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Fall 2021 DowntownFTL Residential Real Estate Report
Table of Contents 05 Welcome to DowntownFTL 06 Who s here 08 Multifamily Market Indicators 12 FTL Community 16 Neighborhoods 24 Market Cycle The DowntownFTL Fall 2021 Residential Real Estate Report was compiled in the third quarter of 2021 The Report is based upon data collected on the 20192020 residential real estate market with data points presented on Q3 2021 where available to reflect the current status of the market
SUN RIS EB OU LEV RD BO ULE AV WA VA RD N BRO EN UE OF A RT S ARD DA E LA VIE SO BO UL EVA RD LAS BO ULE VA RD The DDA taxing district is highlighted in yellow although the agency advocates for the Greater Downtown core stretching from Sunrise Boulevard to the north SE 17th Street to the south 7th 4th Avenue to the west and US1 to the east including the East Las Olas area SW 4 17 TH ST RE ET
DowntownFTL 5
Who s here Downtown Fort Lauderdale An Affluent Demographic 37 5 18 766 27 274 Population 2020 Population 2025 Average Household Income 67 471 57 43 Median Household Income Male Female Median Age 108 643 AFFLUENT FUTURE EDUCATED SINGLE 35 of households have an income over 100K 45 population growth expected in the next 5 years 52 of residents have a bachelor s degree or higher 72 of the population are single DIVERSITY YOUNG INDEPENDENT 33 of residents are aged between 20 and 34 50 of the population live alone EXECUTIVE 30 of the employed population have management business and financial operations occupations The largest racial ethnic groups are White 58 followed by Black 32 7 and Hispanic 18 5 BALANCE GROW A 41 increase in population size since 2010 compared to 11 citywide and 12 countywide 6 COMMUNITY RENTERS With more than 61 000 employees the urban core is vibrant with workers and resident 77 of the population are renting while 23 own their homes A balanced age distribution whereby the population aged 55 is equal to the population aged between 25 and 34
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Multifamily Market Indicators 2 513 units 13 buildings Downtown West Palm Beach 2 281 Effective 92 4 Occupancy 2 110 Rental Monthly Rent Rate Revenue 9 551 units 42 buildings DowntownFTL 2 331 Effective 93 5 Occupancy 2 180 Rental Monthly Rent Rate Revenue West Palm Beach Fort Lauderdale 10 926 units 47 buildings Miami 8 Downtown Miami 2 150 Effective 93 Occupancy 2 001 Rental Monthly Rent Rate Revenue Effective Rental Rates are the average rental rates charged for an apartment unit on a monthly basis less concessions for new leases Rental Revenues are equal to the Effective Rental Rate multiplied by the Occupancy Rate for a monthly revenue estimate
2 500 Effective Monthly Rent 2 450 2 400 2 500 2 350 2 450 2 300 2 400 2 250 2 350 2 300 2 200 2 250 2 150 2 200 2 100 2 150 2 050 2 100 2 000 2 050 2 000 Jun July JulyAugAug Sept Jun Sept Oct Oct Nov Nov Dec Jan Jan Feb Dec 2020 2020 Feb Mar Mar Apr 2021 FTL Urban Core FTL Urban Core Apr May May Jun Jun 2021 Downtown WPB MiamiMiami Downtown WPB Downtown Downtown Effective rents across the tri county region have soared in recent years as new multifamily developments deliver to the market pushing rental rates higher Fort Lauderdale leads the tricounty area with average rental rates at a sampling of multifamily buildings recorded at 2 492 per month compared to 2 433 in Downtown West Palm Beach and 2 333 in Downtown Miami Equally occupancy rates leaped up in Q2 2021 to 96 8 from 91 9 in June of 2020 2 500 2 450 100 2 400 Occupancy Rates 2 350 98 2 300 96 2 250 2 200 94 2 150 92 2 100 2 050 90 2 000 88 Aug Sept Sept Jun Jun JulyJuly Aug Oct Oct Nov Nov Dec Apr Dec JanJan Feb FebMar Mar 2020 2020 FTL Urban Core FTL Urban Core 2021 Downtown WPB Downtown WPB Downtown Miami May Apr Jun May Jun 2021 Downtown Miami 9
Multifamily Inventory Overview 50 Occupied Stories Unoccupied Stories 45 40 35 30 25 20 15 10 5 0 Camden Las Olas The Whitney Motif Total Units 420 386 385 382 350 331 329 292 284 272 260 254 Year Built 2005 2019 2020 2014 2019 2015 2019 2018 2009 2017 2020 2016 Stories 15 25 6 7 7 7 25 6 7 45 25 31 Occupied Stories 15 25 5 7 7 7 21 6 7 45 24 30 Unoccupied Stories 0 0 1 0 0 0 4 0 0 0 1 1 Monthly Rent Unit 2 496 2 213 2 315 2 021 2 555 1 923 3 234 2 049 2 522 5 045 2 664 3 439 2 39 2 31 2 31 2 10 2 27 2 04 3 14 2 59 2 25 3 33 2 88 3 06 Rent SF Manor at Pearl Flagler The Edge at Flagler Village Village Flagler Village Laureat ORA Flagler Village Solmar on Six th Icon Las Olas 4 West Las Olas Amaray Stabilized UNDER CON Fueled by a steady influx of new residents these developments are followed by a pipeline of approved projects expected to break ground in the next two years including FATVillage 600 units Marina Lofts 856 units RD Las Olas 311 units among others Fairfield Delivery Date N A of Units 272 10 Modera 555 Delivery Date 2021 of Units 350 Next Las Olas Delivery Date N A of Units 374
95 3 62 8 Average Occupancy Rate in Stabilized Buildings Average Occupancy Rate in Lease Up Buildings 50 Occupied Stories Unoccupied Stories 45 40 35 30 25 20 New River Yacht Club I Aviah Flagler VU New River Eon at Flagler Village Village I The Queue Eclipse The Exchange Lofts Society Las Olas I Las Olas Walk 249 221 209 206 190 101 87 512 456 2014 2009 2015 2019 2017 2009 2007 2021 26 7 18 12 7 12 6 26 7 18 12 6 12 0 0 0 0 1 2 442 2 305 2 550 2 390 2 57 2 19 0 04 2 60 Alluvion Las 15 Olas The Rise at Novo Las Olas Flagler Village Curv Regatta at New River 348 341 243 230 2020 388 10 2020 2020 2020 2020 2021 34 8 543 31 27 8 20 6 27 6 16 11 5 8 0 0 7 2 35 0 8 2 020 946 2 208 2 359 2 199 15 16 3 Camden Las The Whitney Olas 3 907 2 105 2 923 2 639 2 58 1 35 2 15 3 54 2 19 3 56 2 32 3 01 2 57 12 Motif 2 589 M Flag 2 55 Lease Up NSTRUCTION Poinciana Crossing Delivery Date N A of Units 113 Quantum at Flagler Delivery Date 2022 of Units 328 Registry Las Olas Delivery Date 2022 of Units 374 Sailboat Bend II Delivery Date 2021 of Units 110 Village View Delivery Date 2021 of Units 100 11
FTL COMMUN Luxury Marking a new level in luxury Alluvion Las Olas now the tallest apartment tower in Fort Lauderdale offers one of the most elevated living experiences in South Florida Young Professional With attainable rents for young professionals apartment buildings like Society Las Olas offer highly amenitized luxury apartments with ample common areas in the heart of Downtown Family Friendly For families seeking to be close to the amenities of Downtown yet benefit from the great public schools nearby Fort Lauderdale neighborhoods offer both at a variety of townhomes condos and loft style apartments Pet Friendly Apartments in Downtown are known for their pet friendly policies with buildings like Aviah Flagler Village offering on site private dog parks and dog grooming facilities 12
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Invest in FTL On the North side of Downtown Fort Lauderdale Flagler Village saw a boom in multifamily development in recent years with another 778 units currently under construction Rental rates have been steadily climbing and rent collections exceeded expectations throughout the pandemic which has boosted property values Aviah Flagler Village 440 NE 4th Ave Flagler Village Sale Price 68 million A 16 increase of the previous trade in 2011 for 58 3M Price Per Unit 310 000 Buyer Jenco Properties Number Of Units 218 Year Built 2009 Sale Date 9 2 20 Amenties Resort Style Swimming Pool Dog Park Fitness Center Yoga Studio Lanscaped Courtyard Outdoor Pool Table Barbeque 14
Solmar on Sixth Pearl Flagler Village 408 NE 6th Street Flagler Village 400 NE 3rd Ave Flagler Village Sale Price Sale Price 92 million 113 million Price Per Unit Price Per Unit 323 000 321 000 Buyer Sterling Equities Buyer TA Realty Number Of Units 286 Number Of Units 350 Year Built 2009 Year Built 2019 Sale Date 12 30 20 Sale Date 1 29 20 Amenties Community Kitchen Media Lounge Concierge Swimming Pool with Sundeck Spin Room Clubhouse with Games Grilling Stations Amenties Fitness Center Collaborative Workforces Media Lounge Presentation Kitchen Yoga Studio Cabanas Fire Pit Grilling Stations Dog Park Heated Salt Water Pool 15
Neighborhoods AT THE CENTER OF IT ALL PROGRESSO VILLAGE RIS N SU FLAGLER VILLAGE RD A EV UL O EB VI DOWNTOWN DORSEY RIVERBEND UL OW AR BR O DB RD A EV SAILBOAT BEND TARPON RIVER 16
CENTRAL BEACH LAS OLAS ISLES ICTORIA PARK D R VA E L OU SB COLEE HAMMOCK AS EL A OL BEVERLY HEIGHTS HARBOR BEACH N RIO VISTA H T 17 VI DA S RD A EV UL O EB ET E TR 17
NEIGHBORHO Downtown Fort Lauderdale is surrounded by beautiful neighborhoods that benefit from being located minutes from the region s urban core Each neighborhood is distinctly unique with its own character history and amenities including dining shopping arts and culture to explore Beverly Heights Situated between the urban core and historic Colee Hammock Beverly Heights has a mix of historic charm alongside newly constructed high rise buildings all within walking distance to the shops on Las Olas Boulevard and the central business district Condo Townhomes 34 Closed Sales 2 2 Average size BR BA 470 000 Median Sales Price 350 Median Price PSF 63 Median DOM 1 117 2021 Total Housing Units 1 141 2021 Population 104 5 2010 2021 Population Growth 18
OODS Central Beach Colee Hammock Dorsey Riverbend As a world class destination Fort Lauderdale Beach is not just for tourists but residents too with a mix of condominiums hotelcondos and townhouse options all within walking distance to warm sandy beaches and a little over a mile from the urban core Rich in history Southern charm and community one of the oldest neighborhoods established in 1916 with historic homes and oak trees walking distance to Las Olas Boulevard mix of residents enjoy the small town yet hip vibe of Victoria Park Known only the as central business district for many decades Downtown Fort Lauderdale now provides an urban metropolitan lifestyle for a growing resident base with a mix of luxury high rise apartments and condominiums on the banks of the New River Condo Townhomes 407 Closed Sales 2 2 Average size BR BA 700 000 Median Sales Price 457 Median Price PSF 96 Median DOM 3 401 2021 Total Housing Units 3 059 2021 Population 14 0 2010 2021 Population Growth Single Family Home Condo Townhome 24 23 Closed Sales Closed Sales 4 4 2 2 Average size BR BA Average size BR BA 1 6M 557 500 Median Sales Price Median Sales Price 497 337 Median Price PSF Median Price PSF 82 93 Median DOM Median DOM 884 2021 Total Housing Units 1 279 2021 Population 39 6 Single Family Home 29 Closed Sales 3 2 Average size BR BA 250 000 Median Sales Price 178 Median Price PSF 18 Median DOM 1 840 2021 Total Housing Units 4 387 2021 Population 1 6 2010 2021 Population Growth 2010 2021 Population Growth 19
NEIGHBORHO Downtown Flagler Village Harbor Beach Known only the as central business district for many decades Downtown Fort Lauderdale now provides an urban metropolitan lifestyle for a growing resident base with a mix of luxury high rise apartments and condominiums on the banks of the New River One of South Florida s fastest growing neighborhoods Flagler Village serves as the epitome of a live work play neighborhood having benefited from the majority of new residential development in Downtown over the past decade A prestigious resort style gated community on the southernmost barrier island bounded by the Atlantic Ocean and the Intercoastal Waterway Condo Townhomes Condo Townhomes 272 Closed Sales 2 2 2 2 Average size BR BA Average size BR BA 469 750 345 000 Median Sales Price Median Sales Price 378 287 Median Price PSF Median Price PSF 62 49 Median DOM Median DOM 4 571 4 204 2021 Total Housing Units 2021 Total Housing Units 6 240 6 249 2021 Population 2021 Population 45 6 2010 2021 Population Growth 20 77 Closed Sales 146 2 2010 2021 Population Growth Single Family Home Condo Townhome 49 48 Closed Sales Closed Sales 5 5 2 2 Average size BR BA Average size BR BA 3 2M 675 000 Median Sales Price Median Sales Price 720 459 Median Price PSF Median Price PSF 170 96 Median DOM Median DOM 484 2021 Total Housing Units 730 2021 Population 9 1 2010 2021 Population Growth
OODS Las Olas Isles Progresso Village Rio Vista One of the most exclusive communities in Fort Lauderdale the Las Olas Isles neighborhood sits between DowntownFTL and the Fort Lauderdale Beach Modern luxury apartments line the canals on the west end while iconic mansions complement the yachts docked behind homes fronting wide canals and the Intracoastal Waterway Spanning an area between Historic Sistrunk and Flagler Village and bounded by Broward and Sunrise Boulevards Progresso is catching the attention of investors looking to create housing in one of the hottest Opportunity Zones in South Florida Meaning River View Rio Vista is a family friendly affluent neighborhood with many luxury homes located just south of Downtown along the waterfront This yachting and boating community enjoys a serene atmosphere close to the many amenities that an urban lifestyle has to offer Condo Townhomes Single Family Home Single Family Home 202 Closed Sales 4 4 Condo Townhome 142 Closed Sales 3 2 Average size BR BA Average size BR BA 2 3M 751 250 660 385 Median Price PSF Median Price PSF 100 87 Median Sales Price Median DOM Median Sales Price Median DOM 2 512 2021 Total Housing Units 3 560 2021 Population 5 0 2010 2021 Population Growth 25 Closed Sales 124 Closed Sales 3 2 4 3 Average size BR BA Average size BR BA 315 000 1 337 500 Median Sales Price 253 Median Price PSF 29 Median DOM 1 308 2021 Total Housing Units 2 957 2021 Population 20 7 2010 2021 Population Growth Median Sales Price 572 Median Price PSF 59 Median DOM 1 126 2021 Total Housing Units 2 395 2021 Population 4 8 2010 2021 Population Growt 21
Sailboat Bend Tarpon River Victoria Park Home to the only official historic district in Fort Lauderdale Sailboat Bend marks the beginning of the Arts Entertainment District in Downtown Fort Lauderdale This semi suburban community has a mix of townhomes and condos but is best known for its bungalows and Mission style homes dating back to the early 1900s Named after the river that runs along its southern border Tarpon River hosts an eclectic mix of single family homes waterfront properties apartments and townhomes and a growing number of Downtown high rises A centrally located neighborhood on the eastern edge of Downtown Victoria Park mixes 1930s old Florida charm with ultra modern luxury offering a range of unique housing options for its diverse mix of residents Condo Townhomes 94 Closed Sales 2 2 Average size BR BA 315 500 Median Sales Price 297 Median Price PSF 58 Median DOM 2 042 2021 Total Housing Units 2 951 2021 Population 10 4 2010 2021 Population Growth 22 Single Family Home 63 Closed Sales 3 2 Average size BR BA Condo Townhome 140 Closed Sales 2 2 Average size BR BA 420 000 362 594 Median Sales Price Median Sales Price Single Family Home 175 Closed Sales 3 3 Average size BR BA Condo Townhome 305 Closed Sales 2 2 Average size BR BA 775 000 425 000 Median Sales Price Median Sales Price 308 214 433 274 Median Price PSF Median Price PSF Median Price PSF Median Price PSF 32 Median DOM 49 Median DOM 45 Median DOM 44 Median DOM 2 201 5 092 2021 Total Housing Units 2021 Total Housing Units 3 469 7 594 2021 Population 2021 Population 16 2 2010 2021 Population Growth 11 7 2010 2021 Population Growth
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Market Cycle Top 10 source markets for worker relocation to Tallahassee Miami Fort Lauderdale according to LinkedIn from July 2020 to July 2021 Top Out of State Migration New York City NY Washington D C Boston MA Chicago IL Los Angeles CA San Francisco Bay Area CA Philadelphia PA Minneapolis St Paul MN Top Out of County Migration Tallahassee FL Gainesville FL 24 Lower Real Estate Costs Clustering of People and Companies Bilingual Workforce Business Friendly Top Talent Economic Incentives Low Corporate Income Tax Zero Personal Income Tax Looser COVID Restrictions Top Tier Colleges and Universities Quality of Life LATAM Connection Diversity and Inclusion
2021 and Beyond A Return to Normalcy Key Moment Rental rates growth slowing Rental rates growth accelerating Rental rates falling Rental rates bottoming out Key Moment MARKET CYCLE HEADWINDS TAILWINDS Demand for new product has been outpacing supply and speeding up the overall recovery An acceleration in northeastern migration trends to Fort Lauderdale The economic recovery and mass in migration is driving demand A stabilization and softening of rent growth is expected as increased competition from surrounding new supply completes The Fort Lauderdale apartment market is bolstered by a large Baby Boomer population and a concentration of single person households Rising supply volumes across South Florida will utlimately soften future multifamily performance Soaring demand for both apartments and single family homes is pushing home values to record new high s A de urbanization and suburban flight trend taking shape in other cities High household incomes support a concentrated rental community desiring new highly amenitized developments 25
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APRIL 2021 SOURCES CREDITS The following sources were used for this report Colliers Multiple Listing Service MLS Environmental Systems Research Institute ESRI Axiometrics City of Fort Lauderdale Development Map CoStar Real Capital Analytics RCA LinkedIn https www linkedin com jobs blog linkedin workforce report july 2021 miami fl PHOTO CREDITS Photo credits are listed by page indicated by images left to right Cover Sublime Imagery Inside Cover Sublime Imagery Page 5 laudylola robstoddard lasolasblvd browardcenter gobrightline Sublime Imagery suntrolley parkerplayhouse Page 7 msweredoski Page 8 Adobe Stock Sublime Imagery Page 10 South Florida Business Journal moderaflaglervillage Sun Sentinel Page 11 South Florida Business Journal the Real Deal theregistrylasolas Sun Sentinel Page 12 novolasolas nassal305 Page 13 amandawhiteflowyo thebrinyblone alluvionlasolas furyphotography therise_flaglervillage society lasolas Page 14 CoStar Page 15 South Florida Business Journal Page 18 amandathebroker orla_ananda sarahglass_ceramics linalunamar Sublime Imagery Page 19 Adobe Stock trotzwhiddon Federico Rochwerger Page 20 Sublime Imagery Adobe Stock Page 21 Adobe Stock Sublime Imagery Page 22 justaskheidirealtor dotoligroup loristjohnrealtor Page 23 Sublime Imagery myckenzierussellphoto alluvionlasolas floridadatenight annsfloristandflowerbar southflorida_teddybear Page 26 Sublime Imagery CONTRIBUTORS Ken Krasnow Vice Chairmain Institution Investor Services Florida ken krasnow colliers com Verity Mosquera MBA Research Consulting Manager South Florida verity mosquera colliers com Kris Mitchell Marketing Manager South Florida kris mitchell colliers com COLLIERS INTERNATIONAL FLORIDA LLC 200 EAST BROWARD BOULEVARD SUITE 120 FORT LAUDERDALE FL 33301 1 954 652 4600 colliers com southflorida This document has been prepared by Colliers International FTL DDA for advertising and general information only Colliers International and FTL DDA make no guarantees representations or warranties of any kind expressed or implied regarding the information including but not limited to warranties of content accuracy and reliability Any interested party should undertake their own inquiries as to the accuracy of the information Colliers International and FTL DDA excludes unequivocally all inferred or implied terms conditions and warranties arising out of this document and excludes all liability for loss and damages arising there from This publication is the copyrighted property of Colliers International and FTL DDA and or its licensor s 2021 All rights reserved 27
DOWNTOWNFTL RESIDENTIAL REAL ESTATE REPORT Fall 2021 ddaftl org 954 463 6574 110 E Broward Boulevard Suite 1610 Fort Lauderdale FL 33301 Follow us ddaftl