Fort Lauderdale Real Estate News

Study shows hesitant buyers settling for condo and apartment rentals.

While many first-time home buyers wait for the residential real estate in Fort Lauderdale market to stabilize, some are opting to take shelter in many condo and apartment rentals, which are very abundant in the area.

According to Commercial Real Estate Outlook, a study published Sept. 17 by the National Association of Realtors (NAR), apartment rentals are expected to rise at a respectable rate due, in part, to a healthy demand for rental units.

The apartment rental market remains optimistic. Multifamily vacancy rates are forecast to rise 5.9 percent in the second quarter of 2009 from 5.4 percent in the second quarter of this year. Average rent will most likely jump 3.9 percent in 2008 and 4 percent next year — up from a 3.1 percent increase in 2007.

The figures are a result of would-be-buyers putting real estate purchases on hold while they wait for the shaky Fort Lauderdale Real Estate market to calm. Stricter lending rules as a result of the mortgage crisis have also barred some home buyers from entry into home ownership. Not too long ago, home prices were appreciating and everyone wanted a piece of the pie.

Today, there are fewer vacancies and landlords are taking advantage of the trend by raising rents. However, in some bubble markets, such as Palm Beach, rents are slightly declining due to a large surplus of condos being rented out — the result of many apartment buildings being converted to condos during the housing boom. In the second quarter, rentals in Palm Beach dropped 0.5 percent, according to the NAR.

While there are plenty of bargain homes available for current renters who think they can’t afford to be buying a home in Fort Lauderdale right now, there are a lot of affordable condos and apartments for rent with luxury amenities and plenty of extras. A reputable real estate agent who is familiar with the local market can show you a variety of available units that go above and beyond your desired criteria and expectations.

Downtown Fort Lauderdale rentals at Nu River Landing, WaterGarden, Symphony, 350 Las Olas, Waverly at Las Olas, Las Olas, Las Olas River House and Las Olas Grand offer a luxury downtown experience with restaurants and shops a short distance away.

Avenue Lofts, The Mills, Foundry Lofts, Strada 315, Exchange Lofts, Nola Lofts and Bamboo Flats feature urban loft living in Flagler Village.

Tides at Bridgeside Square, Vue Residences and L’Hermitage are just a few of the many condos available for rent at the beach.

Do your own research ahead of time before meeting with a Realtor, so you can better describe what you’re looking for. You can’t tell too much about a neighborhood by simply driving through it. If you find a rental you’re really happy with, it may be worth looking into purchasing it at a later date.

Eventually, the rise in rents will plateau and hesitant home buyers — tired of turning over their paychecks to their landlords — will once again become bargain hunters looking to build their own equity.

If you are considering buying, selling or interested in condos for rent in Fort Lauderdale, contact John Sabia today at 954-850-2397.

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Protect yourself against storm damage by asking the right questions before closing on a home.

For newcomers and locals alike, South Florida offers a treasure trove of gorgeous beaches, beautiful homes and spectacular shopping and dinning opportunities. This time of year, however, the threat of serious property damage from relentless tropical storms and hurricanes are a harsh reality — and enough to make some homeowners question their purchase.

But dealing with unfavorable weather in South Florida shouldn’t be a factor that prevents a buyer from purchasing real estate in Fort Lauderdale or elsewhere in the state. In fact, there are plenty of precautions homebuyers can take to protect themselves against the onslaught of brewing trouble in the tropics.

 While Florida building codes go a long way to protect homeowners by requiring reinforced roofs, strong garage doors, impact-resistance glass or window shutters in remodeled homes, it’s important to keep insurance in mind throughout the entire purchasing process.

New homeowners should get replacement coverage to cover property damage and make sure their policy defines exactly what will be covered in the event of a hurricane or serious storm. Most standard home insurance policies cover the damages that hurricane-force wind and lightning causes under the wind and hail portion of the policy. Purchasing flood insurance is also a good idea since the damages from a flood are not covered in a standard homeowner’s insurance policy.

Be sure to carefully examine the home-inspection report before closing and use it as a maintenance checklist. Go through the list and inspect all areas of the home, including bathrooms, laundry room, kitchen, roof, electrical system and plumbing. A lot of small problems can easily be dismissed and overlooked when purchasing a home because buyers become so focused on closing the deal. Being proactive is key.

A knowledgeable Realtor should be able to assist you in finding proper resources, such as a licensed home inspector, that will guide you through the process. Most importantly, don’t be afraid to ask the inspection company questions, such as how long it has been in business and how well your home should hold up in the event of a hurricane or flood.

In terms of homes for sale in Fort Lauderdale and surrounding markets, it’s likely prices will drop in the next several weeks as the state feels the effects of another active hurricane season. Buyers should continue to check with their agents to see what deals are available as many frustrated sellers and anxious lenders are looking to get rid of their bank-owned homes and excess inventory of condos.

In South Florida, hurricane season not only means stocking up on supplies and being prepared, but it also means getting your finances in order in the event a great deal on a new home arises.

For more information about buying or selling your home in Fort Lauderdale, contact John Sabia today at 954-850-2397 or visit the #1 Fort Lauderdale Real Estate website.

Las Olas River House condo 2306, a luxury Florida condo in downtown Fort Lauderdale is now available as a furnished rental.

This absolutely stunning high floor Lexington east/west floor plan features 2 bedrooms and 2.5 baths, professionally designed by Perla Lici, offers approximately 2,000 square feet of living area and is indeed the ultimate vacation condo or local residence.

Featuring a European kitchen with Snadairo cabinets, stainless appliances and granite counters. Split bedroom plan, 2 balconies boasting impressive panoramic views of downtown Ft Lauderdale, the Atlantic Ocean, Nu River and Intracoastal Waterway.

Las Olas River House is one of the premier Las Olas condos that offers residents exceptional amenities including a state-of-the-art Fitness Center, heated pool, Bistro lounge, security, concierge and valet parking. This condo is also offered for sale at $799,000.

Contact John Sabia at 954-850-2397 to request a viewing of this luxury downtown condo.

More Las Olas River House Condos for Rent More Las Olas River House Condos for Sale

Don’t Let Great Condo Rental Opportunities in Fort Lauderdale Pass You By

If you’re like a lot of renters you have been watching the rental prices of Fort Lauderdale Condos go up and then fall back down over and over again the last couple of years. Many renters are content to just sit by and watch the rise and fall of the housing prices. Yet, just when they are going to take action they watch the condo slip away either in a price that creeps back up or to another renter who got to it faster. There are a lot of condos for rent in Fort Lauderdale and instead of just sitting by and waiting for the right opportunity to fall into your lap or waiting for the right price to come along, why not search for it?

Find the Perfect Property for You!

Instead of settling for what is out there or flipping through the rental section of your newspaper wondering what will be the best choice, why not search for Fort Lauderdale condo rentals in a much more straightforward fashion? When you come to our real estate site, you will find it really simple to search for apartments for rent including luxury rentals! There is no need to search high and low through several different sources. Instead, you have one source that you can trust to put you in contact with all of the great properties on the market.

Instead of watching the prices on rental properties rise and fall and settling for less than you may need or paying more than you can afford, you can search through our website with ease and find just what you are looking for. Rentals are sorted by price, so you can look for Rentals under $2000 per month, Rentals under $3,000 per month, Rentals under $4,000 per month and luxury rentals $4,000 and more. We understand that you have very specific needs and we allow you to search for those until they are met. Whether you need a long term rental or one of the beautiful short term luxury rentals, there is a tool for you to use to ensure that you’ll find the property that will best fit your needs!

John Sabia is a Realtor with Coldwell Banker Real Estate in Fort Lauderdale, Florida and can be reached at (954) 847-5002 (work) and 954-850-2397 (cell).

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