Fort Lauderdale Luxury Oceanfront Condo Market Index Edition #2 | October 2017
Here are this year’s statistics & trends comparing luxury real estate within the Fort Lauderdale luxury oceanfront condo market index.
Included herein are the premier oceanfront condo towers such as Auberge, Paramount, The Palms, Las Olas Beach Club, L’Hermitage, Point of Americas, and more. Analyzed specifically in this report are the latest statistics & trends for the most desirable condo towers along the Atlantic coastline of Fort Lauderdale Beach. In every edition, I exclude condo-hotel properties from this research including W Fort Lauderdale, Conrad aka The Ocean Resort, Four Seasons, and The Ritz-Carlton.
Fort Lauderdale Condo Index: The Overview
As of October 2017, we have 1,057 total condos for sale in Fort Lauderdale, down from 1,353 last year. In the last 30 days, there have been 72 total closed sales with today’s inventory at a 14.7-month supply. In the last 90 days, 287 condos have sold averaging $317 per square foot (Up from $257psf last year) at 101 days on market. Not bad considering hurricane Irma shut down Southeast Florida for approximately 10 days. Since Irma, 38 condos have gone into contract averaging $272 per square foot.
Available MLS Inventory (%), Average List Price & Average Price Per Square Foot for Luxury Condo Towers Currently Active on the MLS
- Auberge – 2200 N. Ocean Boulevard | New Construction (171 condos) | Ave List Price n/a | Ave PPSF n/a
- Paramount – 701 N. Ft. Laud. Beach Boulevard | New Construction | 7 of 95 or 7% | Ave List Price $3.407M | Ave PPSF $927
- Coconut Grove Residences – 1200 Holiday Drive | 4 of 63 or 6% | Ave List Price $2.255M | Ave PPSF $700
- Commodore – 3430 Galt Ocean Drive | 6 of 191 or 3% | Ave List Price $378K | Ave PPSF $314
- Everglades House – 2000 S. Ocean Drive | 8 of 160 or 5% | Ave List Price $513K | Ave PPSF $368
- The Palms – 2100 & 2110 N. Ocean Boulevard | 11 of 180 or 6% | Ave List Price $1.868M | Ave PPSF $629
- Las Olas Beach Club – 101 S. Ft. Laud. Beach Boulevard | 10 of 148 or 7% | Ave List Price $1.998M | Ave PPSF $681
- L’Hermitage – 3100 & 3200 N. Ocean Blvd. | 15 of 238 or 6% | Ave List Price $1.264M | Ave PPSF $617
- L’Ambiance – 4240 Galt Ocean Drive | 6 of 124 or 5% | Ave List Price $973k | Ave PPSF $460
- Point of Americas – 2100 & 2200 S. Ocean Lane | 13 of 281 or 4% | Ave List Price $1.203M | Ave PPSF $554
- Plaza South – 4280 Galt Ocean Drive | 1 of 350 or -% | Ave List Price $799K | Ave PPSF $307
- Plaza East – 4300 N. Ocean Boulevard | 8 of 266 or 3% | Ave List Price $630K | Ave PPSF $360
Average Price Per Square Foot & Sale Price on Condos SOLD within the last 6 months and # Days On Market (DOM)
- Auberge (2017 Year Built) | New Construction (171 condos)
- Paramount (2017) | New Construction (95 condos)
- Coconut Grove Residences (2007) | 1 Closed Sales at $586 PSF | — Sale Price $1.165M | 10 DOM
- Commodore (1966) | 3 Closed Sales at $274 PSF | Ave. Sale Price $403K | 132 DOM
- Everglades House (1965) | 2 Closed Sales at $319 PSF | Ave. Sale Price $451K | 251 DOM
- The Palms (1999 & 2001) | 0 Closed Sales at $— PSF | Ave. Sale Price $–K | — DOM
- Las Olas Beach Club (2007) | 4 Closed Sales at $686 PSF | Ave. Sale Price $1.871M | 158 DOM
- L’Hermitage (1997) | 9 Closed Sales at $566 PSF | Ave. Sale Price $1.157M | 207 DOM
- L’Ambiance (2003) | 1 Closed Sales at $423 PSF | — Sale Price $980K | 156 DOM
- Point of Americas (1970) | 4 Closed Sales at $412 PSF | Ave. Sale Price $505K | 134 DOM
- Plaza South (1970) | 5 Closed Sales at $296 PSF | Ave. Sale Price $465K | 44 DOM
- Plaza East (1967) | 5 Closed Sales at $324 PSF | Ave. Sale Price $550K | 99 DOM
Fort Lauderdale Condo Index Summary (over $1M)
- Fort Lauderdale luxury condo inventory (active/available resales over $1M) = 197 condos
- With 197 luxury condo listings for sale today and 5 sales last month, we have a 39-month supply.
- This condo inventory indicates slower absorption and a strong buyer’s market; a “healthy” is considered to be 6-9 months or less.
- Each condominium tower shows us (averaged) 5.2% of building inventory available – each tower should have condo inventory less than 10% to be considered “healthy.”
“As for South Florida’s condominium market, which includes townhomes, sales declined in Broward and Miami-Dade counties but increased 5 percent from a year earlier in Palm Beach County.” – SEPT 2017 Article
Fort Lauderdale Condos | $1M+
(Zip Codes: 33308, 33306, 33305, 33304, 33301, 33316)
Average Sold Price per Square Footage in September 2017: $644
Down 4% compared to the last month
Up 43.4% compared to the last year
Home For Sale in September 2017: 197 units.
Down 2% compared to the last month
Up 12.6% compared to the last year
Home Closed in September 2017: 4 units.
Down 55.6% compared to the last month
Down 33.3% compared to the last year
Home Placed under Contract in September 2017: 4 units.
Down 42.9% compared to the last month
Down 71.4% compared to the last year
*Buyer’s market: more than 6 months of inventory based on closed sales
Seller’s market: less than 3 months of inventory based on closed sales
Neutral market: 3 – 6 months of inventory based on closed sales
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