Sources recently reported that a Developer proposed construction of a new Waterfront Condo in Ft. Lauderdale, located along the Intracoastal Waterway. The proposed Condo is named Grand Birch Tower and is proposed to have 11 Stories and only 22 Luxury Residences (a Boutique Building). The announcement of Grand Birch Tower’s proposal now brings the total of new Condos planned in South Florida to more than 9,400 Units (a number of which have moved beyond the stage of proposal/planning and are currently under Construction).
Since Grand Birch Tower is only in the proposal stage, Renderings, Floor plans, and pricing haven’t been released yet, but since only 22 Residences on 11 Floors are planned in a Ft. Lauderdale Intracoastal location that’s close to the Beach and downtown Ft. Lauderdale, I’m thinking that each Residence will most likely be very spacious, possibly with 3 Bedrooms or more, and probably priced over $1,000,000 each.
Grand Birch Tower would be a very welcome addition to new Condos in Ft. Lauderdale, not only because of the lack of current Inventory but also because the majority of new Condos that were constructed in South Florida recently aren’t located in Ft. Lauderdale and the majority of the new ones that are proposed or in varying stages of Construction aren’t located in Ft. Lauderdale.
The Inventory of Condos that were built several years ago has almost been depleted due to significant levels of Luxury Condo sales that are higher than ever experienced in South Florida, so Developers are responding accordingly to meet the demand from primarily Cash Buyers, both Foreign and Domestic, who are choosing South Florida as their preferred location to purchase Vacation and Investment properties. Areas that are in highest demand from such Buyers are East areas that are close to the Beach, so the majority of the proposed Condos and Condos that are currently under Construction are located East. Some of the properties are Waterfront (Oceanfront, Intracoastal, Bay, River, Canal) and others are non-Waterfront, however, with East and Waterfront Land being in short supply, such properties demand premium prices and most of the new properties that will be coming on the Market are Luxury properties, NOT properties that are priced in low price ranges.
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