Fort Lauderdale Condos
Sometimes an analysis of the past can provide great insights into present situations and this holds true for the Fort Lauderdale real estate market. The Broward County Sun-Sentinel reported in early 2010 that there simply were not many condos available for sale in Fort Lauderdale. While the Miami market had over 3,600 developer owned units for sale at the beginning of 2010, Fort Lauderdale only had 550. The article further stated that when developers finally would again consider construction of new condo projects, Fort Lauderdale would be the first place they would look and this is exactly what is happening in Fort Lauderdale today.
Realtors like to point to a true story concerning a person who noticed that the sales offices of two major Fort Lauderdale condo projects had recently closed. The observer surmised that this had occurred because of slow sales. The opposite was true as the sales offices had been shut down because all of the available condo units had been sold. This situation has occurred partly because Jim Naugle, the previous mayor of Fort Lauderdale, personally was against and attempted to block many new condo projects. Although Fort Lauderdale condos did suffer a steep price drop in the 2008 to 2010 time frame, those days are now gone.
New private condo projects have begun the approval process and at least 15 new residential projects are now being considered by the City of Fort Lauderdale’s Community Redevelopment Agency.
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