Numerous waterfront projects are slated for completion, and buyers are lining up
Touting over 300 miles of beach, river, and canal waterfront for people to play, live, and work, it’s no wonder that Fort Lauderdale attracts new residents and businesses alike. And as the area’s population and economic growth continue, so does the development of luxury residential projects that promise to provide owners with the finest in amenities, in addition to the benefit of living in this tropical paradise.
How much development is taking place? According to a recent article in The New York Times, 83 new residential towers with 7,901 units have been announced or are under construction on Broward County’s 24-mile coastal strip alone — 37 of them in the last year. New luxury condo developments in the area include projects at the Four Seasons, Icon Las Olas, Marina Lofts, Auberge, Riva, The Ocean Resort (Conrad), Aquablu, New River Yacht Club, Sabbia Beach, and Vu New River. And that, it seems, is just the beginning.
Water, water, water views everywhere
Vertical development in the area allows for spectacular views and the opportunity to take advantage of the ocean-infused lifestyle of the South Florida coastline. A perfect example is the Gale Boutique Hotel & Residences on Fort Lauderdale Beach. In April 2016, the development began construction at 2900 Riomar Street, across from the Intracoastal Waterway and one block west of the beach.
“Luxury residential buyers are realizing that Fort Lauderdale Beach is becoming a premier residential and hospitality destination along Florida’s coast,” commented Harvey Hernandez, the founder, president, and CEO of Newgard, which is developing the property. “The Gale is particularly getting interest from international buyers who traditionally favored buying in Miami. Those buyers understand that Fort Lauderdale represents a significant value proposition.”
Going, going, gone
While inventory for new development projects may seem abundant in the prospering Fort Lauderdale area, pre-construction sales are strong, so prospective buyers probably shouldn’t wait.
Take, for example, the Paramount Fort Lauderdale Beach: With a prime, oceanfront location, the development significantly contributes to the resurgence of sophisticated oceanfront living options. This 18-story condo tower is located on the site of the former Howard Johnson hotel at 700 North Atlantic Boulevard, along historic A-1-A.
In addition to offering a beachfront lifestyle, the Paramount also provides easy walking access to area restaurants, boutiques, and entertainment. And it’s going fast. Scheduled for completion by early 2017, the development has already sold 70 percent of its 95 units.
Signs show the condo market is bouncing back
According to a recent report by ISG World, new condo sales in coastal Miami and Fort Lauderdale bounced back in the first quarter of 2016 after a slowdown at the end of last year. In fact, the amount of new inventory that was sold or under contract remained at 76 percent. Second quarter sales are off to an even better start due to the devaluation of the U.S. dollar against foreign currencies.
At Tim Singer & Associates, we are keeping a close eye on the market and these projects, as well as many others coming to the Fort Lauderdale area. For more information on luxury condos or any other residential options in Broward County, in particular the beautiful, highly-valued neighborhoods of Las Olas, Victoria Park, Rio Vista, Coral Ridge, Downtown Fort Lauderdale, and Fort Lauderdale Beach, contact us at 954-463-1373 or through our online contact form. We have the local expertise required to find you the best deal in the best areas of South Florida.