FORT LAUDERDALE, FL -- Renowned for its appeal to spring break partiers and snowbirds, Fort Lauderdale has always attracted seasonal visitors. But as the real estate market continues to recover, the vibrant city known as the "Yachting Capital of the World" is increasingly receiving year-round interest from buyers who want to soak up the sunshine from one of the new luxury condominium projects now in development.
According to respected real estate analyst Peter Zalewski of CraneSpotters.com, there are 35 condominium towers currently in development in Fort Lauderdale, which will yield approximately 2,725 residential units once completed. Unlike the Miami downtown area, where 19,159 residential units are in development, Broward County—and specifically the city of Fort Lauderdale—are now catching up with the demand for new developments.
As the number of new projects continues to build in Miami-Dade County as a result of ambitious developers, prices are also continuing to rise.
"We're finding that, increasingly, developers in Broward County have a strategic advantage over those in Miami-Dade as they are able to deliver an equally attractive product that is roughly 25-35 percent cheaper," said Zalewski. "As this real estate cycle continues, Broward County, and Fort Lauderdale specifically, is positioned to benefit from the success in Miami, as investors turn their focus north toward viable and lucrative opportunities."
"The more affordable pricing of condominiums in Fort Lauderdale has spurred demand from both domestic and international buyers, outpacing development and the existing inventory," adds Peter Barkin of Barkin-Gilman & Associates, Coldwell Banker Previews International. "Buyers have access to waterfront real estate and the high-end amenities that define luxury living, but pay an average of $537 per square foot in Broward County as opposed to an average of $855 in Miami-Dade."
Ocean Land Investments, an established developer that has invested in and revitalized waterfront properties for nearly 25 years, was among the first developers to seize the opportunity for new projects in the Fort Lauderdale market. Of the 35 condominium projects in development in Fort Lauderdale, Ocean Land Investments is developing five.
Nestled in a sophisticated enclave between the city and the beach, Ocean Land Investments' five residential buildings will rise on waterfront property on Hendricks Isle, Isle of Venice and along the Intracoastal Waterway. The first building to welcome residents will be AquaVita, which sold out within eight months of launching sales and is scheduled to open in March 2015. Sales for the next three projects – AquaLuna, AquaMar and AquaBlu – have already launched and the buildings are expected to break ground in 2015. AquaLuna is 50 percent sold, while AquaMar is 75 percent reserved and AquaBlu is 50 percent reserved.
"We recognized the value of starting projects in Fort Lauderdale not only because the Miami-Dade County market was becoming saturated, but also because Fort Lauderdale offers an inimitable lifestyle," said Jean Francois Roy, president of Ocean Land Investments. "Our projects are boutique, waterfront buildings and they are all within walking distance of Fort Lauderdale Beach and the abundant shops, restaurants and businesses on Las Olas Boulevard."
Each of Ocean Land Investments' projects will feature spacious residences, ranging from 2,644 to 7,385 square feet, with luxurious amenities that inspire an active lifestyle fit for boaters, beachgoers and business professionals. The residences among all five developments are offered for $995,000 to $3.75 million plus.
Among the numerous upscale amenities, the properties will include one complimentary boat slip reserved for each residence (at four of the five projects), large heated saltwater pools with cabanas, fitness facilities, outdoor barbecue areas and rooftop terraces at several of the developments. Residents will be afforded the utmost privacy and security, with elevators that lead to a private foyer entry, 24/7 video surveillance and fob-secured access into the garages, buildings and elevators. The properties are also pet friendly and smoke-free.
Within each lavish condominium, high ceilings, floor-to-ceiling windows and glass railings on the oversized balconies ensure unobstructed, sweeping views of the waterway. Kitchens epitomize modern elegance and functionality with Italian cabinetry, quartz counter tops, gas ranges, and Sub-Zero and Wolf appliances. Designer finishes also grace the bedrooms and bathrooms. Offering plenty of space for both living and storage, bedrooms feature large walk-in closets and private storage space is available. Equipped for all of residents' smart-technology needs, the condominium towers will offer Wi-Fi in common areas and two garage spaces reserved for each residence with one electric car ready.
AquaMar is one of Ocean Land Investments' five luxury, waterfront condominium buildings being developed in Fort Lauderdale, Fla. Located on Isle of Venice just off of Las Olas Boulevard, AquaMar will be a five-story building comprised of 20 luxury, home-style condominiums. The contemporary building offers upscale, spacious residences and resort-like amenities to complement the isle's natural beauty and deliver an idyllic waterfront lifestyle.
For additional information about Ocean Land Investments' current developments, visit www.oceanland.com or contact the sales office at 954.699.7020.
