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Downtown Fort Lauderdale And Beach Down To 10 Distressed Condos Listed For Sale 

DOWNTOWN MIAMI (March 23, 2017) - Only 10 distressed condo units - both shortsales and real estate owned (REO) by lenders - are formally listed for sale in the Downtown Fort Lauderdale And Beach market of Broward County in South Florida, according to a new report from Condo Vultures® Realty LLC.

Based on distressed condo sales of about seven units monthly in 2016, the Downtown Fort Lauderdale And Beach market now has less than a two-month supply of distressed units available for purchase at the peak of this year’s South Florida Winter Buying Season, according to the report based on data from the Southeast Florida MLXchange.

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.

More Than 50 New Buildings Announced - And Proceeding - In Downtown Fort Lauderdale And Beach Market Since 2011  

DOWNTOWN MIAMI (March 22, 2017) - Developers have announced - and continue to proceed with plans for - at least 2,900 new condo units in the Downtown Fort Lauderdale and Beach market of Broward County in South Florida, according to a Condo Vultures® Realty report based on the latest data from consultancy CraneSpotters.com.

The Downtown Fort Lauderdale and Beach market ranks as the fourth most active coastal condo development market - trailing Greater Downtown Miami with 20,062 units, Hollywood / Hallandale Beach with 4,689 units and AVentura with 3,061 units - in the tricounty region of Miami-Dade, Broward and Palm Beach, representing about 6.1 percent of the more than 47,700 new South Florida units announced since this current real estate cycle began in 2011, according to the CraneSpotters.com data as of March 20, 2017

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

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.

 

Buyers Purchased 85 Luxury Condos In Downtown Fort Lauderdale and Beach In 2016  

DOWNTOWN MIAMI (March 21, 2017) - More than 175 luxury condo units are formally listed for sale at a minimum asking price of at least $1 million each in the Downtown Fort Lauderdale and Beach market of Broward County in South Florida, according to a new report from Condo Vultures® Realty LLC.

Based on luxury condo sales of seven units monthly in 2016, the Downtown Fort Lauderdale and Beach market now has a 25-month supply of units available for purchase at a time when the tricounty region of Miami-Dade, Broward and Palm Beach is at the peak of this year’s South Florida Winter Buying Season, according to the report based on data from the Southeast Florida MLXchange.

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.

 

Nearly 880 Condo Units Listed For Sale In Downtown Fort Lauderdale And Beach Market

DOWNTOWN MIAMI (March 20, 2017) - Nearly 880 condo units are formally listed for sale in the Downtown Fort Lauderdale and Beach market of Broward County in South Florida, according to a new report from Condo Vultures® Realty LLC.

Based on condo sales of 85 units monthly in 2016, the Downtown Fort Lauderdale and Beach market now has about a 10-month supply of units available for purchase at a time when the tricounty region of Miami-Dade, Broward and Palm Beach is at the peak of this year’s South Florida Winter Buying Season, according to the report based on data from the Southeast Florida MLXchange.

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.

It is worth noting this report only tracks those South Florida condos that are formally listed for sale. The report does not factor in the more than 47,000 new condo units currently in the development pipeline east of Interstate 95 in the tricounty South Florida region.

(For the latest South Florida preconstruction condo project pipeline, please visit: CraneSpotters.com.)

The average asking price of a Downtown Fort Lauderdale and Beach condo currently listed for sale is more than $768,650 per unit. This works out to an average asking price of $428 per square foot, according to the data compiled by CondoVulturesRealty.com.

In 2016, the average transaction price of a Downtown Fort Lauderdale and Beach condo was less than $417,450 or $294 per square foot.

This means the current asking price of a Downtown Fort Lauderdale and Beach condo listed for sale is about 84 percent higher than the average transaction price achieved on a per-unit basis and nearly 46 percent higher than the average transaction price on a per-square-foot basis in 2016.

Last year, Downtown Fort Lauderdale and Beach sellers who were able to unload their units needed about 125 days to transact a condo listed for sale. The current Days-On-The-Market average for a Downtown Fort Lauderdale and Beach condo listed for sale is about 127 days, according to the stats.

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.

6-Month Supply Of Hollywood / Hallandale Beach Residential Properties Listed For Rent 

DOWNTOWN MIAMI (March 17, 2017) - At least 640 residential rental properties are formally listed for lease in the Hollywood / Hallandale Beach area of Southeast Broward County in South Florida, according to a new report from Condo Vultures® Realty LLC.

Based on completed leases of 100 residential properties monthly in 2016, the Hollywood / Hallandale Beach area now has about a six-month supply of rentals - apartments, condos, efficiencies, multifamily and townhouses - available at a time when the tricounty region of Miami-Dade, Broward and Palm Beach is at the peak of this year’s South Florida Winter Buying Season, according to the report based on data from the Southeast Florida MLXchange. 

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

The median asking price of a Hollywood / Hallandale Beach residential rental property currently listed for lease is $2,800 per property monthly. This works out to a median asking price of $1.59 per square foot monthly, according to the data compiled by CondoVulturesRealty.com

In 2016, the median transaction price of a Hollywood / Hallandale Beach residential rental property was $1,700 or $1.53 per square foot monthly, according to the data. 

This means the current asking price of a Hollywood / Hallandale Beach residential rental property listed for lease is nearly 65 percent higher than the median transaction price achieved on a monthly per-property basis and about four percent higher than the median transaction price achieved on a monthly per-square-foot basis in 2016.

Last year, a landlord needed 61 days - on a median basis - to lease a Hollywood / Hallandale Beach residence. The current median Days-On-The-Market rate for a Hollywood / Hallandale Beach residential rental property listed for lease is 62 days, according to the stats. 

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

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