Nu River Landing - Recent Sale

It took about 4 months, but we successfully closed on Unit 1513 at Nu River Landing.

A 2 bedroom 2 bath, south facing condo recently closed as a Fort Lauderdale Short Sale at $205,000.  The unit originally sold in 2006 at $370,000 representing a 55% reduction.

Nu River Landing Condominium is located on the Nu River in downtown Fort Lauderdale, stands 25 stories and offers resort amenities including roof-top pool and club room, 2-story fitness area with raquetball and half basketball courts, business center, security and onsite managment.

For more information about buying or selling at Nu River Landing or other properties downtown, contact me today at 954-850-2397.

Search the Fort Lauderdale MLS for available properties for sale including Foreclosures in Fort Lauderdale and Short Sales or search Fort Lauderdale Condos by building.

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In the heart of downtown Fort Lauderdale, this high floor corner unit at Nu River Landing is being offered for sale via a short sale (pre-foreclosure) at $299,000.

This condo features 2 bedrooms, 2 baths with just under 1,300 square feet of living area and offers an ocean view.

Nu River Landing Condo situated riverfront in Downtown Fort Lauderdale, was built in 2006 and offers residents luxurious amenities including a roof-top pool and Club Room with panoramic views of the Atlantic Ocean, Nu River, Intracoastal, Downtown Fort Lauderdale and views as far south as Miami.

Residents also enjoy a 2-story Fitness Area, Business Center, Meditation Garden, valet, 24-Hour Security and onsite Management.

For more information on this Fort Lauderdale condo or other condos for sale in Fort Lauderdale, including short sales and foreclosures, contact John Sabia at 954-850-2397.

Visit the #1 Fort Lauderdale Real Estate website where you can search for homes and condos for sale with photos, virtual tours and detailed property brochures.

*Note: Short Sales are subject to lender(s) approval.

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.

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Depending on who you ask, real estate in Fort Lauderdale particularly the market for condominiums is not great right now, but the fact of the matter is that the condo market in Ft. Lauderdale is brimming with opportunities. When you take a drive around the area you will notice that there are luxury condos that are priced well below the market.In fact, if you would love a new condominium that is beautiful, spacious, close to restaurants and shopping, and also offers views of the water, you may want to consider the Downtown Las Olas area. This area offers beautiful opportunities such as Las Olas River House, Las Olas Grand, and 350 Las Olas. All of these condo communities will offer you something just a bit different but you can be sure that you’ll get quality all the way!

Other great options that also overlook the New River in the downtown area include Symphony, WaterGarden and Nu River Landing. Nearby across from the downtown financial center and a few short blocks to Las Olas Blvd is The Waverly at Las Olas. The newest addition boasting a contemporary flair is Strada 315.

All of these properties stand out because they offer great amenities, luxurious floor plans, great locations, and beautiful grounds. They say that the most important consideration when buying real estate is “location, location, location” and you simply cannot find a better location in the Ft. Lauderdale area. All of these locations offer high rise views of the water as well as the safety and security of living in a condominium community. Opportunities for Rentals are also available.

Life in Ft. Lauderdale couldn’t get any better than if you lived at the Las Olas River House, Las Olas Grand, or one of the other properties previously listed. If you’re in the market for a new condo it will be well worth your time and energy to look at all of these properties to see just how valuable an investment this could be now as well as in the future.

The BankUnited Blacklist: What it Means for Buyers, Builders, and Lenders

Much of the talk around the real estate water coolers the last few days has been about the BankUnited Blacklist. Most lenders have short lists of areas or properties that they will not lend to based on the merit of construction loans, the market, and other factors. But, the reason that the BankUnited lists stands out to most in the real estate world is because of its length. The exact number of properties on the list? 191. Two condos on the list are right here in Fort Lauderdale.

Buyers that are considering buying units in Nu River Landing, Q-Club Condo Hotel, or 189 other buildings mostly in Miami, shouldn’t turn to BankUnited for financial help as these are properties that have been black listed. The list was from an internal memo and its length surprised even the most seasoned real estate professionals.

Experts claim that the biggest factor in creating such a list would be declining market value as well as high investor concentration. The lender also had to look at things such as foreclosure rates, delinquent homeowner association dues, and structural based litigation. These are considerations that lenders have to make every time they lend, and with the market like it is right now BankUnited felt that this was the appropriate way to respond.

A spokesperson said of the list and the current market value of condos, “We look at it more from our level of risk, and we are extremely conservative in our lending guidelines. We scaled back on condo lending a few years ago. We don’t have a lot of exposure in the condo market.”

The fact is that many lenders are hesitant to lend to condo projects and that is because there is some question about the real value of a condo with sales so slow and many buyers backing out of contracts. And when a lender cannot determine the value of a property it is hard to set a loan to value ratio, therefore difficult to lend to anyone including those with good credit, with confidence. While BankUnited is the only lender that is known to have a list this long, it’s a safe bet that some other lenders are considering whether or not they should be lending to condo projects, and if they do, they’ll likely be doing away with presales altogether. Of course, doing away with presales may affect construction loans, so we may very well see a slowing trend not only in the buying of condos but also in the building of them.

Blacklisted Condos