What makes a good investment?
A quick answer in real estate would be one’s hope to find a Seller who needs to sell and will take a loss compared to neighboring residences in order to get the deal done. As a matter of fact, one top question we ask when touring with our buyers is “Why is your client selling?” This simple answer can help us gage the motivation compared to other options and can push the buyer to make an offer when investment is top of mind.
Digging a little deeper for an investment opportunity is to look at the surrounding area. So is the case in our Ft. Lauderdale downtown luxury high-rise community. With brand new residences like 100 Las Olas going up and old retail centers like The Riverfront coming down, the future of Las Olas is becoming quite intriguing. After the crash in 2007, downtown Ft. Lauderdale became sleepy and dated. What was once some of our most popular attractions emptied and eventually closed. In the last ten years, investors have slowly mustered up the courage to start investing; this time without the bank’s help, making Ft. Lauderdale a top destination once again!
So why does this make a downtown high rise a good investment choice?
Discovering the need for luxury leasing, The Riverfront (currently under development) is set to be two forty-story luxury rental high-rises with a two-story shopping plaza below. In addition, between Riverfront and the business district along Las Olas, Stiles is constructing a new office building with a two-story high-end grocer and wine store; finally leaving no excuses if one desires to live downtown and not need a vehicle.
Two Luxury Condominiums that offer buyers a great opportunity to reside downtown are The Riverhouse and Las Olas Grand. Both of these buildings are downtown off of Las Olas where there has been tremendous growth and much more to come. We have three new residential buildings right along the same circle including a very popular luxury rental high-rise, The Icon, with retail and two high-end restaurants below. On the north side of Las Olas, Del Friscos plans to open by Fall of 2018, as well.
Why is The Riverhouse a good investment?
Adjacent to The Riverhouse, they are building 100 Las Olas and a lot of the current owners' views are becoming newly obstructed. As one of the most luxurious buildings in Fort Lauderdale, with little obstruction in views, you can imagine how some of the original owners feel. What people tend to forget is that the market is always cyclical. The beauty of living downtown IS the number of buildings and people and attractions. Once these neighboring high-rises are complete and more affluent people become a part of the community, there will be more stability with our popular attractions and local economy. Because of the current residents within The Riverhouse not seeing a long-term opportunity, the prices have come down dramatically compared to recent years and buyers are getting the chance to live in one of our most desirable buildings at a discount. [Contact me if you’d like to know the most popular discounted residences within The Riverhouse and their plans for keeping their building at the top of the list for a luxury high-rise lifestyle.]
Remember, this is a phase. Once 100 Las Olas is complete (2020) and the new restaurant and hotel below it are open AND the other restaurants that are coming in the next year open AND the new shopping plaza and grocery/wine store are open, the value for this building will be incredible.
Why is Las Olas Grand a good investment?
Las Olas Grand has one of the best sites along the New River and has historically held its value very well. It was the only building able to receive financing immediately after the crisis because there was little to no foreclosure amongst its residents. The views here are incredible as it abuts right along the river and faces east towards the ocean. From this building you get clear ocean, river, and downtown views. The southeast corner is the most popular, but typically more expensive. The center two-bedroom lines are some of the best views I've seen from a condo residence.
When The Icon was built last year, the north corner of the building was very difficult to sell (mainly because of the same reasons discussed above). The fear of what the new view would be once The Icon was complete made a lot of people nervous. Now, approximately a year later, the prices are already back up as people are learning the view is even more exciting with the added element of expensive rent and lifestyle just across the street!
Las Olas Grand is a traditional luxury building with great amenities. The professional greeting one receives when coming home is always warming and the immediate attention to needs the building offers is second to none. When a buyer’s top item on their list is “A Great View,” I bring them to The Las Olas Grand.
For more luxury residence investment opportunities or for more information on the residences listed above, contact Erika Axani as noted below. For trending luxury living in the sky, follow her on Instagram at LivingUpSoFlo!
Erika Axani
Director of Luxury Condominium and Townhome Sales
954-560-4616
Happy Hunting!