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3 New Condo Buildings Proposed For Downtown Fort Lauderdale Market
3 New Condo Buildings Proposed For Downtown Fort Lauderdale Market
Published on 8/28/2013 8:36:00 PM

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With at least 157 new condo towers already proposed for South Florida, a pair of unrelated developers are planning an additional three new condo buildings in the Downtown Fort Lauderdale and Beach market in East Broward County as the region's real estate market shows signs of recovering from the dramatic downturn of 2007, according to a new report from CondoVultures.com.

The new condo projects - dubbed the AquaVita Las Olas and the Vela Vista - are slated to be developed at a time when only five towers with less than 315 units have been proposed for the Downtown Fort Lauderdale and Beach market as of August 28, 2013, according to the Preconstruction Condo Projects Database™ compiled by the licensed Florida brokerage CVR Realty™.

Concurrently, a previously announced waterfront project - the proposed V condominium with 98 units - that stopped presales in March 2013 has been redesigned to have 100 units and renamed the Galleria Landings in the 1100 block of North Federal Highway, just north of Sunrise Boulevard in Downtown Fort Lauderdale, according to city of Fort Lauderdale records.  

Overall in South Florida, developers are now proposing more than 21,300 units for the tricounty region of coastal Miami-Dade, Broward, and Palm Beach as of Aug. 28, 2013, according to the report.

CondoVultures.com is scheduled to profile condo trends in the second quarter of 2013 in the 10 largest coastal markets in the tricounty South Florida region of Miami-Dade, Broward, and Palm Beach counties beginning the week of July 15, 2013.

The Condo Vultures® Market Intelligence Report™ plans to publish a 10-part weekly series that analyzes the markets of Greater Downtown MiamiSouth BeachBal Harbour / Surfside / Bay Harbor IslandsSunny Isles BeachAventuraHollywood / Hallandale BeachDowntown Fort Lauderdale and the BeachPompano BeachBoca Raton / Deerfield Beach, and Downtown West Palm Beach and Palm Beach Island.

The Downtown Fort Lauderdale and Beach coastal market is defined as Sunrise Boulevard south to State Road 84, and the Atlantic Ocean west to Northwest 7th / Southwest 4th avenues, according to the Condo Vultures® Official Condo Buyers Guide To Downtown Fort Lauderdale And Beach™.

In Downtown Fort Lauderdale, a developer - Panama Land Company SA - is proposing to build a pair of five-story condo buildings with a combined 22 units that would be called AquaVita Las Olas on Hendricks Isle Drive on the finger islands between the mainland and the barrier island, according to government records.

Some two miles to the southwest, a developer - Commodore Club Condominium LLC - is proposing a four-story condo building with 10 units dubbed the Vela Vista in the 1500 block of Southeast 12th Street on a finger island just east of the mainland, according to Broward County records.

Some six years after the South Florida real estate crash began in 2007, two new condo tower - 23 Biscayne Bay and 4001 North Ocean - have already been completed in the tricounty region and 35 other highrises - Aventura's Bellini At Williams Island and Echo Aventura (two towers); Fort Lauderdale's Adagio Residences; Greater Downtown Miami's 1100 Millecento ResidencesBrickell Citycentre (two towers), BrickellHouseHabitat IIICON BayMyBrickellNine At Mary Brickell Village projects; Hallandale Beach's Beachwalk; Hollywood's Apogee BeachCosta Hollywood (two towers), Sage Beach (two towers); Key Biscayne's Oceana (two towers); Miami's Baltus House in the Morningside area and Grove At Grand Bay (two towers) in Coconut Grove; Miami Beach's Faena HouseOne Ocean (two towers), Peloro Miami Beach, and Residences At Miami Beach Edition; and Sunny Isles Beach's 400 Sunny Isles (two towers), Chateau BeachJade SignatureMansions At AcqualinaPorsche Design Tower, and Regalia - are under construction as the post-crash development era gains momentum, according to a CondoVultures.com report.

The push for new condo construction comes as the boom-era unit inventory is dwindling in South Florida.

In the Downtown Fort Lauderdale and Beach market, foreign buyers and institutional investors have acquired 99 percent of the nearly 5,100 units that were constructed in the area during the real estate boom that began in 2003, according to a CondoVultures.com report.  

The unsold developer unit total excludes the recently launched W Fort Lauderdale condo-hotel units and the nearly completed but vacant 298-unit condo-hotel complex at 551 N. Fort Lauderdale Beach Blvd. that was formerly named the Trump International Hotel and Tower before being repossessed by the lender of record in March 2012, according to a CondoVultures.com report.

Overall in South Florida, less than 2,150 new condo units remain unsold from a supply of nearly 49,000 units created since 2003 in South Florida’s seven largest coastal markets of Greater Downtown MiamiSouth BeachSunny Isles BeachHollywood / Hallandale BeachDowntown Fort Lauderdale and the BeachBoca Raton / Deerfield Beach, and Downtown West Palm Beach and Palm Beach Island as of March 31, 2013, according to a recent CondoVultures.com report.

The total number of unsold new condos does not include any of the more than 8,000 units that were purchased in bulk transactions by investment groups that plan to one day resell the units at a premium, according to the Condo Vultures® Bulk Deals Database™

A number of the newly proposed condo units are not expected to be completed until 2014 when the unsold developer inventory from South Florida's last real estate boom and bust is projected to be sold.

It is important to note there are various stages to a residential real estate transaction in South Florida.

A transaction begins when a property is made available for sale and ends when a title is conveyed from one party to another party as a result of the recording of a deed with the local government. 

As part of the process, a property typically goes under contract and into a due diligence phase by which a deal can be canceled.  

The CondoVultures.com new condo sales report is based on completed transactions where a deed is recorded and taxes paid as a result of the sale.   

Condo Vultures® LLC is a real estate consultancy and marketing company based in the 225 Midtown Building at 225 NE 34th St., Suite 209B, Downtown Miami, Florida, 33137. Condo Vultures® LLC can be reached at 800-750-0517.

Don't forget to sign up for our weekly Market Intelligence Report™ for detailed condo reports to stay informed on the latest market trends and to find out about our various Condo Vultures® Seminars. Looking for a property at a deep discount? Take a peek at the Vultures Database™ or view our Video Library. Looking for bulk projects direct from developers or lenders? Visit the Condo Vultures® Bulk Deals Database™. Our new books, the Official Condo Buyers Guide to Miami™Official Condo Buyers Guide To South Beach™Official Condo Buyers Guide to Sunny Isles Beach™Official Condo Buyers Guide to Downtown Fort Lauderdale and the Beach™Official Condo Buyers Guide to Hollywood / Hallandale Beach™Official Condo Buyers Guide to Downtown West Palm Beach™, and Official Condo Buyers Guide to Boca Raton / Deerfield Beach™, are now available. Want to see every foreclosure filed in South Florida since 2007? Check out our Foreclosure Database™.

© Copyright 2013. Condo Vultures® LLC. All Rights Reserved.  


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