Edition #1

Fort Lauderdale Luxury Oceanfront Condo Market Index for August 2016. Here are the latest statistics & trends comparing luxury real estate within the Fort Lauderdale Luxury Oceanfront Condo Market Index. Included are premier oceanfront condo towers such as Auberge, Paramount, The Palms, Las Olas Beach Club, L’Hermitage, Point of Americas, and more. What will be explicitly analyzed are luxury oceanfront condo buildings as we review the latest stats & trends for the most desirable luxury condo towers along the Atlantic coastline of Fort Lauderdale Beach.

I exclude condo-hotel properties from this research in every edition, including W Fort Lauderdale, Conrad aka The Ocean Resort, Four Seasons, and The Ritz-Carlton.

Fort Lauderdale Condo Index Overview

As of August 2016, we have 1,353 condos for sale in Fort Lauderdale. In the last 30 days, there have been 132 closed sales, with today’s inventory at a 10-month supply. In the last 90 days, 484 condos have sold, averaging $257 per square foot at 134 days on the market. In the same 90-day period of AUG 2015, there were 605 condos sold, averaging $261 per square foot at 108 days on market = 2% depreciation and a little less than a month longer to sell when properties are priced ‘in the market’ vs. ‘on the market.’

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 | 4 of 95 or 5% | Ave List Price $3.813M | Ave PPSF $915
• Coconut Grove Residences – 1200 Holiday Drive | 2 of 63 or 3% | Ave List Price $2.6M | Ave PPSF $698
• Commodore – 3430 Galt Ocean Drive | 8 of 191 or 4% | Ave List Price $617K | Ave PPSF $287
• Everglades House – 2000 S. Ocean Drive | 6 of 160 or 3.8% | Ave List Price $520K | Ave PPSF $311
• The Palms – 2100 & 2110 N. Ocean Boulevard | 18 of 180 or 10% | Ave List Price $1.769M | Ave PPSF $650
• Las Olas Beach Club – 101 S. Ft. Laud. Beach Boulevard | 6 of 148 or 4% | Ave List Price $2.402M | Ave PPSF $750
• L’Hermitage – 3100 & 3200 N. Ocean Blvd. | 19 of 238 or 8% | Ave List Price $1.545M | Ave PPSF $705
• L’Ambiance – 4240 Galt Ocean Drive | 8 of 124 or 6% | Ave List Price $1.019M | Ave PPSF $463
• Point of Americas – 2100 & 2200 S. Ocean Lane | 13 of 281 or 5% | Ave List Price $956K | Ave PPSF $472
• Plaza South – 4280 Galt Ocean Drive | 6 of 350 or 2% | Ave List Price $746K | Ave PPSF $356
• Plaza East – 4300 N. Ocean Boulevard | 6 of 266 or 2% | Ave List Price $596K | Ave PPSF $340

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) | 2 Closed Sales at $552 PSF | Ave. Sale Price $3.548M | 394 DOM
• Commodore (1966) | 6 Closed Sales at $262 PSF | Ave. Sale Price $370K | 111 DOM
• Everglades House (1965) | 4 Closed Sales at $354 PSF | Ave. Sale Price $501K | 135 DOM
• The Palms (1999 & 2001) | 3 Closed Sales at $515 PSF | Ave. Sale Price $887K | 298 DOM
• Las Olas Beach Club (2007) | 2 Closed Sales at $626 PSF | Ave. Sale Price $1.663M | 110 DOM
• L’Hermitage (1997) | 10 Closed Sales at $554 PSF | Ave. Sale Price $1.116M | 152 DOM
• L’Ambiance (2003) | 2 Closed Sales at $392 PSF | Ave. Sale Price $818K | 97 DOM
• Point of Americas (1970) | 15 Closed Sales at $442 PSF | Ave. Sale Price $821K | 199 DOM
• Plaza South (1970) | 11 Closed Sales at $286 PSF | Ave. Sale Price $447K | 129 DOM
• Plaza East (1967) | 12 Closed Sales at $302 PSF | Ave. Sale Price $511K | 141 DOM

Fort Lauderdale Condo Index Summary (Over $1M)

• Fort Lauderdale luxury condo inventory (active/available resales over $1M) = 165 condos.
• With 165 luxury condo listings for sale today and seven sales last month, we have a 23.6-month supply.
• This condo inventory indicates slower absorption, and a strong buyer’s market as “healthy” is considered to be 6-9 months or less.
• Each condominium tower shows us (averaged) just 2.2% of building inventory available – each tower should have less than 10% condo inventory to be considered “healthy.”

While sales in Miami-Dade continue their downward slope, Broward County saw a moderate uptick for both closed sales and prices during June, according to a new report from the Greater Fort Lauderdale Realtors association. – Broward’s Housing Market (Click Here)

Fort Lauderdale Waterfront Condos | $1M plus

(Zip Codes: 33308, 33306, 33305, 33304, 33301, 33316)

Thank you for reading! Contact Ashton for suggestions and new residential opportunities along Fort Lauderdale (East of US1). I’ve represented homeowners and buyers in other coastal locations, including Hollywood, Hallandale, Miami Beach, Sunny Isles Beach, Aventura, Bal Harbour, Surfside, and South Beach. I also cover the most desirable South Florida island areas, including Fisher Island, Key Biscayne, North Bay Village, and Bay Harbour Islands. Let’s Talk, toll-free at #888.38.DREAM for further details.

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