June 14, 2024

Fort Lauderdale Real Estate Sees New Tower Proposal

Nothing can mark the start of a new Ft Lauderdale Real Estate cycyle for a community better that an application for a great project being placed infront of the city by a great local developer. It shows confidence in Fort Lauderdale Real Estate. A well known South Florida residential developer, Jorge Perez of the Related Group, has proposed a 26-story rental tower on the south bank of the New River.

The south side of the river, which is the area between downtown and the airport has always been less developed but often appeared in a holding pattern that was about to change. La Preserve a community of Glenn Wright Homes, is a south side community that got caught in the market downtown and is now very much alive. An investor has finished the remaining luxury homes, and rented them out, showing convidence in a Fort Lauderdale Real Estate turnaround. The goal now is for a Related Group subsidiary to add a 256 luxury rental building called the New River Yacht Club to the south side of the Fort Lauderdale Real Estate market at a site just west of Andrews Avenue.

Some buyers of Fort Lauderdale Condos are surprised to hear that there is very little inventory available in the Ft Lauderdale Market. Lack of new construction and high demand for rental units have kept the beach and downtown areas of Ft Lauderdale Condo market a prime target for investors. Low inventory and stablizing prices in Ft Lauderdale Real Estate often appear to be the story that the media forgot to report. Recently we spoke to a buyer who told us that “the Fountains and Sapphire on the beach had both closed their sales offices because nobody was buying”. She was right, both sales offices are now closed, but she was wrong about why, the last two buildings in the Fort Lauderdale Central Beach area are sold out.

It is great to see projects in the planning stage again, it is great to see some in fill projects that have been stalled starting to be worked on again, and it is very clear that lower inventory, stabilized prices and strong demand will allow the Fort Lauderdale Real Estate market to work through any inventory that the banks continue to work through their “system”.