Ten Reasons why we at Eric Miller and Associates, your Fort Lauderdale Realtors, feel that the Fort Lauderdale Real Estate Market and Broward in general will recover faster then Miami and Dade County. In real estate, markets vary from one neighborhood to the next, Miami and Fort Lauderdale are about 30 miles apart, and being a much smaller city it will easier and faster for the Fort Lauderdale Real Estate market to turn.
1) We admit it, as Broward County, Fort Lauderdale Real Estate Agents we remain optimistic about the place we call home. Now that we have put it out their, yes we are partial to the Fort Lauderdale Real Estate market but from here on in we will put aside that we are fans of Fort Lauderdale Real Estate and stick to some facts.
2) Homes for Sale in Broward County and especially the Fort Lauderdale area are basically all re-sales, we are built out. There is very little developable land. This became very obvious as one of the last high rise condominiums built prior to the slowing of the market was Tao. Built at the edge of the everglades, just about as far West as you can get in Broward County it became clear there was simply no where left to build.
3) The Fort Lauderdale Real Estate market has been very much aided by a local government that was anti-massive Ft. Lauderdale Real Estate development. Height limitations, lower density, and controlled growth for Ft. Lauderdale Real Estate were the mission of local government for a long time. We once heard a local government official refer to Miami and talk about the miles you can drive along the ocean without ever seeing the beach through the high rise buildings. This type of development has been restrained in Fort Lauderdale Real Estate, and the accidental payoff will be faster recovery for the Fort Lauderdale Real Estate market.
4) These same local officials once called Fort Lauderdale Beach "Our Disneyland" they must remain accessible and beautiful and they have. Not to take any credit any from the beautiful restored beaches of South Beach but going to the beach at Fort Lauderdale Beach is simply easier. Accessibility to the beach and to the City of Fort Lauderdale in general is one of things that make Ft. Lauderdale Special.
5) Lower prices, the point we feel from. When the decline started in Fort Lauderdale Real Estate we were falling from a different height. We did not have as far to fall. In Miami luxury condominium units were starting to break the $1000 per square foot market. While in Fort Lauderdale Real Estate the bar was very heavy at about $500 per square foot. In some areas of the Fort Lauderdale Real Estate market this number has fallen as much as 50% from its peak.
6) Every community is on its own unique real estate cycle, I have said over and over that the National Real Estate report is meaningless to the person looking at Homes for Sale in Fort Lauderdale. In the Fort Lauderdale Real Estate market when the market faltered a building boom was close to being completed and numerous new projects were sitting in front of planning and zoning. In Fort Lauderdale, the markets of Ft. Lauderdale Single Family Homes and Condos had very little inventory that was more than 6 months from completion. Less than 4% of those new construction properties remain unsold and the projects that were planned have been placed on hold.
7) Fort Lauderdale Real Estate according to Zillow is one of the most searched cities on their web site. The demand that has been built up waiting for a sign that the market has bottomed out is incredible. I speak for many Realtors out there as we all talk about having tons of buyers that are just not ready to pull the trigger...yet. Slowly put surely they are going to see that the time is right to buy Fort Lauderdale Real Estate.
8) Inventory is shrinking quickly. I've written about this subject at length. Additional Information can be found on our Fort Lauderdale Real Estate Blog, As inventory is approaching the level that for years we referred to as an equilibrium point where prices simply tend to rise with inflation. In Miami it is going to take longer for inventory to reach that level.
9) International real estate buyers are certainly present in both markets. They are circling like vultures ready to pounce on anything they perceive as a great deal. The international buyers of Fort Lauderdale Real Estate come from all over the world as the value of the dollar declines we become an irresistible investment. An advantage for Fort Lauderdale Real Estate is simply the love for the area by our Northern neighbors in Canada, they can be on the plane and looking at Homes for Sale in Fort Lauderdale in just a few hours.
10) Last but nor least, "Baby its Cold outside", all over the country we see talk of ice storms and snow storms and even though we love the Christmas Season, and wish everybody a Happy Healthy New Year. We also want to remind you Ft. Lauderdale is a great place to be for the holidays. 75 and Sunny makes everyone more generous.
Need a last minute gift idea? How about this year, slip a personal gift certificate in an envelope under the tree with a trip to Fort Lauderdale, and a visit to Eric Miller and Associates, you're Fort Lauderdale Realtors, to finally purchase that perfect Fort Lauderdale Home or Condominium that has been on your wish list forever. We will help to make your Fort Lauderdale buying trip a great experience.