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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).

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2016 TRENDS | Mid-Year Market Report | Broward Condos  

2016 TRENDS | Mid-Year Market Report | Broward Condos  

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