Fort Lauderdale real estate prices compared to other markets
This is a marketing piece that EWM recently generated. Sometimes I tend to get caught up in giving my readers an overly technical analysis of the Fort Lauderdale real estate market. This post is going to keep the pricing very simple. Below is a chart that shows the average price per square foot apartments are sold for across the world. The data is fascinating.
The first thing that stands out to me..... is the pricing in Monaco! $4,719 per square foot! I'll admit I've never been to Monaco, but I'm having trouble justifying the fact that a 500 square foot studio would cost $2.36 million US dollars!
Second on the list is London. I get a surprising amount of inquiries from buyers that are based in the U.K. I think there is a good amount of interest growing in the Fort Lauderdale market from those that live in the U.K. With per square foot pricing averaging over $2,100 I can certainly understand the reasoning with buying a second home in Fort Lauderdale rather than the U.K.
A bit down the list is New York City. As a long time resident of NYC I can certainly understand wanting to move to Florida for the lower cost of living. Further, with so many direct flights out of NYC and Newark that run daily, it's incredibly convenient to buy a second home in Fort Lauderdale. One other note on the closed sale prices you find around the northeast. Fort Lauderdale's condominium housing was recently built, for the most part. The buildings that are down here that were built after the mid 80's are considered old, for the most part. In the northeast pre war buildings that were converted to condo's are common, so are triple deckers that condo converted each floor. The gap between a $1,448 per square foot sale price in NYC, and a $289 per square foot sale price in Fort Lauderdale is enormous. It's even larger when you consider the year of construction. You can still find a number of buildings built after the year 2000 that are selling for below $300 per square foot in Fort Lauderdale. New construction in the northeast is selling for a slightly higher price per square foot than that (detect the hint of sarcasm).
Toronto, there you are at $770 per square foot! Canadians account for a huge portion of the second home market in Fort Lauderdale. According to this data is 62% less expensive to buy a condo here in Fort Lauderdale than it is in Toronto. Get your feet out of the snow and into the sand!
I work as a Realtor in Southeast Fort Lauderdale. If you’re interested in buying or selling a home, condominium, or townhouse (townhome) in: Rio Vista, Victoria Park, Downtown Fort Lauderdale, Fort Lauderdale Beach, Harbor Beach, Lauderdale Harbors, Sailboat Bend, Tarpon River, Croissant Park, Collee Hammock, Seven Isles, Nurmi Isles, Idlewyld, or Las Olas Isles, please feel free to contact me at (786)443-7203 or through my email email@example.com. I am a Realtor that works on Saturdays to accommodate those with busy schedules.
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Written By Casey Prindle