March 31, 2016
It's official! Fort Lauderdale is the new "hot spot" in South Florida. As real estate prices continue to increase in Miami, buyers continue to flock to Fort Lauderdale. The average new condo price per square foot in Miami is nearly double the average in Fort Lauderdale, and many of the new developments in Fort Lauderdale match or exceed the unparalleled level of luxury once only present in the Miami real estate market. The city's pristine beaches and 300 miles of inland waterways are even further attraction to the immensely popular city. Fort Lauderdale is no longer South Florida's best-kept secret, and the time to buy real estate is now!
Most of the price indicators in the luxury market, representing the top 10 percent of all sales, showed double-digit gains. The median sales price for luxury condos surged 35.7 percent to 1.2 million dollars from the prior year quarter. Market wide condo sales edged 1.1 percent higher and single-family home sales edged 1.5 percent lower, resulting in overall stability. The pace of the market has recently slowed for the overall condominium and luxury condominium markets, making now a very attractive time to purchase a residence.
Additionally, Forbes recently named Fort Lauderdale number 8 on their 2016 list of "Best Buy Cities". The list names the top cities for real estate investment and where aspiring homeowners have the best prospects of making an economically sound purchase. Forbes predicts Fort Lauderdale to have an impressive 3-year appreciation rate of 20%! With an annual 3.2% jobs growth rate, Fort Lauderdale was also named one of the best cities to find a job in 2016. The city is truly booming.
The "Venice of America" is now much more than just a tourism and yachting hub. The city has emerged as a diverse center for American and international business, partially due to a flourishing economy and recent expansions to the international airport and port. While Fort Lauderdale's growth has been assisted by the skyrocketing cost of Miami real estate, ongoing investments into liveability and cultural projects continue to make the city more attractive. From the ultra-luxurious condo projects under construction to great weather and a thriving economy, Fort Lauderdale offers the whole package.
Niki Higgins is a Fort Lauderdale real estate expert. For the most comprehensive information on this attractive market, contact Niki at +1-954-817-2500 or +1-888-242-4422.
