Category: Real Estate News Page 1 of 2

How is the next cycle shaping up?

Andrea Gourdine, development director; David Arditi, principal; and Gigi Valderrama, design manager of Aria Development Group, on the 31st floor of YotelPad Miami, currently under construction at 227 N.E. Second St


The colossal construction cranes that formerly dotted the South Florida skylines have mainly vanished in recent years. But they’re set to return — and with a vengeance.

This latest condominium boom, however, will be distinct from previous construction cycles.

Unlike previous condo booms fueled by foreign investors, the present luxury condo market is fueled by wealthy local buyers, many of whom are new arrivals from out of state. Foreign investors are still in the mix, with condos designed for home-sharing becoming their favourite option, according to industry insiders.

Following the drop in condo sales caused by the rise of the US currency and the construction halt caused by Covid-19, this is a nice housing trend. As a result, the timing for a robust condo development cycle to support cities’ tax rolls and produce plenty of business for architects and construction companies could not be better.

People from the Northeast and the West Coast are continuing to move to South Florida, resulting in rich year-round residents spending a lot of money in the area. Meanwhile, condos owned by investors that are used for home-sharing should bring in additional visitor revenue.

“One of the key differences in this cycle is that it follows businesses migrating here,” said Nicholas Pérez, VP of Miami-based Related Group, which plans to sell approximately 2,500 condo units in South Florida over the next year. “We didn’t have corporations like Goldman Sachs and Blackstone coming here during the previous cycle.” It’s all coming together now that the new personnel have arrived.”

When compared to previous condo cycles, David Arditi, a founding partner of Aria Development in Miami, was shocked at how strong demand has been.

In May, he began accepting bookings for the 448-unit 501 First in downtown Miami. By August, the project had been fully reserved and was ready to go to contract. He claimed that sales were nearly four times faster than Aria Development’s YotelPad Miami, which began sales in 2018 and is expected to be completed in late 2021. Short-term rentals are permitted in both projects.

“There’s a lot of significant enthusiasm if you offer the proper product that meets purchasers’ expectations,” Arditi added. “And domestic interest from the Northeast and the West Coast is higher than it has been in the past.”

According to Vanessa Grout, CEO of real estate for Oko Group in Miami, who helped generate $195 million in preconstruction deals at Missoni Baia in Edgewater and Una Residences in Brickell in the past year, many people who previously lived overseas are now domestic residents and remain a major source of condo transactions. Without ever initiating a marketing effort, Oko’s 23-unit Aman Hotel & Residences in Miami Beach sold out this year. Grout hasn’t seen such a high amount of sales in years.

According to Craig Studnicky, principal of Miami-based brokerage ISG World, the condo cycle in South Florida from 2002 to 2007 produced around 59,000 units, which was much too robust and resulted in a market crash. He went on to say that a lot of the activity was fueled by hazardous loans and speculation.

The condo cycle, which began in 2012, resulted in the construction of around 19,000 units, the majority of which were sold with 50 percent down payments and to foreign buyers. Only 4.5 percent of those units are still on the market, he said, owing to domestic purchasers taking up the pace after Latin American buyers mostly pulled off.

According to ISG World, just 2,505 condo units are now under development in coastal South Florida. That number, according to Studnicky, will continue to climb.

Some developers are holding off on starting projects until resale condo values rise, because they don’t want new condominiums to compete with less costly ones in relatively new structures, according to Studnicky. More of those developers will move forward on new projects as resale inventory decreases and prices rise.

“If domestic buyer demand holds steady, we don’t need 11 new buildings; we need 111 new buildings,” Studnicky explained. “With [a shortage of] condo inventory, we’ve hit a brick block.”

Two types of projects

Over the last year, the bulk of new condominiums proposed in South Florida have been luxury apartments with relatively large units or smaller units with friendlier short-term rental regulations.

Both categories are being worked on by the Related Group. According to Related President Jon Paul Pérez, Baccarat Residences in Miami, which focuses on luxury and larger units, has over 50% reservations after 60 days. Buyers are evenly split between the domestic market and Latin America, a significant change from the previous cycle, when Latin America accounted for 90% of buyers in its Miami projects.

Nicholas and Jon Paul Pérez at the Related Group’s new headquarters in Coconut Grove

Related’s District 225 in downtown Miami includes smaller condos starting at $350,000 and is partnering with Airbnb to make short-term rentals easier for buyers. The majority of buyers, according to Pérez, are investors.

Tourist-friendly areas, such as Wynwood and Miami’s downtown, are ideal for short-term rentals, according to Pérez. He stated that beachfront locations are frequently preferable for luxury condos that appeal to wealthy buyers, because development expenditures result in price points that are out of reach for many investors.

According to Ed Jahn, senior VP of Kolter Urban in Delray Beach, buyers from the West Coast have come up in greater numbers than normal for the beachfront Selene Oceanfront Residences in Fort Lauderdale and most of Kolter Urban’s Florida condominiums this year. Selene’s sales began in April, and 100 of the 196 units had been booked. The larger ones, with prices ranging from $800,000 to $1.2 million, are in high demand.

The Selene Oceanfront Residences are planned at 3000 Alhambra St. in Fort Lauderdale.

“Previously, we might have seen one or two people from those states per year, and they’d be second homeowners,” Jahn said. “Now they’re relocating their primary residence here, which is a significant change.”

However, according to Peggy Olin, CEO of OneWorld Properties, there is high demand for condo units in downtown locations priced between $350,000 and $750,000, because this is the price range that appeals to international investors and a large number of working professionals who are migrating here. She noted that granting permission for short-term rentals allows her to make more income.

“It’s all about the unit’s financial value, not the price per square foot,” Olin explained. “They will buy it if you offer them a living solution in the form of a good two-bedroom unit that is efficient and in a terrific location.”

Local empty-nesters looking to sell huge homes in order to live in large condo apartments, according to Carlos Melo, co-principal of Miami-based Melo Group. Aria Reserve’s 391-unit first tower in Edgewater has 30 percent of its units reserved since sales began in June.

Aria Reserve Miami is planned at 700 N.E. 24th St.

Unlike the previous cycle, when the Related Group required 50% deposits on practically all of its projects, it now only requires 40% deposits.

The 20 percent down model popular in the early 2000s isn’t making a comeback. Melo Group, on the other hand, will accept 30% deposits from local buyers.

“We believe the banks will recognise that these are genuine buyers and that 30% is sufficient,” said co-principal Martin Melo.

Not much for working-class buyers

While the median sales price for condos in South Florida is in the mid-$200,000s, most new units will not be that expensive. As a result, working-class folks wanting to purchase a new condo within their budget will be disappointed.

According to Studnicky of ISG World, condos built in Brickell between 2012 and 2020 averaged $620 per square foot, while new construction costs $1,000 per square foot. Furthermore, the average price per square foot in downtown Miami increased from $800 to $1,200.

“A few streets west of Biscayne Boulevard, pricing north of $1,000 per square foot is a pipe dream,” said Peter Zalewski, principal of Miami-based Condo Vultures. “I don’t think the market can withstand the amount of new skyscrapers and pricing if [the condo collapse in] Surfside is taken out of the equation. However, no one can predict what the government and insurance companies will do with older structures.”

Some purchasers have avoided older buildings after the collapse of the Champlain Towers South condo in June, while newer structures may be out of their price range.

According to Related’s Jon Paul Pérez, building new condominiums in the $200,000s is difficult due to the high costs of land and construction. However, according to him, the company’s Related Urban branch, which specializes on affordable housing, may build some for-sale units on property it owns at worker-level pricing. Several local governments have given Related Urban land leases for mixed-income housing projects.

Developers target new areas

Most of the usual condo building hotspots, such as Brickell, downtown Miami, and Miami Beach, are attracting new developments once again, but some new districts are also gaining traction.

According to Ugo Colombo, CEO of Miami-based CMC Group, Coconut Grove is poised for new condo development. The area offers excellent schools and a desirable lifestyle, making it ideal for a premium project with larger units. Onda Residences in Bay Harbor Islands, which Colombo is developing alongside Morabito Properties, follows a similar model.

CMC Group CEO Ugo Colombo

“I don’t believe there will be a lot of condo construction,” Colombo added. “Financing isn’t as simple as it once was. Banks are more cautious when it comes to their standards. There is no reason for Latin American purchasers to put down 50% deposits.”

According to Chris Leavitt, executive director of luxury sales at Douglas Elliman, who helped sell out the Bristol Palm Beach at record prices and has nearly sold out all units at La Clara, there is high demand for new condominiums in the West Palm Beach neighborhood. Due to the lack of condo construction in Palm Beach, a condo just across the bridge in West Palm Beach is highly coveted.

According to Leavitt, the flood of financial services businesses opening offices in West Palm Beach would drive up demand for downtown condos.

He stated, “There is a tremendous need for luxury towers with lots of amenities that aren’t at waterfront pricing.” “We are in the early stages of a boom in West Palm Beach.”

According to OneWorld Properties’ Olin, there is a demand for flats priced for working professionals in downtown Fort Lauderdale.

In the aftermath of the collapse in Surfside, Zalewski anticipates a flurry of activity in Broward County, owing to the termination and rebuilding of older coastal buildings in Hallandale Beach and Hollywood.

In addition to its Miami projects, the Related Group is building the Solimar condo in Pompano Beach, with plans for a second condo nearby, and it’s planning coastal residences in Hillsboro Beach and near Currie Park on Flagler Drive in West Palm Beach. According to Jon Paul Pérez.

“The demand for condos is really robust, and we’ve positioned ourselves to benefit from this new cycle,” he said.


A dive into the Fort Lauderdale real estate numbers

Data up to July of 2021

What is going on in the market?

It’s quite challenging to look at data and statistics and really understand them unless you deal with numbers everyday.

As a disclosure I am not an economist, I am simply pulling the numbers from the Multiple Listing service for Fort Lauderdale only.

My goal on this post is to merely keep the general public informed. Plus I’m a dork and I love this. With that being said, there are tons of ways to look at data; local, national, county. We are going to do a little of everything for fun.

So let’s look at what we have to the left here and just keep it simple. This is a hyper local data for Fort Lauderdale. We are seeing a decline in sales volume currently across the board for Single Family and townhouses in the City of Fort Lauderdale.

Also historically it’s busier between memorial day and labor day. So the bulk of our sales is starting to slow. So, if you are a Seller, you really need to consider pricing your home with the right numbers as sales volume for the rest of the year will keep shrinking leaving you out to dry. Many of the FOMO buyer’s have vanished and buyer fatigue as set in.

This graph to the left is showing us the closed sales year to date up to July. Yes it’s great to see what’s going on this year, but what does the data show from the past few years.

What we se here is although closed sales is slowing down (chart above) we can see that 2021 has been a record breaking year. Many factors, I’m not even sure I know all of them, However, things like influx of people to Florida due to our lenient covid restrictions, people moving out of shared spaces into their own homes, Seller’s taking advantage of the highest sales numbers they seen in their neighborhood, maturing age brackets i.e. 25-30 year olds that want to be owners. FOMO buyer’s. We gotta remember that south Florida has always been hot market, now it’s just blazing on fire.

Interesting see how there was a huge decline in 2019 and 2020 as Covid had hit in 2019, which resulted in lower sales, lower listings, people were uncertain. Once we acclimated to what was going on, vaccines came out, and people were just tired of staying still the market broke out in an absolute buying frenzy.

I find this graph very interesting, we are showing the percentages of closed sales year to date, in comparison to 2021. I”m using the data point of the closed sale from the graph in the previous paragraph Wow amazing. So in 2021 single family homes sales were 178% higher than 2020, 145% of 2019 and 139% of 2018. WOW, you don’t realize the sales volume that has happened until you put it into a chart and look at the data.

This graph is showing months supply of inventory. What is month supply of inventory ? Months’ supply refers to the number of months it would take for the current inventory of homes on the market to sell given the current sales pace.

Historically, six months of supply is associated with moderate price appreciation, and a lower level of months’ supply tends to push prices up more rapidly. Link to the article here.

Wow look how decimated the inventory is for both single family and condo/townhouse sectors. The last five months, none of single family homes have over 2 months of inventory. A balanced market is 6 months, once it goes over six months its a Buyer’s market, and once it’s under six months its a Seller’s market.

This graph is showing the months supply inventory year to date up to July starting from 2018. In July 2018 it’s both a Buyer’s market for condo/TH and SFH. Then in July 2019 it turns into a slightly Seller’s market for SFH with condo/TH still a Buyer’s Market. 2020 is definitely a Buyer’s market for condo/TH with SFH shifting stronger into a Seller’s market.

2021 moves into a full fledged Seller’s market with very low inventory. Comparing July of 2021 to July of 2020, there is a -68.4% change, thats astronomical, furthermore there is a change of almost -80% inventory in the 200 vs 2021 condo/Th segment. WOW!! Has covid really affected our market!

April Broward County Market Snapshot

SFH; SIngle Family Homes APRIL numbers:

2020 closed sales 985 –> 2021 sales 1782 (+80%) 20212020 Median sales price from 382k –> 464k (+21.5%) 2021
2020 Inventory (active listings) from 5,031 –> 2094 (-58%) 20212020 Months supply of inventory 3.9 % –> 1.4% (-64.1%) 2021
A balanced market is 6 months of inventory for Buyers & Sellers In recent years its always been pretty low in Broward 4-5 months. But at 1.4% thats crazy. Finding homes for Buyers is tough. The very best Buyers (meaning cash or appraisal waivers) get the majority of the homes. Competing against hedge funds doesn’t help either, they are shopping too!

Florida Housing Market Update: March 2020

Just Leased ! Modera Port Royale 2 Bedroom with Boat slip .

Just leased this 2 bedroom apartment at Modera Port Royale In Fort Lauderdale. A customer called me on a listing looking to move in 4 days because his landlord is selling the home he is in and he just wasn’t comfortable staying there anymore during the showing process . He was looking for a luxury apartment to rent but also needed a boat slip for his 31 foot boat . His budget was $3000 an under for an apartment rental plus boat slip . The problem with that is there a very few apartments you can rent that will come with a boat slip . However , since I know every single property and my mind is a Rolodex of inventory I knew exactly where to take time .

$2850 plus $200 for the boat slip …. boom ! Found him everything he needs and more . Intercoastal views , wrap around balcony , modern tiles flooring, gorgeous cabinets , stainless steel appliances, granite counters . And just look at this view !

Modera Port Royale

Here is the marina area :

Modera Port Royale

Modera Port Royale has less expensive 2 bedrooms that were starting around $2150 however, they didn’t have he best views, but very affordable.

One of the best things about renting here is we can get you approved in -Las little as a few hours . You will not have to go through the association which can save you weeks of time . The deposits are very low with as little as $600!

The amenities here are first class ! Resort style amenities . A 2 story gym , waterfront pool, tiki bar, massive clubhouse with TVs, ping pong table, video games and so much more !

Modera Port Royale Modera Port Royale Modera Port Royale Modera Port Royale Modera Port Royale Modera Port Royale

If you are looking for a luxury apartment to rent in the Fort Lauderdale and greater areas, please contact me . I know every property, I have relationships with every property manager and leasing agent . I also ha e access to all the brokers listings on the market. I’m efficient, knowledgeable in contracts and very experienced with the leasing process . I also have 30-40 active rentals at any given time . The best part is I don’t charge for my service the owners pay me . Call Adam Docktor at 954-610-0440 or e-mail me at . “This Docktor Makes House Calls ”

#fortlauderdale #apartment #apartmentforrent #luxury

How to find an Apartment for rent in Fort Lauderdale

How to find an apartment for rent in Fort Lauderdale is the question. Whether you are trying to find a house to rent or an apartment, condo or a townhouse to rent in Fort Lauderdale , it can be a daunting task. There are many different choices to sort through . From apartment community rentals to privately owned units I.e. Condo or houses , the choices can be overwhelming.   Apartment for rent in Fort Lauderdale

Most consumers flock to the internet at the onset of their search through 3rd party websites like Zillow, Trulia , Hotpads, and many more. Ironically, Zillow owns all three of them . Hmmm… are they trying to help you, or or they trying to generate leads to make money on Realtors? I’ll let you figure that one out. One of the biggest problem with those websites is the data is old half the time . Listings can stay in there for months even after they are rented, that’s a big problem and it’s confusing to the renters . Also, renters go back and forth through these sales sites, and they are looking at the same outdated Inventory thinking that different sites may have different Inventory because one might be more accurate than the other that particular day or week . Eventually the renters may figure it out after a few days or even weeks. By that time they have wasted so much time and energy and have lost very important time they needed or they have become frustrated. Especially if they are not from this area and are relocating in they may become disappointed with the realtor pool .

My suggestion when trying to find an apartment for rent in Fort Lauderdale is to seek out a qualified realtor before you start the search , and this would be for any market . It will cut down the search time tremendously. You can do the search by word of mouth or by online reviews .  Very good site to start with is YELP.  Also google reviews and Zillow reviews may be helpful . Recommend finding reviews that indicate the realtor has experience in doing rentals. It’s very important for many reasons . Firstly , not all Realtors do rentals on a weekly basis . The rental market is very fast moving and currently most buildings are around 90-95% occupancy. Meaning there is not a surplus of units available and good units can be listed in the Morning and rented in the afternoon . Back to the point; a Realtor who knows the market will already know which property will be available, have relationships with the rentals buildings, and also have codes already, plus know the building access: where the lockboxes are , where to park, and the building / association requirements.

Also, I have been told by past customers that they have had a hard time finding an apartment for rent in Fort Lauderdale. They have encountered challenges such as not getting calls back , or no one answering the phone . Keep in mind not all numbers on the listings will lead to someone on the other end that will be eager to help for numerous reasons . The person may only be a property manager  part-time, already rented, and even fake listings. Again, best to actual vet out the right Realtor for you . A sophisticated full time rental market friendly and technologically affluent Realtor will flat out save you time and money . Also they will be contract savvy, know the associations, and be well connected in the city with other Brokers and Realtors and buildings alike .

The 30 day rule:

Keep in mind the 30 day rule. Most condominiums, homes or townhouses will not have vacancy more than 30 days out. Why is that ? It is not common for tenants to only give 30 days notice if that. Many tenants let the owners know about 30 days that they are moving. This only gives a landlord 30 days or less to put the market online . Many times landlords wait until the tenant moves out beause they want to clean or prepare the unit for the new potential renters. With that being said most landlords will not accept an offer more than 30 days out. For example , Jon Smith moves on Jan 1, landlord comes in cleans the following day or week and then its ready Feb 1 or before. This is not always the case but it is not uncommon to put them online for rent making it available right away. Once of the reason could be to how fast the market moves here. Rentals sometimes stay on the market for just hours. In the last 5 years 450,000 people have moved to south Florida in the last 5 years. It is projected that 600k people will move here within the next 5 years. South Florida is growing and many of the people who are relocating her are international, about 70% per market reports from Cushman & Wakefield. What that means is a lot of people entering the renting pool making it a very tight fast moving market. Also baby boomers are selling out west, as they are empty nesters now and renting out east Fort Lauderdale Etc. My point is, if you find a place you like don’t think you can rent it 2 months down the road. The landlord will expect within 30 days. Apartments/ rental complexes are a little different. They get 60 day notices, but are also more expensive but flexible move in and lease terms.

 Apartment for rent in Fort Lauderdale, What is needed :

  1. Copy of clear colored ID
  2. Print a copy of credit report (try credit karma)
  3. Print out a month worth of paystubs . If you are self employed bring last year tax return, and/or a few months of bank statements / deposits . If you are relocating down a signed offer letter may work . Also if you have a very strong savings account that can help and may work in substitute if it’s around 100k
  4. A basic application – LEASE APPLICATION GENERIC
  5. A offer to lease – realtor provided
  6. Check book – 1 month deposit is very common once you find the right place
  7. The more documents you bring the easier the approval may be .

My name is Adam Docktor with RE/MAX House Of Real Estate and I can help you find an apartment for rent in Fort Lauderdale. I have a 4 year degree in Business Real Estate from Florida State University. With over 350 leases/ rentals in the last 3 years, I’m #1 in the market place for rentals . I have approximately 10 buildings that I’m contracted with exclusively, I work with over 50 buildings and have access to hundreds of rentals at any given time . I have a wealth of knowledge in the business. I live, and work in Fort Lauderdale, plus I’m a native to the area. I’m well connected with agents, brokers and buildings and know the ins and outs of most associations. I have a deep familiarity with the Fort Lauderdale and surrounding areas. I offer a no fee service, I’m fully committed and I only ask for your loyalty if you want to work with me . I do a 20 min consult in my office and can narrow a search that may take you a week and compress it into 1 day due to my experience. I may ask you some qualification questions such as how is your credit and income as that will help me match you to the best property, plus landlords will ask for this.

I can be reached at 954-610-0440 or . I also have an application that will hope you find an apartment for rent in Fort Lauderdale and it can be downloaded from your phone bypassing inaccurate 3rd party websites and giving you direct MLS access . Just call or text me at anytime . And remember “This Docktor Makes House Calls”
Below is a map of Apartments for rent in Fort Lauderdale. It has every single property mapped out , and can be provided to you once we meet .

Current Inventory of Rentals In Fort Lauderdale

  •  Yellow= Apartments
  • Blue     = Condos 
  • Red      = Proposed or under construction


Downtown Lofts

Downtown loftsDowntown lofts are a hot commodity! Just last month I was waiting in the lobby at Nu River Landing for my customer to do her walkthrough when I noticed a young woman at the concierge asking to see one of the units there. I was close enough to hear the conversation, and I could hear the front desk clerk stating he can’t show any of the units. Well, that’s my cue I suppose. I approached her and told her I was a realtor, but I was busy with a customer at the moment and if she waited I could do a quick consultation and potentially show her apartment that day. She was so excited, I wish all my customers were like that. Apparently she has spent days going through Zillow trying to schedule appointments, but with no success.

Today’s Inventory Of Downtown Loft’s – Live link

After my walkthorugh I sat her and the Mr. down in the clubroom at Nu River. With my macbook in hand we reviewed the market and I provided her with a solid snapshot of the inventory and the pros and cons of each building ; total money requirements, association approval time, parking, amenities and availability. It was still early in the day around 1pm. A few of the listings they liked I had great relationships with some of the listing agents – those were easy to get codes. I called and called until I was able to connect with the balance of the listing agents. Within 30 minutes I had 4 MLS properties set up, and 2 off market properties ready to show.

Fast forward 4 hours, they found the one they liked the most. The next morning we wrote up the intent to lease supplied all their documents to the Landlord representative; ID, Income, application, Credit and intent to lease. The contract was executed and they were on the nest step to association approval. The unit only came with 1 parking spot, that was an issue. I called the homeowners association and tracked down an owner with an empty spot. He initially wanted $125 a month, but I negotiated on their behalf and it was leased for $100 a month.

Today I finished the move in and added another set of happy customers to my list. We will be working together on a purchase in the future. Until now they get to enjoy this beautiful 1 BR for $2000.00 a month annually. The unit has 14ft ceilings, exposed ductwork, polished floors and impact windows. Reminiscent of NY style lofts.

For showings or landlord leasing contact: Adam Docktor | | 954-610-0440 ” This Docktor Makes House Calls ”


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790 East Broward Boulevard

790 East Broward Boulevard / Greystar / 25 floors / 329 multi-family units / 6,871 sf retail

Newly proposed

IMG_4621 IMG_4623 IMG_4624 IMG_4625 IMG_4628 IMG_4629

Broadstone Harbor Beach

Broadstone Harbor Beach is here, preleasing now, first move in’s April 1st 107. I’m exicted to be a listing agent for Broadstone Harbor Beach helping them bring realtors and potential tenants to the property. Broadstone Harbor Beach is a class AA mid-rise containing 394 apartments, 2700 square feet in retail, a putting green (because that’s important ) and a retail out-parcel of 4600 square feet .


Broadstone Harbor Beach

Broadstone Harborbeach will be located just west of 17 Street Causeay Bridge on a redevelopment site of Art Instutite Fort Lauderdale . The site was purchased by Alliance Residential, out of Phoenix,  for a whopping $22.1 Million price tag. Broadstone Harbor Beach

Located on a 4.3 acre parcel site that was carved from the Art Institue parcel and also used to be the former marine park and tourist attraction the closed in 1994 called Ocean World.

Broadstone has broke ground and expected to deliver the first apartments  in 2017 with a estimated completion date by mid 2017.

Broadstone Harbor Beach will also provide amenities such as cabanas , pool, spa, yoga studio, fitness center, movie theater, luxury finishes and upper floor ocean views . Rents will range initially at $1650 Up to $3400 .
A new address for Broadstone Harbor Beach will be established at 1721 SE 17 Street, Fort Lauderdale FL 33316.

Call Adam Docktor P.A. for a tour 954-610-0440 or email

Sun-Sentinal Article


Broadstone Harbor Beach

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