2016 MID-YEAR UPDATE CONDOS IN BROWARD’S MOST PROMINENT NEIGHBORHOODS
BROWARD
COUNTYWIDE STATISTICS | CONDOS
Broward’s concentration of high-end condos is mainly divided between two
TOTAL MARKET
areas: the South End (Hollywood Beach and Hallandale Beach) and Fort Lauderdale’s downtown area, which features Las Olas at the heart of the city. Hollywood Beach is Broward’s top performer at an average of $1.5M per condo, increasing 10% in pricing per square foot compared to the first half of 2015. Hallandale Beach, while popular among foreigners, saw multiple
WATERFRONT CONDOS
NON-WATERFRONT CONDOS
# FOR SALE
# SOLD
AVG. $/SF
# FOR SALE
# SOLD
AVG. $/SF
22,909
3,061
$201
26,426
5,052
$129
million-dollar sales during the first half of 2015 and none so far in 2016, which brought its pricing per square foot down 17%. Fort Lauderdale and Las Olas dipped in pricing, but they remain comparable given Broward’s steady $400 – $600 average in condo pricing per square foot.
LUXURY MARKET # FOR SALE
# SOLD
AVG. $/SF
$1M – $5M
2,296
85
$536
$5M – $10M
91
1
$445
Notably, Broward’s waterfront condo sales equate to 13% of its currently active inventory (contrasting Miami’s 6%) and its non-waterfront condo sales
(THE TOP 50% BY AVERAGE HOME PRICE)
equate to 19% of its active inventory (contrasting Miami’s 13%). Broward’s real estate pricing overall is also significantly lower, likely contributing to the
THE RISE OF THE LUXURY CONDO In 2011, Broward County saw 75 condo sales between $1M and $5M, with none exceeding the $5M mark. Fast-forward to 2015, 225 condo sales were closed for over $1M (including one sale over $5M), reaching a 200% rise in luxury
quantity of sales closed in the first half of this year.
sales since 2011. With yet another $5M+ sale
$10M+
9
0
N/A
during the first half of 2016, Broward’s luxury condos are steadily becoming a rising trend.
FOR MORE GUIDES AND REPORTS, PLEASE VISIT ONESOTHEBYSREALTY.COM/REPORTS. ©MMXVI ONE Sotheby’s International Realty, licensed real estate broker. Sotheby’s International Realty® is a licensed trademark to Sotheby’s International Realty Affiliates LLC. An Equal Opportunity Company. Equal Housing Opportunity. Each Office is Independently Owned and Operated. Statistics provided by Integra Realty Resources – Miami\Palm Beach. The information contained herein is deemed accurate but not guaranteed.
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HALLANDALE BEACH WATERFRONT CONDOS AVG. $/SF
% SAMPLE TRADED
$414/SF
4%
h 17%
h from 5%
HOLLYWOOD BEACH WATERFRONT CONDOS AVG. $/SF
% SAMPLE TRADED
$602/SF
6%
g 10%
g from 2%
VIEW FROM 2711 S OCEAN DRIVE | #2203, HOLLYWOOD BEACH
EAST FORT LAUDERDALE WATERFRONT CONDOS AVG. $/SF
% SAMPLE TRADED
$502/SF
7%
h 16%
no change
LAS OLAS WATERFRONT CONDOS AVG. $/SF
% SAMPLE TRADED
$413/SF
13%
h 9%
h from 15%
RIVA, FORT LAUDERDALE
VALUE COMPARISON AVG. SALES PRICE vs. AVG. CONDO SIZE FT. LAUD.
2,600
HOLLYWOOD
2,300
2,000
LAS OLAS 1,700
HALLANDALE 1,400 SF g $b
$500K $800K $1.1M $1.4M $1.7M
With downtown Fort Lauderdale’s strengthening
priced waterfront condo market. As seen in the
financial center and the transition of companies
value comparison chart, however, Hollywood
such as American Express (building regional
Beach also presents the highest average home
headquarters in Broward), the county has become
size, topping runner-up Fort Lauderdale by a very
a robust live/work/play destination.
slight margin of 29 square feet.
Offering spacious oceanfront properties, the Fort
At $413 and $414 per square foot respectively,
Lauderdale/Las Olas and Hollywood/Hallandale
Las Olas and Hallandale Beach present the best
condominium markets are appealing not only to
value, albeit with a significant reduction in total
foreigners in search of a vacation home, but
square footage. The Las Olas waterfront condo
also to professionals now working in Broward’s
market is also notably more active than its
invigorated business environment and even
three competitors, with 13% of the sample traded
those willing to commute to Miami-Dade due to
during the first half of 2016 (followed by East Fort
Broward’s increasing value.
Lauderdale condos at 7%).
At an average sales price of $1.54M and an
Overall, all four markets seem relatively balanced,
average price per square foot of $602, Hollywood
increasing in average price only as they increase
Beach takes the top spot as Broward’s highest
in average square footage.
To access our full 2016 TRENDS report, please visit onesothebysrealty.com/trends. Detailed methodology is found on page 5 (condo data is based on luxury tower indices).
All % changes reflect a comparison of current numbers vs. numbers during the same time period last year (January through June).