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More Than 3,000 New Downtown Fort Lauderdale And Beach Condos In South Florida Development Pipeline During This Cycle
More Than 3,000 New Downtown Fort Lauderdale And Beach Condos In South Florida Development Pipeline During This Cycle
Published on 10/6/2017 3:34:30 PM

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Nearly 1,200 New Downtown Fort Lauderdale And Beach Condo Units Currently Under Construction Or Recently Completed

DOWNTOWN MIAMI (Oct. 5, 2017) - Developers have announced - and continue to proceed with plans for - more than 3,000 new condo units in the Downtown Fort Lauderdale and Beach market in the South Florida county of Broward, according to a Condo Vultures® Realty report based on the latest data from consultancy CraneSpotters.com.

The Downtown Fort Lauderdale and Beach area ranks as the fourth most active coastal condo development market in the tricounty region of Miami-Dade, Broward and Palm Beach, representing about 6.4 percent of the nearly 47,275 new South Florida units announced since this current real estate cycle began in 2011, according to the CraneSpotters.com data as of Oct. 2, 2017. 

It is worth noting, more than 900 additional units that had originally been planned as new condos in Downtown Fort Lauderdale and Beach have since been removed from the CraneSpotters.com statistics based on the respective developers revising their announced strategies. Overall, nearly 9,300 new South Florida condos have been removed from the announced units statistics since 2011. 

These revised projects are now being tracked outside of the CraneSpotters.com Preconstruction Condo Projects Database under one of three categories: rental, on hold or canceled.

The decision to revise - or shelve - the original new condo development plans comes at a time when the Downtown Fort Lauderdale and Beach market has about an eight-month supply of units available for purchase at the end of this year’s South Florida Summer Buying Season, according to a recent CondoVulturesRealty.com report.

A balanced market is generally considered to have about six months of supply. More months of condo supply listed for sale suggests a buyer’s advantage and less months typically indicates a seller’s advantage in the market.

As South Florida progresses through the sixth year of this current real estate cycle, it is unclear if all of the new condo units announced - and still active - in Downtown Fort Lauderdale and Beach will ultimately be built. 

Currently, the new development pipeline in Downtown Fort Lauderdale and Beach breaks down as follows: 

- 1,692 units proposed or seeking governmental approval;

- 129 units planned or secured governmental approval;

- 900 units under construction;

- And 281 units completed since 2011.   

Based on the statistics, the Downtown Fort Lauderdale and Beach condo market will increase by at least 1,181 units during this cycle. 

It is unclear if the new condo units - some of which are expected to be available for rent - will impact lease prices in the Downtown Fort Lauderdale and Beach market given that an unknown number of new apartment units are also being built in the area. 

It is also unknown what impact this year's active hurricane season will have on South Florida's residential real estate market. 

CondoVulturesRealty.com is a licensed Florida brokerage that specializes in assisting buyers and tenants in value-oriented condo acquisitions and leases in the tricounty region of Miami-Dade, Broward and Palm Beach. 

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