The Ft Lauderdale Condo Market Report for Q1 2021

The Fort Lauderdale Condo Market Performance for Q1 2021

In July of 2020 the Covid induced real estate fog lifted and a turbo engine started for the South Florida real estate market. In this blog will will take a close look at the Ft Lauderdale condo market and analyze the market influences, selling trends and inventory levels. We will also examine the Top Selling Luxury Condos and make our picks of the best remaining inventory.

The Ft Lauderdale Condo Market Update for Q1 2021

To provide prospective for this section a review was made of the DSG condo report produced at the beginning of 2020. The luxury condo market ($1+m) at the end of Q1 2020 had a 22 month remaining supply of inventory. Now let’s fast forward to the end of Q1 2021. There is currently only an 8 month supply of remaining luxury inventory in Ft Lauderdale. This is a 63% decline of the luxury inventory level on year over year basis. Incredibly the Ft Lauderdale condo market priced under $1m only has a remaining 4 month supply of inventory. To visually analyze the sales trajectory review the chart below. In it you can see the sales trajectory with a Q1 comparison. The luxury market saw the highest % increase of units sold in Q1 2021.

The Ft Lauderdale Condo Market Report for Q1 2021: 6 month review unit sales by price and monthly sales by unit

Ft Lauderdale Condo Market Influences

In the chart below we analyze Q1 historical sales for the same 3 month time period from 2012 to 2021. Q1 2021 sales have set a new record with an increase of 49% over Q1 2020. Until this year Q1 2013 was the historical sales leader. Sales in 2013 were up 32% over Q1 2012 which was the worst sales year according to the analyzed data. Another significant sales year was Q1 2018. After that sales tapered off with decreases in 2019 and again in 2020.

One of the influences on the current market was the buildup of inventory over 2019 & 2020. As inventory built up prices declined as Sellers tried to woo limited Buyers away from the competition. Enter the era of Covid with Buyers coming to South Florida from high tax states and foreign countries. Our higher inventory levels and lower price per square foot values for condo product accelerated sales. Sellers reacted to this swift market change by raising list prices. In the price per square foot chart below it details the increases in price per square foot.

Another influence to the current rate of condo sales in Ft Lauderdale is the migration of Single Family Home Buyers to the Condo Market. Condos might be hot but the Single Family Home Sales are hotter! A lack of inventory in single family homes has pushed buyers to consider the condo alternatives. The larger condo units with 3 or more bedrooms are most desired with Buyers that are seeking work-space and family-space alternatives. It’s no longer about finding the “perfect” home but more about finding the “best available” home for the Buyers lifestyle.

The Ft Lauderdale Condo Market Report for Q1 2021 | Ft Lauderdale Luxury Condo Update

Our Top 5 Fort Lauderdale Luxury Condo Picks

Auberge Fort Lauderdale

Auberge remains at the Top for luxury condominiums in Ft Lauderdale. Sales in Auberge accounted for 7 of the top 10 sales in Q1 2021. The remaining inventory has diminished to10 available units in the South Tower and 11 available units in the iconic cascading North Tower. Views are of extreme importance with a luxury purchase at this level. Our unit highlight in the North Tower offers outstanding views, great floor plan and a unique personal plunge pool. Unit N903 is listed for $3,395,000 ($1,614 per SF) with a negotiable furnished option. The David Siddons Group has a dedicated website to track available inventory in Auberge. For all things Auberge please visit: www.AubergeCondoExpert.com

Attention Auberge Sellers: If your reading this you understand the kind of presence the David Siddons Group commands on the internet. We want you to list with us. Reach out for a conversation with David 305.508.0899 or Elaine 305.793.0540.

Paramount Fort Lauderdale

According to our research Paramount is undervalued as a luxury newer construction beachfront building. The price per square foot values for Q1 sales were $754, which is well below the other new beachfront condos. We predict that valuations in Paramount will increase with the introduction of the beachfront restaurant that is coming soon. Also, if you’re familiar with Ft Lauderdale water you will be pleased to know that Paramount has a newly installed water filtration system for all water in the building. Only 13 units remain for sale which is 14% of the total number of units in the building. Slower sales can be expected for the west facing or lower level units. DSG’s pick for best unit currently available is unit 601 (Featured in the slide show above). This unit is in the preferred ’01 line offering direct oceanfront and SE views. Offering 10′ ceilings with floor to ceiling glass windows plus an expansive 891sf balcony. Listed for $3,900,000 at $1,122 per sf, with 4 bedroom and 4.5 bathrooms.

Attention Sellers looking to list, Call us: David 305.508.0899 or Elaine 305.793.0540

L’Hermitage Fort Lauderdale

L’Hermitage maybe the oldest condo in the luxury selection, but without a doubt it is still a contender. L’Hermitage has some of the lowest remaining inventory with just 15 units currently for sale. This represents 3% of the total 461 units. L’Hermitage was represented by 2 of the top 10 sales in Q1 2021. The price per square foot averaged $690 in Q1. Buyers love the lifestyle of this resort style community situated on 10 acres of direct beachfront property. Lifestyle is key for the appeal of L’Hermitage where lower ceilings and dated units are not uncommon. Never discount the strength of a strong property association that keeps up maintenance and visual appeal of the common areas. We predict that L’Hermitage will remain a contender for many years to come. DSG selects unit 2601 in the 3100 Building. This unit is a furnished corner sub-penthouse with contemporary updates. Offering 3 bedrooms 3.5 bathrooms and a higher floor with massive city, ocean and intracoastal views. Listed for $2,700,000 at $1,165 per SF.

Attention Sellers now is the time to sell while demand is high and inventory is low. Call us for a chat. David 305.508.0899 or Elaine 305.793.0540.

100 Las Olas

100 Las Olas is the newest condo on Las Olas Blvd in Downtown Ft Lauderdale. It is located in the heart of the culture, arts and dining district. Talk about an excellent lifestyle choice, there are 140 restaurant choices within walking distance. 100 Las Olas also has the distinction of being the tallest building in Ft Lauderdale which provides breathtaking views. 100 Las Olas opened for occupancy in 2020. In Q1 2021 the developer sold $30 million worth of product. The appeal of 100 Las Olas is undeniable. Move over beachfront, downtown is the place to be. Units sold in Q1 of 2021 averaged $618 per SF. This is the most affordable luxury condo. Only 13 units are currently available for sale including 4 designer furnished units. DSG selects to highlight unit 4603, why not live at the top of Ft Lauderdale. Unit 4603 is the crown offering 2 stories with 5,154 SF interior and an additional 645 SF exterior balcony. Listed for $5,950,000 with 4 bedroom and 4.5 bathrooms.

Four Seasons Private Residences Fort Lauderdale

Ft Lauderdale anticipates the 2021 completion of the Four Seasons Private Residences on Fort Lauderdale beach. Currently the project is 85% sold with unit sales averaging at $1,890 per SF. As with any new construction getting in early is usually a good investment as resale opportunities can higher value. DSG selects to highlight unit 2002, which was recently released for sale by the developer. Saving the best for last, this unit provides 4,401 SF of living space 4 bedrooms 7.5 bathrooms and is listed for $9,500,000. When discussing the best qualities of a Four Seasons unit…size matters, everything else is exceptionally Four Seasons.