Opportunities

point of americas aerial My idea of an “opportunity” or as most of my buyers would say, a “deal,” is the ability to scoop up a property at a lower price than current sales price. I use to recommend my buyers to purchase land, since it was not moving for the longest time; dry lots not moving at all. However, land values are starting to rise and we’re seeing a 20% rise annually from 2012 according to Greater Fort Lauderdale MLS closed sales data. Now, the opportunities lie in condominiums. With The Paramount, Auberge, SkY230, Riva, Aqualuna, and multiple brand new rental buildings, rates for an existing condominium should be flat. Of course current residents are trying to sell for higher because of our increased tourism and confidence in the market (and I recommend that they should if they’re in no rush), but realistic sellers should stay consistent with current closing rates if they want to move.

There are two luxury condominiums currently listing residences below closed values in 2014 out of the 13 we evaluate at Florida Luxurious Properties for our monthly newsletter. Take a look.

Currently, the best opportunities for an investor lie in Harbourage Place and Point of Americas. Both of these buildings are on the east side of the intracoastal and rise over 20 floors. While both offer incredible views, Harbourage Place serves a boutique style building with only 44 residences while Point of the Americas is more of a resort with over 575 owners. Check out more details below and consider which building may be better for you.

point of americas view northHarbourage Place:
With only 3 active listings for sale and 2 for rent, this direct intracoastal 22 floor building is one of Fort Lauderdale’s most luxurious boutique buildings. All 3 units listed for sale are asking under the average selling price per square foot in 2014 of $564 and each residence offers extensive upgrades, not to mention breath-taking views of the intracoastal, waterways, and ocean. As if that wasn’t enough, all 3 residences are very large at approximately 3,500 square feet, compared to today’s typical condominium size of 2,000 square feet with very low maintenance fees of $.63/square foot. The ability to rent in this building also makes it attractive to investors looking for a long-term tenant, but only being available for an annual renter keeps the residents happy.

point of americas viewPoint of the Americas:
Point of the Americas, more truthfully the Point of Fort Lauderdale, offers the best views in town, especially if you’re able to snag a pass-through unit which is only in the 5/6 stack in Point of Americas II and the 6/7 stack in Point of Americas I. Extremely well maintained and each offering their own unique charm, 2014 sales were at an average of $620/square foot – one of the highest in the luxury condominium sector. With 6 available units to rent and 18 on the market, 15 of the residences are available for significantly less than the average selling prices last year. Each unit has the ability to put in sliding glass doors throughout the entire balcony exterior if they’d like, as opposed to windows and a small door to the balcony, and can be rented for 180 days or more out of the year making it more attractive to a seasonal investor.

For more information on these luxury condominiums or other opportunities, contact me at Erika@FloridaLuxurious.com.