Most new condo projects in east Fort Lauderdale have made sales progress over the last year, a newly released report shows.
Developers have sold nearly 800 units or 57 percent of the inventory of new development condos in Fort Lauderdale so far this cycle, according to RelatedISG’s Fall 2017 Miami Report | Fort Lauderdale Edition. The company surveys the sales centers and sales teams of each project in east Fort Lauderdale.
Of 1,410 units in Fort Lauderdale, 611 remain on the market. The inventory has nearly doubled since ISG released its last report a year ago thanks to projects like the Ocean Resort Residences at the Conrad coming back online, an increase in units at the Four Seasons Private Residences, and the addition of 100 Las Olas, a 120-unit luxury condo project. The Residences at the W Fort Lauderdale was also added to the list.
In September 2016, 59 percent of the 781 units on the market had been sold. Since then, developers and their sales teams boosted sales at projects like Auberge Beach Residences & Spa in Fort Lauderdale, the Gale Residences Fort Lauderdale Beach and Adagio Fort Lauderdale Beach, according to the report.
At Auberge, which the Related Group, Fortune International Group and The Fairwinds Group plan to deliver early next year, sales increased year-over-year from 87 percent to 95 percent in the north tower and from 28 percent in the south tower to 53 percent. The Gale, a 129-unit development under construction at 401 Bayshore Drive, announced earlier this year that it sold out.
Projects that are new to the list reported the following sales figures:
- The Residences at W Fort Lauderdale: 52 percent sold of 171 units
- The Ocean Resort Residences at Conrad: 40 percent sold of 290 units
- 100 Las Olas: 13 percent sold of 120 units
Fort Lauderdale is faring slightly better than Miami, according to ISG principal Craig Studnicky.
Projects that are under construction, like Jade Signature, Muse Residences and Residences by Armani/Casa in Sunny Isles Beach, are discounting their remaining inventory, he said.
In Sunny Isles, developers sold 146 units more by August as compared to April, according to ISG data. Less than 400 units are available for sale in Sunny Isles of more than 2,100 units planned, under construction or completed this cycle. Developers have sold 1,720 units in the Sunny Isles market since the beginning of the cycle.
Discounts range from 10 percent to a whopping 30 percent to attract Latin Americans who have stayed away from South Florida because of the dollar’s strength.
“It’s been a solid two years since we’ve seen robust sales from South America,” Studnicky said. “The South American buyer will return.”