Fort Lauderdale is known as a major tourist destination and generally gets around 10 million tourists or more annually, and has been given the distinction of a metropolitan city mainly because of its cultural diversity.
The city got its name from a series of forts built by Army during the Second Seminole War in the 18th Century. The forts, in turn, had taken their names from Major William Lauderdale, who lead the command of troops who built the first fort.
The city is considered to be a wonderful place to live, work and play, because of its dynamic business, social and cultural lifestyle. The city’s riverfront district, which was developed within the past five years, offers wonderful cafes and restaurants, entertainment and business amenities that area located comfortably within walking distance.
How The Condominium Market Is Faring
Based on last years statistics, Fort Lauderdale's median existing home price last October diminished by 5 percent at $349,400, while a year earlier it was pegged at$368,900.
The local market's median existing condo price was $210,100, and a year ago, it was $194,500 which represents an 8 percent increase. According to property market observers, inventory levels appear to be stabilizing and sales prices also are leveling, which they say is a good one for buyers, who will have more options in the market.
Statewide, the sales of existing condos also decreased in October, with a total of 3,440 condos sold statewide compared to 5,001 in the last quarter 2005, representing a 31 percent decrease, according to Florida Association of Realtors. The national median existing condo price according to the FAR in September 2006 was pegged at $219,800.
Home Sales Figures For Ft. Lauderdale
Among the state's much larger housing markets, the Fort Lauderdale metropolitan statistical area (MSA) listed around 591 existing homes sold last month, as compared to 561 homes sold a year ago.
This represents a 5 percent increase. The market's median existing home price decreased 5 percent at $349,400, while a year ago, it was at $368,900. A total of 580 existing condos changed hands in Fort Lauderdale in October, representing a 21 percent decrease over the 737 condos sold in the previous year. The market's median existing condo price was $210,100.
For a year ago, it was $194,500, and shows an 8 percent increase. The Realtor Association of Greater Fort Lauderdale notes that inventory levels appear to be stabilizing and sales prices also are leveling, which the group says is good for buyers, who will have more options, while the largest impact has been on speculative buyers.
As tourism is known as the biggest and most important contributor to the city's economy, the real estate market here has truly grown rapidly. According to the local association of Realtors, new construction of hotels, homes and condominiums is still being done to meet the rising demand for permanent or temporary shelter.
Many note that this serves as a good sign for investing in real estate in the city famously known as the "Venice of the Americas." At present, there are around 1,814 single family homes, 3,659 townhouses and condos, and 1,673 rentals available for new buyers and investors.
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