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Downtown Fort Lauderdale And Beach Luxury Market Faces 16-Month Supply Of Condos For Sale At End Of Winter Buying Season

Buyers Purchased 165 Downtown Fort Lauderdale And Beach Luxury Condos In Year 2018   

 

(This Report Is Powered By Brickell Ventures LP)

DOWNTOWN MIAMI (April 23, 2019) - At least 225 luxury condo units are formally listed for sale at a minimum price of at least $1 million in the Downtown Fort Lauderdale and Beach market in the South Florida county of Broward, according to a new report from Condo Vultures® Realty LLC.

Based on luxury condo sales of nearly 14 units monthly in the 12 months of 2018, the Downtown Fort Lauderdale and Beach market now has more than a 16-month supply of units available for purchase in the tricounty South Florida region of Miami-Dade, Broward and Palm Beach at the end of the Winter Buying Season, according to the report based on data from the Southeast Florida MLS Matrix.

A balanced market is generally considered to have about six months of supply. More months of condo supply listed for sale suggests a buyer’s advantage and less months typically indicates a seller’s advantage in the market.

It is worth noting this report only tracks those Downtown Fort Lauderdale and Beach luxury condos formally listed for sale. The report does not factor in the nearly 47,750 new condo units currently in the development pipeline east of Interstate 95 in the tricounty South Florida region.

(For the latest South Florida preconstruction condo project pipeline, please visit: CraneSpotters.com.)

Currently, more than 75 Downtown Fort Lauderdale and Beach luxury condo units are under contract - or pending - and waiting to transact at an asking price of nearly $2.8 million or about $1,247 per square foot, according to the statistics. 

The average asking price of a Downtown Fort Lauderdale and Beach luxury condo currently listed for sale is more than $2.1 million per unit. This works out to an average asking price of about $812 per square foot, according to the data compiled by CondoVulturesRealty.com.

In the 12 months of 2018, the average transaction price of a Downtown Fort Lauderdale and Beach luxury condo was about $1.6 million or about $616 per square foot.

This means the current asking price of a Downtown Fort Lauderdale and Beach luxury condo listed for sale is nearly 35 percent higher than the average transaction price achieved on a per-unit basis and nearly 32 percent higher than the average transaction price on a per-square-foot basis between January and December of last year.

In the four quarters of 2018, the sellers who were able to unload their units needed about 147 days to transact a Downtown Fort Lauderdale and Beach luxury condo listed for sale. The current Days-On-The-Market average for Downtown Fort Lauderdale and Beach luxury condos listed for sale is about 218, according to the statistics.

The number of Days-On-The-Market for the luxury condo units currently under contract is about 91 in the Downtown Fort Lauderdale and Beach area, according to the statistics.

CondoVulturesRealty.com is a licensed Florida brokerage that specializes in assisting buyers and tenants in value-oriented condo acquisitions and leases in the tricounty region of Miami-Dade, Broward and Palm Beach.