Michelle Farber Ross
Fort Lauderdale’s luxury market continues to expand as more international buyers and northeasterners turn their attention to this “Venice in America” in search of a better deal. Comparable waterfront cities in the U.S., such as Miami, Los Angeles and San Francisco, have seen escalating real estate prices in the last several years. Fort Lauderdale’s market, while strong, maintains a much lower entry point into the luxury market. Beachfront property, winding canals and a boat-centered culture are calling more people to rediscover this city’s charm.
According to Miami Realtors, the average sale price this year for $1 million-plus condos and single-family homes sales combined averages $1,758,513. Homes in September sold at 98.2 percent of the list price. Sellers, for the most part, are getting their asking price. The median number of days it took to sell $1 million-plus range was 105 days, and for the $900,000 to $1 million range it took 93 days. Home just under $900,000 sold much faster at a median of 67 days. The average sale price for the $1 million-plus market for single-family home sales was $1,909,031 based on a total of 200 sales to date this year.
For condos, the average sale price for $1 million-plus market this year was $1,518,935 with a total of 117 sales to date. In 2014, only 103 condo listings sold in this market for the entire year. There’s been a significant pickup in luxury market condo sales for 2015 while single-family homes have experienced a slow down. Developers are building condos to the meet this growing demand. There are several luxury condominium projects underway and planned for the city. Ocean Land Investments has several luxury condominium projects: Aqua Vita, Aqua Luna, Aqua Mar and Aqua Blu.
Waterfront sales have also grown significantly, and remain the most desirable properties for new buyers. Another positive sign for the luxury market, according to a recent report published by Omnivore Discover, Fort Lauderdale was the fifth most searched for U.S. city by international consumers. The city is experiencing a surge of international investors who are beginning to recognize the unique potential of this particular part of South Florida’s Gold Coast. The surging interest in Fort Lauderdale’s luxury market is partially driven by Miami price tags surging to new levels. Fort Lauderdale also offers a different flare and style than Miami – one far more centered around boat culture.
When it comes to purchasing a property along Florida’s Gold Coast, Fort Lauderdale’s lower entry point into the luxury market compared to Palm Beach and Miami is definitely a selling point. In addition, while the market is not back to where it was pre-crash, it is steadily climbing, and this year saw the highest list prices since the 2009 low. Coupled with new construction and developers moving in suggests Fort Lauderdale is experiencing a resurgence in the luxury market. For buyers, now is a good time to purchase. Relatively low prices slowly but steadily climbing in value suggests a positive investment opportunity. Fort Lauderdale has prime waterfront properties, and its natural environment makes it a highly desirable location. Nowhere else in the U.S. offers a comparable experience to the unique topography of this beachfront city with open waterways. It sets the tone for a boater’s paradise and the foundation for a strong luxury market.
Michelle Farber Ross founded MMD Realty LLC in 2011. A dynamic force in the South Florida real estate community, she joined forces with NFL legend Dan Marino and Canadian entrepreneur Michael Wekerle to create MMD Realty, focusing on luxury residential and commercial properties in South Florida. The company earmarks up to five percent of company profits for the Dan Marino Foundation.