They Are Still Building In The Fort Lauderdale Real Estate Market
One of the chief concerns of most buyers in the Fort Lauderdale real estate market is the over abundance of inventory on the market. Traditionally, too much inventory in the real estate industry means that the market is weak. The turnaround for a weak market is usually signaled by new construction.
While others are sitting on the sidelines, the big builders in South Florida have jumped back into the market and announced a new project. One of the largest condo developers in the country, The Related Group, just announced that they will soon begin construction on a luxury hotel and condominium complex in South Beach. Â
In association with the Orient-Express hotel company, The Related Group will spend $150 million on the 100 hotel rooms and 28 condos. The expected opening date is within three years.
It’s unlikely that your average Fort Lauderdale real estate homebuyer has the financial wherewithal to do the kind of market research that The Related Group can do. So if they are spending millions of dollars on market research and trends reports that apparently tells them that the market can sustain additional inventory who are we to disagree?
If a developer is going to pour $150 Million into a new project and believe that it is financially feasible to turn a profit from such activity, then maybe we can see a glimpse into the future of the market and capitalize on the Related Group’s research.Â
While it will be three years until this project is completed you can search this site for some of the finest condos available in the Fort Lauderdale real estate market.
Comments