April 30, 2018
Fort Lauderdale is booming with residential and commercial development. This vibrant coastal city has become the location of choice for savvy investors. In the past, Fort Lauderdale has been somewhat looked at as a secondary market to Miami. As real estate prices in Miami keep rising, however, developers have chosen to look for greener pastures elsewhere. With its relaxed coastal environment, miles of beautiful beachfront and a strong commerce center, Fort Lauderdale has become that greener pasture.
There are a significant number of luxury developments underway in Fort Lauderdale. These new luxury residential buildings offer high-level amenities, services and finishes in a spectacular oceanfront setting. The Related Group is developing the two-tower Auberge Beach Residences & Spa. This luxury branded oceanfront condominium on the sand featuring world-class amenities and services. Currently Auberge’s North Tower is 90% sold and 75% of the South Tower sold. The Residences at W Fort Lauderdale have been completely re-imagined and upgraded with the finest finishes. Paramount Fort Lauderdale Beach, recently completed in the fall of 2017, is a stunning new oceanfront condo building offering residents an amazing 5-star lifestyle in Fort Lauderdale Beach.
Additionally, Fort Lauderdale will be home to a number of new waterfront residential luxury condos. Condos such as AquaBlu, 33 Intracoastal, 321 at Water’s Edge, to name a few, will provide luxury living at its best in beautiful Fort Lauderdale.
So, who is buying in Fort Lauderdale? The typical Fort Lauderdale luxury buyer is quite different from the Miami luxury buyer. According to Patrick Campbell, Vice President of the Related Group, “Approximately 75% of those who purchase in Fort Lauderdale have ties to the area versus Miami where many buyers are investors or from South America.” Eric Johnston of New Jersey chose the W Residences Fort Lauderdale for his fourth home. He said, “Miami did not have what I wanted. The location to the airport, the weather, and the W product is what attracted me.”
Principal of International Sales Group, Craig Studnicky said,“Fort Lauderdale has always been compared to Miami Beach, but now its value in terms of price per square foot is at an all-time high. From 1990 to 2010, the annual difference in price per square footage between these two destinations was roughly 25 percent. In May 2016, this difference jumped to 261 percent due to the slew of new inventory. This means that a buyer can get the same ocean views, amenities, finishes and services in Fort Lauderdale but at almost half the price.”
Now is the time to invest in Fort Lauderdale Luxury Real Estate. Contact award-winning broker, and Fort Lauderdale resident, Niki Higgins today.
Source: Forbes
