Fort Lauderdale Real Estate Blog

February 12, 2009

Homes Sales Up in Florida | Prices Remain Down

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.

February 4, 2009

Fort Lauderdale Listing & Sales Activity | December 2008

Fort Lauderdale, FloridaNationwide 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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January 27, 2009

Will South Florida’s Real Estate Market Begin to Rebound in 2009?

Fort Lauderdale Waterfront HomesSouth 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.

January 22, 2009

635 SW 5th Ave – Fort Lauderdale | Foreclosure -Just Sold

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.

635 SW 5th Avenue - Fort Lauderdale, Florida

635 Sw 5th Avenue - Fort Lauderdale

635 SW 5th Avenue - Fort Lauderdale

635 SW 5th Avenue - Fort Lauderdale

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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January 1, 2009

Fort Lauderdale Real Estate Ranks 6 For Most Searched Communities in 2008

View | Ritz Carlton Fort Lauderdale FloridaIn a recent CNNMoney.com article, Zip Realty reports the most searched zip codes and communities in 2008 for real estate searches.   Fort Lauderdale Real Estate ranked #6 in most searched communities.  With all the news about the declining real estate market nationwide, this report reveals that there are buyers still searching for homes and condos and it is interesting to learn where the most popular searches are.

Perhaps as the real estate bottom reveals itself, this may be a quick look into where the first areas to rebound will be?

Search Fort Lauderdale MLS Listings for homes and condos for sale  including short sales and foreclosures.

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December 12, 2008

Ritz Carlton Residences | Fort Lauderdale Florida

I recently visited several Ritz Carlton residences for sale in Fort Lauderdale and expectations were unquestionably met.  From the moment you arrive, you are greeted with unsurpassed service that one expects when visiting the Ritz Carlton.

Attention to detail is a signature mark and the residences more than exceeded my vision of opulent ocean front living while maintaining a valued sense of privacy.

Just some of the outstanding amenities at the Ritz Carlton residences include 24-hour concierge and room service, a 600 seat banquet hall, beach access via a private overpass from pool area, a 17,000 square feet world class Spa and Fitness Center and casual and elegant dining.

In addition, residents enjoy panoramic views of the Atlantic Ocean,  coastline, Intracoastal and Downtown Fort Lauderdale.

Pricing for Fort Lauderdale Ritz Carlton Condos start at just under $2 Million for 2,400 square feet and increase up to 15 Million for a 2-story penthouse with approximately 10,000 square feet of living area and about the same square feet of terraces.

Ritz Carlton | Fort Lauderdale FloridaPool | Ritz Carlton Fort Lauderdale FloridaTerrace view | Ritz Carlton Fort Lauderdale Florida

View | Ritz Carlton Fort Lauderdale FloridaBeach view | Ritz Carlton Fort Lauderdale FloridaView | Ritz Carlton Fort Lauderdale Florida

Living Area | Ritz Carlton Residences Fort Lauderdale FloridaKitchen - Dining | Ritz Carlton Residences Fort Lauderdale FloridaMaster Bedroom | Ritz Carlton Residences Fort Lauderdale Florida

For more information, contact John Sabia at 954-850-2397.

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*Photos are samples taken from several condos at Ritz Carlton Residences and do not reflect the design and decoration of every condo.  Prices subject to change.

Ritz Carlton Sarasota Florida

November 12, 2008

Longboat Key Florida Getaway

Filed under: Fun,Real Estate News — Tags: , , — Marc Rasmussen @ 1:41 am

Longboat Key FloridaNeed a weekend away or a change of scenery? I live on the west coast of Florida in Sarasota but periodically get away to the east coast for little rest and relaxation.  If you need a break from life to recharge your batteries take a look at Longboat Key off the coast of Sarasota, Florida. It is about a three and a half hour drive from Ft. Lauderdale.Longboat Key is an 11 mile long barrier island that is surrounded by the aqua blue waters of the Gulf of Mexico and Sarasota bay. Need some peace and quiet? This is a great place to find it. The beaches are not very busy and there isn’t a large public beach access on Longboat Key. You almost have the whole beach to yourself.

Need a little activity? Take a 5 minute drive to Lido Key and hit St. Armands Circle? There are some fun outdoor restaurants, shopping, ice cream shops, bars and other entertainment. You can also drive over into downtown Sarasota to catch a play, see a movie, do some shopping on Palm Avenue in the art galleries, grab a meal, or just window shop in some of the charming stores on Main Street. Longboat Key and Sarasota really is a spectacular place to visit for a long weekend to get away from the hustle and bustle of everyday life.

If you are coming for the weekend you can stay at the The Longboat Key Club, Colony Beach Resort, or the Hilton on Longboat Key. All three resorts are on the beach and allow guest to be within steps of the sand and water. The Longboat Key Club is a resort that offers world class golf and tennis facilities.

Thinking of a second home? I’ve sold beachfront condos to residents of the east coast of Florida because they wanted a weekend getaway. It is nice to hop in the car and be in a similar but different world within ust over 3 hours. Far enough to escape but not so far that you will never use it. If you are considering a second home or to relocate, please visit my Longboat Key real estate page to view a multitude of properties to fit any budget.

October 23, 2008

Is it time to Buy Real Estate? Expert Says Yes

Fort Lauderdale Real EstateStatistics released by foreclosure listing service Realty Track report by year end, one-third of all properties for sale nationwide will be sold by banks.

Third Quarter 2008 foreclosure filings were up more than 70% from same time last year.   Almost 766,000 homes received foreclosure notices between July and September.

Approximately 60% of all homes in foreclosure are in Florida, Nevada, Arizona, Ohio and Michigan.  California accounts for 1/4 of all US foreclosures.  The Fort Lauderdale Real Estate market has certainly seen its share of foreclosures and short sales .

Florida ranks 2nd for nationwide foreclosures per the Tampa Bay Business Journal and Fort Lauderdale ranks 5th in the top 100 metropolitan cities with the highest foreclosure rate.

Ohio and Michigan foreclosures can be attributed to the high rate of unemployment and the job crisis related to the auto industry.

Florida, Arizona, Nevada and California foreclosures are attributed to the enormous unsustainable housing appreciation sometimes in excess of 50% per year.

In a FOX News interview with Barry Habib, Chairman of the Board of Mortgage Success Source, Mr. Habib advised “anyone heading into foreclosure may stall the process by asking for proof of payment history when served.  Since the loan may have been sold a few times, asking for proof of payment history may give you some extra time.”

The most important thing to remember is to communicate with your lender.  Banks want to work with you and avoid foreclosure if possible.

When asked if now was a good time to buy real estate, Mr. Habib replied that “this is a great opportunity to buy real estate.  The reason why there are few rich people is because it is hard to do what everyone is saying not to do.”  He went on to say while everyone is saying real estate is bad, advising to stay out of it, perhaps it is the right time to get in.

He added, buyers are in the driving seat, able to buy properties 10-15% or more below market value.  Even if prices come down another 5-10%, so what?  There is plenty of inventory for buyers to choose from.  Since the average person holds on to a home for 14 years, when the market recovers, there is the potential for a great profit.

For more information about buying or selling a home in Fort Lauderdale, or Fort Lauderdale Condos for sale, contact John Sabia at 954-850-2397.

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October 5, 2008

Canadians Taking Advantage of South Florida Real Estate Market and Weak US Dollar

Canada FlagSouth 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.

Downtown Fort Lauderdale FloridaOften 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.

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

Le sud de la Floride vous offre les temps chauds et le marché favorable

Drapeau QuebecoisLa 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

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