I'm Bullish on Flagler Village! I'm not alone.
This is the corner of 3rd Avenue and 3rd Street looking north. Yesterday I came across this article which says another 347 rental units are coming to Flagler Village. If you look at this block alone you have Strada, then a proposed 24 story building going on the lot to the north, then this along the east side. It's also been rumored that the nearby vacant grass lot is to become a grocery store (of the Whole variety from what I've heard). As a backdrop I don't think I need to remind anyone that the two new rental projects that run along Federal Highway are less than a year old, and 95% occupied!
Here's what I'm getting around to, there's no housing stock for anyone to buy in Flagler Village. Everything being built is a rental complex. This makes me extremely bullish about buying land, or commercial real estate, or a condo in Flagler Village. With respect to the condo buildings I continue to believe that Sole is grossly undervalued. Rents are $500- $600 less than the new complex's and unit sale prices hover around $200 per square foot in the two bedroom units. New construction when built is going to have to sell at $400+ a foot given where land and construction costs are now. My opinion is the gap in rent and sale prices aren't going to come down to Sole's level, rather Sole values will rise upwards.
In terms of land, if you can parcel pieces together it's a gold mine in my opinion. Liberal RAC zoning allows for many uses and ways to build. Commercial properties that exist are often prime candidates for adaptive reuse projects (Whole Enchilada used to be a gas station for example).
If you're thinking of investing, take a look at Flagler. If you're thinking about buying a condo and townhome in Flagler Village, I'll likely be announcing a couple of new construction projects you can buy into in the coming months (by likely I mean I will be).
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, Sailboat Bend, Tarpon River, Croissant Park, Collee Hammock, Wilton Manors, Oakland Park, Poinsettia Heights, Coral Ridge, or Las Olas Isles, please feel free to contact me at (786)443-7203 or through my email firstname.lastname@example.org. I am a Realtor that works on Saturdays in order to accommodate those with busy schedules.
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Written By Casey Prindle