Fort Lauderdale Real Estate Blog

February 10, 2012

Q Club Condo-Hotel | Closed Sale

Filed under: Fort Lauderdale Condos,Fort Lauderdale Real Estate News,Just Sold,South Florida Real Estate,short sales — Tags: , , , , , , , — john sabia @ 5:48 pm
Q Club Condo hotel suite

Q Club Condo Hotel suite Fort Lauderdale Beach

After nearly 2 years of negotiating a short sale with the lender,  approval was finally granted to close on this hotel suite at the Q Club Condo Hotel on Fort Lauderdale Beach.

Boasting impressive views of the Atlantic Ocean from this high floor southeast corner suite totaling approximately 584 square feet, The Q Club Condo Hotel affiliated with Hilton Hotels, offers residents and guests resort living with 4-star amenities and just steps to the sand.

Fort Lauderdale Beach

Beach across from Q Club Condo Hotel in Fort Lauderdale

Originally purchased from the developer in 2007 at $352,000, this suite recently closed at $185,000 (53% discount).

For more information about this property and other Fort Lauderdale Beach Condos for sale, contact me today at 954.850.2397.

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November 17, 2011

Fort Lauderdale Ranks 5th on Realtor.com

Filed under: Florida real estate,Fort Lauderdale Real Estate News,South Florida Real Estate — Tags: , , , , , , , — john sabia @ 6:25 pm

Fort Lauderdale ranks #5 on Realtor.com’s Top Ten Early Turnaround Town Report.

In addition to Fort Lauderdale, six other Florida Markets (Miami, Orlando, Fort Myers – Cape Coral, Sarasota and Lakeland-Winter Haven) dominate the Top Ten list based on Third Quarter 2011 data.

All these markets have experienced significant reduction in inventory, median price appreciation, and the length of time a property sits on market for sale.

In addition, Florida has a lower unemployment rate and the warm climate makes it an ideal location for a vacation-second home.

With the  decline in the US dollar, Florida has seen a steady flow of Foreign buyers taking advantage of both their currency purchase power and the depressed real estate market scooping up properties at much lower prices.

The Fort Lauderdale Real Estate Market inventory has reduced by as much as 38% and real estate prices are trending upward after falling as much as 50% since 2005.

In summary, the real estate market seems to be in a recovery mode.  Buyers who are the fence about buying or are convinced prices will continue to fall, may want to reconsider.  Interest rates are at historic lows and now may be the perfect time to jump in.

Besides, the weather is great!

October 20, 2011

Fort Lauderdale Condos | Year To Date Market Report

Filed under: Florida real estate,Fort Lauderdale Condos,Fort Lauderdale Real Estate News,Fort Lauderdale Townhomes,Market Report,South Florida Real Estate,foreclosure properties — Tags: , , , , , , , , , , — john sabia @ 3:51 pm

Condos in Fort Lauderdale

Inventory for available Fort Lauderdale Condos For Sale including townhouses were down 29.4% year-to-date.  Closed Sales for condos were down 1.3% and pending sales down 29.3%.

Condos For Sale, Sold & Pending

For Sale / Sold / Pending

Average Price per square foot ranged from $178.00 – $208.00; up 2.4% year to date.

Average price per sq ft Condos

Average Price per Sq Ft

Average Days on the market for a condo has shrunk 18% to just under 4 months.  Sales Price versus Listed Price has remained consistent and ranged from 88% – 92%.

Average Days on Market & Sales price vs List Price %

Days on Market & Sales Price vs List Price

The Average List Price for a condominium/ townhouse ranged from $492,000 – $525,000; up 6.7% year to date.  The Average Closed Sales Price ranged from $214,000 – $275,000; up 5.6%.  The Median Sales Price for a condominium ranged from $150,000 – $193,000 and year to date is up 14.7%.

The Condominium Average Price for Sale/ Sold

Average Price For Sale / Sold

Median Sales Price for a condo

Median Sales Price

Months of Inventory based on closed sales were down 28.5% with a 7.7 months supply of condos/ townhomes for sale.

Months of Condo Inventory

Months of Inventory

Fort Lauderdale Condo Foreclosures decreased from under 6% of inventory down to under 3% of inventory; -67%.   Condo Short Sales in Fort Lauderdale made up approximately 10-13% of inventory and have decreased by 46.5% year-to-date.

Condo Foreclosures

Condo Foreclosures

Condo Short Sales

Condo Short Sales

Comparing August 2011 vs August 2010

  • Inventory is down 36.4%
  • Closed Sales are up 12.6%
  • Median Sales Price down 6.6%
  • Months of Inventory down 43.5%

In summary, the condo market continues to improve as inventory has decreased significantly from January.  Closed sales had trended upward in the 2nd quarter, however, they have since slowed down.   Inventory is on the climb again barely under 8 months.

Sellers need to focus on the list price as competition is growing each month.  Buyers continue to have a choice of properties to choose from, however, the sales versus listed price is within 10-20%.

Until next month….

Note: The above commentary is the personal opinion of the author only and should not be construed as “financial advice”.  The market changes from day to day.  Always consult with a professional realtor® before making any decisions about Real Estate.

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June 13, 2011

233 Garden Court – Marina Village Townhomes | Lauderdale By the Sea, Florida

Filed under: Fort Lauderdale Real Estate News,Fort Lauderdale Townhomes,Just Sold,Lauderdale by the Sea,South Florida Real Estate — Tags: , , , , , — john sabia @ 4:15 pm

Lauderdale by the Sea Real Estate

After 8 months waiting for lender approval on a short sale, clients of mine just closed on this outstanding waterfront Marina Village Townhome in Lauderdale By the Sea, Florida.

Built in 2007, Marina Village Townhomes consists of a total of 6 luxury townhomes with only 3 waterfront.

Originally sold for $1.3 million; this corner 3,000 plus square foot tri-level townhome with private elevator, roof top terrace, private balcony off master suite and boat dock just closed at $675,000.

Photos of Marina Village Townhomes in Lauderdale By Sea, Florida

Marina Village Townhomes

Marina Village Townhomes - Lauderdale By Sea

Marina Village townhome interior photo

Kitchen at Marina Village Townhome

Exterior backyard of Marina Village Townhome

View from roof-top terrace at Marina Village Townhome

View From Roof-top terrace

Lauderdale by the Sea is a quaint beach community nestled between the Atlantic Ocean and the Intracoastal Waterway just north of Fort Lauderdale which attracts year round tourists to beach front shops, restaurants, water sports and a pristine beach.

Call me at 954.850.2397 if I can help you buy or sell a home in Lauderdale By the Sea, Florida.

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May 25, 2011

Fort Lauderdale Waterfront Homes | Jan – March 2011 Market Report

Filed under: Florida real estate,Fort Lauderdale Real Estate News,Market Report,South Florida Real Estate,foreclosure properties,short sales — Tags: , , , , , , , , , — john sabia @ 4:13 pm

First Quarter 2011 Market Report for east side Waterfront homes for sale in Fort Lauderdale show inventory levels are about 75 fewer homes for sale, which is not much of a reduction in the amount of homes available for sale over the past year.  The number of closed sales and pending sales have increased month over month for this quarter; however, they remain consistent with same time last year.

graph of waterfront homes Waterfront home Foreclosures in Fort Lauderdale represented .03% of available inventory and .05% of closed sales in the first quarter 2011.

Foreclosure Listing & SalesWaterfront Short Sales in Fort Lauderdale made up approximately 24% of inventory and .08% of sales in the first quarter 2011.

graph of short sale waterfront homesThe Average Price Per Square Foot is trending upward this quarter at roughly $341.00 per foot.  This includes all waterfront homes with fixed bridges and no fixed bridges.  No fixed bridges would have a higher amount.

Average Price per square foot for waterfron homesAverage Price For Sale trended upward slowly over the past year while Average Sales Price had a bumpy ride over the past year trending up for the first quarter 2011.  The Median Sales Price this quarter remained fairly consistent at about $993,000.

Average Price for Sale & Average Price SoldMedian Sales Price for a waterfront homeAverage days on the market is a little over six months.  The percentage a home sold versus the listed price is roughly 84%.

Average Days on Market for a waterfront homeMonths of Inventory is the big shocker here.  In the first quarter of this year, inventory dropped by almost 1 year.  A peak into April inventory reveals the level dropped another month to the lowest level over the past year.  Very encouraging.

If you are interested in selling or buying a waterfront home for sale in Fort Lauderdale, call me at 954.850.2397.   You can view property listings by searching the Fort Lauderdale MLS.

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April 7, 2011

Limited Inventory Makes For A Healthy Condo Market In Fort Lauderdale

Filed under: Fort Lauderdale Condos,Fort Lauderdale Real Estate News,South Florida Real Estate — Tags: , , , , , — john sabia @ 5:04 pm

As temperatures begin to rise and beaches continue to swell with tourists and locals alike, the Fort Lauderdale condo market along the beach and downtown has cooked up quite a buying frenzy in the past six months.

At the end of 2010, only 160 new units remained unsold out of the 5,100 units created in downtown Fort Lauderdale and the beach since 2003, according to a recent article published in The Miami Herald. This number excludes the 298-unit condo-hotel project previously known as Trump International Hotel & Tower. Sales for these new units have not yet begun. In February, a bulk buyer purchased 68 units in the Village East condominium complex near the 17th Street Causeway.

Surrounded by Sunrise Boulevard south to State Road 84 (Southeast 24th Street) and the Atlantic Ocean west to Northwest 7th (Southwest 4th avenues), this area has a significantly low number of unsold homes compared to other coastal cities, such as Greater Downtown Miami. Developers in this area have close to 3,600 unsold condo units, according to the article.

In the past six months, buyers purchased 62 units per month for a total of 372 units in the downtown Fort Lauderdale and beach markets. At this rate, some experts believe the downtown Fort Lauderdale and beach condo markets have less than a 10-month supply of available product.  6-8 months is considered to be a normal balanced market.

Peter Zalewski, a principal with Condo Vultures, a Bal Harbour-based real estate consultancy reports anti-development opposition as a major reason behind the under supply. Former Fort Lauderdale Mayor Jim Naugle and commission members opposed multiple new construction projects proposed during the boom. This resulted in many of the condo developments in downtown Fort Lauderdale and the beach being approved, constructed and then sold out before the South Florida real estate crashed in 2007.

Prices for new condos in the downtown Fort Lauderdale and the beach markets have fluctuated significantly since the real estate boom. According to Zalewski, the average price per square foot for a new condo rose from $235 in 2003 to $309 in 2004 to $339 in 2005 to $372 in 2006, just before peaking at $499 in 2007.

In 2008, Fort Lauderdale condo prices per square foot dropped to approximately $356 in 2008 and 2009, and later sunk to $185 in 2010. Some believe prices could fall even more, considering the Village East bulk deal sold at $121 per square foot.

Even with an under supply of new condos, resales are always a possibility. Today, 550 condos are available for resale in downtown Fort Lauderdale and the beach markets, according to the Florida Realtors Association. An extra 162 units are currently under contract waiting to transact.

For more information about buying or selling homes and condos in Fort Lauderdale, contact John Sabia today at 954.850.2397.

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October 23, 2010

Fort Lauderdale Condos | Market Update – 3rd Quarter 2010

Filed under: Florida real estate,Fort Lauderdale Condos,Market Report,Real Estate News,South Florida Real Estate — Tags: , , , , , , , — john sabia @ 8:23 pm

Fort Lauderdale Condos

Fort Lauderdale Real Estate – Third Quarter Market Trends for Fort Lauderdale Beach, Northeast and Southeast condominiums.

In September, inventory for Fort Lauderdale Condos for sale increased by 1% month over month and were down -7.6% from  January this year.  New Listings were up 8% in September; however they were down -24.4% as compared to January.  Closed Sales were down -20.3% from the previous month and were also down -2.5% as compared to January.  Pending Condo Sales were up 8.3% from August and were down -20.4% from January.

For Sale/ Sold/ Pending/ New Listing - Condominiums/Townhomes

    1 Month   9 Months    
  Sep 10 Aug 10 % Change Sep 10 Jan 10 % Change
For Sale 1900 1881 1% 1900 2056 -7.6%
New Listing 338 313 8% 338 447 -24.4%
Sold 118 148 -20.3% 118 121 -2.5%
Pending 195 180 8.3% 195 245 -20.4%

Of these figures, Inventory for Fort Lauderdale Condo Foreclosures was up 7.8% in September from August with a total of 110 properties classified as bank owned (5%).  As compared to January, REO inventory was also up 64.2%.  Closed Sales categorized  as foreclosures remained the same month over month and were up 20% as compared to January.

Condo Short Sales Inventory was down -0.9% in September from August with 321 properties (16%); however, inventory was up 7% as compared to January.  Closed short sales were down -12.5% in September from August and up 21.7% as compared to January.

The Average Price per square foot for a condo in September was $178.00, down -13.7% month over month and down -24.4% as compared to January.


The Average Days on the Market was down -24.3% in September and down -22.9% as compared to January.  Sales Price versus List Price differential ranges from 84% – 91%.


The Average Closed  Sales Price for condominiums in September was $224.00; down -14.8% from previous month and down -19.1% from January.  The Median Sales Price in September was $166.00; down 8.3% from August and down -7.8% as compared to January.


In September, there were 16.1 months of available condo inventory, up 26.7% from previous month and down -5.2% from January.

As we head into the winter season combined with the weak US dollar, I suspect we will see an influx of foreign investors and 2nd home buyers looking to take advantage of attractively priced condominiums on the sand or near the beach that on average are approximately 40-50% less than they were during the boom years.

The graph below illustrates Average Price For Sale and Average Price of Closed Sales from September 2002 to present day.  As you can see, we are basically back to 2003 prices.  I think we may very well be seeing a leveling off.


Fort Lauderdale Waterfront Homes | Market Report – 3rd Quarter 2010

Fort Lauderdale Homes For Sale | Market Report – 3rd Quarter 2010

For more information about Buying  or Selling Fort Lauderdale Condos, contact me today at 954.850.2397.

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October 17, 2010

Fort Lauderdale Homes For Sale | Market Report – 3rd Quarter 2010

Filed under: Florida real estate,Just Listed,Just Sold,Market Report,Real Estate News,South Florida Real Estate,short sales — Tags: , , , , — john sabia @ 12:58 pm

Fort Lauderdale Homes For Sale

Third Quarter Market trends for non-waterfront Fort Lauderdale Homes For Sale in Northeast and Southeast Fort Lauderdale; and Fort Lauderdale Beach communities.

Inventory in September increased by 2.5% from August and was up 4.7% from January of this year.  New Listing inventory increased 7.8% month over month and was up 9.5% as compared to January.  Pending homes (under contract)  increased 1.4% from August to September; however, they were down 6.4% as compared to January.   Closed Sales were up 27.7% month over month and were up 53.8% as compared to January!

For Sale/ Sold/ Pending/ New Listing - Non Waterfront

    1 Month   9 Months    
  Aug 10 Sep 10 % Change Jan 10 Sep 10 % Change
For Sale 520 533 2.5% 509 533 4.7%
New Listing 128 138 7.5% 126 138 9.5%
Sold 47 60 27.7% 39 60 53.8
Pending 72 73 1.4% 78 73 -6.4%

Of these figures, inventory for home foreclosures for sale was down 7.9% in September from  August with a total of 35 properties classified as bank foreclosures. However, inventory is up 59.1% as compared to January.  Closed Sales classified as reo bank owned were up 27.3% in September from August and were up 40% as compared to January.

Inventory for Short Sales was up 16.1% in September from August with a total of 108 properties; and up 10.2% as compared to January.  Closed Sales classified as short sales were down 25% in September from August; and were down 25% as compared to January.

The Average Price per square foot for a non-waterfront home in September was $191.00, up 8.6% from August; and up 21% as compared to January 2010.

In September, the Average Days on the Market for a non-waterfront home was 98 days; up 24.1% from August and was down 14% as compared to January.  Sales Price versus Listing Price differential ranged from 89 – 98%.

The Average Closed Sales Price for a non-waterfront home in September was $351.00; up 38.7% from August and was 36% as compared to Janaury.  Median Sales Price in September was $232.00; up 24.1% from August and up 36.5% as compared to January 2010.

In September, there were 8.9 months of non-waterfront  homes for sale, down 19.7% from August; and down 31.9% as compared to January.  Pundits agree that a normal balanced market with regards to inventory is when there are 6-8 months of inventory.

Fort Lauderdale Waterfront Homes | Market Report – 3rd Quarter 2010

Fort Lauderdale Condos | Market Report – 3rd Quarter 2010

For more information about buying or selling homes for sale in Fort Lauderdale, contact me today at 954.850.2397.

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September 16, 2010

Lauderdale By Sea Real Estate | Market Report – 2nd Quarter 2010

Filed under: Fort Lauderdale Real Estate News,Lauderdale by the Sea,Market Report,Real Estate News,South Florida Real Estate — Tags: , , , — john sabia @ 6:05 pm

In addition to the Market Reports that I blog for Fort Lauderdale Real Estate, I have decided to dig deeper into the numbers and provide detailed market reports and trends for specific neighborhoods.

As real estate is local, there can be vast differences from one neighborhood versus another as well as significant differences from the larger more general area.

Whether you are buying or selling, understanding market trends will benefit you greatly.

I will attempt to provide these on a quarterly basis.  The first of these quarterly reports is Lauderdale By the Sea area.

Lauderdale By the Sea Real Estate Market Trends

Waterfront homes: From January through June, available waterfront homes for sale in Lauderdale by the Sea has been about 30+ homes for sale.    In June and later months, there has been an increase of available homes for sale.  Closed Sales: 3 homes sold from January thru March.  7 homes sold from April thru June.  Pending Sales: A total of 6 homes went under contract from January thru March and another 6 from April thru June.

Average Price Per Square Foot

Average Days on the market had significantly reduced from almost 2 years to under a year for the first six months. In the same time period, homes have sold from 75% to 90% of List price.

While the average List Price of a home has remained constant, the Average Sales Price has steadily increased.

The Median Price of sold homes has increased steadily over the first 6 months of the year.

Months of Inventory for the first 6 months fluctuated with a significant dip in May.

Lauderdale by the Sea waterfront Foreclosures are not a significant issue.

Waterfront Short Sales in Lauderdale by the Sea are not significant.

Non Waterfront Single Family Homes: Homes for sale in Lauderdale by the sea from January thru June have decreased.  Closed Sales: 6 homes sold from January thru March.  8 homes sold from April thru June.  Pending Sales:12 homes went under contract from January thru March and 5 homes went pending from April thru June.

Average Price Per Square Feet.

The Average time on the Market for a home from January thru May was 4-5 months.  I’m not sure what happened in June.  Homes sold for 90% of the asking price.

The Average List Price has remained consistent for the first 6 months, the Average Sales Price has fluctuated up and down.

Median Sales Price has fluctuated.

Months of Inventory decreased during the first 3 months; however, it has continued to increase significantly since May.

Lauderdale By the Sea Foreclosures are not a significant issue.

Lauderdale by the Sea Short Sales are not a significant issue.

For more information about buying or selling a home in Lauderdale by the Sea, contact me at 954.850.2397.  Buyers can begin their home search by viewing Fort Lauderdale MLS listed properties with photos and detailed brochures.

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source: all reports presented are based on data supplied by the Realtor Association of Greater Fort Lauderdale.  Neither the Association, their members nor their MLSs guarantee or are in anyway responsible for its accuracy.  Data maintained by the Association or their MLS may not reflect all real estate activities in the market. Information deemed reliable but not guaranteed.

September 14, 2010

Diplomat Parkway | Hollywood Florida Real Estate

Filed under: Florida real estate,Fort Lauderdale Real Estate News,Just Sold,South Florida Real Estate — Tags: , , , — john sabia @ 3:14 pm

Clients of mine eager to find the perfect vacation home to escape the cold winter months found the perfect retreat in Hollywood Florida.  Searching for a golf course home, they found one with a perfect view; however, the home needed a bit of work.

With approximately 3,600 square feet and situated on almost a half acre, this Hollywood Florida home *for sale boasts panoramic views of the Diplomat Country Club Golf Course and is just minutes away from the Atlantic Ocean.  This home closed with a sales price of $575,000.

Diplomat Parkway

Kitchen photos

 

exterior photos

 

Golf course view

 For more information about buying or selling real estate, contact me today at 954.850.2397.

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*Property listed with Coldwell Banker Residential Real Estate

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