Fort Lauderdale leads South Florida in absorption of new condos

TRD 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
Wynwood 25 and Wynwood Annex with Jon Paul Perez and Jonathon Yormak (Credit: East End Capital/Related Group)

Related, East End score $136M refi of Wynwood projects

Hyde Beach House Resort & Residences, Carlos Rosso and Drew Sims

Sotherly closes on acquisition of Hyde Beach House hotel space

Jorge Perez and the development site

Related buys dev site in downtown Fort Lauderdale

Jorge Perez and New River Yacht Club III

Related Group nabs $48M loan for downtown Fort Lauderdale apartments

From left: Jorge Perez, Alex Karakhanian, Scott Sherman and Ben Mandell, with The Dorsey rendering

The Dorsey project in Wynwood wins design approval

Related Group building at 315 Biscayne Boulevard and Jorge Pérez (Credit: Google Maps)

Related Group lists downtown Miami HQ

Nick Perez and the site at 1116 North Ocean Boulevard (Credit: Google Maps)

Related to launch Pompano condo sales in Q1 2020

CAPTION: Rendering of Residences by Armani/Casa, Jorge Pérez and Gil Dezer

Gil Dezer, Related complete Residences by Armani/Casa

arrow_forward_ios
Loading...