Exciting times in Fort Lauderdale: One Sotheby’s report

Miami /
Jul.July 30, 2015 04:00 PM

Realtors and developers have been saying for months that Fort Lauderdale is coming into its own as a rival of Miami’s booming real estate market. Now, One Sotheby’s International Realty has released a mid-year report that backs up those claims.

The report shows that the city, and especially its upscale neighborhood East Las Olas, has experienced a big bump in prices per square foot.

“One of the most exciting markets that we’re seeing a very favorable trend in right now is East Fort Lauderdale, and really Broward County as a whole,” One Sotheby’s President Daniel de la Vega told The Real Deal. “If you look at the waterfront condo market in Las Olas, it’s up 23 percent year-to-date.”

The price per square foot of condos in that neighborhood grew from $442 to $574, up 23 percent from the prior year. Fort Lauderdale’s condo market as a whole also experienced a 7 percent bump for the average price per square foot of a unit during the first half of this year, from $512 to $550.

That could be explained by all the new construction that has launched sales in the area. Projects like Cymbrinas Cay and Adagio on the Bay both finished this year, and condo-hotels built less than 10 years ago like the Ritz-Carlton Fort Lauderdale have brought averages up as they reach completion.

On the single-family home side of the market, nearly 10 percent, or 193 homes, of Broward County’s 1,966 home sales so far this year were represented by luxury properties priced between $1 million and $5 million.

Again in Las Olas, prices for single-family homes have risen more than 10 percent year-over-year. Average prices per square foot are now at $437 and $595 for dry lots and waterfront, respectively.

The rest of the county fared similarly, with neighborhoods like Lauderdale-by-the-Sea, Hillsboro Beach and Southwest Ranches seeing double digit growth in prices per square foot for waterfront single-family homes. Western markets such as Weston, Plantation and Sunrise stayed about the same, seeing a less than a 7 percent increase year-0ver-year.

“Prices are very favorable still in Fort Lauderdale,” de la Vega told TRD. “It’s the same beach, it’s the same developers, it’s the same finishes at a fraction of the price.”


Related Articles

arrow_forward_ios
Jonathan Fish and a rendering of the project

Fort Lauderdale mixed-use project eyes March groundbreaking

Fort Lauderdale mixed-use project eyes March groundbreaking
Michael and Andrea Kallberg & 400 Royal Plaza Drive, Fort Lauderdale (Credit: Google Maps)

Disaster response firm owners sell Las Olas Isles mansion at a slight loss

Disaster response firm owners sell Las Olas Isles mansion at a slight loss
Daniel de la Vega (iStock)

One Sotheby’s launches pre-listing renovation company

One Sotheby’s launches pre-listing renovation company
Publix CEO Todd Jones and a rendering of the project

Publix in Fort Lauderdale Beach moves forward

Publix in Fort Lauderdale Beach moves forward
601-607 Northeast 29th Drive and 999 Northeast 23rd Drive (Google Maps)

Investors pay $13M for multifamily portfolio in Fort Lauderdale, Wilton Manors

Investors pay $13M for multifamily portfolio in Fort Lauderdale, Wilton Manors
Ron Shuffield and Alirio Torrealba with a rendering of Biltmore Row (EWM, Twitter/MG)

EWM takes over sales of MG Developer’s Biltmore Square townhomes in Coral Gables

EWM takes over sales of MG Developer’s Biltmore Square townhomes in Coral Gables
Mike Napoli and 2501 Delmar Place (Getty, Coldwell Banker)

He’s out: Baseball’s Mike Napoli sells waterfront Fort Lauderdale mansion for $7M

He’s out: Baseball’s Mike Napoli sells waterfront Fort Lauderdale mansion for $7M
4 West Las Olas

Fort Lauderdale developers score $92M bridge loan for rental tower

Fort Lauderdale developers score $92M bridge loan for rental tower
arrow_forward_ios

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

Loading...