Fort Lauderdale Real Estate News

Clients of mine just bought this 3 bedroom at L’Hermitage Condo at Fort Lauderdale beach.  This luxurious condo in building 1 was originally listed at just under $1.2 Million and closed on November 12th for $800,000.

L’Hermitage is a luxury beach front resort condominium that consists of 2 towers situated on 10 acres at the south end of Galt Ocean mile.  L’Hermitage offers residents luxurious amenities including 2 pools over looking the beach, a restaurant, Fitness Room. 24-hour gated security and just steps to the Atlantic Ocean.

Condos for sale at L’Hermitage range from $700,000 to over 4 Million.  For more information on L’Hermitage Condos for sale, or other Fort Lauderdale Condos for sale, contact John Sabia at 954-850-2397.

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Need 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.

Statistics 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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A Realtor friend of mine in Sarasota has recently faced an aggressive legal battle launched at him by the Sarasota Association of Realtors®, (SAR) of which he is an active member, because of the use of “mls” in his website address.

The use of “area mls” in a Realtor’s website address was widely recommended in a 2002 article written by “Mr Internet” in a publication by the National Association of Realtor’s® (NAR).

Marc Rasmussen, a Sarasota Real Estate Agent, purchased his website address “thesarasotamls” back in 2003 based largely on the advice he read in the article and when marketing real estate on the internet was in it’s infancy.

Mark continued to spend numerous hours and thousands of dollars over the next 5 years creating and improving what had become the number 1 Sarasota Real Estate website and was rewarded for his efforts by achieving high rankings in the internet search engines.

A recent change in Article 12 of the National Association of Realtors® Code of Ethics, now allows local Realtor® Associations at their sole discretion to determine if their members are permitted to use the term “mls” regardless of how long they have used it and especially with disregard to the recommendation featured in the Mr Internet article.

It should be pointed out that “mls” is not a trademark of any Realtor® Association, instead the trademark for Major League Soccer (MLS). The public has also come to know mls as a common everyday term for real estate property listings.

However, it was prior to this change in the ethics code that the Sarasota Association of Realtors® decided to take legal action against Marc, apparently in an effort to shut his website down. A website that was highly respected for doing what a real estate website should do, provide consumers with real estate information and real estate property listings.

Morgan Carey, the web designer for Marc explains in detail in his blog post Help us Fight the Sarasota Association of Realtors® , the legal action which began with an ethics complaint against Marc filed by SAR (Sarasota Association of Realtors®) for which Marc was cleared of any wrong doing.

This is where I and many others believe SAR® went too far crossing the line. The Association, rather then accept this ruling, continued action against Marc outside the scope of an ethics complaint, in a legal maneuver, brought their argument to the Internet Corporation for Unassigned Names and Numbers (ICANN) - which as you will read below, has nothing to do with ethics.

ICANN mission statement

In a split decision, ICANN ruled in favor of the Sarasota Association of Realtors®.

Marc has filed a lawsuit in Federal court against the Sarasota Association of Realtors® to allow him to maintain control over the old website address (domain name thesarasotamls.com). Marc has already redirected the old address to his new website address.

By allowing Marc to maintain control over the old domain and through the redirect to his new website will preserve the past 5 years of hard work and maintain the authority Marc’s old site had gained and avoid Marc having to start all over again.

There has been an enormous outpouring of support for Marc from fellow Realtors® across the country and a barrage of protests against the Sarasota Association of Realtors® has now put this issue into the lime light. They have an opportunity to do the right thing, bring this to a close and allow Marc to remain in control of the old domain.

If they continue to force Marc to surrender the website address to SAR®, than in my opinion, as shared by many others, this was never about ethics, nor an action to protect the consumer. Rather a contemptuous action far more rooted in taking down a Realtor’s® website possibly because of jealousy or envy.

Read the linked articles, and you decide.

• Inman News - MLS Name Dispute Lands in Court
• Paul Francis - Sarasota Association of Realtors - Who Does it Really Hurt?
• Eric Blackwell - SAR: The Real Cybersquat
• Cal Carter - The SAR Pokie
• Ryan Ward - Sarasota Association Slaps one of Their Own
• Charles Richey - Don’t Cross the SAR
• Judy Orr - Sarsota MLS attacks Its Own Member
  
• Joe Lane - TheSarasotaMLS is gone - Maybe Your Next
• Knox - TheSarasotaMLS
  
• Herald Tribune, Sarasota - Man Fights Realtors Over A Web Address
• Wanna Network - Unite Against The Sarasota MLS Board
• Cal Carter - Sarasota Association of Realtors® Throught It’s MLS Takes Down It’s Own Member ……. featuring a listing of all related blog posts

To list your article here, email me or post in comments.

To voice your support for Marc, contact the Sarasota Association of Realtors®

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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.

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**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.

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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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.

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