So much information crosses our desks and computers every day. As one of the community's most active luxury real estate brokers, I would like to bring you real estate information highlights and create relevance to your real estate planning.
· I am pleased to report that Julie Jones and Associates closed $15.812M, first quarter sales in 2010 compared to $10.550M in 2009. I contribute this result to continued advertising and marketing during 2009 coupled with a slow return of buyer activity.
· In overall activity, April is off to a good start in terms of offers being received. However, the buyers remain very cautious and the offers are still low versus the list price.
· According to the latest Florida Trend magazine, Florida 's economy finally has a pulse again. Florida is not out of the economic woods by any means, but there are signs of job growth and a slowly expanding economy (source experts at the University of Central Florida).
· After losing population again in 2009, Florida is estimated to pick up approximately 23,000 new residents in 2010 - some of them will be purchasing real estate in Fort Lauderdale! The caveat remains that the State's jobless rate is still in double digits and foreclosures were 15% higher than April 2009. Until the unemployment rates stabilize and real estate inventory starts to become absorbed, it will be challenging to chart any real improvement in the real estate market.
· In terms of demand, the newer construction remains most popular to potential buyers. Impact glass, generators, custom finishes, gourmet kitchens, ultra-luxurious master suites and high-quality construction are the attractions that remain key.
· The luxury condominium market remains plagued by tight financing availability. Caution is still suggested with regard to the financial stability of the community and any risk of neighbors' deficiency in terms of paying the association fees and potential for foreclosure. This has heavily impacted our condominium market which carries an extremely high inventory.
· Price entices the buyers! For those luxury sellers who are in a position to price their property to the current market (as opposed to the 2005/6 prices) there is opportunity to sell! Although it certainly remains a buyer's market, we are achieving results for our aggressive/realistic sellers. Many of our sellers are choosing to move on with their plans and are leveraging their ability to negotiate heavily on their next purchase. Price remains key and is critical to time spent on the market!
· Buyers this year have been from as far afield as Russia and Canada, but interestingly, local buyers are starting to return to the market to take advantage of the incredible inventory and low prices (especially relevant to those living West wishing to acquire the East-side lifestyle). US buyers have been from New Jersey, New York, Chicago, Minnesota and the Carolinas.
I hope that these market indicators are useful to you. Remember that market times remain lengthy in today's real estate climate and it is important to work with a real estate brokerage which has the tools to attract the affluent, luxury buyers to your important property.
If you are planning to make a real estate sale or purchase in 2010, it would be my pleasure to meet with you and outline a marketing program to meet your goals and objectives. Please do not hesitate to contact me with any questions. I can always be reached at 954-328-3665, or Julie@premierestateproperties.com.
Comments(0)