I am often asked if we've reached the bottom of the Fort Lauderdale Real Estate Market and if it is time to buy? With so many pundits and so called experts reporting statistics and offering up their opinions often conflicting, there is no question as to the why there is so much confusion.
Fox News reported a few weeks ago a finding by RealtyTrac that "1/3 of all homes offered for sale by the end of 2008 will be sold by banks" through Foreclosures.
Many homes offeres for sale by Short Sales will end up going into foreclosure because lenders take too long in responding to potential buyers, often taking as long as 4 months or more to respond to a buyer's offer to purchase.
With home prices in Fort Lauderdale adjusting back for the most part to 2004 levels and on average prices have declined approximately 30% +/-, buyers have opportunities to buy homes and condos in Fort Lauderdale that were considered too expensive just a few years ago.
For example, one condo listing at Las Olas River House that I have listed for sale is under contract at less than 60% off the original listed price and 50% of what the seller has into it. This was not a short sale or a foreclosure, rather a seller who just wanted out.
So, is it the right time to buy? Have we reached the bottom? How do we know?
Ask any homeowner or potential homeowner in Florida what is the hottest issue and they will most likely tell you Florida Tax Reform. Now is the time for every Floridian to get involved in letting our public officials know they need to do more while the Legislative Session is still underway. It appears Tax Reform is falling short of what is needed. Please see my other blog with more of what you can do at John Sabia, Real Estate Blog.
Premier Downtown Building!! Incredible 2 bedroom 2.5 bath fully furnished condo atLas Olas River House in downtown Fort Lauderdale. Stunning Ocean, City and River views from this high floor Lexington Floor Plan completely designed and decorated by Steven G. Turn-Key Featuring custom furniture, entertainment bar with stack-stone finish and granite top, custom window treatments, and plasma TV. Floor to ceiling windows, marble flooring, luxurious Kitchen with European cabinets, Granite counters and stainless steel applainces. 5-Star Resort Amenities including Infinity Edge pool, state-of-the-art Fitness Center, Luxurious Club Room and Library. Just steps to shopping and restaurants on Las Olas Blvd and everything downtown. A Sophisticated Luxurious lifestyle. Offered for sale furnished at $1,099,500 and for rent at $5,750 per month. Virtual Tour and photos
For more detailed information, contact Fort Lauderdale Realtor John Sabia at (954) 850-2397 Coldwell Banker Real Estate
Las Olas homes and condos for sale are some of the most sought after real estate in the country. Situated just west of the Intracoastal Waterway and only minutes to the Atlantic Ocean, makes this esteemed waterfront community a must for serious boaters. Often referred to as the "Venice of America" because of the many waterways weaving through the area and leading out to the Atlantic Ocean, Las Olas, Fort Lauderdale is where luxury and waterfront living blend seamlessly together. Many athletes, entertainers and ceo's have made Las Olas their home or second home.
Las Olas Boulevard, the cental shopping avenue offers residents and tourists high-end boutique shopping, elegant terrace dining and impeccable art galleries and connects the many isles adorned with mansions, multi-million dollar homes, condos and towhomes. Las Olas Boulevard also connects the main land to the Fort Lauderdale Beach via the Las Olas Boulevard drawbridge.
Las Olas homes range in price from 1 Million to more than 15 million featuring anywhere from 50 feet to more than 100 feet of dockage and somtimes as much as 300 feet or more. Las Olas condos and Las Olas townhomes range from under $500,000 to more than 2 million, many offering boat dockage.
Are you considering relocating to Fort Lauderdale? If you are, the subdivision of Coral Ridge is worth investigating. Coral Ridge offers the most of South Florida living with magnificent waterfront homes, golf course homes, pool and dry lot homes as well as luxury condos and townhomes. Coral Ridge, Fort Lauderdale is considered of the area's prestigious communities and sits west of the Atlantic Intracoastal Waterway less than a mile to the beach and east of Federal Hwy (US-1). South and north boundaries are Commercial Boulevard and Sunrise Boulevard. If you relocating to North East Fort Lauderdale, Coral Ridge could be just the place for you.
Coral Ridge Homes date back to early 1950's. Because of the strong Fort Lauderdale Real Estate market, land value has seen unimaginable appreciation, and keeping up with the appreciation, many homeowners have completely renovated their homes or have opted to knock down the original structure and construct a new home with all the bells and whistles. Entry price for Coral Ridge homes start in the $500's and can go up to more than 10 million. Coral Ridge Condos start at just under $200,000 to well over $2 Million and Coral Ridge Townhomes are price from $200,000 and more.
Coral Ridge residents looking to play golf can tee off at the Robert Trent designed golf course at Coral Ridge Country Club, and boating enthusiasts will enjoy the Fort Lauderdale Yacht club. There are also several tennis courts and recreational parks.
With a wide selection of homes, townhouses and condos available in Coral Ridge subdivision, you will be able to find your dream home within minutes to all Fort Lauderdale has to offer. Available real estate listings for Coral Ridge and all Fort Lauderdale are available at Fort Lauderdale MLS.
Real Estate Market May Get Worse Before Getting Better?
After an amazing real estate market in South Florida over the last several years the market dipped drastically in 2006 and it continues to frustrate sellers who are still dreaming of the booming market of yesteryear. Buyers not yet confidant in entering the market are not making offers and the whole South Florida Real Estate market is in limbo.
Broward County homes saw a modest increase in prices during the month of March, however that isn’t enough to rebound the market by itself.
The median price for Broward homes increased from March a year ago by $4,300 taking homes from $368,100 to $372,400. Sales were 25% higher a year ago than in March 2007 with only 601 homes being sold as compared to 804 last year.
The quarter of January to March saw prices flat compared to a year ago and sales were down approximately 20% for the quarter.
The condominium market is also sluggish in Broward County. In March 2006, the median condo price was $202,600 but in March 2007 that price fell to $195,500.
Fort Lauderdale Area Association of Realtors is reporting for Fort Lauderdale Real Estate in February 2007, a total of 452 Fort Lauderdale homes sold as compared to 485 in January 2007. However this total was 615 same time last year. There were 548 Fort Lauderdale Condos sold in February 2007 as compared to just 528 in January. Last year there were 615 condos sold in February 2006. Presently there are over 36,000 available properties for sale in the Fort Lauderdale MLS.
Part of the reason that the housing and condo market may get a bit worse before showing signs of improvement is because of the increased foreclosures due to borrowers who can no longer afford the monthly payment and potential buyers who may have poor credit. The result could be fewer buyers qualifying for loans, which means fewer home buyers. This will allow the already surplus of homes for sales to increase as well as the median price to drop. Buyers may hold off speculating the prices will drop even further.
Most Sellers have realized that the homes that are selling during the slump include homes and condos that are priced very competitively and are renovated or show meticulously. Many are priced below market. Bottom line, contrary to most opinions, it is a great time to be buying a home. Buyers who wait too long on the sidelines may find themselves not getting such a bargain in the end and face the possibility of interest rates rising.
Sky rocketing Property Insurance premiums are a critical issue facing not only the Fort Lauderdale Real Estate market, but the Florida Real Estate industry statewide. So much so that a Special Session of the Legislature will take place in January 2007 to address this issue. In a press release statement released from the Governor's office, the goal of this Special Session is, "to begin an effort to restructure Florida's property insurance market and provide relief to Florida residents and businesses." We will be watching closely to see the outcome of this Special Session.
The O'neal Group, a Real Estate Company created by Shaquille O'Neal will develop communities throughout the country. First project is in Miami, Florida. Plans are to build a 3-tower condominium, hotel and office space scheduled for completion in 2009. Shaquille is already a major holder of real estate in many states.
The State of Florida is offering 250 MILLION Dollars to assist homeowners of single family structures in making their homes more resistant to damage caused by hurricanes. To be qualified for this grant, homeowners must have single family homes worth $500,000 or less and all monies must be used for qualified hurricane related improvements. The state will begin processing applications in August for a matching grant that could potentially give qualified homeowners up to $5,000. Read the full article here http://www.sun-sentinel.com/news/local/florida/sfl-pgrant05jul05,0,2110104.story?coll=sfla-news-florida
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I am often asked if we've reached the bottom of the 
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