Market Report: “New” Oceanfront Condos in Ft. Lauderdale
Within the last 15 years, only 4 direct Oceanfront Condos were built in Ft. Lauderdale (“Direct Oceanfront” refers to Condos that are on the Beach/Sand, not across the Street from it). These 4 Buildings are L’Hermitage, L’Ambiance, The Palms, and Coconut Grove Residences, which were constructed during the years of 1997 – 2008. I know you might question the rationale of 1997 being considered as recent construction, but it’s all relative, and when it comes to Ft. Lauderdale Oceanfront Condos, 1997 is considered as recent construction because the other FTL Oceanfront Condos were built during the 1960’s – 1980’s and if we didn’t consider the 2 direct Oceanfront Buildings in Ft. Lauderdale that were built during 1997 – 1999, available Inventory would be more limited than it already is (besides, it just makes sense to include them because of their great location, luxury Amenities, views, and fabulous Units–many of which have been fully renovated and/or upgraded with the latest interior finishes). Other Waterfront Condos that were constructed in Ft. Lauderdale in recent years are located along Canals, the New River, and the Intracoastal. Additionally, several “new” Condos and Condo Hotels were built across from the Ocean.
Oceanfront locations remain in high demand, of course, and continue to command premium prices.
2012 Market Activity for Ft. Lauderdale Oceanfront Condos
(purchased January – September of 2012)
| Condo | Purchase Price Range | Average Purchase Price | Number of Units Sold |
| L’Ambiance Condo | $535,000 – $900,000 | $716,000 | 5 |
| L’Hermitage Condo | $495,100 – $3,800,000 | $1,151,820 | 23 |
| The Palms Condo | $409,900 – $1,830,000 | $912,809 | 11 |
| Coconut Grove Residences | $600,000 | — | 1 |
| *Las Olas Beach Club Condo | $510,000 – $1,485,000 | $1,005,694 | 18 |
*-Las Olas Beach Club Condo isn’t direct Oceanfront, but I included it since it was constructed in 2007, is a Luxury Condo, is across from the Ocean without any obstructions, and provides Buyers with an additional choice to consider.
Distressed Property Inventory: Of 59 total Units sold in the 5 Buildings listed above, 4 were sold as Short Sales and 6 were sold as Bank Owned Foreclosures, so distressed sales WERE NOT the majority of the sales.
Cash Sales: 43 of the 59 sales are indicated to have been Cash purchases, which is typical in our current Market. Cash sales comprise the majority of Luxury property purchases and approximately 80% of South Florida’s Condo purchases are Cash.
Interested Buyers who would like a wider variety of recently constructed direct Oceanfront Buildings to select from typically choose to expand their search to nearby Cities such as Hollywood, Lauderdale by the Sea, and Hallandale. Some also decide to consider Oceanfront Condos in the Miami and Palm Beach areas.
Most of the “new” Condos that were built a few years ago are sold out of Developer owned Inventory, but Resales are a great option to consider.
Since demand for new Condos is continuing, Developers are currently constructing several new Condos in South Florida. 1 Building is already completed and several are scheduled for delivery later in 2012 and in 2013. Pre-construction sales are underway and more than one of the Buildings is already sold out of Units, even though construction hasn’t been completed yet.
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