New Developments in Fort Lauderdale Offer similar product and amenities at nearly half the price of Miami
Fort Lauderdale, FL., - (NewMediaWire) - May 22, 2018 - As they say, if you build it they will come. Fort Lauderdale’s residential real estate is now South Florida’s development hotspot. It’s literally booming with development. $1.5 billion dollars worth of condo development to be exact… With beautiful beaches, ocean views, resort amenities and attractive pricing, Fort Lauderdale Beach has captured the attention of buyers from around the world. A wave of new luxury developments like 30 Thirty North Ocean, Auberge, Icon and W Fort Lauderdale has shifted attention from the higher-priced, crowded landscape of Miami Beach to the more relaxing lifestyle available just a few miles to the north.
South American, Central American and European buyers, in particular, are finding that Fort Lauderdale Beach offers many attractive options both for those seeking primary residences or second homes and investment properties. Hot new restaurants, art galleries, high-end boutiques and a wealth of entertainment options are among the many advantages of the Fort Lauderdale lifestyle. It’s a beautiful location where individuals, couples and families can find spacious residences at per-square-foot prices that are nearly half than comparable properties to the south.
Foreign buyers purchased $7.1 billion of South Florida residential properties last year, up from $6.2 billion a year ago, according to the Miami Association of REALTORS® and National Association of REALTORS® (NAR) report. South Florida’s foreign buyers accounted for 29 percent of Florida’s $24.2 billion of international dollar sales volume. International buyers purchased 15,400 properties, a 41.3 percent increase from one year ago (10,900). Foreign buyers accounted for 35 percent of South Florida’s closed sales and 24 percent of Florida international sales.
Florida is the top U.S. destination for foreign buyers (22 percent of all sales), according to NAR’s 2017 Profile of International Activity in U.S. Residential Real Estate. More than half of all international home sales in the entire state of Florida (53 percent) happen in Miami-Fort Lauderdale-West Palm Beach, according to the Florida Realtors® 2017 Profile of International Residential Real Estate Activity in Florida. South Florida secures about 11 percent of all U.S. international home sales.
Sophisticated foreign investors are now recognizing the appeal of Fort Lauderdale Beach, and are buying primary residences here, as well as seasonal homes and investment units. They appreciate the safety and security of a U.S. residential real estate investment and while Miami has historically been the “go to market” for these investors, price points and lifestyle has shifted the focus of many foreign investors to Miami’s northerly neighbor.
“Historically, Fort Lauderdale had always been a secondary market to Miami. Then, when prices kept rising in Miami, developers started looking for cheaper dirt and came here. We have a relaxed coastal environment, beautiful beachfront and a strong commerce center with 7.5 million of class A office space in our downtown,” states Jenni Morejon, executive director of Fort Lauderdale Downtown Development Authority (DDA), from a recent Forbes.com article.
“30 Thirty North Ocean is a unique development offering home owners a multitude of great choices,” said Adam Adache, managing director of Cavache Properties LLC. “This contemporary five-story, luxury development, consists of just 24 penthouse style condominium units, each with unique three-bedroom, three-and-one-half bathroom floorplans – with unit sizes ranging from 2,097-2,373 square feet under A/C and priced from $1.2 to $1.55 million.” This equates to about half the price per foot of a comparable 3 bedroom residence in Miami with a similar neighborhood and similar finishes. “
Situated 10 blocks north of the world-renowned Fort Lauderdale Beach strip, and among a neighborhood of $2.5 million-plus homes, 30 Thirty North Ocean will be located on the last parcel of its size east of A1A in Lauderdale Beach. Construction on the project is slated to be completed first quarter 2019.
According to the Forbes.com article, Craig Studnicky, principal of International Sales Group (ISG), has over 25 years of residential real estate experience in the South Florida market. “Fort Lauderdale has always been compared to Miami Beach, but now its value in terms of price per square foot is at an all-time high,” he said. “From 1990 to 2010, the annual difference in price per square footage between these two destinations was roughly 25%. In May 2016, this difference jumped to 261% due to the slew of new inventory. This means that a buyer can get the same ocean views, amenities, finishes and services in Fort Lauderdale but at almost half the price.”
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