In the past, cities that attracted a high amount of affluent buyers were limited to the big four: New York, Los Angeles, Miami, and San Francisco. Thanks to recent efforts from construction companies like VCM Builders, the
Fort Lauderdale luxury home market is on the rise. No longer is this city a simple tourist destination. Now Fort Lauderdale stands alongside these other major cities as a destination and target market for affluent buyers to come and find the newest luxury homes in a market that is continuously on the rise.
Today we’ll look at how fast this city is growing and how VCM Builders is at the forefront of that progress.
Fort Lauderdale’s Luxury Home Market on the Rise
For those who aren’t familiar with Ft. Lauderdale, the city has grown exponentially over the past few years and has a lot to offer tp those who visit. For starters, the network of canals in the city has earned it the nickname “The Venice of America.” The city has been making huge improvements both above and below the skyline.
VCM Builders has been vital in developing new and exciting custom luxury homes in the city’s most affluent communities. New innovations in transportation have also shortened the time it takes to travel from Miami to Ft. Lauderdale, which has resulted in increased traffic for the city.
According to a report from January 2015 done by Omniture Discover, the city was ranked fifth on a list of the U.S. cities searched by international homebuyers. Many of the factors that make Miami so popular as a destination for affluent buyers are also present in Fort Lauderdale, and that knowledge has been spreading to buyers who didn’t know this prior to their search.
The city of Ft. Lauderdale enjoys 3,000 hours of sunshine each year along with an expanding international business scene and increasing flights out of Fort Lauderdale-Hollywood International Airport. These factors represent huge value for homebuyers seeking luxury options in South Florida.
The Institute for Luxury Home Marketing (ILHM) tracks weekly statistics that showed an average price point of $2,212,182. This price point is also fueled by the fact that the average days on the market runs around 12 days higher than other areas.
The time on the market shows a confidence from both buyers and sellers in the value of their homes. It’s a good sign for the market overall. These numbers are also fueled by a huge amount of variety in the city:
- High-rise condominiums
- Waterfront estates
- Gated communities
- Exclusive homes on the barrier island
As you can see, there are plenty of choices that cater to all types of buyers. On top of this, there is no shortage of incredible beach space to enjoy on the coast of South Florida. The numbers continue to rise in every category.
The Miami Association of Realtors (MLS) has also shown a marked increase in the confidence of both buyers and sellers. The year-over-year statistics are an incredibly convincing sign of this with the luxury condo market in this area increasing by a 10 percent margin.
In addition,the original list price/sales price (OLP/SP) ratio increased from 91 percent to 97 percent. It also increased the same ratio for single-family homes from 84 to 90 percent. These numbers go beyond simple sale prices. They showcase an extremely small margin between what sellers expect to receive and what buyers are willing to pay.
How VCM Builders is Contributing to Ft. Lauderdale’s Growth
It’s no secret that VCM Builders has been making huge strides in Fort Lauderdale and helping to grow the market as a result. Moving into 2016, our newest projects are showcasing a continued growth in both the size and scope of this city’s luxury real estate. Our current projects in Fort Lauderdale include the Beach House Collection and the Parallel Home Collection.
These two projects represent a portion of our multiple luxury projects that are being built on some of Ft. Lauderdale’s most prized real estate. We chose these locations based on the needs and desires of today’s affluent buyers from around the world. This represents our continued commitment to excellence and our desire to develop this city now and into the future.
Whether it’s a luxury home, a renovation, or a commercial construction, VCM Builders has no equal. Our reputation precedes us in South Florida as the premier construction company.. Our combined experience and our continued passion for South Florida is what motivates us to create some of the finest
Fort Lauderdale luxury homes ever built.
Next time you are coming to Fort Lauderdale, visit VCM Builders and Macken Companies to find all of your development, design, and constructing needs in one place. Together we will bring you dream home to life.
