Condo Conversions on the Rise in South Florida
Brittani Rivera and her husband plan to stay as renters in Pompano Beach, at least for now, as their community is converted into condos. This trend is not unique to their community, as many rental apartment buildings in South Florida are being turned into condominiums.
Developers are banking on the idea that the South Florida housing market is better-positioned now to offer condos, with potential for lower mortgage rates in 2025. "People want to buy their own homes," said Peter Jago, managing director of GCF Development. "It’s expensive to live in Florida, to get into something at a good price. I think (interest) rates will come off in 2025 and that will add a new dynamic to the market."
Envy Pompano Beach
Envy Pompano Beach, a new community built just a few years ago, features two 14-story buildings. Condo sales will start to the general public in late January, with prices ranging from $350,000 to $1 million. Brittani Rivera, a resident of Envy Pompano Beach, was offered a chance to buy her home for $700,000, or less than it will be offered on the market. However, she and her husband declined the offer and chose to lease for another year before searching for a house nearby.
Other Condo Conversions
In addition to Envy Pompano Beach, GCF Development’s Circ Apartment Residences in Hollywood is also being converted into condos. The 25-story, 386-unit project is being marketed as a "perfect range of starter homes" with prices starting at $350,000.
Dania Beach
S2 Development President Marc Schmulian purchased the six-building Atlantica project in Dania Beach before it opened as rental apartments. The project is now being converted into condos, with the first residents moving in earlier in December. The project, which is walking distance to the beach, is the only new product on the market east of Federal Highway between Pompano and Bal Harbour that is less than a decade old and units less than a million dollars.
Housing Trends
Jack McCabe, a Deerfield Beach-based housing analyst, expects to see more condo conversions in the future. "I think we can expect to see more, we’re on the cutting edge of it happening again," he said. With interest rates coming down, developers are pouncing on the opportunity to buy older apartment buildings and convert them into condos.
Conclusion
The trend of condo conversions in South Florida is expected to continue, with more developers buying older apartment buildings and converting them into condos. With interest rates expected to come down, the market is expected to improve, making it a good time to buy.
FAQs
Q: Why are condo conversions happening in South Florida?
A: Condo conversions are happening in South Florida because the housing market is better-positioned now to offer condos, with potential for lower mortgage rates in 2025.
Q: What is the range of prices for condos in South Florida?
A: The range of prices for condos in South Florida is expected to be from $350,000 to $1 million.
Q: How many units are being converted into condos in the Atlantica project in Dania Beach?
A: The Atlantica project in Dania Beach has 124 units being converted into condos.
