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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Avenue Lofts | Closed Sale

Filed under: Fort Lauderdale Condos,Fort Lauderdale Real Estate News,Just Sold,Real Estate News,short sales — Tags: , , , , , , , — john sabia @ 5:08 pm
Living area at Avenue Lofts in downtown Fort Lauderdale

Avenue Lofts condo

Clients of mine patiently waiting for this Short Sale to be approved finally closed on this fabulous 2,200+ square foot loft condo at Avenue Lofts in Fort Lauderdale.

Originally purchased in 2006 at $495,900 from the developer, this property closed recently at $274,000 (Discounted 55%).

Avenue Lofts is located near downtown Fort Lauderdale and offers a manufactured version of loft apartments famous and sought after in other cities across the country with high ceilings, exposed duct work, open floor plan and concrete block walls.

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

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January 19, 2012

Sky Harbour East Condo – Closed Sale

Filed under: Fort Lauderdale Condos,Fort Lauderdale Real Estate News,Just Sold — Tags: , , , , , — john sabia @ 7:03 pm

Clients of mine took advantage of a remarkable opportunity and purchased this 2 bedroom/2 bath oceanfront condo at Sky Harbour East condominium.

Ocean view from Sky Harbour East Condo

Sky Harbor is situated directly on the bank of Port Everglades with expansive ocean and city views and a daily parade of boats, yachts and cruise ships entering and leaving the Fort Lauderdale harbor.

Listed at $399,000 with Lago Mar Realty, this condo closed at the end of December for $375,000.

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

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Avenue Lofts Closed Sale (johnsabia.com)
Q Club Condo-Hotel Closed Sale (johnsabia.com)

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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Fort Lauderdale Home Sales | Market Update Year to date

Filed under: Florida real estate,Fort Lauderdale Real Estate News,Market Report,foreclosure properties,short sales — Tags: , , , , , , , , , , , — john sabia @ 2:45 pm

Homes For Sale in Fort Lauderdale

Inventory for available Fort Lauderdale Homes for sale has decreased by 27.3% year-to-date.  Closed single family home sales are up 9.3% and pending sales are up 29.4% for same period.

Non waterfront Homes for sale, pending and closed

For Sale / Sold / Pending

Average Price per square foot has ranged from $147 to $188; up 10.6% year-to-date.

Average price per square foot - non waterfront homes

Average Price per Sq Foot

Average Days on the Market has decreased by 2.2% to just under 3 months.  Sales Price versus Listed Price is up 1.1% at 92%.

Average Days on market

Days on Mkt - Sold/ List Price %

The Average List Price for a non-waterfront home ranged from $465,000  – $520,000; up 11.8% year-to-date.  The Average Closed Price ranged from $252,000 – $350,000 year-to-date; up 23%.  The Median Sales Price ranged from $170,000 – $279,000; up 52.9% year-to-date.

Average Price For Sale / Sold

Average Price For Sale / Sold

Median Sales Price

Median Sales Price

Total Months of Inventory is down 33.5% with a 6.2 months supply of available homes for sale.  A normal balanced market is 6-8 months supply of homes for sale.

Months of available Inventory

Months of Inventory

Inventory for Home foreclosures in Fort Lauderdale were less than 5% and decreased 51.7% year to date.  Fort Lauderdale Short Sales were approximately 20% of inventory and have decreased by 34.3%.

Home Foreclosures

Home Foreclosures

Home Short Sales

Short Sales

Comparing August 2011 vs August 20110

  • Inventory is down 30%
  • Closed Sales are up 25%
  • Median Sales Price is up 40.7%
  • Months of Inventory down -44%

In summary the trend for Fort Lauderdale homes is very good.  Sales continue to be strong while distressed properties are not significant.  The Median Sales Price has increased sharply and months of available inventory are within the normal range.

Sellers need to be mindful of pricing a home competitively and buyers who are on the fence may want to consider whether it is time to jump into the market.

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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October 13, 2011

Fort Lauderdale Waterfront Market Report – Year to Date

Filed under: Market Report,Real Estate News — Tags: , , , , , , , , , , , , — john sabia @ 6:30 pm

Waterfront Homes in Fort Lauderdale

Inventory for Fort Lauderdale waterfront homes for sale is down 23.7% year-to-date.  Closed Sales are up 60% and Pending home sales are down 36.7%.

For Sale/ Sold/ Pending Sales

For Sale / Sold / Pending Sales Year-To-Date

Average Price per square foot with the exception of July has remained constant in the low to high $300′s, down 3.6% year-to-date.

Average price per square foot for waterfront homes

Waterfront Homes Average price per square feet

Average Days on the Market has reduced by 48.4% to just over 4 months.  Sales Price versus Listed Price has remained in the high 80%range up 4.7%.  (does not take into account price reductions).

Average Days on the market

Average Days on the Market

The Average Listed Price for a waterfront home was just under 3 Million, up 8.4% year-to-date.  The Average Sold Price was under $1.3 Million, down 38.9% year-to-date.  The Median Sales Price ranged from $748,000 to 1,035,000, down 25.3% year-to-date.

Average Price For Sale vs Sold

Average Sales Price vs Closed Sales Price

Median Sales Price

Median Sales Price

Months of Inventory based on Closed Sales are down 52.3% with an 11.4 months supply of waterfront homes for sale in August.

Months of Inventory

Months of Inventory

Waterfront home Foreclosures were less than 1% of inventory and Waterfront Short Sales were approximately 5- 10% of inventory.  Not a significant factor.

Foreclosure waterfront homes in Fort Lauderdale

Foreclosure Waterfront Homes

Short Sales

Short Sale Waterfront Home

Comparing August 2011 vs August 2010:

  • Inventory is down 23.5%
  • Closed sales are up 14.3%.
  • Median Price is up 25.2%.
  • Months of Inventory is down 33.1%.

In summary, the waterfront home market appears to be trending favorably. Sales and Pending Sales are strong, while inventory has shrunk significantly. Months of inventory is above the ideal 6-8 months, however, it is going in the right direction.

Sellers need to keep in mind, pricing a home correctly and monitoring the activity is key to a successful outcome.  Buyers while enjoying lower priced homes may find competition for the best priced homes.

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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August 31, 2011

Canadians Continue to Invest In South Florida Real Estate Market

Filed under: Fort Lauderdale Real Estate News — Tags: , , , , , , , , , — john sabia @ 4:29 pm

While the Average price of a Canadian home has doubled over the past 15 years, prices in South Florida – and much of the United States – have dropped as much as 50% since the 2004-2006 peak years.

In Canada, the average price of a home sold for just over $339,000 in 2010, up from $151,000 in 1995 according to an article earlier this year in the Montreal Gazette.  Price appreciation has resulted in significant increases in equity in Canadian homes.  This has made South Florida’s fire sale a great temptation for Canadian home buyers.

Canadians, by far, make up the largest percentage of international buyers and investors in the Sunshine State,” reports Patricia Fitzerald, president of trade group Florida Realtors.  Fitzerald accompanied Florida Governor, Rick Scott to Canada in June in an attempt to convince Canadian investors to come to Florida.  Thirty-six percent of all international real estate sales in Florida go to Canadians.

Fitzerald described the trip as a “trade mission,” stating that it offered “a prime opportunity to demonstrate the benefits of doing business – and living – in Florida.”  Scott added that many Canadian companies see Florida as having a “favorable business climate” and emphasized his own administrations “commitment to cut taxes” as one of the reasons many international buyers invest here.”

The primary reason for Canadians to purchase properties in Florida is the buying power.  The decline in the local real estate market combined with the buying power of the Canadian Dollar offers Canadians an opportunity not seen in past years.  Plus, the proximity and the warm climate make it an ideal winter vacation place.

With the rise in their home equity, many Canadians have chosen to refinance their existing home to access capital and then purchase their Florida property with cash, avoiding the need for financing.

For more information about buying or selling real estate in Fort Lauderdale, contact John Sabia to day at 954.850.2397.

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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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