Currency Flux Won't Scare Condo Buyers
Is the strong dollar going to take a bite out of foreigners' appetite for South Florida condos? So far, no, according to Fernbrook Florida partner Danny Salvatore.
"I expect buyers to come from everywhere," Danny tells us (he's snapped along with his son Joseph Salvatore). Recently Fernbrook, an arm of the Canadian Fernbrook Homes, unveiled plans for its Sabbia Beach condo project, which the company will develop in Pompano Beach on one of the last remaining undeveloped oceanfront parcels in this part of Broward. The 72-unit project is already 25% reserved, and Danny isn't worried that committed buyers will shy away because of temporary currency fluctuations.
How temporary isn't clear yet, since the Brazilian real, for instance, is currently taking a dive against the greenback and is weaker than at any time in the last 10 years, and the euro is cooling off so much there's talk of parity with the US dollar, which has never happened. Still, international buyers are still hot for South Florida, and those "looking for new construction directly on the sand will find one of the very few places left,” at Sabbia, Danny says. Pre-construction prices start around $900k, with groundbreaking slated for this fall.