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Spring 2022 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 Spring 2022 Residential Real Estate Report was compiled in the first quarter of 2022 The Report is based upon data collected on the 20202021 residential real estate market with data points presented on Q4 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 6 20 941 Population 2021 12 increase YOY Population 2026 an expected 41 increase in 5 years 121 764 Average Household Income 12 increase YOY 78 420 56 44 Median Household Income Male Female Median Age AFFLUENT FUTURE EDUCATED SINGLE 41 of households have an income over 100k 41 population growth by 2026 55 of residents have a bachelor s degree or higher 68 5 of the population are single EXECUTIVE DIVERSITY 56 5 of the employed population have professional management business and financial operations occupations The largest racial ethnic groups are White 58 9 followed by Black 31 4 and Hispanic 19 1 YOUNG INDEPENDENT 33 of residents are aged between 20 and 34 49 of the population live alone GROW 57 increase in population since 2010 compared to 8 6 citywide and 9 8 countywide 6 29 589 BALANCE COMMUNITY RENTERS With more than 64 000 employees the urban core is vibrant with workers and resident 61 of the population are renting while 15 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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2021 Multifamily Market Indicators 2 513 units 13 buildings Downtown West Palm Beach 2 490 Effective Monthly Rent 96 2 Occupancy Rate 2 396 Rental Annual Average Revenue YOY 20 Increase 9 908 units 42 buildings DowntownFTL 2 600 Effective Monthly Rent West Palm Beach YOY 21 Increas 96 6 Occupancy Rate Annual Average 2 515 Rental Revenue Fort Lauderdale 11 595 units 49 buildings Miami Downtown Miami 2 458 Effective Monthly Rent YOY 31 increase 8 95 8 2 359 Occupancy Rate Rental Annual Average 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
Effective Monthly Rent Effective Monthly Rent 3 000 2 500 2 000 1 500 1 000 500 0 Jan Feb Mar Apr May June July Aug Sep Oct Nov Dec 2021 DowntownFTL 2022 Downtown WPB Downtown FTL Jan Downtown WPB Downtown Miami Downtown Miami Effective rents across the tri county region have soared in recent years as new multifamily developments deliver to the market pushing rental rates higher Downtown Fort Lauderdale leads the tri county area with rental rates at a sampling of multifamily buildings recorded at 2 600 per month compared to 2 490 in Downtown West Palm Beach and 2 458 in Downtown Miami Equally occupancy rates in Downtown Fort Lauderdale leaped up in January of 2022 to 98 7 from 92 8 in January 2021 Year over year increase in rent in Downtown Fort Lauderdale was less than Miami Monthly Occupancy Rates Occupancy Rates 100 98 96 94 92 90 88 Jan Feb Mar Apr May June July Aug Sep Oct Nov 2021 DowntownFTL Downtown FTL Downtown DowntownWPB WPB Dec Jan 2022 Downtown DowntownMiami Miami 9
Multifamily Inventory Overview Completed in 2021 and already 100 occupied 50 45 40 35 30 25 20 15 10 5 Society Las Olas I Regatta at New River Motif 4 West Las Olas Alluvion Las Olas Total Units 512 230 385 260 388 Year Built 2021 2021 2020 2020 Stories 34 20 6 Occupied Stories 33 20 Unoccupied Stories 1 Monthly Rent Unit Rent SF Novo Las Olas The Rise at Flagler Village Las Olas Walk PearlFlagler Village Laureat EON at Flagler Village The Whitney ORA Flagler Village 341 348 456 350 329 206 386 292 2020 2020 2020 2020 2019 2019 2019 2019 2018 25 43 27 31 8 7 25 12 25 6 6 24 42 26 31 8 7 25 12 25 6 0 0 1 1 1 0 0 0 0 0 0 0 2 903 2 916 2 959 2 774 4 801 3 788 2 693 2 601 2 583 3 717 2 696 2 623 2 495 4 28 2 88 2 99 3 07 4 38 3 93 2 97 2 59 2 80 3 67 2 93 2 70 2 91 Stabilized UNDER CON NOW LEASING Mass in migration and the growing demand for residential offerings in Downtown FTL has fueled a boom in new multifamily construction particularly in Flagler Village and along Las Olas Boulevard With a diverse mix of new residential developments Downtown FTL has become one of the most desirable locations to live work and play 10 Registry Las Olas Delivery Date 2022 of Units 374 Quantum at Flagler Delivery Date 2022 of Units 328
98 45 Average Occupancy Rate in Stabilized Buildings Average Occupancy Rate in Lease Up 50 Buildings Occupied Stories Unoccupied Stories 45 40 35 30 25 20 15 Icon Las Olas The Queue Amaray Las Olas by Windsor The Edge at Flagler Village VU New River New River Yacht Club Manor at Flagler Village Solmar on Sixth Aviah Flagler Village 272 191 254 331 209 249 382 284 221 2017 2017 2016 2015 2015 2014 2014 2009 2009 45 7 31 7 18 26 7 7 7 45 7 30 7 18 25 7 7 7 0 0 1 1 0 1 0 0 0 5 573 2 055 3 969 1 923 2 647 2 445 2 686 2 936 2 326 946 3 68 2 55 3 53 2 04 2 56 2 57 2 79 2 61 2 21 1 35 10 Eclipse 101 5 2009 The Exchange Lofts Avalon FTL Modera Flagler Village 87 420 350 243 2007 2005 2021 2020 6 15 24 8 15 5 The Whitney 5 Motif 12 0 Camden Las Olas 12 6 Camden Las Olas 0 0 M Flag 0 19 3 2 700 2 828 2 957 2 817 2 63 2 71 2 94 2 75 Lease Up NSTRUCTION Poinciana Crossing Delivery Date 2022 of Units 113 RD Las Olas Delivery Date 2023 of Units 352 Fairfield Delivery Date 2023 of Units 242 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
NITY 13
Invest in FTL Nationally known entrepreneurs and investors believe that DowntownFTL is defining the future of living Real Estate Investor and Sales Trainer Grant Cardone Grant Cordone raised money through crowdfunding to purchase two apartment buildings in Downtown Fort Lauderdale 448 unit Las Olas Walk and 260 unit 4 West Las Olas introducing a new method of investing to the Fort Lauderdale marketplace and placing the number two and three top sales of 2021 in Downtown Fort Lauderdale These properties will be rebranded under the 10X banner The RealDeal South Florida Business Journal 14 Former WeWork cofounder Adam Neumann Mr Neumann owns an entity tied to Society Las Olas and is excited to invest in vibrant cities where a new generation of young people increasingly are choosing to live the kind of cities that are redefining the future of living The Wall Street Journal The four largest sales of 2021 completed in the fourth quarter and each sold for above 150M
421 E 6th St EON Squared Sale Price Price Per Unit 226 5m 477 000 Buyer Union Investments Number Of Units 475 Year Built 2019 Sale Date 12 21 21 106 S Federal Hwy Las Olas Walk Sale Price Price Per Unit 210 4m 470 000 Buyer Cardone Capital Number Of Units 448 Year Built 2020 Sale Date 12 13 21 4 West Las Olas Blvd Amenties Infinity Edge Pool Sun Sky Deck Poolside Resident Clubhouse 24 7 Fitness Center Peloton Spin Studio Electric Car Charging Stations On Demand Kayak Paddleboard Access Dockside Marina Lounge Grill Poolside Indoor Lounge w Exterior Grills Outdoor Gaming Space Co Working Spaces Bike Storage Repair Station Pet Spa Bark Park 4 West Las Olas Sale Price Price Per Unit 161m 620 000 Buyer Cardone Capital Number Of Units 260 Year Built 2020 Sale Date 12 13 21 410 SE 16th Ct Amenties Two Separate Pool Decks with Resort style Heated pools and Outdoor Lounge Areas Seating Cabanas Multiple Outdoor Spaces with Kitchen BBQ Stations Dual Spas Each with a Sauna Shower Lockers 5 Five Fitness Studios 5 Game Rooms 15 Live Work Play Spaces Two Exclusive Sky Lounges Indoor Movie Room with Lounge Dining Area and Two On site Pet Washing Facilities Amenties Rooftop Pool 24 Hour Fitness Center Sky Club Room Billiards Speakeasy Lounge Featuring Player Piano Pet Friendly Outdoor BBQ Area Cycling Center Yoga Studio Dog Park Pet Spa Business Center Gourmet Chef Demonstration Kitchen Coffee Bar Avalon Fort Lauderdale Sale Price Price Per Unit 150m 617 000 Buyer AvalonBay Communities Inc Number Of Units 243 Year Built 2020 Sale Date 10 25 21 Amenties Swimming Pool and Sundeck Stateof the Art Fitness Center Yoga Studio Clubroom with Entertaining Kitchenette Electric Vehicle Charging Stations and direct access to a Whole Foods on the first floor of the building 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 40 Closed Sales 71 9 Median Sale Price YOY Change 489 998 Median Sales Price 384 Median Price PSF 66 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 413 Closed Sales 0 7 Median Sale Price YOY Change 655 000 Median Sales Price 515 Median Price PSF 91 Median DOM 3 401 Single Family Home Condo Townhome 17 27 Closed Sales Closed Sales 20 36 6 Median Sale Price YOY Change Median Sale Price YOY Change 1 65M 440 000 Median Sales Price Median Sales Price 581 366 Median Price PSF Median Price PSF 35 43 Median DOM Median DOM 884 2021 Total Housing Units 2021 Total Housing Units 3 059 1 279 2021 Population 2021 Population 14 0 39 6 2010 2021 Population Growth 2010 2021 Population Growth Single Family Home 28 Closed Sales 38 1 Median Sale Price YOY Change 262 500 Median Sales Price 206 Median Price PSF 27 Median DOM 1 840 2021 Total Housing Units 4 387 2021 Population 1 6 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 283 Closed Sales 2 1 Median Sale Price YOY Change 499 000 Median Sales Price 398 Median Price PSF 44 Median DOM 4 571 2021 Total Housing Units 6 240 2021 Population 45 6 2010 2021 Population Growth 20 83 Closed Sales 1 4 Median Sale Price YOY Change 340 000 Median Sales Price 297 Median Price PSF 28 Median DOM 4 204 2021 Total Housing Units 6 249 2021 Population 146 2 2010 2021 Population Growth Single Family Home Condo Townhome 42 32 Closed Sales Closed Sales 67 9 35 6 Median Sale Price YOY Change Median Sale Price YOY Change 5 375M 827 500 Median Sales Price Median Sales Price 922 526 Median Price PSF Median Price PSF 129 63 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 164 Closed Sales 36 7 Condo Townhome 126 Closed Sales 1 0 Median Sale Price YOY Change Median Sale Price YOY Change 3M 687 600 791 403 Median Sales Price Median Sales Price Median Price PSF Median Price PSF 77 52 Median DOM Median DOM 2 512 2021 Total Housing Units 3 560 19 Closed Sales 6 3 15 6 Median Sale Price YOY Change Median Sale Price YOY Change 335 000 1 500 000 Median Sales Price 268 Median Price PSF 33 Median DOM 1 308 2021 Total Housing Units 2 957 2021 Population 2021 Population 5 0 20 7 2010 2021 Population Growth 81 Closed Sales 2010 2021 Population Growth Median Sales Price 541 Median Price PSF 39 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 78 Closed Sales 17 2 Median Sale Price YOY Change 361 000 Median Sales Price 313 Median Price PSF 32 Median DOM 2 042 2021 Total Housing Units 2 951 2021 Population 10 4 2010 2021 Population Growth 22 Single Family Home 39 Closed Sales 23 Condo Townhome 109 Closed Sales 8 2 Median Sale Price YOY Change Median Sale Price YOY Change 480 000 280 00 Median Sales Price Median Sales Price 357 222 Median Price PSF Median Price PSF 24 Median DOM 49 Median DOM Single Family Home 127 Closed Sales 28 8 Median Sale Price YOY Change Condo Townhome 256 Closed Sales 13 9 Median Sale Price YOY Change 915 000 470 000 Median Sales Price Median Sales Price 465 299 Median Price PSF Median Price PSF 24 Median DOM 30 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
Neighborhoods 23
Market Cycle Top 10 source markets for worker relocation to Tallahassee Miami Fort Lauderdale according to LinkedIn from January 2021 to December 2021 Top Out of State Migration New York City NY Boston MA Washington DC San Francisco Bay Area CA Chicago IL Los Angeles 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 Pro Business Climate Top Tier Colleges and Universities Quality of Life LATAM Connection Diversity and Inclusion
2022 and Beyond The Great Rebound Key Moment Rental rates growth slowing Our Position Rental rates growth accelerating Rental rates falling Rental rates bottoming out Key Moment MARKET CYCLE TAILWINDS HEADWINDS Demand for new product has been outpacing supply and speeding up the recovery particularly in the urban core The economic recovery and mass in migration is driving demand Strong demand and low vacancy rates allowed operators pricing power to push rents to new record highs Growth is expected to moderate as oncoming new supply presents increased competition however demand is expected to remain solid An acceleration in northeastern migration trends to Fort Lauderdale The Fort Lauderdale apartment market is bolstered by a large young professional population and a large baby boomer population This balance is increasingly complemented by a growth of young families High household incomes support a concentrated rental community desiring new highly amenitized developments Rising supply volumes across South Florida will ultimately soften future multifamily performance Soaring demand for both apartments and single family homes has pushed home values to record high s A de urbanization and suburban flight trend taking shape in other cities 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 december 2021miami fl PHOTO CREDITS Photo credits are listed by page indicated by images left to right Cover Adobe Stock Inside Cover Sublime Imagery Page 5 flaglervillageftlauderdale orla_anada residentialresource visitlauderdale Sublime Imagery theiconlasolas 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 HaleyKathryn Page 13 HipHopKidz Claudi_Loveslife alluvionlasolas indiana bonezzz 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 2022 All rights reserved 27
DOWNTOWNFTL RESIDENTIAL REAL ESTATE REPORT Spring 2022 ddaftl org 954 463 6574 201 E Las Olas Boulevard Suite 1150 Fort Lauderdale FL 33301 Follow us ddaftl