Condo presales slow but steady in Fort Lauderdale Beach: ISG report
Like in Miami-Dade, preconstruction condo sales have slowed in Fort Lauderdale Beach, albeit on a smaller scale in the coastal Browad city.
About 10 percent of all new condo construction in Fort Lauderdale Beach has been presold since February, according to a newly released ISG Miami Report – Fort Lauderdale. Of the 781 units in the pipeline, ISG is reporting that 59 percent, or 460 units, are sold.
“I’m seeing a lot of interest even from South America because of the incredible price difference,” ISG Principal Craig Studnicky told The Real Deal, comparing the beachfront market to Miami Beach. While the average asking price per square foot has increased in Fort Lauderdale over the past 18 months – from $530 a foot to $623 per square foot now – it’s still less expensive than in Miami.
In Miami, 77 percent of the 14,316 units in the pipeline were presold as of mid-year 2016. (The second-quarter Miami report showed more new developments were reporting fewer sales.)
Back in Fort Lauderdale, Paramount sold 20 percent of its units in the last six months; the Gale sold 11 percent; and the Wave sold 32 percent of its 18 units. ISG includes projects that launched beginning in January 2012, and surveys sales centers to get its numbers.
While preconstruction sales overall have increased, some projects reported fewer sales, including 32One, and others reported no changes, including AquaBlue Fort Lauderdale, the Four Seasons and Riva Fort Lauderdale.
Studnicky said projects like All Aboard Florida’s Fort Lauderdale station and the proposed redevelopment of Icon Las Olas are building a buzz in the city that is leading to more sales.
Available inventory on the MLS has also jumped slightly from six months ago, but down from early 2015.
Here’s a breakdown of the report:
- 32One | 13 percent of 23 units, a decrease from 17 percent in February
- 33 Intracoastal | 50 percent of 11 units, project was not included on last report
- Adagio Fort Lauderdale Beach | 25 percent of 31 units
- Adagio on the Bay | 100 percent of 12 units, remained the same
- AquaBlue Fort Lauderdale | 54 percent of 35 units, remained the same
- AquaLuna Las Olas | 94 percent of 16 units, up from 80 percent
- AquaMar Las Olas | 80 percent of 20 units, up from 50 percent
- AquaVita Las Olas | 100 percent of 22 units, remained the same
- Auberge North tower | 87 percent of 57 units, a decrease from 90 percent in February
- Auberge South tower | 28 percent of 114 units, up from 10 percent
- Four Seasons Private Residences | 11 percent of 42 units, remained the same
- Gale Hotel & Residences | 65 percent of 128 units, up from 56 percent
- Paramount Fort Lauderdale | 90 percent of 95 units, up from 70 percent
- Riva Fort Lauderdale | 60 percent of 100 units, remained the same
- The Wave | 65 percent of 18 units, up from 33 percent
Source: The Real Deal