Fort Lauderdale Real Estate Blog

The Fort Lauderdale Real Estate market report - September 2009: shows a minimal decrease in closed sales for single family homes and condos as compared to August and a continued decline in inventory for both categories.  REO Bank foreclosures and Fort Lauderdale Short Sales still contribute to the overall number of closed sales.

Single-Family home closings in September were down just 3% as compared to closings in August and 40% from September 2008.  Of the total closings, twenty-nine percent were classified as REO Bank Foreclosures in Fort Lauderdale.

Single-Family Average Sales Price in September slightly increased by 1% over last month and down 22% from same period last year.

Single-Family Median Sales Price in September decreased by 8% over last month and down 23% from September 2008.

Pending Single-Family homes declined 10% over last month; however jumped 39% from same period last year.  Available Single-Family homes inventory decreased in September by 3% as compared to August and down 45% from last year.

The supply of available homes for sale remained the same as compared to August, however down 61% from September 2008.  REO Foreclosures made up 34% of single-family inventory in September.

Closed Sales for Fort Lauderdale Condos and townhomes in September were down just 3% as compared to August and rose 69% from September 2008.  Thirty-one percent of closings were Fort Lauderdale Condo bank foreclosures.

The Condominium Average Sales Price in September was down 4% as compared to last month and down 28% from September 2008.

The Condominium Median Sales Price in September was also down 4% from August and down 37% from same time last year.

Pending closings for Condos/townhomes in September down 7% from previous month and up 116% from September 2008!

Available inventory for condos & townhomes in September was down 5% from last month and down 34% from last year.  Inventory supply for condos and townhouses indicate there are 12 months of supply unchanged from last month however, drastically reduced from 30 months at this time last year.  Of this inventory, 30% is classified as REO Bank condo foreclosures.

The Fort Lauderdale Real Estate market continues to show signs of stabilizing and slowly recovering.  There are rumors of another waive of foreclosures and some pundits have expressed the possibility of another 30% drop in prices for South Florida which I do not think is likely to occur.

First time home-buyers may have good news.  It appears there is a good possibility the first time homebuyer tax credit may be extended into 2010.

For more information about buying or selling real estate in Fort Lauderdale, Florida contact me today at 954-850-2397.

Home Buyers can begin their home search online by searching Fort Lauderdale MLS available property listings for sale including short sales and foreclosures.

Fort Lauderdale Real Estate Market Report - August 2009Return to 

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Like John, I get contacted daily by prospects looking to buy real estate in Florida.  John works the Fort Lauderdale real estate market, while I work the Sarasota real estate market, but I am sure the same misconceptions exist in both areas.  There are many misconceptions about Florida real estate but two stand out - nothing is selling in Florida and you can steal property here.

1)    Nothing is selling in Florida

This is far from the truth.  Like Sarasota, other areas of Florida are selling well.  As prices have declined from the highs of 2005, buyers are leaving the sidelines and jumping in the pool.  While still higher than normal, inventory levels have been dropping and properties have been selling. According to the Sarasota MLS, so far this year there have been 4,903 sales and there are another 2,204 properties under contract. This same time last year there were just over 4,200 properties closed.

(Added by John Sabia)
Fort Lauderdale real estate market has also improved significantly.

So far this year, according to the Fort Lauderdale MLS, there have been a total of 2,336 sales for both single family and condominium/townhomes in the greater Fort Lauderdale area;  including Oakland Park, Lauderdale By the Sea, Sea Ranch Lakes and Wilton Manors.

Total single family and condominium sales for same period in 2008 were 1,776.

Presently, there are a total of 836 properties pending a sale.

(continue with Marc)
I don’t want to paint the picture that Florida is out of the woods because it is not. Overall, we still have too many properties for sale and there is a downward pressure on price. There also is the possibility of more foreclosures which will have to be absorbed as well. However, there are properties selling and a properly priced home or condo for sale will get action.

2)    You can steal property in Florida

This misconception has some validity to it.  There are properties selling in Florida for half or more of what they used to sell for.  For example, I just saw a home sell recently for $680,000 that sold back in 2005 for $1,350,000.  Compared to where prices were in 2005 buyers can steal property in Florida.

However, there is still the misconception that you can expect to get 25%-50% off the list price of a properly priced property.  That is not true.  In Sarasota, on average, single family homes are selling for 93% of list price and condominiums are selling for 91% of the list price. This goes to show that a home priced stands a good chance of selling within 5-10% of the list price.  So many buyers are under the impression that you can get another 25%-50% discount from the list price.  Of course, there is the rare occurrence that it does happen but usually it just means the seller sold the property for around market value or what it would appraise for anyway.

Often times, the seller has an unrealistic price tag on the property.  In this case the seller needs time to realize that.  A buyer can be right about the homes value and make a realistic offer only to be turned down by the seller and his impractical views.  Not much can be done about this until the seller wises up and lowers price or takes property off the market.  It is a fairly common occurrence.

If you wanted to relocate to Florida or own a vacation home here I do believe this is a good time to start your search. This is a great time to purchase a property for you to own and enjoy for many years.

Marc Rasmussen
Sarasota Homes For Sale

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March 2009 Home Sales figures in Fort Lauderdale continue in positive territory.

Closed Sales were up for for both single family homes and condos.  Pending Sales were up for single family homes, however, Pending Condo Sales were down slightly in March.  Total Inventory continues to shrink.

Closed Sales for Single Family Homes for sale in Fort Lauderdale in March were up 30% from last month and up 19% from same time last year.

March single family Average Sales Price is up 12% from February 2009, however, down 27% from last year.  A huge improvement from February 2009 versus February 2008 Average sales price which was down 42%.  Again, mainly due to the number of bank owned foreclosures and short sales.

Single family Median Sales Price was up 3% in March over last month, down 27% from same time last year.

Pending Sales for single family homes were up 3% over last month and up 86% over same period last year!

Inventory for single family homes was down 5% in March over February and down 27% from last year.

Closed Sales for Fort Lauderdale Condos were up 20% in March over February and up 5% from March 2008.

Average Sales Price for condos was down 4% from last month and down 29% from same time last year.

Median Sales Price was up 2% over last month and down 37% from March 2008.

Pending Condo Sales were down 4% over February, however, up 61% from February 2008!

Inventory for Condos is down 2% from last month and down 19% from last year.

It is still too early to tell for sure if we’ve reached bottom, however, it certainly looks like we have.  We need to continue to monitor the next few months.

If you are interested in condos for sale in Fort Lauderdale or buying a home in Fort Lauderdale, it may be time to consider stepping up to the plate.  Low interest rates, low prices and tax incentives may make it the right decision for you.

Contact me at 954-850-2397 if you are considering a home purchase or if you are interested in selling your home.

You can search Fort Lauderdale MLS available property listings including Fort Lauderdale Foreclosures and Fort Lauderdale Short Sales.

February Home Sales Up, Pending Sales Up and Inventory Down

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February Home Sales figures for Fort Lauderdale Real Estate report very positive news for home sales, pending sales and inventory levels for both single family and condominiums.

Single Family home sales are up 5% from last month and up 47% from same time last year.

Average sales price is up 3% from last month, however, it is down (-42%) from February 2008, no doubt due to the number of short sales and foreclosures.

Single Family Pending Sales are up 36% from January and up 128% from same period last year.  This is incredible!

Single Family Inventory is down (-4%) from January and down (-22%) from February 2008.  Awesome!

Fort Lauderdale Condos  - February condo sales are up 16% from last month and up 24% from February 2008.

Average Sales Price for Condos is up 14% from January, however, it is down (-32%) from February 2008.

Condo Pending Sales are up 33% over last month and up 97% from same period last year.  Again, fantastic news!

Condo Inventory is down (-2%) from last month and down (-18%) from February 2008.

In December I posted Have we reached the bottom in the Fort Lauderdale Real Estate Market? 

There are many opinions on this and many are conflicting.  If you remember, I quoted Suze Orman, “It is only when prices start to go up that we’ve reached a bottom.”

I will be watching the next few months closely to see if figures, specifically pending sales continue on an upward trend.

If you have been on the fence about buying, it may be time to consider that interest rates are attractively low and home prices for the most part have rolled back to 2004 levels.

If you are interested in homes for sale in Fort Lauderdale or considering selling your home, contact me today at 954-850-2397.

You can search Fort Lauderdale MLS available property listings including Fort Lauderdale Foreclosures and Fort Lauderdale Short Sales.

If you are an agent in another area noticing similar trends for your market, please post a link to your blog post in comments.

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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.

Nationwide 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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South 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.

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.

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

The 2 most common questions I hear over and over about the Fort Lauderdale Real Estate market are “Is now the time to buy?” and “have we reached the bottom?”

Every day we read and hear about real estate statistics and figures, inventory levels, foreclosures, sales projections and all sorts of experts claiming we’ve hit the bottom, the bottom is near or those claiming the bottom isn’t even close.

So how can you be certain that we’ve hit the real estate bottom? Financial Expert Suze Orman, in my opinion, gave the most clear and concise answer.

During a recent broadcast of her show, Suze explained “the absolute way to know for sure is prices always dictate if we have reached the bottom or not.”

Suze further explains that in her opinion, it does not matter how many properties are for sale, whether inventory levels are decreasing  or any other statistics.  If prices are continuing to decline, we have not reached the bottom.  “It is only when prices start to go up that we’ve reached the bottom.  

“Since real estate is local, it is important to understand what is happening with home prices in the area you want to buy in.  When home prices start to increase and begin to sell for more than in previous months instead of staying flat or declining, then and only then, can you be certain that the bottom has been reached.  No other facts or figures will accurately reveal the bottom.  Prices speak the truth.”

Home prices in Fort Lauderdale have declined on average approximately 30% +/-.  In most areas, prices have adjusted back to 2004 levels.  Opportunities exist today to buy condos and homes for sale in Fort Lauderdale that were considered unaffordable just a few years ago. Unfortunately, obtaining loans to buy these properties is not easy and it appears the government may step in further to ease this burden.

As with any market, in my opinion, the time to buy is not after, but before the real estate bottom has been reached and before the market begins to rebound.  Unfortunately, timing any market is impossible and we won’t know the bottom has been reached until several months have passed and we are well into recovery.

I think it is safe to say that we are much closer to a bottom than we are to the top.  Many buyers feel the same way and are scooping up great bargains from short sales, foreclosures and sellers who just want to sell and have priced their home competitively.

As with any buying decision, before making any sizable purchase, you must look at your own situation.  Do your own homework.  Does it make good financial and emotional sense for you to buy now?  If you will be staying in the property for a long time, even if prices decline a bit further, you may still be well ahead in the long run.

If you are considering buying or selling a home in Fort Lauderdale or buying one of the many Fort Lauderdale condos for sale, contact me today at 954-850-2397.

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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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