Fort Lauderdale Luxury Oceanfront Condo Market Index | June 2018
Here are this year’s statistics & trends comparing 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, among others. 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 Fort Lauderdale, and The Ritz-Carlton.
Fort Lauderdale Condo Index | The Overview:
As of June 2018, we have 1,073 total condos for sale in Fort Lauderdale, up from 1,057 from the last index report. In the last 30 days, there have been 181 total closed sales with today’s inventory at a 5.9 month supply. In the last 90 days, 535 condos have sold averaging $323 per square foot (Up from $317 psf last year) at 103 days on market. Last years results from OCT. were skewed considering hurricane Irma shut down Southeast Florida for more than 10 days. Priced over $1M, there are 211 Fort Lauderdale condos for sale with 34 sales in the last 30 days or a 6.2 month supply; enable the new ALEXA flash briefing to hear weekly market updates from the comfort of your home!
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 | 3 of 171 or 1% | Ave List Price $3.040M | Ave LP$/PSF $1,031
- Paramount – 701 N. Ft. Laud. Beach Boulevard | 10 of 95 or 10% | Ave List Price $1.350M | Ave PPSF $629
- Coconut Grove Residences – 1200 Holiday Drive | 5 of 63 or 8% | Ave List Price $2.168M | Ave PPSF $656
- The Commodore – 3430 Galt Ocean Drive | 9 of 191 or 5% | Ave List Price $467K | Ave PPSF $317
- Everglades House – 2000 S. Ocean Drive | 5 of 160 or 3% | Ave List Price $560K | Ave PPSF $340
- The Palms – 2100 & 2110 N. Ocean Boulevard | 13 of 180 or 7% | Ave List Price $1.735M | Ave PPSF $619
- Las Olas Beach Club – 101 S. Ft. Laud. Beach Boulevard | 2 of 148 or 1% | Ave List Price $3.090M | Ave PPSF $810
- L’Hermitage – 3100 & 3200 N. Ocean Blvd. | 20 of 238 or 8% | Ave List Price $2.682M | Ave PPSF $828
- L’Ambiance – 4240 Galt Ocean Drive | 4 of 124 or 3% | Ave List Price $812k | Ave PPSF $407
- Point of Americas – 2100 & 2200 S. Ocean Lane | 16 of 281 or 5% | Ave List Price $969K | Ave PPSF $528
- Plaza South – 4280 Galt Ocean Drive | 3 of 350 or 1% | Ave List Price $822K | Ave PPSF $370
- Plaza East – 4300 N. Ocean Boulevard | 8 of 266 or 3% | Ave List Price $598K | Ave PPSF $371
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) | 2 Closed Sales at $677 PSF | Sale Price $2.025M | 27 DOM
- Coconut Grove Residences (2007) | 2 Closed Sales at $722 PSF | — Sale Price $2.363M | 204 DOM
- The Commodore (1966) | 5 Closed Sales at $296 PSF | Ave. Sale Price $383K | 103 DOM
- Everglades House (1965) | 7 Closed Sales at $314 PSF | Ave. Sale Price $489K | 71 DOM
- The Palms (1999 & 2001) | 3 Closed Sales at $517 PSF | Ave. Sale Price $1.094M | 188 DOM
- Las Olas Beach Club (2007) | 0 Closed Sales at $— PSF | Ave. Sale Price $–M | — DOM
- L’Hermitage (1997) | 15 Closed Sales at $592 PSF | Ave. Sale Price $1.668M | 121 DOM
- L’Ambiance (2003) | 4 Closed Sales at $386 PSF | Ave. Sale Price $809K | 363 DOM
- Point of Americas (1970) | 8 Closed Sales at $460 PSF | Ave. Sale Price $925K | 195 DOM
- Plaza South (1970) | 6 Closed Sales at $321 PSF | Ave. Sale Price $624K | 116 DOM
- Plaza East (1967) | 5 Closed Sales at $280 PSF | Ave. Sale Price $482K | 71 DOM
Fort Lauderdale Condo Index Summary (over $1M)
- Fort Lauderdale luxury condo inventory (active/available resales over $1M) = 211 condos
- With 211 luxury condo listings for sale today and 34 sales last month, we have just over a 6-month supply.
- This condo inventory indicates good absorption and a normal buyer’s market.
- Each condominium tower should have available inventory less than 10% to be considered “healthy.”
“After the expansion of the Fort Lauderdale–Hollywood International Airport, cities north of Miami are seeing increased interest from overseas investors.” – Mansion Global
Fort Lauderdale Condos | $1M+
(Zip Codes: 33308, 33306, 33305, 33304, 33301, 33316)
March 2018 is a Buyer’s market*
Months of Inventory based on Closed Sales in March 2018: 12.8
Down 24.2% compared to last month
Down 23.4% compared to last year
March 2018 Average For Sale Price is Neutral*
Average For Sale Price (in thousand) in March 2018: $2186
Down 0.6% compared to last month
Up 3.8% compared to last year
March 2018 Average Sold Price is Depreciating*
Average Sold Price (in thousand) in March 2018: $1316
Down 31.6% compared to last month
Up 11.6% compared to last year
Average Sold Price per Square Footage in March 2018: $538
Down 22.3% compared to last month
Up 16.5% compared to last year
Condos For Sale in March 2018: 231 units.
Down 2.5% compared to last month
Up 15.5% compared to last year
Condos Closed in March 2018: 18 units.
Up 28.6% compared to last month
Up 50% compared to last year
Condos Placed under Contract in March 2018: 21 units.
0% compared to last month
Up 31.3% compared to 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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