This morning I drove around Seven Isles, which are islands in Las Olas. These islands are one of the most prestigious places in Fort Lauderdale area, as they are a few minutes away from downtown of Fort Lauderdale and 5 minutes away from the ocean.
This area has attracted sailors and owners of boats for a while from all over the world due to its good infrastructure (especially with watercraft) and easy access to the ocean. I counted at least 6-7 new homes which are under construction or about to be finished. You would see that 2 out of the 7 houses under construction are modern homes, with the first house being built out of concrete and glass as main components of the structure, with the other house containing modern elements to the house.
I found only one home not sold, which is a house at 341 Royal Plaza which has a typical Mediterranean style with arches and columns. I was kind of surprised to see that kind of activity and called John Beachamp from Intercostal Realty who specializes in waterfront properties in Fort Lauderdale. John did agree with me that the housing market in Fort Lauderdale remains strong and that only those homes which are overpriced are on the market for more than 90-100 days. He also pointed out one house on Coral Way, which was a house that a MIAMI broker brought Venezuelan investors to help build a spec house. This type of move is something that would not be seen 2 years ago.
Let’s try to summarize. We did see before that the Related Group moved to more affordable market in urban areas of Fort Lauderdale and Boca Raton. Now we see that not only are buyers acquiring the land to build homes for themselves, but also investors are looking into Fort Lauderdale as an attractive market for Fort Lauderdale.
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