Monday, June 3, 2013

Downtown Fort Lauderdale and Beach Market Faces Prospect Of Condo Shortage



  
MIAMI, FL -- The Downtown Fort Lauderdale and Beach condo market could soon be faced with the prospect of a shortage of units - and increasing prices - barring a reversal of the current climate of rising rents, shrinking resale inventory, and few new condo developments being proposed, according to a new report from CondoVultures.com. 

Some six years after the South Florida real estate market first crashed in 2007, the Downtown Fort Lauderdale condo market now has less than six months of unit inventory available for resale despite a 29 percent increase in the average resale price of a unit in the first quarter of 2013 compared to the same January through March period of 2012, according to data compiled by the licensed Florida brokerage CVR Realty™.

Industry watchers contend six months of residential resale inventory is ideal. Any less resale inventory is thought to contribute to a seller's market and stronger prices while any more inventory leads to a buyer's market and weaker prices.

"The Downtown Fort Lauderdale and Beach condo market is rapidly approaching a crossroads," said Peter Zalewski, a principal with the Greater Downtown Miami-based real estate consultancy Condo Vultures® LLC.

 "The prospect of rising prices - and potentially even bidding wars - for condo units in the Downtown Fort Lauderdale and Beach market is possible given the current climate of strengthening rental rates, dwindling inventory, and a minimal number of newly proposed condo towers.

“ Given the lengthy lead time necessarily for new construction, the Downtown Fort Lauderdale and Beach market could be at the mercy of demanding sellers sooner than most people would probably think.

Peter Zalewski
"The question going forward is, whether the more than 4,000 rental units proposed for the Downtown Fort Lauderdale and Beach market will function as apartments or instead be converted into condominiums upon completion of construction."

 For a complete copy of the company’s news release, please contact:

Condo Vultures® LLC
225 Midtown Building at
225 NE 34th St.,
Suite 209B,
Downtown Miami, Florida, 33137.
800-750-0517.



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