By Robyn A. Friedman
City & Shore Magazine
As the sale of luxury homes slows in many parts of the United States, there are still a few markets where sales of both single-family homes and condominiums remain strong. Two of these markets — each singled out by real estate consultant Jonathan J. Miller of New York-based Miller Samuel as “one of the stronger housing markets in South Florida” — are Boca Raton and Fort Lauderdale.
According to Douglas Elliman Real Estate, in the fourth quarter of 2016, the median sales price of a single-family home in Boca Raton was $396,938, up 1.8 percent year-over-year. The median sales price of a condominium was $205,009, up 13.9 percent over the same period. Prices of luxury condominiums — those in the upper 10 percent of sales — did even better, soaring by 69.2 percent in the fourth quarter. But luxury single-family median prices declined, by 23.5 percent, evidence of softer conditions at the top of the market.
In Fort Lauderdale, the median sales prices of single-family homes and condominiums, both luxury and non-luxury, increased during the fourth quarter, Douglas Elliman reported.
“Both Fort Lauderdale and Boca Raton have international recognition as two of the most desirable cities in not just South Florida, but globally, to have a permanent or part-time residence,” says Jack McCabe, a real estate consultant in Deerfield Beach. “They both have caché.”
Here are some of the hotter new-construction projects in both communities:
327 Royal Palm
327 E. Royal Palm Road
This project consists of just 25 residences, starting at 3,100 square feet, each with private-elevator entry. The units have three bedrooms plus den, flow-through designs, designer kitchens and Sub-Zero and Wolf appliances. Priced at $1.6 million to $2.9 million, the project is 60 percent sold.
4202 N. Military Trail
Residents started moving into the 75 contemporary three-story residences at Moderne in November, where the developer has achieved $5 million in sales since last July. Priced from the $590,000s, the two- and three-bedroom units feature European cabinets with quartz countertops, Jenn-Air and Electrolux appliances and Franke and Grohe fixtures. The pet-friendly community has a fitness center and pool.
100 Las Olas
100 E. Las Olas Blvd.
What will be Fort Lauderdale’s tallest building, this 46-story, mixed-use project features 121 residences and a 238-room Hyatt Centric hotel. The two- and three-bedroom units have Nolte cabinets, quartz countertops, Jenn-Air appliances and Grohe and Kohler fixtures. Prices start at $800,000.
Residences & Spa
2200 N. Ocean Blvd.
Sales are strong at this ultra-luxury condominium, where the North Tower is 90 percent sold out and the South Tower nearly 50 percent sold. The 171-unit project sits on 450 feet of beach and includes a signature restaurant and world-class spa. Current prices range from $1.5 million to $9.8 million.
1180 N. Federal Highway
Riva, a 100-unit luxury condominium, recently celebrated its topping off and is expected to be completed this summer. About 70 percent of the units are under contract. Pricing for the remaining units ranges from just under $800,000 to $5.5 million. Amenities include a pool, fitness center, spa, lounge, wine cellar, watersports center and three guest suites.
The Wave on Bayshore
620 Bayshore Drive
The Wave is an 11-story, 18-unit luxury condominium in North Beach Village. It features 16 two- and three-bedroom condominiums and two penthouses, each with private elevators and European-style kitchens with Bosch appliances and quartz countertops. Building amenities include a pool, clubroom, catering kitchen and bar, fitness center and fenced dog park. The project is 75 percent sold out; remaining units start at $1 million.