If you live on the east side of Fort Lauderdale, it is certain that you have heard of the new home builder Glenn Wright.  Wright is well known for his 2-story “mcmansions” in the Fort Lauderdale neighborhoods of Rio Vista, Victoria Park and Coral Ridge.

Wright’s grandest project, La Preserve, envisioned to be a luxury gated home community in a natural setting remains unfinished and as the Sun-Sentinel reports; 39 of the 67 homes are in foreclosure.*

Wright, a prominent name in home building is facing several lawsuits from angry would-be homeowners, contractors and projects that remain unfinished.*

It is reported that Wright’s development companies are in the red for more than $100 million.   The developer has deeded at least 106 of his company’s properties to a private firm that specializes in debt restructuring.*

*source: Sun-Sentinel.  You can read more of this story in the full article at Sun-Sentinel.

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Rio Vista / Lauderdale Harbors Listing & Sales Activity for January 2009

In January, there were 9 new listings for single family homes added to the market for sale in Rio Vista - Lauderdale Harbors. Presently there are a total of 95 homes listed for sale.

13 homes are being sold as Short Sales and 1 Foreclosures for sale.

Total inventory shows approximately 4% of homes in Rio Vista / Lauderdale Harbors are listed for sale.

Rio Vista / Lauderdale Harbors Homes Sold in January 2009

There were 3 recent home sales in Rio Vista / Lauderdale Harbors in January 2009.

• 1108 N Rio Vista Blvd, 3 bed/2 baths, pool, List Price $895,000. Sold Price $775,000. Selling Price per square foot - $300.00
• 705 SE 9th St (Short sale), 3 bed/2 bath, pool,  Listed Price $475,000. Sold Price $375,000. Selling Price per square foot - $257.00.
• 1009 SE 7th St (REO-Foreclosure, 3 bed/ 2 baths, pool, List Price $299,900.  Sold Price $301,000.  Selling price per square foot - $224.00

Average Days on Market - 269.

Rio Vista / Lauderdale Harbors Pending Sales in January 2009

There were 0 homes placed in pending status in January

Not included in graph  - Everglades Land Sales subdivision.

For more information about buying or selling a home in Rio Vista, contact me today at 954-850-2397.

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Information believed accurate but not warranted. Average Days on Market could vary if property was previously listed.

Victoria Park Listing & Sales Activity  - January 2009

6 single family home listings were added in January.  Presently there are 67 homes for sale in Victoria Park.

13 homes are being sold as Short Sales and 2 homes are Foreclosures.

Total inventory indicates approximately 2% of homes in Victoria Park are listed for sale.

Victoria Park Homes Sold in January 2009

There were 2 homes sold in Victoria Park in January 2009.

• 435 NE 9th Ave, 3 bed/2 baths, List Price $349,900.  Sold Price $340,000.  Selling Price per square foot - $228.00
• 1645 NE 7th St, 3 bed/1 bath, Listed Price $298,000.  Sold Price $265,000. Selling Price per square foot - $209.00.

Average Days on Market - 124.

Victoria Park Pending Sales in January 2009

1 home went under contract in January

For more information about buying or selling a home in Victoria Park, contact me today at 954-850-2397.

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Information believed accurate but not warranted.  Average Days on Market could vary if property was previously listed.

Florida Association of Realtors® (FAR) report home sales up across the state of Florida for the 4th quarter of 2008, signaling the second straight quarter for an upward swing on sales.  However, statewide, Florida home prices remain down.

Contributing factors to prices remaining low are the number of short sales and foreclosures statewide and the strict lending guidelines.

Locally, Fort Lauderdale Home sales rose 42% to 1,764 from 1,244 for same time last year and the median price for a single family home was $234,100 down 32% from $344,000. *

Sales for Fort Lauderdale condos rose 21%  to 1,588 from1,309 same time last year.  The median price dropped 35% to $107,200 from $166,100.*

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*Source: Triangle Businss Journal.

Coral Ridge Listing and Sales Activity for January 2009 - report there were 27 new listings added and presently there are 162 homes for sale in Coral Ridge.

Out of this number, there are 15 Short Sales in Coral Ridge and 3 Foreclosures in Coral Ridge.

Overall, inventory levels are good with just 6% of homes in Coral Ridge listed for sale.

Coral Ridge Homes Sold in January 2009

There were 3 homes sold in Coral Ridge during January 2009.

• 2866 NE 29th Street, waterfront-pool, Listed Price $1,079,000. Sold Price $995,000. Selling price per square foot - $311.91.
• 4771 NE 28th ave, pool home, Listed Price $699,900. Sold Price $590,000. Selling Price per square foot - $233.66.
• 2609 NE 26th Ave, Pool home, Listed Price $600,000 (Short Sale). Selling Price $530,000. Selling Price per square foot - $282.52.

Average Days on Market - 161.

Coral Ridge Pending Sales in January 2009

3 homes went under contract in January:

• 3111 NE 43rd St, waterfront-pool, List Price $2,990,000.
• 2800 NE 20th St, pool home, List Price $1,300,000.
• 2510 NE 47th St, pool home, List Price $795,000.

For more information about buying or selling a home in Coral Ridge, contact me today at 954-850-2397.

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Information believed accurate but not warranted.  Average Days on Market could vary if property was previously listed.

Good news for investors.  Fannie Mae has modified their investor guidelines to allow up to 10 financed properties to the same borrower.

Previous guidelines allowed financing for only 5 properties and additional property purchases had to be paid for in cash.

The modifications to the guidelines come with a stipulation; the borrower has to have money in the bank for reserves.

• When the borrower will own a total of one to four financed properties, the reserve requirements for PITI (Principle, Interest Taxes and Insurance) are:

1. Two months reserves if new property is a 2nd home or
2. Six months reserves if new property is an investment property and
3. Two months reserves on each other financed second home or investment property.

• When the borrower will own five to ten financed properties, the reserve requirements (PITI) are:

1. Two months reserves on new property if it is a second home or
2. Six months reserves on new property if it is an investment property and
3. Six months of reserves on each other financed second home or investment property.

This guideline change is good news for investors allowing them to purchase additional properties they may not have been able to purchase under the previous guidelines and a welcomed positive step in the right direction to help in reducing some of the excess inventory especially short sales and foreclosure properties.

For more information about Fort Lauderdale Homes for Sale , Investment properties and available Fort Lauderdale condos for sale, contact John Sabia at 954-850-2397.

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Listing & Sales Activity for WaterGarden condo in Downtown Fort Lauderdale shows 1 new listing in January while 28 total condos were for sale (out of 315 total condos in building); indicating 9% of WaterGarden condos available for sale.

Pending Sales for 347 N New River Drive - WaterGarden:

2 condos at WaterGarden, 1410 and 803, both Moonglow units went under contract in January.   1410 was listed at $499,000 and is expected to close February 20th.  803 was listed at $464,000 and is expected to close March 13th.

Closed Sales for 347 N New River Drive - WaterGarden

There were no Closed Sales in January.

For more information about buying a condo for sale at WaterGarden or obtaining a market analyis for selling your WaterGarden condo, contact me today at 954-850-2397.

Recent statistics on property values for Fort Lauderdale Homes & Condos for sale.

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Listing & Sales Activity for Las Olas River House condo report a total of 11 new listings in January for a total of 52 condos for sale (out of 287 total residences); which represents an overall percentage of 18% of Las Olas River House condos are available for sale.

This figure indicates that inventory has reduced significantly; about about a year ago, the figure was closer to 30%.  As of this post, there are presently 54 condos for sale at Las Olas River House.

Pending Sales for 333 Las Olas Way, Fort Lauderdale:

1 condo went under contract in January, unit 1007, a Chelsea unit (REO-Foreclosure); Listed price $429,900.  Estimated closing date is February 12th.

Closed Sales for 333 Las Olas Way, Fort Lauderdale

1 condo closed in January, unit 1001, a SoHo (Short Sale).  Listed Price was $590,000.  Closed Sales Price was $400,000 (68% of Listed Price) at $347.52 per square foot.

 I will be updating this information monthly as well as adding statistics for additional condos and neighborhoods in Fort Lauderdale.

This information is useful whether you are a buyer interested in buying a Las Olas River House condo for sale or a seller considering selling a condo at Las Olas River House.

For more information, contact me today at 954-850-2397.

Recent statistics on property values for Fort Lauderdale homes and condos for sale.

Las Olas River House Listing & Sales Activity - February 2009

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Nationwide Existing Homes Sales Show Strong Gain in December  and Pending Home Sales Show Healthy Gain in December up 6.3% over November (biggest gains in the South and Midwest) reported The National Association of Realtors^® (NAR) in separate press releases.

Both positive gains can be attributed to buyers taking advantage of  low prices and interest rates,  however, real estate markets are far from normal conditions, and buyers will continue to have the advantage for the foreseeable future.

December’s Listing & Sales Activity for Fort Lauderdale Real Estate show small negatives except with New listing inventory.  There were 21% fewer homes and condos listed in December which could be because of the holidays or hopefully, an indicator that perhaps the real estate market may be slowly beginning to stabilize.  The next several months will tell the real story.

For more information about homes for sale in Fort Lauderdale or selling your home or condo, contact me today at 954-850-2397.

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