As of Nov. 16, 2011, there are fewer than 115 condos available for lease in Downtown Fort Lauderdale and the Beach, according to an analysis by the Rental Division of the licensed Florida brokerage Condo Vultures® Realty LLC.
In the first nine months of 2011, renters have leased an average of 75 condos per month, according to the report based on Florida Realtors association data.
CondoVultures.com is scheduled to profile the latest condo trends in the third quarter of 2011 in the seven largest coastal markets in the tricounty South Florida region of Miami-Dade, Broward, and Palm Beach counties.
As of the week of Oct. 20, 2011, the Condo Vultures® Market Intelligence Report™ has been publishing a seven-part weekly 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 shrinking number of condos for rent in Downtown Fort Lauderdale and the Beach has prompted landlords to attempt to increase monthly rents in 2011 by nearly 28 percent to a median monthly asking price of $1.70 per square foot as of Nov. 16, according to the report.
In the first nine months of 2010, the median rental price for a condo lease in Downtown Fort Lauderdale and the Beach was $1.33 per square foot per month. A year earlier in the same period of 2009, the median rental price for a condo lease was $1.25 per square foot per month, according to the report.
Despite this year's increased asking rates, the completed median lease price of $1.33 per square foot per month is still far less than the levels achieved at the beginning of the real estate crash.
Tenants paid a median monthly rental price of $1.38 per square in the first nine months of 2008 and $1.42 per square foot in the first three quarters of 2007, according to the report.
The rising asking prices for condo rentals in Downtown Fort Lauderdale and the Beach have worked to slow down the average number of units being leased per month.
Renters leased an average of two percent fewer Downtown Fort Lauderdale and the Beach condos by quantity in the first nine months of 2011 compared to the same period in 2010, according to the report.
Tenants have rented 675 condos between January and September of 2011 compared to 689 condos in the first nine months of 2010.
A year earlier in the first nine months of 2009, tenants rented 645 condos in Downtown Fort Lauderdale and the Beach condos, according to the report.
The completed leases do not reflect any deals that that may have been transacted without being marketed on the Multiple Listing Service.
Of the Downtown Fort Lauderdale and the Beach condos currently available for rent, there are nearly 65 two-bedrooms units being offered at a median asking price of $1.83 per square foot per month. An additional 30 one-bedroom condo units are on the rental market with a median asking price of $1.94 per square foot per month.
Nearly 15 units with three bedrooms are available for rent at a median asking price of $2.03 per square foot per month. Less than five studios are for rent at a median asking price of $3.22 per square foot per month.
Since 2003, developers constructed and converted 47 projects of 15 units or more in a stretch of central Fort Lauderdale from Sunrise Boulevard south to State Road 84/Southeast 24th Street, Northwest 7th/Southwest 4th Avenue east to the Atlantic Ocean, according to the Condo Vultures® Official Condo Buyers Guide To Downtown Fort Lauderdale and the Beach™.
The surge in new condo construction increased Fort Lauderdale's total inventory in the Downtown and Beach neighborhoods to nearly 12,800 units located within 180 projects that feature a combined 1,500 floors of residential living, according to the study.
As of Sept. 30, 2011, developers had sold 99 percent of the nearly 5,100 units created in the coastal Downtown Fort Lauderdale and the Beach market since 2003, according to a new CondoVultures.com report.
At the time, 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™.
© Copyright 2011. Condo Vultures® LLC. All Rights Reserved.
