A Related Group-controlled entity is proceeding through the governmental process in hopes of constructing the proposed 256-unit New River Yacht Club on a site just west of Andrews Avenue that had once been slated for a condo tower, according to the South Florida Sun-Sentinel.
As of Nov. 17, 2011, developers have proposed at least 14 new high-rise condo towers with more than 3,600 units for the tri-county South Florida region of Miami-Dade, Broward, and Palm Beach, according to the CondoVultures.com Preconstruction Condo Projects list.
"Market conditions in the Downtown Fort Lauderdale and Beach condo market are improving," said Peter Zalewski, a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures® LLC.
"Only about 65 of the condos that were created during the real estate boom in the Downtown Fort Lauderdale and the Beach market - dating back to 2003 - have not yet been sold. On the rental front, the Downtown Fort Lauderdale and the Beach market has about a 45-day supply of condos available for lease as of November 2011.
"Given the numerous new condo towers being proposed for South Florida, we would not be surprised to see additional projects being planned for the Downtown Fort Lauderdale and the Beach market," Zalewski said.
CondoVultures.com is scheduled to profile residential real estate trends in the third quarter of 2011 in the seven largest coastal condo markets in the tri-county South Florida region of Miami-Dade, Broward, and Palm Beach counties.
Beginning the week of Oct. 20, 2011, the Condo Vultures® Market Intelligence Report™ began publishing a seven-part series analyzing new condo sales trends in Greater Downtown Miami, South Beach, Sunny Isles Beach, Hollywood / Hallandale Beach, Downtown Fort Lauderdale and the Beach, Boca Raton / Deerfield Beach, and Downtown West Palm Beach and Palm Beach Island.
The Downtown Fort Lauderdale and the Beach market stretches from Sunrise Boulevard south to State Road 84, the Atlantic Ocean west to Northwest 7th / Southwest 4th avenues, according to the Condo Vultures® Official Condo Buyers Guide To Downtown Fort Lauderdale And The Beach™.
As of Sept. 30, 2011, buyers had purchased about 99 percent of the nearly 5,100 condos created in the Downtown Fort Lauderdale and the Beach market during the recent South Florida real estate boom, according to a new report from CondoVultures.com.
Overall, buyers have purchased nearly 5,010 developer units that were created since 2003. The combined purchase price for the developer units totals more than $2.3 billion for more than 6.5 million square feet of space, according to an analysis of Broward County records.
Developer condos from the boom have sold for an average of nearly $360 per square foot, according to an analysis of the Broward County Property Appraiser records.
The remaining unsold developer units in the Downtown Fort Lauderdale and the Beach market are located in four projects.
As of the third quarter of 2011, the 298-unit condominium-hotel project formerly known as the Trump International Hotel & Tower - which had not yet begun sales - on Fort Lauderdale Beach Boulevard was not included in the total.
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 at 1005 Kane Concourse, Suite 205, Bal Harbour, Florida, 33154. You can reach Condo Vultures® LLC 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™.
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