Ready to Buy in Downtown Fort Lauderdale? Comparing Condo Buildings

Downtown Fort Lauderdale has really grown up in the past 15 years or so. It's become a full time city, not just for the 9 to 5 crowd. People are out walking their dogs in the morning along the river, having business lunches at mid-day, enjoying libations and excellent dining on Las Olas at night, and spending time with family and friends at special events on the weekends.

There has been a lot of condo buildings going up during this time and they've gone through some good times, and some bad times. Now it seems that for the most part, they are thriving with relatively low vacancy rates, stable prices, strong finances, and new residents. I wanted to look at all of the larger condo buildings downtown and get an idea of which ones have more vacancies and sales than others, and what is currently on the market and at what prices. Here is what I found out.

I'm looking at the largest 12 buildings downtown. Some buildings are definitely stronger than others when looking at vacancy rates and sales. Compare the Waverly's vacancy rate of only 5.5% with 13.6% for Strada. There doesn't seem to be any patterns based on price, location, etc. I've listed them here in order of vacancy rate (including units for sale and for rent) as I think this is a good overall indication of building strength.

Enjoy! If you are interested in buying or selling a condominium in Ft. Lauderdale, call me, Adam Ehlmann of Related ISG International Realty at 954-980-7120 or email me at adamehlmann@gmail.com for more information or to meet with me to discuss your options.

Waverly

110 N Federal Highway

304 Total Units
10 Units currently for sale
Priced $239,000 - $435,000
15 Units sold in the past 6 months
7 Units currently for rent
17 Units total for sale and rent or 5.5% Vacancy Rate
Click on this link to see all units currently for sale at the Waverly

Please contact Adam Ehlmann of Related ISG International Realty at 954-980-7120 or adamehlmann@gmail.com for more information or to see condo units for sale.

Las Olas Grand

411 North New River Drive East

212 Total Units
12 Units currently for sale
Priced $785,000 - $1,595,000
10 Units sold in the past 6 months
2 Units currently for rent
14 Units total for sale and rent or 6.6% Vacancy Rate
Click on this link to see all units currently for sale at Las Olas Grand

Please contact Adam Ehlmann of Related ISG International Realty at 954-980-7120 or adamehlmann@gmail.com for more information or to see condo units for sale.

Las Olas by the River

520 SE 5th Ave

240 Total Units
10 Units currently for sale
Priced $225,000 - $350,000
11 Units sold in the past 6 months
6 Units currently for rent
16 Units total for sale and rent or 6.6% Vacancy Rate
Click on this link to see all units currently for sale at Las Olas by the River

Please contact Adam Ehlmann of Related ISG International Realty at 954-980-7120 or adamehlmann@gmail.com for more information or to see condo units for sale.

Watergarden

347 North New River Drive East

315 Total Units
15 Units currently for sale
Priced $324,900 - $639,000
9 Unit sold in the past 6 months
8 Units currently for rent
23 Units total for sale and rent or 7.3% Vacancy Rate
Click on this link to see all units currently for sale at The Watergarden

Please contact Adam Ehlmann of Related ISG International Realty at 954-980-7120 or adamehlmann@gmail.com for more information or to see condo units for sale.

Venezia

111 SE 8th Ave

49 Total Units
4 Units currently for sale
Priced $545,900 - $1,995,000
1 Unit sold in the past 6 months
0 Units currently for rent
4 Units total for sale and rent or 8.1% Vacancy Rate
Click on this link to see all units currently for sale at Venezia

Please contact Adam Ehlmann of Related ISG International Realty at 954-980-7120 or adamehlmann@gmail.com for more information or to see condo units for sale.

Esplanade

401 SW 4th Ave

139 Total Units
8 Units currently for sale
Priced $314,309 - $489,000
15 Units sold in the past 6 months
4 Units currently for rent
12 Units total for sale and rent or 8.6% Vacancy Rate
Click on this link to see all units currently for sale at Esplanade

Please contact Adam Ehlmann of Related ISG International Realty at 954-980-7120 or adamehlmann@gmail.com for more information or to see condo units for sale.

Symphony

600 and 610 W Las Olas Blvd.

338 Total Units
18 Units currently for sale
Priced $299,500 - $699,000
14 Units sold in the past 6 months
12 Units currently for rent
30 Units total for sale and rent or 8.8% Vacancy Rate
Click on this link to see all units currently for sale at Symphony

Please contact Adam Ehlmann of Related ISG International Realty at 954-980-7120 or adamehlmann@gmail.com for more information or to see condo units for sale.

Nu River Landing

511 SE 5th Ave

409 Total Units
24 Units currently for sale
Priced $249,900 - $599,000
15 Units sold in the past 6 months
15 Units currently for rent
39 Units total for sale and rent or 9.5% Vacancy Rate
Click on this link to see all units currently for sale at Nu River Landing

Please contact Adam Ehlmann of Related ISG International Realty at 954-980-7120 or adamehlmann@gmail.com for more information or to see condo units for sale.

Nola Lofts

313 NE 2nd St.

52 Total Units
4 Units currently for sale
Priced $369,999 - $699,000
4 Units sold in the past 6 months
2 Units currently for rent
6 Units total for sale and rent or 11.5% Vacancy Rate
Click on this link to see all units currently for sale at Nola Lofts

Please contact Adam Ehlmann of Related ISG International Realty at 954-980-7120 or adamehlmann@gmail.com for more information or to see condo units for sale.

350 Las Olas Place

350 SE 2nd St

163 Total Units
12 Units currently for sale
Priced $309,000 - $1,650,000
5 Units sold in the past 6 months
8 Units currently for rent
20 Units total for sale and rent or 12.2% Vacancy Rate
Click on this link to see all units currently for sale at 350 Las Olas Place

Please contact Adam Ehlmann of Related ISG International Realty at 954-980-7120 or adamehlmann@gmail.com for more information or to see condo units for sale.

Las Olas Riverhouse

333 Las Olas Way

284 Total Units
33 Units currently for sale
Priced $369,000 - $13,995,000
5 Units sold in the past 6 months
5 Units currently for rent
38 Units total for sale and rent or 13.3% Vacancy Rate
Click on this link to see all units currently for sale at Las Olas Riverhouse

Please contact Adam Ehlmann of Related ISG International Realty at 954-980-7120 or adamehlmann@gmail.com for more information or to see condo units for sale.

Strada

315 NE 3rd Ave.

117 Total Units
12 Units currently for sale
Priced $272,900 - $485,000
12 Units sold in the past 6 months
4 Units currently for rent
16 Units total for sale and rent or 13.6% Vacancy Rate
Click on this link to see all units currently for sale at Strada

Please contact Adam Ehlmann of Related ISG International Realty at 954-980-7120 or adamehlmann@gmail.com for more information or to see condo units for sale.

Largest Infill Development in Oakland Park Starts to Take Shape

Eastside Village by DR Horton Homes is currently under construction along Dixie Highway near the new downtown Oakland Park.  This area of Oakland Park will be changing drastically over the next couple decades as the municipality gives itself a facelift. It's working too as many people flock to the Funky Buddha Brewery which has become the defacto ground zero for the downtown area.

Eastside Village is on a 10 acre lot on Dixie Hwy just North of Jaco Pastorius Park and the Urban Farming Institute which has a garden on site. There will be 133 total townhouses priced in the low $300,000 range at least at this time.

If you are interested in purchasing one of these townhomes or have any other real estate interests, call Adam Ehlmann of Related ISG International Realty at 954-980-7120 or email at adamehlmann@gmail.com.


Front Elevation
















Site Plan


Location Map


Location Map

Developer Site

Revisiting Fort Lauderdale's Fabulous Victoria Park Neighborhood

Everyone who lives in Fort Lauderdale knows Victoria Park. This neighborhood was not always the hot spot it is today. This neighborhood is situated just North of the Las Olas shopping district and downtown FTL, it borders canals on the East side, and the thriving commercial districts on Federal Hwy to the West and Sunrise Blvd to the North. I wanted to take an in depth look at what's happening there now. Get comfy as I go deep with maps and charts!

Walking through the neighborhood, I get the same feeling I always get. I love it! It's just a great area and I think it keeps getting better. Sure some of the older homes have been knocked down and replaced with McMansions but the majority of those big houses look perfectly at home here and many new homes are gorgeous unique homes. Many modern styled homes are popping up all over which adds diversity. The commercial district along Federal Hwy is finally filling in with newer shops and restaurants while the Gateway shopping center keeps it's charm. Holiday Park is always jumping, people are always out walking their dogs, and the trees and gardens are amazing!

If you are interested in real estate in Victoria Park or any other neighborhood in the area, call Adam Ehlmann of Related ISG International Realty at 954-980-7120 or email at adamehlmann@gmail.com.

Here are some great homes currently for sale in Victoria Park - call me for an appointment:
Single Family Homes
Townhomes


One of the many beautiful homes currently for sale in Victoria Park

Maps, Maps, and More Maps!

This is the big view showing the neighborhood within the context of the city and what's around it. You can see why this is such a popular area with it's proximity to everything cool in FTL!


Tighten up map. Some people, especially old timers will probably say that this isn't all "officially" Victoria Park or I'm leaving something out, etc. but this is what I think of as the neighborhood and this is my blog so there.

Zoning

I know, snoooooore. Zoning is something that you only bring up in conversation if you want the conversation to end. The fact is, it affects your property values and your quality of life. Wondering how "they" can allow that developer to build that "thing" next door?? Zoning. When you take a big, impersonal look at it though, it's the way that officials direct the growth of a city. Cities are going to grow and change, that's why they are cities and that's why we love them. Knowing the zoning in your neighborhood and more importantly, knowing it where you want to buy is important. Victoria Park has 5 different residential zoning districts alone! See map and codes below: (call me if you want to really get into it!)



Zoning Codes:

RS-8

Residential Single Family/Low Medium Density - Single Family Detached Residential, 8 dwellings per acre – Single family detached homes ONLY

RC-15

Residential Single Family and Cluster/Medium Density – Single Family Attached and Detached Residential, 15 dwellings per acre – New duplex/townhouse developments allowed on ALL lots

Rcs-15

Residential Single Family/Medium Density – Single Family Attached and Detached Residential, 15 dwellings per acre – New duplex/townhouse developments on detached home lots NOT allowed

RMM-25

Residential Multifamily Mid Rise/Medium High Density – Midrise multi-family residential and tourist accomodation, 25 dwellings per acre or 30 motel/hotel or nursing home rooms per acre. Note that any hotels or nursing homes can only be located on large arterial streets. Hotels with the restrictions in this code would be small, boutique establishments.

RMH-60

Residential Multifamily High Rise/High Density – Highrise, high density multifamily residential and hotels, 60 dwellings per acre or 120 hotel rooms per acre. You can see this only occurs twice where there are existing multi-family buildings.

RO

Residential Office - Dentists, Doctors, Acupuncturists, CPAs, etc. typically in residential buildings

CB

Community Business – This looks like it is only where the Winn Dixie is on Federal and 6^th.

B-1

Boulevard Business – Typical zoning for most of Federal Hwy

CF or CF-HS

Community Facility - Schools

P

Parks, Recreation and Open Space - Holiday Park

RAC-EMU

East Mixed Use Special District - Special use business district along Federal Hwy up to NE 6^th St.

Construction

I took an informal stroll/bike/drive through the neighborhood yesterday to get the pulse of construction and there are quite a few hammers being swung. They are a mix of single family detached homes, some duplexes, a few rows of townhomes, and the large block of homes being built behind the old Bank United tower. See Map below for all current construction efforts that I saw.

Sales Charts

Nothing beats a good map like a good chart! I looked at prices over a full year ending yesterday April 15th so sales are from April 15, 2011 through April 15, 2012 and so on. I can't say this is perfect or even close to perfect statistical relevance but stats are kind of impossible to be completely objective with but at least this way seems simple enough.

Here's what you need to know about the charts below. They start with 2011 because prices tanked in 2007 through about 2009, then were flat through 2011, then they went up - this is the time I'm interested in. Because Victoria Park is a relatively small area, I used a full year as my time measure because when your numbers get too low, you can get weird data.

I see mainly good things. In single family homes (SFH), priced jumped like crazy in 2013 coming out of the recession (27.8% SFH, 18.5% TH) and in 2014 (26.7% SFH, 31.7% TH) then went down in 2015 (18% SFH, 5.7% TH) and back up again in 2016 (19.2% SFH, 6.9% TH) The dip in 2015 could be a number of things but basically priced were up by about 1% in the past 2 years. Notice that the price per square foot has gone up steadily so it could something as random as people bought smaller homes in 2015.

Compared to Fort Lauderdale as a whole, prices in Vic Park are more volatile. They went up faster, then bounced back down, then up again while FTL rose slow and steady. Number of sales in Vic Park were between 75 and 90 per year, days on the market were 50-65 days. Townhouse prices have stayed just a bit below SFH prices overall.

Galleria Lofts Townhouses - Phase I Sold Out

By all measures, Galleria Lofts is going to be a fantastic development. It's got a great modern design, the units are spacious with front doors and small gardens at the front and garage parking in rear, prices are reasonable for this level of luxury and the location! It's about 3 blocks from my home in Poinsettia Heights so I am definitely biased about the neighborhood but how can I not be? Poinsettia Heights and Lake Ridge where Galleria Lofts in location are great walkable neighborhoods surrounded by retail.

I'm a 15 minute bike ride from the beach and/or Las Olas and Downtown. Some of the great shops and restaurants within, let's say a 15 min walk or a 3 minute drive: Galleria Mall, Gateway Theatre, Trader Joes, Publix, Casa D'Angelo's, Croissantime French Bakery, Warsaw Coffee Company, Canyon Restaurant, Tipico Cafe, Serafina, Red Cow BBQ, Pizza Fusion, I can go on and on and it's only getting better.

There will be 48 units in the development in 3 buildings, both sides of NE 18th Ave just North of Sunrise Blvd. Construction and sales are moving quickly.

Click on this link to see 3 units currently listed:     3 Units Currently for Sale

If interested in this project or anything else real estate related, call Adam Ehlmann of Related ISG International Realty at 954-980-7120 or email at adamehlmann@gmail.com

 

Exterior Renderings

 
 
Luxurious Modern Interiors

 
Current Construction as of April 1st

 
Community Layout

 
Area Map

Link to Developer Website    

New Office Building for Downtown Ft. Lauderdale

Blackhawk Properties & Investments LLC is planning to break ground on a 7 story office building near the new courthouse at 550 S. Andrews Ave this summer. It will have 70,000 SF of class A office space and 10,000 SF of retail on the ground floor. The building should open in the fall of 2017. Berger Commercial Realty are the leasing agents.

This is excellent news for the city of Fort Lauderdale. Developers are traditionally much more conservative about building office buildings than retail or residential. To me, this shows a general strength in our market at a time when people are a bit more cautious than just a year ago.


Looking NE

 
Looking SE

 
 Entrance


The existing Justice Building will be bulldozed. You can see the new courthouse building behind.


Location Map


Sun Sentinel Article

Bring on the Wings, BTW.

Florida based Hurricane Wings is trying out it's new fast casual restaurant on the North side of FTL. This is the first of this style restaurant for the chain and they plan on opening up 99 more in Florida alone. Visit them April 17th from 11 to 2pm or 4:30 to 7:30pm for some free samples!!

 


Article in New Times

Edgewood Neighborhood Steps Up

Edgewood has always been a bit of an odd neighborhood in Fort Lauderdale. It's got some single family homes on large lots with lots of trees and space; there are a sprinkling of rental buildings, a mobile home park near I-95, some light industrial businesses plus the Broward health Dept. the Armory, Lester's Diner, Old Heidelberg, a school, and Snyder Park. Edgewood has always been a little in the shadows but with prices moving steadily upward everywhere else in town, this is an attractive option for homebuyers.

Enter the Brick O real estate development team. They are building 105 townhouses on a 7 acre parcel here and are hoping the reasonably priced homes will sell like hotcakes at Lesters. They will be modest in size from 1110 to 1500 square feet and sell for $300-400,000.

For more information on this or other new developments in the Fort Lauderdale area, call Adam Ehlmann of Related ISG International Realty at 954-980-7120 or email at adamehlmann@gmail.com









 http://thereserveatedgewood.com/

Article in Sun Sentinel