As a result of foreign currency weakening against the US Dollar, the Miami Condo market pace has slowed down as foreign investors pull back from investing. In contrast, The Fort Lauderdale Condo market seems unaffected as the Fort Lauderdale Beach and dowtown Fort Lauderdale condo areas are projected for potential gains.
Real Estate Prices in Fort Lauderdale are generally less expensive than in Miami and combined with a sudden rise in US purchasers looking for cheaper alternatives, these real estate markets in Fort Lauderdale have become the main focus for new construction development. Over the past 12 months, developers have publicized their intentions to develop twenty-seven new condominiums projects adding almost 2,500 units in both locations in addition to the already 42 new condominiums with 3,300 units that are planned for downtown and beach markets
While some new projects are quoting prices at $500+ per square foot, other luxury condos like Auberge, a new luxury condo being developed at the former site of the old Ireland's Inn are coming in at around $900 - $1,000 per square foot or more.
The resale market for condos in Fort Lauderdale (beach/ downtown) reveal almost 7 months of inventory as compared to Miami Beach Condos which has more than 10 months supply, and 17 months for downtown Miami. Experts agree a balanced or stable market exists when there are 6 months or less supply of inventory. Read more here...