The SoFlo Intel Report | Fort Lauderdale Edition

SoFlo Intel Report GREAT BUYS IN SOUTH FLORIDA’S POPULAR NEIGHBORHOODS | FORT LAUDERDALE EDITION

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Welcome to SoFlo Intel Report. Related ISG’s submarket snapshot of the best buys in South Florida’s best neighborhoods. Each edition, we’ll dive into factors and projects that makes these neighborhoods so popular.

This edition we’ll focus on one of South Florida’s hottest condo market, Fort Lauderdale.

Welcome to the neighborhood W Fort Lauderdale Residences welcomes the Four Seasons Opening this Winter Holiday, 2021

CURRENT CYCLE

New Construction Condo Summary Fort Lauderdale, Traditional New Condos East of I-95 Traditional Condos are defined as Condos with no short-term rentals REMAINING DEVELOPER INVENTORY SOLD DEVELOPER UNITS

249

Remaining Developer Inventory

1,075 81% Sold as of Feb 2021

1,324 Total Units

Source: Developer Onsite Sales Offices, Developer Sales Reports and Broker Contacts

Total Sold Units

Fort Lauderdale Beach New Construction Condo Pricing Avg List Price OCEANFRONT NON-OCEANFRONT

$5.5M

$5M

$4.9M

67% Sold

$3.9M

$4.5M

South Tower 95% North Tower Sold Out

$4M

$3.5M

$3.1M

$2.8M

61% Sold

Sold Out

$3M

$2.7M

87% Sold

$2.5M

$2M

$1.4M

$1.1M

60% Sold

$1.5M

Sold Out

$980K

$750K

70% Sold

$1M

Sold Out

$500K

$0

OCEANFRONT

NON OCEANFRONT

Four Seasons Private Residences

Auberge Beach Residences

Paramount Residences Fort Lauderdale

The Ocean Resort Residences at Conrad

W Residences Fort Lauderdale

321 at Water’s Edge

Adagio Fort Lauderdale

The Wave on Bayshore

Developer Inventory

Developer Inventory

MLS Resale

Developer Inventory

Developer Inventory

Developer Inventory

Developer Inventory

Developer Inventory

Gale Hotel & Residences Fort Lauderdale MLS Resale

CURRENT CYCLE

East Fort Lauderdale Future Condo Deliveries Traditional Condos are defined as Condos with no short-term rentals

TOTAL CONDO DELIVERIES

5

4

3

2

1

Four Seasons Private Residences

1

0

2021

* Projected

0

0

0

0

2022

2023

2024

2025*

East Fort Lauderdale Resale MLS Analysis for all Condos built since 2012 % ACTIVE

14.94% 15%

Fort Lauderdale is the #1 selling resale market in Broward County

189

14%

13%

12%

10.51% 133

11%

9.33% 118

10%

9%

8%

Feb 2019

Feb 2020

Feb 2021

Fort Lauderdale Beach and South Beach/Miami Beach 20-Year Historical Condo Pricing Comparison Condos built since 2000 MIAMI BEACH FORT LAUDERDALE BEACH

CURRENT

116.67%

$5M

DIFFERENCE IN PRICE

$3,900,000

$4M

$3M

$2M

DIFFERENCE IN PRICE

$4,200,000

$3,200,000

37.12% DIFFERENCE IN PRICE

$1M

31.25%

$809,000 $590,000

34.96% DIFFERENCE IN PRICE

$1,108,000

$1,800,000

$821,000

$0

2000 Source: Broward County Tax Records

2010

2021

2022* *Projected

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