Fort Lauderdale leads South Florida in absorption of new condos

Miami /
Feb.February 22, 2012 04:30 PM

Fort Lauderdale bested downtown Miami and Miami Beach in the rate at which condominiums built during the boom were absorbed, according to a wide-ranging market report released today by Related ISG. Just 142 of the 5,135 new units built between 2005 and 2009 remained as of January, compared to 1,020 of the 10,001 units built during that time in the Miami beaches and 2,497 of the 17,502 units built in downtown Miami and Brickell. Related Group’s report also desmonstrated how much lower condo prices are in Miami compared to Latin America and Canada, whose citizens have been responsible for much of the absorption. The average price per square foot of downtown Miami conodminiums developed in the last five years is just $400. By comparison, prices per square foot in Toronto and Rio De Janeiro average $1,000, and in San Paulo, Bogota and Buenos Aires it is $900, $700 and $550, according to the report.

The stronger condo sales market has also catapulted the area’s rental market in downtown Miami and Brickell. The report said the rental vacancy rate for those new condo units was just 7 percent in 2011, and the average rent increased to $2,347 per month by December 2011, from $1,728 per month two years prior. — Adam Fusfeld


Related Articles

arrow_forward_ios
Kolter Urban President Bob Vail. (Levy PR, Kolter Urban)
Kolter Urban launches sales of Fort Lauderdale Beach condo towers
Kolter Urban launches sales of Fort Lauderdale Beach condo towers
Forest Development's Peter Baytarian and Nautilus 220 (Palm Beach North Chamber of Commerce, Nautilus 220)
Two-tower condo project in Palm Beach County’s Lake Park launches sales
Two-tower condo project in Palm Beach County’s Lake Park launches sales
Rendering of Baccarat Miami (Credit: ArX Solutions)
Miami condo craze returns as developers look to seize the moment
Miami condo craze returns as developers look to seize the moment
PMG principals Kevin Maloney (middle), Ryan Shear (left) and Dan Kaplan with a rendering of Waldorf Astoria Miami (PMG, Muse Residences, Rendering via ArX Solutions)
Waldorf Astoria Miami, planned as the tallest resi tower south of Manhattan, launches sales
Waldorf Astoria Miami, planned as the tallest resi tower south of Manhattan, launches sales
Renderings of 1301 South Ocean Drive with Jorge Pérez and Jon Paul Pérez (Photos via Related/Arquitectonica)
Related wins approval to develop high-rise condo project in Hollywood
Related wins approval to develop high-rise condo project in Hollywood
Jorge and Jon Paul Perez with a rendering of the project (Getty, Related Group)
Related wins approval for another Wynwood mixed-use multifamily project
Related wins approval for another Wynwood mixed-use multifamily project
Jorge Perez and Jon Paul Perez and a rendering of the project (Getty, Quantum Space Studio)
Related scores $95M loan for two-tower luxury rental project in West Palm
Related scores $95M loan for two-tower luxury rental project in West Palm
Property Markets Group's E11even team and Waldorf Astoria team (PMG, iStock)
Property Markets Group launches in-house brokerage for new developments
Property Markets Group launches in-house brokerage for new developments
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...