Gale Residences Fort Lauderdale Beach Hits New Sales Milestone—75 % Sold
September 28, 2016
Newgard Development Group’s luxury project leads competitive Fort Lauderdale Beach residential market as overall market prices surge
FORT LAUDERDALE BEACH, Fla. – Newgard Development Group’s Gale Residences Fort Lauderdale Beach continues to outperform the rest of the strong Fort Lauderdale Beach luxury residential market. After an extremely busy summer season, the 129-unit condominium community under construction in the North Beach Village neighborhood is now 75 percent sold.
The latest sales milestone comes as Newgard and ONE Sotheby’s International Realty, which is handling sales at Gale Residences, prepare for the peak buying season in the South Florida high-end residential market. The project has attracted a mix of domestic and international buyers seeking a convergence of value, luxury and location. That includes a recent influx of Colombian, Mexican and Venezuelan buyers who would previously focus on Miami.
“Our extremely busy summer at Gale Residences is a testament to the value and quality of life offered by our one-of-a-kind project,” said Newgard Chairman and CEO Harvey Hernandez. “The traditional Miami buyer can’t resist the pricing for luxury product in Fort Lauderdale Beach, which is firmly established as a premier residential and hospitality destination along Florida’s coast. By giving buyers the ability to live without restrictions, Gale Residences is uniquely positioned to capitalize on the increased demand.”
The sales activity at Gale Residences underscores a Fort Lauderdale Beach market that has remained hot as the Miami market cools down. A newly released market report showed that interest from South Americans and other condo buyers in Fort Lauderdale Beach is surging. The area’s average asking price rose from $530 per square foot to $623 per square foot over the last 18 months, but that average is still significantly less expensive than Miami.
“Our sales team at the Gale Residences has had tremendous success with an aggressive strategy that includes traveling to key international markets and hosting groups of buyers and agents from those markets,” said Sasha Ezquerra, regional director of sales at ONE Sotheby’s International Realty. “They are showing buyers how we offer the best value and flexibility in Fort Lauderdale Beach – even as prices increase. We call it attainable luxury and living without restrictions.”
Construction of the Gale Residences began in April, with a formal groundbreaking ceremony held in August at the 401 Bayshore Drive project site. About 50 guests, including Fort Lauderdale Mayor Jack Seiler and Vice Mayor/Commissioner Dean Trantalis, attended the ceremony.
Earlier this summer, the project received a $35.6 million construction loan from Dallas-based HALL Structured Finance.
Gale Residences is a 12-story building with one, two and three-bedroom residences that range from 800 to 2,100 square feet. Prices start in the low $500,000s, an excellent value for being so close to the Atlantic Ocean.
The project is just a block from Fort Lauderdale Beach. For owners, it offers flexible living – an opportunity for them to live in their residences full time or rent them, either directly or through a special rental program provided by the adjacent Gale Hotel.
Architectural firm Garcia Stromberg designed the residential building, while Miami Beach design firm Urban Robot Associates is the project’s interior designer. The contractor is G.T. McDonald Construction.
Construction is expected to be completed in early 2018.
The Gale Sales Center is located at 2434 E. Las Olas Blvd. For sales information, log on to GaleFLL.com or call 954-888-2841.