South Florida Waterfront Single Family Homes market report in 2021

South Florida’s Waterfront Real Estate Market in 2021
Single Family Homes

What’s happening in the current housing market for South Florida Waterfront Single Family Ocean access properties in 2021?

There’s extremely high demand from buyers of Single Family Waterfront Homes, significant property value increases, insufficient property inventory to meet the high level of demand, and a shortage of private Boat Docks and Marina space. Waterfront Single Family Homes and Land in South Florida are selling for record-breaking prices. Sales of $1 Million-plus Homes have spiked and luxury Homes in the coastal Tri-County areas of Palm Beach, Miami, and Fort Lauderdale are selling quickly. Buyers include local Buyers, Buyers who are purchasing vacation Homes, and Buyers who are relocating to Florida from New York, New Jersey, other areas of the Northeast, California, and other locations.

This is prime Real Estate. It’s a very competitive market, strong Offers are winning, and more than 50% of the Buyers in South Florida’s luxury Real Estate market are Cash buyers.

Within the Single Family Home market, non-Waterfront properties are the majority of existing and available Land. Although South Florida has lots of Waterfront, Waterfront Ocean access properties aren’t the majority of Single Family Homes, so even when we’re in Real Estate markets that have more balanced levels of inventory, their availability is scarce in comparison to the availability of non-Waterfront Homes and inventory isn’t excessive.

Waterfront Ocean access properties have high levels of desirability and high property values based on their Dockage capability, scarcity, access to the Intracoastal and Ocean for local, nationwide, and International travel for recreational and business purposes, beautiful views, and close proximity to the Beach. South Florida’s close proximity to Caribbean Islands that are popular destinations for leisure and business travel is also a factor that affects the desirability and value of Waterfront properties.

The recreational Boating industry continues to experience significant growth and South Florida represents approximately 1/3 of the Nation’s boating industry. Additionally, Fort Lauderdale, Florida is the Yachting Capital of the World as well as the Mega Yacht Capital and the “Venice of America”. “Boating and fishing are the largest outdoor recreation activities in the U.S., totaling $23.6 billion in current-dollar value added.”

I included links below to 12 recent Articles from The Wall Street Journal, Forbes, duPont REGISTRY, Boat International and other sources about record-breaking Yacht sales, sales of luxury Waterfront properties, and the shortage of Dockage and Homes.

What are the prices for Waterfront Homes in South Florida?

Prices for Ocean access Waterfront Homes in South Florida vary significantly, based on their City location, the Community that they’re located in, the property’s Waterfront and Dockage features, and features of the Home that’s located on the property. Waterfront features that contribute to premium property values and higher desirability include, but aren’t limited to:

Deep Water
Wide Canals and large turning Basins
No Fixed Bridges
Dockage in a “No-Wake” Zone
Very close to the Intracoastal
Very close to an Ocean Inlet
Lots of Dock space
Open Water views
Large Lot sizes and Point Lot properties

Locations without restrictive factors such as shallow Water, narrow Canals, and Fixed Bridges with low clearance height are key for owners of Yachts and other large Vessels.

The majority of Waterfront Ocean access locations with Boat Dockage are Canals and the smallest portion are Intracoastal, Riverfront, or Bay front.

Let’s look at average price ranges for Waterfront Ocean access Single Family Homes in 3 Waterfront Real Estate Markets in South Florida:

Fort Lauderdale:
$1,000,000 – $20,000,000+ for Waterfront Homes in East Fort Lauderdale without Fixed Bridges (average price = $2,300,000+)
$400,000’s – $900,000’s (average price range = $600,000’s) for Waterfront Homes in Fort Lauderdale Communities that have Fixed Bridges and/or are located West of U.S. 1/Federal Highway
Miami Beach:
$1,600,000 – $40,000,000+ for Waterfront Homes (average price = $5,500,000+)
Boca Raton:
$1,500,000 – $20,000,000+ for Waterfront Homes (average price = $3,500,000+)

Where are Single Family Waterfront Homes located in the Tri-County South Florida area?

Broward County: Waterfront Ocean access Homes with Dockage are located in Fort Lauderdale, Lighthouse Point, Pompano Beach, Deerfield Beach, Dania Beach, Hollywood, Hallandale Beach, Lauderdale by the Sea, and Sea Ranch Lakes. Prices for the majority of Waterfront properties in Broward County are lower than prices for similar properties in Palm Beach County and Miami-Dade County.
Miami-Dade County: Waterfront Ocean access Homes with Dockage are located in Miami Beach, Golden Beach, Surfside, Bal Harbour, Bay Harbor Island, Key Biscayne, Miami, Eastern Shores, North Miami Beach, North Bay Village, Aventura, Sunny Isles, Coconut Grove, and Coral Gables.
Palm Beach County: Waterfront Ocean access Homes with Dockage are located in Boca Raton, Delray Beach, Highland Beach, Palm Beach, Ocean Ridge, Gulfstream, Manalapan, Palm Beach Gardens, Lantana, Lake Worth, North Palm Beach, Singer Island, Riviera Beach, Boynton Beach, Palm Beach Shores, Juno Beach, West Palm Beach, Jupiter, and Jupiter Inlet Colony.

Every area has various features, lifestyle options, price points, and types of Homes that are available. Prospective Buyers who aren’t thoroughly familiar with South Florida often think that because Waterfront Homes are located in various Cities throughout South Florida, many Homes will be available that fit their search criteria. However, many Buyers discover that when they narrow the search to their specific criteria for property features, location preference, price range, etc., few properties are available that fit the criteria. Even those who are open to considering property locations that are anywhere within the Tri-County area often discover that another aspect of their search criteria significantly limits the number of available properties that fit what they’re searching for.

Which types of Waterfront Homes are available?

Types of Waterfront Homes include brand new construction, fully renovated Homes, original construction/older Homes, and Teardowns. Architectural styles include Contemporary, Modern, Mediterranean style, Ranch style, transitional style, Key West style, Colonial style, and others. Brand new Communities of Waterfront Single Family Ocean access Homes are not available because Waterfront Communities have been fully built out for many Years and sufficient Land isn’t available to build an entire Community of new Single Family Waterfront Homes. Scarcity of Land is one of the reasons why Townhomes or Condos are built when there’s new Waterfront construction. Buyers who would like a brand new Waterfront Home purchase a new one if it’s available, tear down an existing Home and replace it with a new one, or buy a vacant Waterfront Lot where an older Home was already demolished.

Note: This market report is specific to Waterfront Ocean access properties that have Boat Dockage. Oceanfront Single Family Homes on the Beach are not included.

Which Waterfront properties are currently available?

Click the links below to start your property search and view listings of Waterfront Homes for sale. Interested in viewing properties? Contact me to schedule an Appointment.