Fort Lauderdale Real Estate Prices On The Rise
Fort Lauderdale residential real estate is entering into a new arena. Because of consumer confidence and many foreign nationals the Fort Lauderdale market is seeing an increase in their property values. The area supports a very limited type of development keeping the supply down and prices steady, meaning it will never be overbuilt.
In both existing properties and the new construction projects, Fort Lauderdale is seeing a major uptick in per square foot pricing. There are several developers that have begun new projects in Fort Lauderdale and a few that will soon follow.
We will see at least three new projects enter our market place. They are; Paramount (95 luxury condos on what was the old Howard Johnson site at the north end of the beach), Privage (22 luxury condos on the Intracoastal just north of The Ritz-Carlton) and The Conrad (Hilton’s high end hotel offering condo hotel suites and residential condos in what was Trump.) All of these new developments have asking prices of $800.00 per sq. ft. and up.)
This will help support the existing luxury properties in Fort Lauderdale. With the cost of construction and land cost they couldn’t be built for less and still make a profit. This brings up the price per square foot for the better properties with great locations. The entire area will benefit from the launch of these properties and those that are on the horizon.
Local Realtors and developers are counting on a strong demand from baby boomers and foreign nationals. They want to downsize the size of their homes, minimize the maintenance and upsize their lifestyles. Fort Lauderdale (both downtown and on the waterways) offers an upscale urban lifestyle for all ages to enjoy.
