New Developments Planned for South Florida's Condo Market

Posted by John Sabia on Monday, October 22nd, 2012 at 3:23pm.

New Condo projects planned for Florida Real Estate

Florida Real EstateFor those seeking a condo with picturesque views and luxury amenities along Fort Lauderdale's coast and throughout  South Florida, you may soon have new options should plans to build 55 new condo communities come to fruition. In Broward County, developers have proposed 11 condo projects - with close to 1,600 units along Fort Lauderdale Beach, Hallandale Beach and Hollywood, according to a recent Miami Herald article.  Nearly 40 projects in total have been proposed - with more than 7,900 units in Aventura, Bal Harbour, Greater Downtown Miami, Key Biscayne, Miami Beach and Sunny Isles Beach. The 170-unit Orion Condo Fort Lauderdale (formerly Howard Johnson's) and the 22-unit Grand Birch Fort Lauderdale Tower (along the intracoastal waterway at Birch Rd) - are 2 new luxury tower Fort Lauderdale Beach Condos.  According to a recent South Florida Business Journal article, Boca Raton based Crocker Partners is looking to secure an equity partner in its bid to build the $120 million Las Olas Tower in Downtown Fort Lauderdale. Many of the proposed new condo projects include state-of-the-art towers with large spacious floor plans capturing exquisite views.  Some will offer high-end touches, such as personal swimming pools, automobile elevators and oversized, almost backyard-like balconies. Close to 5,250 condo units were created in Fort Lauderdale Beach and Downtown areas during South Florida's last major construction boom.  Since then, nearly all of these units have been sold. According to Greater Fort Lauderdale Realtors®, the inventory of existing townhouses and condominiums for sale in Broward County fell 44.1 percent from August 2011 to 6,150 units in August 2012.  Likewise, new listings slipped 4.1 percent to 2,065 townhouse-condos since August 2011. "With days on market continuing to decline, sellers continuing to receive a higher percentage of their asking price, inventory of single-family homes, townhouse and condo properties continueing to fall and interest rates remaining low, these factors are contributing to a strong and stable market for buyers and sellers," explains Stephen B McWilliam, president of the Greater Fort Lauderdale Association of Realtors®. The ratio of asking price to selling price continues to inch upward with sellers receiving 94.6 percent of their asking price for existing townhouse and condominiums in August 2012, as compared to 94.4 percent in July 2012, and up 3.7 percent from a year ago, according to the association. For more information about Fort Lauderdale Beach and Downtown Fort Lauderdale Condos for sale, contact John Sabia today at 954.850.2397. Return to Fort Lauderdale Real Estate - home page

John Sabia

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