Half of preconstruction condos in Fort Lauderdale Beach have sold: report
Report also compared price psf compared to Miami Beach: in 2015, difference was 269%
February 26, 2016 05:30PM
Renderings of new construction in Fort Lauderdale: AquaLuna, 1800 Las Olas, Adagio on the Bay and Paramount Fort Lauderdale
About half of all new condo construction in Fort Lauderdale Beach has been presold, according to a February update of the RelatedISG Miami Report – Fort Lauderdale Edition.
New construction is valued at $1.5 billion, according to the report. And out of 702 condo units in the pipeline, 356 or 51 percent have sold. RelatedISG included projects that had launched beginning in January 2012.
Here is a breakdown of what has been sold as of January of this year:
32One | 17 percent of 23 units
1800 Las Olas | 100 percent of 4 units
Adagio on the Bay | 100 percent of 12 units
AquaBlue Fort Lauderdale | 54 percent of 35 units
AquaLuna Las Olas | 80 percent of 16 units
AquaMar Las Olas | 50 percent of 20 units
AquaVita Las Olas | 100 percent of 22 units
Auberge North tower | 90 percent of 57 units
Auberge South tower | 10 percent of 114 units
Four Seasons Private Residences | 11 percent of 42 units
Gale Hotel & Residences | 56 percent of 128 units
Paramount Fort Lauderdale | 70 percent of 95 units
Riva Fort Lauderdale | 60 percent of 100 units
The Wave | 33 percent of 18 units
The report also cited Fort Lauderdale Beach’s value compared to Miami Beach over the year. From 1990 to 2010, oceanfront condos in Fort Lauderdale Beach were priced, on a per-square-foot basis, between about 25 percent and 30 percent less than in Miami Beach. In 2015, the difference increased to a whopping 261 percent. The report used data from Miami-Dade and Broward counties’ tax records and on-site sales offices.
BellaVita Las Olas, a 16-unit development, was also included. It has not yet launched sales. – Katherine Kallergis
Source: The Real Deal