Fort Lauderdale Condo Overtaken by Hotel Developments

Yes, the boom that we all now from the Fort Lauderdale Condo market is  over, it has its good days but now it’s behind all of us. As much as we  want to keep the boom in tact, we all know that nothing last forever. It  is official by default, the downtown condo market’s known boom has been  overtaken by a new trend the hotels. Yes, you heard it right the hotels  now are making its way to the scene as developers and investors are  focusing their time in making hotels now more than ever. They are very  much aware of the condo’s status in the market so they redirect their  attention to a different bidding. It is known that the market’s overflow  of condos all over Florida has caused the housing market to take a  slump.

More to a fault now, the common knowledge of people is that they tend to  focus their attention to what is in demand, what is in the trend or  what makes the market shine. It’s like yesterday it was the condo  market, the next day it’s the hotel market. It is rather amusing to  watch the rise and fall of the market, the huddles and the struggles and  all that. Right now, developers are there seeking building approvals  for about 4 major high-rise hotels and office towers, on top of that  investors are seeking more deals to go down in the hot property right  now which is the hotel. It may probably the next big thing in Fort  Lauderdale real estate market biggies.

More than 1 million square feet of new office space would also be built.  All told, there are plans for almost 1,000 hotel beds in Fort  Lauderdale's relatively compact downtown, city building plans show.  Meanwhile, high-end hotel developers were busy re-making the beach. A  vertical renaissance swept through the downtown in recent years, filling  it with new residential condos and lofts. It is known that right now  the departure of the condo developers in downtown Fort Lauderdale and  specifically the hotel builders have step their feet in the market. Two  of the proposed projects originally were proposed as condos. The city's  rules for developing downtown put a limit on residential growth, and  that cap has nearly been reached.

All signs are pointing to a potential hotel boom, with likely millions  to spend, the condo market is having a down time, I think the condo  market is indeed in a downward slide, in which the people have been  rating it as a low-end in the market right now, most probably because of  the condo overbuilt it have skim to people’s mind that changes are  vaguely needed so that is where the hotel building came to idea. I think  it’ll still be too early to tell. Up until we have settle and the  numbers are printed by then we can confidently say that we are in a good  market.