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.
DISCOVER OUR WORLD. #ONLYWITHONE