I recently attended The “Broward Deep Dive” panel event, one of two at the event at the Design Center of the Americas in Dania Beach, focused on analyzing Broward County’s hottest markets and comparing them to their biggest competitors in Miami-Dade County.
One of the highlights is that as Miami’s real estate market loses some of its heat, Broward County is maturing as a hotspot of new development in South Florida, according to the panel of experts. It accounts for 19% of South Florida’s new development activity according to figures cited by panel moderator Peter Zalewski, a TRD columnist and founder of research firm CraneSpotters.com. With a big part of that development upswing due to the Related Group, a firm famous for cranking out luxury buildings in Miami.
Yet amid all, some uncertainty remains, not about the trend as much as about its composition. Related has still yet to determine whether its iconic Las Olas development should be rentals or condos, Campbell said. This is evidenced by the possible launch of phase III before II at the company’s New River Yacht Club project, purely because 190 units will be easier for the market to absorb than 350.
“With the pace of sales in Broward, we want to let the market decide.” he said.
Perhaps the buyer demographics plays a bigger role. Broward sees far more empty nesters in the county’s western suburbs seeking to downsize, while also buying luxury units now that they can afford it. Also, Broward sees more tough sells, as buyers tend to kick the tires more and scrutinize everything from the finishes to the location.
Jean Francois Roy, founder of development firm Ocean Land Investments, is tapping into that same demographic with his nearly half-dozen condo projects in the luxury area around Las Olas.
“After the last recession, we decided to specialize in Broward County,” Roy said.
Not surprisingly, several of the panelists agree transportation is a huge factor in helping Broward’s real estate market grow. Commercial prices in Fort Lauderdale and especially in the hip neighborhood of Flagler Village are poised to rise as new commuting options emerge for residents. Meanwhile, All Aboard Florida will launch its Brightline line next year, with trains running between Miami, Fort Lauderdale, West Palm Beach and Orlando. And finally, Fort Lauderdale is considering the Wave street car, which will bring familiar commuter service with in-ground San Fransisco-style trolleys.
“Every deal that we’re looking at is pushing the envelope as far as parking reduction,” he said. “Not because of costs, because… what are we’re going to do with these garages that nobody is going to use? The next few years, we’ll probably see a lot of more these buildings with no parking.”
Source: TheRealDeal.com — April 14th, 2016
Original Article: Demand in Broward County still rising: TRD Panel – The Real Deal