Move Over, Miami, Here Comes Fort Lauderdale

Fort Lauderdale is seeing a condo development building spree. A year ago, there were 12 new buildings with a total of 800 units under construction in the South Florida city. Today, 45 buildings with 3,400 units are being built, said Peter Zalewski, founder of CraneSpotters.com, a website that tracks condo projects in South Florida. As condo and land prices continue to rise in Miami, Fort Lauderdale is becoming an attractive option for both buyers and developers, Zalewski said. Latin Americans, long a driving force in Florida’s real estate market, may become an important source of buyers for these condos. More: Miami Turns East But South Is Still King Weaker currencies in Latin America, including the Brazilian real, could mean buyers priced out of Miami will head north to Fort Lauderdale. “They can’t afford Miami the way they used to and Fort Lauderdale is their next best option” in South Florida, Zalewski said. The average new condo price in Miami-Dade County this year stood at $949 a square foot; in Broward County, where Fort Lauderdale is located, the average was $481 a square foot. In addition, an expanding international airport is introducing Fort Lauderdale to new Latin American markets. Last year, Fort Lauderdale accounted for 8% of Florida’s total international sales. Latin Americans represented 33% of international homebuyers in the city.

“Affluent Latin Americans are realizing that numerous factors that were once thought to exist only in Miami, including a luxury lifestyle, are very much present in the Fort Lauderdale area as well, and can be found at roughly half the price,” said Carlos Rosso, president of the condominium division at The Related Group, the developer behind the Auberge Beach Residences & Spa Fort Lauderdale. The Related Group is set to open the Auberge in Fort Lauderdale, a two-tower 171-unit beachfront luxury condominium, in 2017. For those considering Fort Lauderdale, here are some things to keep in mind:

Price trends:

The average price per square foot for luxury condos in Fort Lauderdale was up 14.2% in the second quarter compared with the first quarter, and 18% more than a year before, according to Douglas Elliman Real Estate. The average price per square foot in Miami Beach was down 16.1% from the previous quarter and 2.5% below the second quarter 2014.

Access:

The Fort Lauderdale-Hollywood International Airport now serves over 20 cities in 14 countries in Latin America, including: Armenia, Colombia; Guantanamo Bay, Cuba; San Pedro Sula, Honduras; and Toluca, Mexico. A $2.3 billion renovation program is set to modernize terminals at the airport, add gates and make room for additional commercial tenants over the next four years, according to the FLL Airport Improvements and Renovation Program.

Lifestyle:

With over 300 miles of inland waterways and 50,000 registered yachts, Fort Lauderdale is known as the Venice of the Americas. The largest of 31 municipalities in Broward County, the city encompasses 33 square miles and has a population of 176,000. Each year it hosts the Fort Lauderdale International Boat Show, the largest annual show of its kind in the world.

Write to Andrea López Cruzado at andrea.lopez@dowjones.com Follow Mansion Global on Facebook, Twitter and Instagram Write to us at info@mansionglobal.com