The proliferation of high-rise buildings with high-design architecture and resort-style amenities in South Florida has been heading north. While in Miami-Dade County foreign buyers dominate the condo-flipping mania, Broward County offers more stability.
Fort Lauderdale’s skyline is changing, but at a slower pace than Miami’s. Patrick Campbell, a vice president at the Related Group, said the majority of the buyers in Fort Lauderdale are end users from South Florida who are transitioning into the next stage of their lives.
According to Fort Lauderdale real estate attorneys, the rising condo market is attributed to the growing job market. From June 2014 to March 2017, there were 77,600 jobs added in Broward County, and more jobs are coming.
In other news, the Related Group will complete Fort Lauderdale’s tallest building this summer. The 45-story Icon Las Olas will stand higher than the 42-story Las Olas River House, built in 2004.
In partnership with Rabina Properties and Perella Weinberg Partners, the Icon Las Olas will have 272 units for rent from $2,500 to $7,000 a month, starting in June. Residents will have access to a spa, concierge, a wine room, a movie room, a gym and two pools.
“Why buy when you can rent? It’s all about the millennials,” Caldwell said. “They want the experience of living in downtown without the permanence and they don’t mind living from paycheck to paycheck.”
Fort Lauderdale Homeowner Association Lawyers are seeing younger families in what was once majority retirement communities – Fort Lauderdale is attracting a more affluent demographic with a cooler vibe.
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