6 Reasons This Developer Isn't Worried About a Slowdown

Riva is more than 60% sold and Deckelbaum is in the process of purchasing another piece of downtown riverfront property for his next development.

MIAMI— Bradley Deckelbaum , developer of the Riva luxury condo now under construction on the Middle River in Fort Lauderdale, is not worried about Fort Lauderdale’s real estate market declining. At least not any time soon. Riva is more than 60% sold and Deckelbaum is in the process of purchasing another piece of downtown riverfront property for his next development. A fourth generation developer, he’s seen the ups and downs and is bullish on the near term for six key reasons. 1. He’s betting on local buyers: “80% of Riva buyers so far are moving there from another Broward County residence,” he says. “Many are downsizing from large homes. 2. He’s betting on Sunbelt Migration: “Other Riva buyers have been from the Northeast and other states,” he says. “Census data show Sunbelt migration is resuming its pre-recession pace.” 3. He’s betting on the Baby Boomer factor: “There’s lots of money out there,” he says. “There were 76 million people born in the US between 1946 and 1964. It is estimated that 10,000 baby boomers retire each day, or 4 million annually.  Collectively, this 28% of the population controls 70% of the total net worth of all American households.” 4. He’s still betting on international buyers: “There is an ebb and flow based on political and monetary conditions, but international condo buyers will not completely disappear from Florida,” he says. “Fort Lauderdale is second, after Miami-Miami Beach, for sales to foreign buyers. Riva has sold units to buyers from Venezuela, Colombia, Mexico and Argentina.” 5. He’s betting more buyers are opting for city life: Some young families are taking a pass on suburban living and choosing to live in a spacious condo with active lifestyle amenities, near work, school and downtown attractions.  Fort Lauderdale continues to improve with beach and streetscape enhancements, port expansion, great restaurants, FAT Village and more. 6. He’s betting he’s developed a winning project: “Riva is a luxury waterfront condominium on the Middle River with unobstructed views reaching all the way to the ocean,” he says. “The sleek, modern design aesthetic appeals to a broad spectrum of buyers. Residents can also launch a personal small boat, paddleboard or other water toy from the private dock. Riva is ideal for those who enjoy an indoor-outdoor lifestyle, terraces are long and extra wide for outdoor living.”