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  • PRECONSTRUCTION
    CONDO PROJECT TRACKER
    or
    Downtown Fort Lauderdale And Beach Development Pipeline Stands At 2,900 New Condos This Cycle

    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.

    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 a 10-month supply of units available for purchase at the peak of the current South Florida Winter 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 enters the sixth year of this current real estate cycle, it is unclear if all of the new condo units announced - and still active - in the Downtown Fort Lauderdale and Beach market will ultimately be built. 

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

    - 1,680 units proposed or seeking governmental approval;

    - 147 units planned or secured governmental approval;

    - 997 units under construction;

    - And 76 units completed since 2011.

    Based on the statistics, the Downtown Fort Lauderdale and Beach condo market will increase by at least 1,073 units during this cycle even if the projects that are not yet under construction ultimatley never get built.  

    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.  

    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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