South Florida's Condo Boom Spreads Northward as Prices Remain Lofty

The development boom in coastal and inland condo buildings has spreading from the traditional enclaves of Miami and Miami Beach northward into Broward County.

Even as signs surface of a cooling in the overall South Florida market — as the stronger American dollar chips away at the purchasing power of foreign investors — prices in coastal Miami-Dade County remain high, which in turn pushes prospective buyers with somewhat less disposable income elsewhere.
“People who are financially comfortable should be able to get something fantastic, and it gets harder and harder in Miami,” Ryan Weisfisch, the developer of the Oceanbleau tower in Hollywood (in Broward County), scheduled to open in early 2017 with 48 units starting at $1.6 million, tells the New York Times. “They’re coming here not because of the allure, but because people are priced out of Miami Beach.”
Along Broward County’s 24-mile coast, 83 new residential towers, with 7,901 units, are under construction or in planning stages — 37 of them in the last year, according to Peter Zalewski, a real estate consultant who tracks local trends on the website CraneSpotters.com. In just Fort Lauderdale alone, 44 such projects are in the works, 29 more than last year, he said.
The allure of Broward developments can be summed up in one word: prices. On per-square-foot basis, prices are often half or less of what similar condominiums have been selling for in Miami Beach, Sunny Isles, Bal Harbour and other coastal communities in Miami-Dade County.
“These are people who previously wouldn’t have considered going to Broward County,” Zalewski told the Times. “People are getting more comfortable with Broward than they were a few years back.”

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