The Fort Lauderdale Real Estate market report - September 2009: shows a minimal decrease in closed sales for single family homes and condos as compared to August and a continued decline in inventory for both categories.  REO Bank foreclosures and Fort Lauderdale Short Sales still contribute to the overall number of closed sales.

Single-Family home closings in September were down just 3% as compared to closings in August and 40% from September 2008.  Of the total closings, twenty-nine percent were classified as REO Bank Foreclosures in Fort Lauderdale.

Single-Family Average Sales Price in September slightly increased by 1% over last month and down 22% from same period last year.

Single-Family Median Sales Price in September decreased by 8% over last month and down 23% from September 2008.

Pending Single-Family homes declined 10% over last month; however jumped 39% from same period last year.  Available Single-Family homes inventory decreased in September by 3% as compared to August and down 45% from last year.

The supply of available homes for sale remained the same as compared to August, however down 61% from September 2008.  REO Foreclosures made up 34% of single-family inventory in September.

Closed Sales for Fort Lauderdale Condos and townhomes in September were down just 3% as compared to August and rose 69% from September 2008.  Thirty-one percent of closings were Fort Lauderdale Condo bank foreclosures.

The Condominium Average Sales Price in September was down 4% as compared to last month and down 28% from September 2008.

The Condominium Median Sales Price in September was also down 4% from August and down 37% from same time last year.

Pending closings for Condos/townhomes in September down 7% from previous month and up 116% from September 2008!

Available inventory for condos & townhomes in September was down 5% from last month and down 34% from last year.  Inventory supply for condos and townhouses indicate there are 12 months of supply unchanged from last month however, drastically reduced from 30 months at this time last year.  Of this inventory, 30% is classified as REO Bank condo foreclosures.

The Fort Lauderdale Real Estate market continues to show signs of stabilizing and slowly recovering.  There are rumors of another waive of foreclosures and some pundits have expressed the possibility of another 30% drop in prices for South Florida which I do not think is likely to occur.

First time home-buyers may have good news.  It appears there is a good possibility the first time homebuyer tax credit may be extended into 2010.

For more information about buying or selling real estate in Fort Lauderdale, Florida contact me today at 954-850-2397.

Home Buyers can begin their home search online by searching Fort Lauderdale MLS available property listings for sale including short sales and foreclosures.

Fort Lauderdale Real Estate Market Report - August 2009Return to 

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The Fort Lauderdale Real Estate market report- August 2009 reports positive numbers for closed sales and pending sales for both single family and condominium/ townhomes and a decline in inventory.  Short Sales and bank foreclosures still make up a large percentage of closed sales.

Closed Sales for Single Family homes were up 11% in August as compared to July and up 28% from same time last year.  43% of these sales were classified as REO bank foreclosures in Fort Lauderdale.

The Average Sales Price for Single Family homes in August was down 3% from July and down 29% from August 2008.

The Median Sales Price in August remained the same as July and was down 26% from same period last year.

Pending Sales for Single Family homes were up 12% from last month and up 49% from August 2008.

Available Inventory for Single Family homes decreased 7% in August as compared to July and down 45% from August 2009.  Supply of inventory decreased in August to 8 months from 10 months in July and down 57% from August 2008. Thirty-Five percent of available inventory are classified as either home foreclosures or short sales.

Closed Sales for Fort Lauderdale Condos and townhomes were up 16% in August as compared to July and up 28% from August 2008.  Of these closed sales in August, 54% were classified as Fort Lauderdale condo foreclosures.

The Average Sales Price for Condos in August was up 8% from last month and down 24% from August 2008.

The Median Sales Price remained the same in August as compared to July and down 26% from same period last year.

Pending Condominium Sales were up 16% in August over July and up 83% from August 2008.

Available Inventory for Condos/Townhomes in August were down 5% from July and down 32% from same period last year.  Supply of Condo/Townhome inventory is at 14 months, just up 2 months from July and down 57% from August 2008.

Overall, the real estate market appears to continue to show good signs of recovering.  We have many more months of positive numbers than negative and supply of homes for sale is significantly down from 1st quarter 2009.

Interest rates are still attractive and the first time homebuyer tax credit for first time home buyers is expiring December 1st.  Efforts are underway to extend the tax credit.

For more information about buying or selling residential real estate in Fort Lauderdale, Florida, contact me today at 954-850-2397.

Buyers can begin their home search online by searching Fort Lauderdale MLS available property listings for sale including short sales and foreclosures as well as tips and useful information for buying a home in Fort Lauderdale.

Fort Lauderdale Real Estate Market Report - July 2009

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Fort Lauderdale City Commissioners will vote this evening on a new law targeting property owners, including banks of neglected vacant properties.  The final vote will be in two weeks which will designate these properties as “nuisance properties.”  This new law will tighten up the time the city has for cleaning up a distressed property and levying fines.  Among the victims of distressed properties are the surrounding neighbors and this new law should should be comforting.

read more about this in an article at Sun-Sentinel.

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Greg Rand, a managing partner at Prudential Rand Realty shares 5 tips on Reducing Mortgage Costs on “Happening Now“- video below (Return To Fort Lauderdale Real Estate)

No Negotiation of Preforeclosure Sales Commission
Servicing Guide, Part VII, Section 504.02: Contacting Selected Borrowers
Effective March 1, 2009, closing of preforeclosure sales may not be conditioned upon a
reduction of the total commission to be paid to real estate agents to a level below what was
negotiated by the listing agent with the borrower, unless the fee exceeds 6 percent of the sales price of the property in aggregate. Servicers are reminded that they must continue to obtain any approvals that may be required by interested third parties in connection with preforeclosure sales….

You can read more on new guidelines at Fannie Mae.

It is about time that real estate agents are recognized for the amount of time and effort that goes in to successfully closing a short sale.

View Fort Lauderdale Short Sales and Foreclosures listings

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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.

Search available Fort Lauderdale Property Listings

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

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.

Search available Fort Lauderdale Property Listings

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

South Florida real estate may be turning around and heading in a positive direction according to several Real Estate analysts, however, not before a possible further 10-15% decline in 2009.

It is important to understand, that South Florida encompasses a large area and many smaller parts; cities, neighborhoods, communities and condominiums, may face less of a decline and rebound sooner.

With huge property inventory levels including foreclosures and short sales, it will take time for these homes and condos for sale to eventually be absorbed.

Once the rebound begins, real estate values should return to realistic sustainable yearly gains of 3-6% instead of the unrealistic gains of recent years, which along with other elements lead to the real estate bubble bursting.

Real Estate will once again return to its inherent value; a home, a roof over your head, a neighborhood, etc., not the get rich quick opportunity.

If you have been patiently waiting on the sidelines searching Fort Lauderdale homes and condos for sale, contemplating a purchase and are planning to stay in the property for at least 5 years, this may now be the perfect time for you to buy.

Buyers can take advantage of rock bottom real estate prices down 30-40% or more, rolled back to 2004 levels.  Interest rates are still at historic lows. First time home buyers including those who have not owned a home for 3 years prior to a purchase may be eligible for a tax credit which is expiring soon.

Do your homework.  As with any great opportunity, the best time to get in for maximum benefit is at the beginning.

For more information about buying a home or condo, contact me today at 954-850-2397 or visit my Fort Lauderdale Real Estate website where you can search the Fort Lauderdale MLS for available homes and condos for sale.

Clients of mine just recently closed on this Fort Lauderdale Foreclosure at 635 SW 5th Avenue, near dowtown Fort Lauderdale.

Built in 2001, this townhouse features 3 bedrooms, 2.5 baths and just under 2,000 square feet of living area.

Sales Price was $290,000 and closing date was December 23, 2008.  The property was previously purchased for $479,900 in June 2005.

Negotiating the contract was easy, however, dealing with the bank’s closing agent was a nightmare.  The closing was held up for 2 weeks and the buyers were almost homeless on Christmas.   The buyers had their own attorney which was prudent and in my opinion, instrumental in successfully closing the transaction.

You can view short sales in Fort Lauderdale or Foreclosusure properties in Fort Lauderdale, or contact me today at 954-850-2397.

Search property listings with access to the Fort Lauderdale MLS or search condos in Fort Lauderdale by building name

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The 2 most common questions I hear over and over about the Fort Lauderdale Real Estate market are “Is now the time to buy?” and “have we reached the bottom?”

Every day we read and hear about real estate statistics and figures, inventory levels, foreclosures, sales projections and all sorts of experts claiming we’ve hit the bottom, the bottom is near or those claiming the bottom isn’t even close.

So how can you be certain that we’ve hit the real estate bottom? Financial Expert Suze Orman, in my opinion, gave the most clear and concise answer.

During a recent broadcast of her show, Suze explained “the absolute way to know for sure is prices always dictate if we have reached the bottom or not.”

Suze further explains that in her opinion, it does not matter how many properties are for sale, whether inventory levels are decreasing  or any other statistics.  If prices are continuing to decline, we have not reached the bottom.  “It is only when prices start to go up that we’ve reached the bottom.  

“Since real estate is local, it is important to understand what is happening with home prices in the area you want to buy in.  When home prices start to increase and begin to sell for more than in previous months instead of staying flat or declining, then and only then, can you be certain that the bottom has been reached.  No other facts or figures will accurately reveal the bottom.  Prices speak the truth.”

Home prices in Fort Lauderdale have declined on average approximately 30% +/-.  In most areas, prices have adjusted back to 2004 levels.  Opportunities exist today to buy condos and homes for sale in Fort Lauderdale that were considered unaffordable just a few years ago. Unfortunately, obtaining loans to buy these properties is not easy and it appears the government may step in further to ease this burden.

As with any market, in my opinion, the time to buy is not after, but before the real estate bottom has been reached and before the market begins to rebound.  Unfortunately, timing any market is impossible and we won’t know the bottom has been reached until several months have passed and we are well into recovery.

I think it is safe to say that we are much closer to a bottom than we are to the top.  Many buyers feel the same way and are scooping up great bargains from short sales, foreclosures and sellers who just want to sell and have priced their home competitively.

As with any buying decision, before making any sizable purchase, you must look at your own situation.  Do your own homework.  Does it make good financial and emotional sense for you to buy now?  If you will be staying in the property for a long time, even if prices decline a bit further, you may still be well ahead in the long run.

If you are considering buying or selling a home in Fort Lauderdale or buying one of the many Fort Lauderdale condos for sale, contact me today at 954-850-2397.

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