Fort Lauderdale Real Estate: Analyzing The Luxury & Single-Family Home Markets

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The city of Fort Lauderdale, located in scenic Broward County, Florida, is a thriving and vibrant metropolitan enclave, and is blessed with an economy that has a tableau of diverse services and commercial activity. While the city has successfully retained its small town roots and demeanor, it has also embraced the global economy. 

The city's competitive edge in the  global context is ensured through improvements in the area's infrastructure and city services, and through the years, the developments have literally paved the way for the balanced modernization and development of the city.  This urban center is known for offering an outstanding quality of life, highlighted by a wonderful semi-tropical climate, natural beauty and offering an array of cultural, entertainment, educational and financial amenities.

A Look At The City's Luxury Real Estate Market  

For those who are interested in having their own piece of the city's luxury real estate market, here's a quick overview of current luxury property market conditions here.  

During the month of March 2008, in Broward County 34 single-family homes were sold at prices ranging from $1,000,000 and above, based on the Southeast Florida Multiple Listing Services (MLS). These homes were sold at final sales prices which ranged between $1,000,000 and $6,450,000.  Of the 34 luxury homes sold, 20 were homes that have access to the ocean. The luxury homes recently sold were  located in Ft. Lauderdale, Davie, Deerfield Beach, Hallandale, Hollywood, Lighthouse Point, Plantation, and Weston.  

These homes were also situated in the subdivisions of Harbour Islands, Birch Park, Coral Key Villas, Coral Ridge Galt, Golden Isles, Harbour Beach, Hawks Landings, Hillsboro Isles, Hollywood Lakes, Lake Estates, Lighthouse Point 4th, Long Lake Ranches, Miele-Simonson Estates, Navarro Isle, Nurmi Isles, Plantation Acres, Stonebrook Estates, The Cove, The Landings, Venetian Isles, Weston Hills, Windmill Ranch Estates, and Windmill Reserve.

This Area Is Seen As A Seller's market At Present 

According to regional housing market analysts, the city's housing market is seen to tilt towards being an active sellers market.  Homes for sale here usually average around 30 days on the selling block.  The city has a limited supply in its housing inventory, average home prices range from $280 to $340,000, which is up by 10% to 15% or more as compared to last year's levels.   

The greatest activity here is seen among moving-up and relocating buyers, who are mostly setting their sights on single-family homes; condos and townhomes.  Single-family homes are currently the ones selling quickly here, with condos and townhomes in short supply.  Anything located on the waterfront is considered as a property market hot spot here, along with the townhomes in Victoria Park. 
 
Having a robust economy and balanced economic climate helps to allow Fort Lauderdale to establish itself as a world-class international business and financial hub, and as one of the most desirable locations for new, expanding or relocating businesses. While formerly known as a tourism-based economy, the city now is able to support a more diverse array of industries, which includes shipping, manufacturing, finance, insurance, real estate, high technology, avionics & aerospace, as well as film and television production.
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