Residents of Fort Lauderdale Florida work to change the image of the city after peaking at 350,000 spring break college tourists. This summer 10,000 to 15,000 students are expected to visit [Orlando Sentinel]. This is a rare example of a municipality with too much of a good thing, deciding to go after something better. Residents fought the old ways and one because the old Ft Lauderdale was one of fights, trash and congestion, limiting more affluent development. The city has repositioned itself as a high-end tourist destination [WSJ].
In Maura Webber Sadovi’s always well-done BLUEPRINT column she talks about the resurgence of the city with extensive new development, both residential and commercial [WSJ]
The size of the bets on the Fort Lauderdale residential market suggests investors are serious. About 4,671 new condominiums were completed last year, with about as many scheduled to come on the market this year, says Gleb Nechayev, senior economist with Torto Wheaton Research. Investors also purchased about 15,000 apartment units to convert into condominiums last year, the fourth-highest volume among the country’s major markets, according to Real Capital Analytics Inc.
However, like other Florida markets, I’d be worried about rising inventory.
So much for the Candy Store lounge…