market in Miami shows signs of slowing, Fort Lauderdale is experiencing a significant growth spurt. It is rapidly emerging as a go to destination for home buyers recognizing its appeal as a global city without the congestion or price tag of Miami.
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