Fort Lauderdale’s Oceanfront Condo Inventory is Varied
We’ve been watching condo inventory carefully as many older condos go through milestone inspections and struggle to comply with new state condo regulations. After an active winter season, Northeast Broward County has a mixed bag of inventory across its diverse condo marketplace. The predominantly luxury segment on Fort Lauderdale Beach is experiencing excess inventory while Pompano Beach and Lauderdale-by-the-Sea have managed to keep inventory at more normal levels. Whatever the case, deals are getting done and we are weathering the condo storm just fine.
Also available: Single Family Waterfront Report
Fort Lauderdale
With over 18 months of inventory and a median list price of $1,590,000 the oceanfront condo market in Fort Lauderdale Beach has plenty of options for buyers with deep pockets. To put it in perspective, if no new inventory is added it would take a year and a half to sell all these condos. If your budget is under a million dollars, then there are still some good options. Galt Ocean Mile in North Fort Lauderdale Beach, where there is 12 months of supply, has a median price of $737,500.
So why the excess supply on Fort Lauderdale Beach?
Perhaps the overall economy is driving more buyers to condos offering better value. The price per square foot of a condo in Galt Mile, Lauderdale-by-the-Sea and Pompano Beach is about 50% less than what you pay on Fort Lauderdale Beach. This is likely a temporary situation while some older buildings complete their required inspections and renovations. There are very few new condo buildings planned in the near future, so resale prices should stay strong. Selene is the only project currently under construction on Fort Lauderdale Beach and Bahia Mar won’t even break ground until 2025 at the earliest. Once the the secondary markets catch up and the per foot pricing gap shrinks, we should see inventory come down again in Fort Lauderdale Beach’s luxury segment.
Galt Ocean Mile
There are 21 buildings on the beach in Fort Lauderdale’s Galt Ocean Mile and 19 of them were built more than 45 years ago, so there are plenty of inspections and renovations going on across the Mile. Inventory has tripled since this time last year and it currently stands at 12.3 months of supply. Median sale prices are holding on and prices have even ticked up a bit this year. Once the dust settles we should see inventory stabilize and prices on the rise once again.
Pompano Beach
Pompano Beach is currently performing the best out of our condo markets with only 7.6 months of supply, which is essentially an equilibrium. Despite a large number of renovation projects, deals are getting done in this historically value driven market. The price per square foot is still the lowest of our oceanfront markets at $475 per foot. The median sale price of an oceanfront condo in Pompano Beach is $628,750, up 9.3% from last year. Pompano is also adding units to its luxury inventory, attracting developers with International brands like Ritz Carlton and Waldorf Astoria.
Lauderdale-by-the-Sea
Lauderdale-by-the-Sea is a smaller condo market compared to Fort Lauderdale and Pompano Beach, so it tends to have more fluctuation in supply and median sale prices. The median sale price of a condo in Lauderdale-by-the-Sea is currently $619,950. Inventory is the lowest in NE Broward at 6.1 months. The newest condos on the beach in Old Town are Villas-by-the-Sea which are always in high demand. Other popular condos that are currently undergoing improvement projects are Oriana, Hampton Beach Club and Sea Ranch Club.
Hillsboro Beach and Deerfield Beach
Inventory in Hillsboro Beach and Deerfield Beach has been absorbed since our last report and currently stands at a comfortable 8.8 months of supply. Median sale prices are up 8.7% year over year to $560,000. With the exception of some newer buildings like Ocean Grande, Orchid Beach and Ocean Plaza, most of the buildings on this stretch were built prior to 1980. Rosewood Residences is the luxury newcomer to Hillsboro Beach with construction set begin this summer.
View All Oceanfront Condo Market Watch Reports
- All Northeast Broward County
- Fort Lauderdale Beach (excluding Galt Ocean Mile)
- Galt Ocean Mile
- Lauderdale-by-the-Sea
- Pompano Beach
- Hillsboro Beach / Deerfield Beach
Summary
Over the past two years we have seen some major changes in our condo market. This time last year we had less than six months of supply, which was a seller’s market. Two years ago it was even lower with just 2 months of supply. Now the market has shifted in the buyers favor with 10.4 months of supply overall, and some markets like Fort Lauderdale Beach are even higher with over 18 months of supply. This is a massive shift caused by new condo regulations, higher interest rates and overall affordability. This is also a welcome correction for many buyers and when the dust settles the condo markets will once again return to normal. Bottom line, there are deals to be made right now in each market and aggressive buyers should not be afraid to make lower offers. On average buyers are paying 95% of list price compared to 99% two years ago. Make sure you have an agent on your side who can help you negotiate the best deal.
Northeast Broward County has a plentiful supply of oceanfront condos. Our barrier island condo markets include Fort Lauderdale Beach, Galt Ocean Mile, Lauderdale-by-the-Sea, Pompano Beach, Hillsboro Beach and Deerfield Beach.
Buying and selling waterfront condos can be tricky business these days. Please make sure you have a local waterfront specialist to assist you.
