Fort Lauderdale Real Estate News

South Florida offers warm temps, a favorable Real Estate Market, and a refuge from the cold snow filled winters in Canada. Many Canadians looking for a warmer alternative are taking advantage of a weak US Dollar and purchasing real estate in Fort Lauderdale Florida and surrounding neighborhoods.

For Canadian buyers, the real estate market in the Sunshine State lives up to its name. With supply of high-quality South Florida homes on the rise, house-hunting Canadians have their pick of the litter from high-rise condos such as Las Olas River House, Las Olas Grand, WaterGarden, Symphony, Las Olas Beach Club or L’Hermitage, to single-family homes in luxurious neighborhoods, such as Fort Lauderdale Beach, Las Olas, Lauderdale by the Sea, Wilton Manors, Victoria Park, Coral Ridge, Harbor Beach, Rio Vista and Bay Colony.

Many of the available Fort Lauderdale homes for sale feature large windows, vaulted ceilings, spacious sunrooms, vaulted ceilings, and patios perfect for entertaining and relaxing – all characteristics that embody the South Florida lifestyle and offers a refuge from the cold snow filled winters in Canada.

According to the National Association of Realtors (NAR), Canadians represented 11 percent of all international homebuyers who purchased homes in the United States in 2007. In Florida — where international homebuyers have the highest ownership in the United States — Canadians made up 9 percent of all buyers in 2007. This figure is up from 7.1 percent in 2005.

Navigating the American home-buying process is easy with the right Realtor, particularly one who can provide information about real estate taxes, closing costs and general guidance through the home buying process.

American lenders will give loans to Canadian buyers, but because of the added risk involved, they often demand up to half of the purchase price as a down payment. Canadian Credit Report Online offers a good list of credit bureaus. In most cases, it’s wise for Canadians to purchase a U.S. property in U.S. dollars because the Canadian currency has a tendency to drop against the American dollar. According to Investors Group, about 47 percent of Canadians pay cash for homes while 53 percent take out mortgages.

Often times, it’s wise to ask sellers if they’re willing to include any furnishings. This can save buyers the hassle of looking for new furniture and household accessories, particularly if they’re planning on renting the property after they close. In terms of square footage, many Canadians are finding they can get more for their money in the United States.

Purchasing a slice of paradise pie has never been easier for Canadians looking for a retreat from the unforgiving winter weather. This rings particularly true for baby boomers who have recently retired or are about to retire.

For more information about homes and condos for sale in Fort Lauderdale, contact John Sabia today at 954-850-2397.

Go to the Fort Lauderdale Real Estate Home Page

**Cette article disponible en français - Le Sud de la Floride vous offre les temps chauds et le marché favorable

La région du sud de la Floride vous offre de chaudes températures et un marché immobilier très avantageux.

Plus de Canadiens  profitent de la faiblesse du dollar américain, ainsi que d’un marché immobilier accessible à tous, pour acquérir un immeuble à Fort Lauderdale et dans les environs comme Sunny Isles et Hallandale.

Pour les acheteurs canadiens, le marché immobilier est aussi ensoleillé que le surnom de l’État (Sunshine State).  Avec une hausse de maisons à vendre de très haute qualité, les acheteurs ont le choix entre des condominiums de luxe tels que Las Olas River House, Las Olas Grand, WaterGarden, Symphony, Las Olas Beach Club ou l’Hermitage et des maisons unifamiliales dans un environnement luxueux comme Wilton Manors, Victoria Park, Coral Ridge, Harbor Beach, Rio Vista et Bay Colony.

Plusieurs des maisons disponibles dans l’arrondissement de Fort Lauderdale offrent une bonne fenestration, des toits cathédrales, de grands solariums et des patios parfaits pour relaxer et/ou pour recevoir des invités.  Tout cela représente bien le style de vie sud floridien.

Selon le N.A.T. (National Association of Realtors), les canadiens représentent 11% de tous les acheteurs internationaux ayant acquis une propriété aux États-Unis en 2007.  En Floride, ou l’on retrouve le plus haut taux de propriétaires étrangers aux États-Unis, les canadiens représentaient 9% de tous les acheteurs en 2007.  Ce taux était de 7.1% en 2005.

Acquérir une propriété aux États-Unis peut se faire facilement avec le bon agent immobilier québecois qui parle français.  Il peut vous transmettre les informations exactes sur les taxes, les frais reliés à la vente et les aspects légaux.  Certains agents peuvent même agir en tant que médiateurs pour la mise de fond initiale pourvu que le client présente un bilan financier positif.

Il est possible de financer l’achat par l’entremise d’une institution américaine, mais à cause du risque accru, ils demandent souvent jusqu’à la moitié du coût de la propriété comme mise de fond initiale.  C.C.R. (Canadian Credit Report - Online) offre une liste des bureaux de crédit.

Dans la plupart des cas, il est recommandé d’acheter une propriété américaine en dollars américains parce que la devise canadienne a tendance à perdre de la valeur vis-à-vis du dollar américain.  Selon le Group Investors, environ 47% des canadiens paient leur maison et/ou condo comptant alors que 53% prennent une hypothèque.

Il peut être avisé de demander au vendeur s’il veut inclure dans la vente de l’ameublement.  Ceci évitera au nouveau propriétaire l’achat de nouveaux meubles et accessoires lors du déménagement surtout si l’acheteur a l’intention de louer les lieux après l’achat.  Les canadiens trouvent qu’ils en ont plus pour leur argent en achetant aux États-Unis par rapport à la superficie de la propriété.

Acheter une part du paradis n’a jamais été aussi facile pour les canadiens qui en ont assez des hivers rigoureux.  C’est particulièrement vrai pour les baby boomers qui arriveront à la retraite bientôt et pour ceux qui y sont déjà.

Pour plus d’informations sur les condos à vendre  en floride et/ou maisons à vendre, vous pouvez me contacter, Johanne Gosselin-Sabia au 954-261-6344.  De plus, vous pouvez visiter le meilleur Website pour l’immobilier en Floride.

This article available in English - Canadians Taking Advantage of South Florida Real Estate Market and Weak US Dollar

Snowbirds and current residents alike can save big by buying a new home in Fort Lauderdale or any one of South Florida’s most affordable neighborhoods.

From South Beach to Palm Beach, millions of tourists flock to South Florida in droves every year to soak up gorgeous weather, take in breath-taking scenery and experience endless outdoor activities.

Clearly, South Florida cities, such as Fort Lauderdale, Miami Beach and Boca Raton, have a lot to offer those that visit — and those that already live here. Tourists and snowbirds looking for a place to settle down or reside for an extended vacation should consider owning residential real estate in Fort Lauderdale. In the current unnerving economy, it’s smarter than leasing a property or overspending at an expensive hotel.

While the Fort Lauderdale area, for instance, boasts a large concentration of wealthy neighborhoods such as Las Olas, Bay Colony, Coral Ridge, Harbor Beach, Rio Vista Lauderdale by the Sea, Sea Ranch Lakes and Fort Lauderdale Beach lined with luxurious homes and exclusive properties, a good chunk of this extraordinary city offers plenty of affordable homes in premiere neighborhoods.

If you’re considering purchasing a home or buying a condo in Fort Lauderdale, every cent counts in today’s market, so it’s critical to invest in a property that will create long-term wealth. Buying a new home makes good financial sense. For consumers who want to save money, new construction homes save them the headache of dealing with maintenance woes that come with buying older properties. Because mortgage interest and real estate taxes are tax deductible, consumers have another big opportunity to save.

A knowledgeable Realtor can show you a variety of homes for sale in Fort Lauderdale and surrounding areas that feature the latest and greatest in energy-efficient heating and air conditioning systems. Buying new construction in Fort Lauderdale also allows you to chose the exact home you want — from the layout design, crown molding in the living room to the appliances and kitchen counter tops. With pre-owned homes, it can be difficult to adjust to the past owner’s taste.

A Fort Lauderdale Realtor can not only show you a wide variety of homes but they can also show you an array of Fort Lauderdale condos in the heart of the city as well as Fort Lauderdale beach condos. Fort Lauderdale’s most modern facilities offer just the right mix of design and practicality — all just blocks from the city’s entertainment and recreational hub. For those with a desire for waterfront views, Fort Lauderdale has plenty of waterfront properties on canals and other waterways.

Once you’ve settle into your new home, you have time to sit back and enjoy all the exciting events and activities Fort Lauderdale has to offer, including air and boat shows, arts and crafts fairs, fashion shows, boat parades, street parties, concerts, food festivals and so many more outdoor activities.

For more information about buying or selling real estate in Fort Lauderdale, contact John Sabia at 954-850-2397 or visit the Fort Lauderdale Real Estate website.

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.

Go to the Fort Lauderdale Real Estate home page

Recent Sale at the Pilot House Condo in Fort Lauderdale, Florida

Clients from Canada just recently bought this 2 bedroom 2 bath condo at Pilot House Condo in Fort Lauderdale, Florida, a condomininium situated directly on the Intracostal Waterway.

The Purchase Price was $270,000 which respresents 83% of the listed asking price of $325,900.

Pilot House was built in 1978 and stretches the entire northeast to southeast point lots boasting incredible Intracoastal views with comfortable living. Residents at Pilot House have a choice of floor plans from townhomes and condos and when available, deepwater dockage for their boat.

If you are looking to buy, rent or sell a Fort Lauderdale Condo or home, or another one of the many Condos for sale in Fort Lauderdale, please contact John Sabia today.

Return to the #1 Fort Lauderdale Real Estate Website

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.

Find Affordable Fort Lauderdale-Area Foreclosures

Fort Lauderdale Foreclosures are at an all-time high as well as in other areas in South Florida and nationwide, and they offer the perfect solution for buyers who are interested in purchasing a new home at a cost below market prices. Along with a wide variety of properties, there are several types of foreclosures, including pre-foreclosures also known as “short sales“, bank foreclosures and HUD foreclosures.

When a homeowner is unable to make the payment of the requisite amount in the agreed time period, the property is reposed by the lender and resold in an auction in an effort to recover the amount that was lent.

While many banks and government agencies publish lists of their foreclosed properties, real estate agents can help save buyers money, time and stress when finding and securing a foreclosed home. Realtors can obtain information on foreclosed homes from title companies, lenders and a variety of resources at their disposal.

Realtors can also explain the government auction process and aid potential buyers in the purchase of a government foreclosure home. Quality real estate professionals work closely with banks to sell their foreclosures and put them back in the hands of homeowners. Buyers should chose a Realtor who is very knowledgeable about the neighborhoods they are interested in.

Those interested in purchasing a foreclosed home may also want to check out listings posted online, but beware that many of these Web sites, such as Foreclosure.com, require a small fee. Other Web sites allow buyers to view listings for a short trial period for free. Popular online resources include Hud.org and Realtor.com, and Web sites such as Trulia.com allow buyers to ask questions about foreclosures specific to their city, state or region.

Although challenging, buying a foreclosed property can certainly yield major benefits to homebuyers in search of a bargain. Like many aspects of the real estate world, patience is key. Find a good agent and request a full inspection of the foreclosed home before making a purchase.

While foreclosures can offer great bargains, don’t limit your search for the perfect home. In today’s market, inventory for Fort Lauderdale Homes and Fort Lauderdale Condos is presently at a 20+ month supply without any new homes coming on the market.  Privately held homes are selling below market value and the process is typically shorter than going through the bank.

When buyers go through a bank as oppose to an individual, it can sometimes take a month or two or longer to receive a response to an offer. Short sales are considerably longer.  A good agent should be able to show you a balanced mix of deals on foreclosed and privately held homes.

For more information about buying or selling a foreclosed property in Fort Lauderdale, contact John Sabia today at 954-850-2397 or visit the #1 Fort Lauderdale Real Estate web site.

Home and Condo Sales figures for July 2008 - Fort Lauderdale

Listing and Sales Activity in the Fort Lauderdale Real Estate market for July 2008 reports some positive news from last month, but we are headed in the right direction.

Closed Sales for single family homes in Fort Lauderdale were down just 2% while the median price was up 2% from June 2008, however an 18% decrease from July 2007.

Closed Sales for Fort Lauderdale Condos were down 14% over June, while the median sales price was also up 4% from last month. Median price from same time last year is down 16%.

Average Sales price for both property categories were down 4% and 6% respectively over last month and down 19% and 6% from same time last year.

Positive territory for New Listing Inventory reports a decrease of 11% of new properties on the market from last month and down 13% from last year.

Positive news for Total Available Inventory as well with a small decrease of 1% of properties for sale over last month and down 4% from last year.

As you can see, there is plenty room for improvement, however, the sky is not falling as you would be lead to believe by most media reporting. It is crucial to remember that real estate is local, not nationwide or statewide and varies significantly between neighborhood to neighborhood and condominium to condominium.

I learned a long time ago from real estate sales coach Mike Ferry, the secret to selling a home in any real estate market and it remains true to this day is that there are only really 2 questions to ask if you are considering selling your home:

• Do you absolutely have to sell your home? not want to, not testing the market - Do you absolutely have to sell?
• Will you price it to sell? not I need, not I want. etc.,
  Will you price it to sell based on market value, market trends and perhaps even below market value taking into consideration, short sales, foreclosures, active listings, pending sales and most importantly closed sales in past 30, 60 and 90 days, not 1 year ago or even 6 months ago.

  If your answer is not yes to both questions, you probably should not be selling your home at this time.

  If you answer yes to both questions, than your next step is to select an agent who understand this.

  All other suggestions and advice for selling a home are only complimented if Price and Motivation are the top 2 key factors in selling a home.

For more information about buying or selling residential real estate in Fort Lauderdale, contact John Sabia today at 954-850-2397 and visit the #1 Fort Lauderdale Real Estate web-site.

source: Realtor® Association of Greater Fort Lauderdale

South Florida May Soon Follow As Equilibrium Nears

The notion of selling a South Florida home in today’s market is daunting for some, if not disappointing for many. A second-quarter report for the Orlando, FL-based Florida Association of Realtors (FAR), however, shows progress being made in several cities throughout the Sunshine State, leaving many wondering when South Florida will follow suit.

In Jacksonville, the median prices of existing homes sold between April and June rose from $185,300 to $191,700, a 3.5 percent increase as compared to the first three months of the year, according to the report.

FAR president Chuck Bonillo calls the new findings positive, noting he expects Jacksonville to lead the Florida market out of its slump. “Realtors are reporting heightened interest from buyers, more business activity and an increase in pending sales,” he states. “Prices also appear to be reaching equilibrium in many areas ─ another encouraging sign that could boost the market’s momentum.”

South Florida, a vibrant mecca for first-time home buyers, foreclosure bargain hunters and real estate investors, reported existing home sales in Fort Lauderdale and West Palm Beach were down 8 and 3 percent, respectively, during the second quarter as compared to last year’s second-quarter figures.

But, even with still-sluggish prices, some experts, such as those with Moody’s Economy.com, predict prices reaching equilibrium this time next year. This could be a result of fewer adjustable-rate mortgages resetting along with a steadily improving job market. A drop in foreclosures could really help jumpstart a recovery, too.

The FAR report presents a positive outlook for the state in terms of existing home sales in the next several months as we see broader gains in the fourth quarter as first-time buyers take advantage of a tax credit made available through recently approved housing stimulus legislation. Some industry insiders predict a change in the market cycle as early as spring 2009.

Moreover, people who are able to buy right now are sitting pretty as interest rates continue to drop and the selection of homes available grows. Today’s buyers have their pick of brand-new homes, not-quite-built homes and older homes in various states of foreclosure.

Home sellers are realizing they can’t get top dollar for their 25-year-old home and they’re lowering their asking price. Cases like these can result in some great bargains on homes in high-end neighborhoods that are priced cheaper than some would expect.

Even if a buyer ends up paying a little too much, it’s worth it if he or she plans to live in the home for the next 15 to 20 years. Buyers should be more cautious about overpaying for a home if they don’t intend on staying in it for very long.

Often times, the media has a tendency to take on a the-sky-is-falling mentality to real estate, painting a picture of a grim market spiraling out of control. The fact of the matter is that it’s unlikely the South Florida real estate market will stay in an ongoing state of doom as long as the long-term outlook for the state and national economies stays positive.

Fort Lauderdale Real Estate Home Page

Clients of mine just bought this Riverside floor plan WaterGarden Condo in downtown Fort Lauderdale on the 30th floor. This unit boasts spectacular views of downtown Ft Lauderdale, the Nu River, Intracoastal Waterway and the Atlantic Ocean. This condo features 2 bedrooms, 2 baths + Den, approx 1600 square ft of living area, a large open balcony with forever views. WaterGarden Condo offers residents luxurious amenities and is located just 2 blocks from shopping and dining on Las Olas Blvd. Sales Price was $700,000 and closing date was May 28, 2008.

If you are looking to buy, rent or sell a condo at WaterGarden, please contact me today.