By: Rebecca San Juan | Miami Herald – How do you sell condos in the tallest residential tower when buyers are flocking to single-family homes? For Delray Beach-headquartered Kolter Group, the answer was to hire Douglas Elliman.
The Florida office of the international brokerage firm will take over sales at 100 Las Olas at 100 East Las Olas Blvd. in Fort Lauderdale, according to Jay Phillip Parker, CEO. of Douglas Elliman’s Florida brokerage firm. One World Properties launched sales at the 46-story tower in March 2017. To date, 52 of the 113 units have sold; and 11 are under contract.
Parker is banking on shrinking inventory in the single-family market to drive sales. “Inventory is drying up in the single-family home market and that is going to push up prices,” he said.
Prices for remaining inventory start at around $900,000 for a 1,811-square-foot two bedroom, two-and-a-half bathroom unit. Amenities in the condo — the tower is also home to a 238-room Hyatt Centric hotel — include a rooftop pool, bar, gym, and concierge service.
Single-family home transactions have continued to outpace condo sales since the pandemic emerged, bringing an increase in prices. In both Miami-Dade and Broward, the median price for a single-family home is $416,000. While buyers for mid-market homes are far different from luxury buyers, the increase is an indication of rising single-family prices overall.
The sales team is targeting Florida’s feeder markets, Parker said. Tax flight and Covid-19 are drawing buyers from California, Connecticut, Long Island, New Jersey, and New York.
“The options that exist in New York are different. There are no outdoor living, balconies, small units, and small elevators,” Parker said. “When you combine that with fall and winter coming, we have a lot of factors in our favor.”
Buyers have been showing more love to South Florida’s condo market. Condo sales constituted 35% of all residential transactions during the third quarter 2020, up from 15% during the second quarter, in Miami-Dade, Broward, and Palm Beach, according to the latest Related ISG report.
“The overall element of fear that was escalated in March, April, and June has been relaxed. We understand more about the coronavirus. We understand how to protect ourselves and who is at a higher risk than others,” Parker said.
The condo 100 Las Olas opened in 2020. It surpassed the 42-story Icon Las Olas, built in 2017, and 42-story Las Olas River House, built in 2005, in height.
SOURCE: Miami Herald