South Florida Multifamily Market Remains Strong

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Multifamily ask and sale prices continue their upward trend while inventories remain low.

Current Fort Lauderdale market trends data indicates a decrease of -0.6% in the median asking price per unit for Multifamily properties compared to the prior 3 months, with an increase of +15.7% compared to last year’s prices. County-wide, asking prices for Multifamily properties are 2.8% higher at $114,665 per unit compared to the current median price of $132,183 per unit for Multifamily properties in Fort Lauderdale, FL.

Miami Fort Lauderdale Multi-Family Market Remains Hot

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Multi-family Asking Prices in Fort Lauderdale

Current Fort Lauderdale data indicates an increase of 6.7% in the median asking price per unit for multi-family properties compared to the prior 3 months, with an increase of 19.9% compared to last year’s multi-family prices.

Metro Area Multi-family Sales Prices

Sales price data indicates a 15.2% increase year over year in multi-family sales prices in the Miami/Fort Lauderdale metro area.

Fort Lauderdale Multifamily Continues Upward Trend

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Multifamily Sales Price Trend (per unit)

The Miami/Fort Lauderdale Metro multifamily market continues its upward trend with per unit sale prices up 14.9% year over year. This trend is relatively modest compared with previous years. This time 3 years ago properties were trading for about $45,000 per unit. Now the median sales price per unit is over $81,000.

Multifamily Asking Price Trend (per unit)

Current Fort Lauderdale multifamily asking prices are up 13.6% over last year which is currently outperforming the metro area which is up 10.7%. The Fort Lauderdale multifamily trend is also up more than Broward County and the state of Florida which are trending at 12.5% and 12.2% respectively. After peaking in mid 2013 asking prices are again rebounding in Fort Lauderdale with median ask price at $121,793 per unit.

Fort Lauderdale Retail Rebound

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The Fort Lauderdale retail segment has rebounded nicely over the past year, but still has a long way to go to reach the peak we experienced in 2007. Recent improvements in this segment are directly related to the strong housing and labor markets. Low vacancy rates and positive absorption are driving asking retail rent rates as demonstrated in the graph below. Asking rents in Fort Lauderdale are up 6.5% year over year compared to state and metro area increases of 2.2% and 2.9% respectively. For information on available retail space for sale and lease in the Fort Lauderdale area please contact us.

 

Fort Lauderdale Retail Market

PKF Hospitality Research

PKF Hospitality Research Forecasts Record Hotel Performance in 2014

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According to the June 2014 PKF Hospitality Research, LLC’s (PKF-HR) Hotel Horizons® forecast report, the U.S. lodging industry will achieve an occupancy level of 63.6 % in 2014, topping the pre-recession peak of 63.1 %. According to Mark Woodworth, president of PKF-HR, hotel owners and operators will begin to see real recoveries in average daily rates (ADR) and net operating income (NOI).

By year-end 2015, PKF-HR projects the following milestones:

  • Six consecutive years of increasing occupancy, the longest such streak since 1988.
  • An occupancy level of 64.6 percent, the highest level of occupancy since 1995.
  • Five consecutive years of real ADR growth, leading to a full recovery in real terms from pre-recession levels.
  • Six consecutive years of real revenue per available room (RevPAR) gains.
  • Six consecutive years of real NOI gains, leading to a real recovery from pre-recession levels.

Read the entire article at Hotel News Resource or visit Hotel Horizons® to purchase a June 2014 report.

Lodging Forecast 2014