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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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

Home and Condo Sales figures for July 2008 - Fort Lauderdale

Listing and Sales Activity in the Fort Lauderdale Real Estate market for July 2008 reports some positive news from last month, but we are headed in the right direction.

Closed Sales for single family homes in Fort Lauderdale were down just 2% while the median price was up 2% from June 2008, however an 18% decrease from July 2007.

Closed Sales for Fort Lauderdale Condos were down 14% over June, while the median sales price was also up 4% from last month. Median price from same time last year is down 16%.

Average Sales price for both property categories were down 4% and 6% respectively over last month and down 19% and 6% from same time last year.

Positive territory for New Listing Inventory reports a decrease of 11% of new properties on the market from last month and down 13% from last year.

Positive news for Total Available Inventory as well with a small decrease of 1% of properties for sale over last month and down 4% from last year.

As you can see, there is plenty room for improvement, however, the sky is not falling as you would be lead to believe by most media reporting. It is crucial to remember that real estate is local, not nationwide or statewide and varies significantly between neighborhood to neighborhood and condominium to condominium.

I learned a long time ago from real estate sales coach Mike Ferry, the secret to selling a home in any real estate market and it remains true to this day is that there are only really 2 questions to ask if you are considering selling your home:

• Do you absolutely have to sell your home? not want to, not testing the market - Do you absolutely have to sell?
• Will you price it to sell? not I need, not I want. etc.,
  Will you price it to sell based on market value, market trends and perhaps even below market value taking into consideration, short sales, foreclosures, active listings, pending sales and most importantly closed sales in past 30, 60 and 90 days, not 1 year ago or even 6 months ago.

  If your answer is not yes to both questions, you probably should not be selling your home at this time.

  If you answer yes to both questions, than your next step is to select an agent who understand this.

  All other suggestions and advice for selling a home are only complimented if Price and Motivation are the top 2 key factors in selling a home.

For more information about buying or selling residential real estate in Fort Lauderdale, contact John Sabia today at 954-850-2397 and visit the #1 Fort Lauderdale Real Estate web-site.

source: Realtor® Association of Greater Fort Lauderdale

A Question of Outside Condo Property Taken to Court

The hurricanes of 2004 and 2005 were difficult on the state of Florida, but since then there has been an issue between Florida condo boards, unit owners, insurance companies, and the state that has made the hurricanes even more difficult to deal with. What’s the deal? The outside property belonging to any one condo unit in South Florida.

If a hurricane destroys things such as a condo’s hot tub, grill, lounge chairs, and Jacuzzis, who has to pay to repair or replace them? This has been an issue of debate since the hurricanes came to the state and ravaged many of these items. The issue was first raised when two years ago the Department of Business & Professional Regulation decided that condominium associations were liable for the damages if the property outside of a condo unit was damaged and these rulings became effective across the state.

This issue was brought to the forefront when a Florida condo association in Doral was receiving numerous requests from owners to have their items replaced or repaired that were damaged while in a condo common area. Problems ensued because everyone including the unit owners, the condominium association, and the insurance companies were all being given different information.

The association did not want to have to pay more than $1.5 million a year in insurance costs, so they brought the matter to the department and asked them to interpret the state law. The department ruled against the association, which appealed.

On July 2, 2008 the 3rd District Court of Appeal called into question this matter again when they decided that the rulings mentioned above were “utterly unfair.” The court was under the impression that everyone shouldn’t have to pay for the property of one. This court ruling backs a law that was signed on June 30th by Governor Charlie Crist. The problem is that many people say that the law, CS, SB 601, isn’t clear enough and it may not even be enforceable.

A spokesperson for the department stated that it will ask the 3rd District Court of Appeal to hear the case again. This is a sign that the Department of Business & Professional Regulation is not happy with the new law and wants to appeal it. If the law is appealed, this issue could be brought to the Florida Supreme Court to be heard. It is not yet known if the new law signed by the governor will be enforceable or upheld.

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March 2008 numbers for Fort Lauderdale Real Estate are looking better. Could this be a beginning of a rebound into positive territory?Fort Lauderdale Single family home closings saw an increase of 60% over February’s figures with a total of 434 homes sold. Condominium sales were also up with 553 condo sales representing a 41% increase.

Although total number of sales were up, the Average Sales Prices was down in both categories. The Single Family home Average Sales price in March was down 11% at $423,482. The Average Sales Price for a condo was down 9% at $195,260.

Pending Sales figures were up for both Single Family and Condominium categories. There were 499 homes pending (394 previous month) and 560 Condos pending (477 previous month).

Total New Listing Inventory for March was down 7% and total inventory was down by 74 properties.

At the present time, Fort Lauderdale has a 29 month supply of inventory for both single family homes and condos down from 46 (single family) and 42 (condos) months in February.

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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

Fort Lauderdale Condo Developer Files for Bankruptcy Protection

The Strada 315 Condominium developer, Strada 315 LLC, has filed for chapter 11 bankruptcy in Fort Lauderdale, Florida. Official court documents state that the developer was unable to reach an agreement with their lender, Regions Bank. The developer was trying to strike a deal with the lender to extend a $34.8 million loan on the project. This came as a surprise to many because in the past two months the developer was able to sell 48 of the 117 condo units, significantly reducing its debt to Regions Bank by about $16 million.

Though things don’t look good for the developer right now, court papers also say that a good portion of the remaining units are under contract, and while some of them may not close due to economic conditions they do expect many of them to close. The condominiums are located on Northeast Third Avenue in Flagler Village and range from about $228,000 to $606,000. The units are one and two bedroom and are very stylish.

While the developer is obviously struggling right now, this is by no means the end. Strada 315 LLC was forced to file for bankruptcy protection until they can strike a deal with Regions Bank or with another lender that will allow them to continue to pay subcontractors and the like, which they cannot do presently. On a positive note, Strada 315 LLC can take comfort in the fact that the resistance that they are receiving from Regions Bank is not personal, simply an indicator of the times for many lenders.