The Q1 2020 Fort Lauderdale Real Estate Market Report | The Top 3 Neighborhoods for Fort Lauderdale Waterfront Homes
Part 1: Top 3 Best Performing Luxury Waterfront Neighborhoods in Fort Lauderdale.
In Part 1 of our Q1 2020 Fort Lauderdale Real Estate Report we will discuss what neighborhoods are the best for Fort Lauderdale Waterfront Homes. We will examine why these neighborhoods outperformed prior year sales and assess likely future selling trends.
The Top 3 best performing neighborhoods for Fort Lauderdale waterfront homes according to our data analytics are Coral Ridge, Rio Vista and Bay Colony. This determination was based on velocity of sales, price per square foot increases and a calculation of the active number of days on the market.
The above table shows the neighborhoods that offer Fort Lauderdale Waterfront Homes for sale and how they performed in the last decade
No.1 Coral Ridge
Coral Ridge ranked number 1 in Q1 2020 with impressive sales velocity in Fort Lauderdale waterfront homes listed between $1 – $2m. There were 9 closed sales in this range, which was the highest amongst the other comparable waterfront neighborhoods. The appeal of Coral Ridge is a combination of the A-rated public schools, close proximity to the best private schools (10 minutes to Pine Crest School), easy access to the Intracoastal Waterway and central location in Ft Lauderdale. The neighborhood lifestyle amenities include a golf & tennis club, yacht club and 5 minute drive to the beach. Coral Ridge feels like a true neighborhood with a scenic drive that meanders along the waterway. The buyers here are a mix of young families looking for great schools, value seeking waterfront homebuyers and Northerners looking to experience waterfront living. There are currently 19 waterfront properties listed under $2m in Coral Ridge. The available selection drops off steeply above $4m. Those buyers seeking options for ultra-luxury waterfront above $4m will want to focus their search in Las Olas Isles or Harbor Beach.
The Coral Ridge properties sold in Q1 were active on the market an average of 58 days with increased square foot values to $477 per sf. This is a 19% increase over last years Q1 average of $387 per sf. The predominant velocity of sales in Coral Ridge has been value driven. Buyers are able to make the deals for incredible waterfront properties. Examples of two great deals are shown below.
To showcase the value point please refer to the average price per SF sold chart. We tracked the SF sold numbers in the Top Luxury Waterfront Neighborhoods from the prior 10 years. Coral Ridge has maintained the lowest price per SF value while gradually increasing year over year. The chart dipped in 2020 due to only having Q1 analysis (Comparing just the quarters Q1 2020 was 19% higher than Q1 2019). We expect this to level out and increase as the year progresses.
Coral Ridge sellers should be wary of increasing prices per square foot values above the current ceiling limit achieved. Buyers seeking excellent values and a wide selection of waterfront options should definitely consider Coral Ridge. Refer to Part 3 of the Luxury Report for more neighborhood detail.
No.2 Rio Vista
Rio Vista is another top selling waterfront neighborhood in Ft Lauderdale. In Q1 2020 Rio Vista distinguished itself by achieving the highest priced waterfront sale for the quarter at $20,500,000. The high dollar value per square foot of $1,575 sent the Q1 2020 average soaring. The average price per square feet calculated without the highest sale was $717 per sf in Q1.
Waterfront values in Rio Vista greatly depend on the waterway location (river view | canal view| intracoastal view), lot size and condition of the property. In Q1 these were the prices per square foot variations. Use this as a guide, but call us for a current valuation of any specific property if you are a buyer or a seller.
- Waterfront Land Value Q1: $104-$140 SF
- Teardown Properties: $450 – $550 SF
- Mid-level Homes: $620 – $700 SF
- New Constructions: $775 SF – $1,000 SF
The desirability of Rio Vista is undeniable. Homes listed in the $2-$4 million range performed well with an average of only 75 days on the market. One of the reasons for quick sales and increase in value (per SF) is the limited inventory in Rio Vista. There are currently only 11 waterfront homes for sale in Rio Vista. The selection includes the distinctive Barant Residence, which presides on a 83,000 square foot lot with commanding views of the New River looking out towards Las Olas Isles. Refer to Part 3 of the report for more detailed neighborhood insight.
No.3 Bay Colony
No.3 Bay Colony
Bay Colony makes the top 3 for waterfront sales performance in Q1. This luxury boutique waterfront neighborhood of only 110 estate homes had an incredible first quarter. There were only 9 properties actively for sale at the beginning of the year, 7 of them closed in Q1. This represented a 77% sell through of the available inventory. The flurry of sales activity enticed other owners to list. There are now 10 properties available in Bay Colony.
The values are a top reason for sales success in Bay Colony. The averages are around $500 a square foot making this the second most affordable luxury waterfront neighborhood in Fort Lauderdale. There is also the secure exclusivity of the neighborhood, which is highly prized by buyers seeking privacy and security. There are only two guard-gated waterfront neighborhoods in Fort Lauderdale: Bay Colony and The Harborage; an uber exclusive island in Harbor Beach.
A Bay Colony sale highlight in Q1 is an Intracoastal Estate situated on a 33,000 sf lot, selling for under $1,000 per sf (220 N Compass Dr). The design is old world mediterranean, which is currently out of favor style-wise, but a savvy buyer can see beyond the exterior to the possibilities of a great location. Remember the adage location, location, location.
Two of the top Performing neighborhoods faced challenges in Q1, but sales continued to be strong. Sewer repair and replacement is ongoing for Coral Ridge and Rio Vista. The city is also working on the seawall along Cordova Ave in Rio Vista, Bayview Drive will be next in Coral Ridge. This continued work although disruptive will add to the future selling benefits of these two neighborhoods. Also, Lauderdale Yacht Club is a bonus amenity that enhances the neighborhood lifestyle in Rio Vista. The club is receiving a complete overhaul and we predict this will help to increase the appeal and value of waterfront living in Rio Vista. These are all reference points for future Sellers and Buyers.
In Q1 2020 there was strong sales performance in all Fort Lauderdale luxury waterfront neighborhoods. There is also emerging opportunities for buyers. Refer to our Part 3 of our Luxury Report which will cover each neighborhood in detail. Our Top 3 Neighborhoods recap:
- Coral Ridge: Value driven sales velocity. Family friendly neighborhood with easy Intracoastal access.
- Rio Vista: Limited waterfront inventory pushing demand. Close knit neighborhood with long term residents.
- Bay Colony: Limited Inventory and Value driven sales. Secure and private neighborhood.