MIAMI, FL -- As developers work to sell off the remaining one percent of the Downtown Fort Lauderdale condos created during the last real estate boom, South Florida's biggest vertical residential developer - Jorge Perez (top right photo) of the Related Group - is proposing a 26-story rental tower on the south bank of the New River.
A Related Group-controlled entity is proceeding through the governmental process in hopes of constructing the proposed 256-unit New River Yacht Club on a site just west of Andrews Avenue that had once been slated for a condo tower, according to the South Florida Sun-Sentinel.
As of Nov. 17, 2011, developers have proposed at least 14 new highrise condo towers with more than 3,600 units for the tricounty South Florida region of Miami-Dade, Broward, and Palm Beach, according to the CondoVultures.com Preconstruction Condo Projects list.
"Market conditions in the Downtown Fort Lauderdale and Beach condo market are improving," said Peter Zalewski (middle left photo), a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures® LLC.
"Only about 65 of the condos that were created during the real estate boom in the Downtown Fort Lauderdale and the Beach market - dating back to 2003 - have not yet been sold. On the rental front, the Downtown Fort Lauderdale and the Beach market has about a 45-day supply of condos available for lease as of November 2011.
"Given the numerous new condo towers being proposed for South Florida, we would not be surprised to see additional projects being planned for the Downtown Fort Lauderdale and the Beach market." (Fort Lauderdale skyline lower right photo)
CondoVultures.com is scheduled to profile residential real estate trends in the third quarter of 2011 in the seven largest coastal condo markets in the tricounty South Florida region of Miami-Dade, Broward, and Palm Beach counties.
Beginning the week of Oct. 20, 2011, the Condo Vultures® Market Intelligence Report™ began publishing a seven-part series analyzing new condo sales trends in Greater Downtown Miami, South Beach, Sunny Isles Beach, Hollywood / Hallandale Beach, Downtown Fort Lauderdale and the Beach, Boca Raton / Deerfield Beach, and Downtown West Palm Beach and Palm Beach Island.
Condo Vultures® LLC is a real estate consultancy and marketing company based at 1005 Kane Concourse, Suite 205, Bal Harbour, Florida, 33154. You can reach Condo Vultures® LLC at 800-750-0517.
1 comment:
Thats good news for the people of Fort Lauderdale, fl. the would help tourism in their area.
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