Fort Lauderdale Real Estate Blog

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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October 23, 2010

Fort Lauderdale Condos | Market Update – 3rd Quarter 2010

Filed under: Florida real estate,Fort Lauderdale Condos,Market Report,Real Estate News,South Florida Real Estate — Tags: , , , , , , , — john sabia @ 8:23 pm

Fort Lauderdale Condos

Fort Lauderdale Real Estate – Third Quarter Market Trends for Fort Lauderdale Beach, Northeast and Southeast condominiums.

In September, inventory for Fort Lauderdale Condos for sale increased by 1% month over month and were down -7.6% from  January this year.  New Listings were up 8% in September; however they were down -24.4% as compared to January.  Closed Sales were down -20.3% from the previous month and were also down -2.5% as compared to January.  Pending Condo Sales were up 8.3% from August and were down -20.4% from January.

For Sale/ Sold/ Pending/ New Listing - Condominiums/Townhomes

    1 Month   9 Months    
  Sep 10 Aug 10 % Change Sep 10 Jan 10 % Change
For Sale 1900 1881 1% 1900 2056 -7.6%
New Listing 338 313 8% 338 447 -24.4%
Sold 118 148 -20.3% 118 121 -2.5%
Pending 195 180 8.3% 195 245 -20.4%

Of these figures, Inventory for Fort Lauderdale Condo Foreclosures was up 7.8% in September from August with a total of 110 properties classified as bank owned (5%).  As compared to January, REO inventory was also up 64.2%.  Closed Sales categorized  as foreclosures remained the same month over month and were up 20% as compared to January.

Condo Short Sales Inventory was down -0.9% in September from August with 321 properties (16%); however, inventory was up 7% as compared to January.  Closed short sales were down -12.5% in September from August and up 21.7% as compared to January.

The Average Price per square foot for a condo in September was $178.00, down -13.7% month over month and down -24.4% as compared to January.


The Average Days on the Market was down -24.3% in September and down -22.9% as compared to January.  Sales Price versus List Price differential ranges from 84% – 91%.


The Average Closed  Sales Price for condominiums in September was $224.00; down -14.8% from previous month and down -19.1% from January.  The Median Sales Price in September was $166.00; down 8.3% from August and down -7.8% as compared to January.


In September, there were 16.1 months of available condo inventory, up 26.7% from previous month and down -5.2% from January.

As we head into the winter season combined with the weak US dollar, I suspect we will see an influx of foreign investors and 2nd home buyers looking to take advantage of attractively priced condominiums on the sand or near the beach that on average are approximately 40-50% less than they were during the boom years.

The graph below illustrates Average Price For Sale and Average Price of Closed Sales from September 2002 to present day.  As you can see, we are basically back to 2003 prices.  I think we may very well be seeing a leveling off.


Fort Lauderdale Waterfront Homes | Market Report – 3rd Quarter 2010

Fort Lauderdale Homes For Sale | Market Report – 3rd Quarter 2010

For more information about Buying  or Selling Fort Lauderdale Condos, contact me today at 954.850.2397.

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July 8, 2009

Fort Lauderdale Real Estate Market Positve Trend Continues

Filed under: Fort Lauderdale Condos,Fort Lauderdale Real Estate News,Market Report,Real Estate News,South Florida Real Estate — Tags: , , , , , — john sabia @ 8:18 am

For the 4th straight month, Home Sales in Fort Lauderdale continue in positive territory.

May 2009 figures report double digit positive percentages for both Single Family Home sales and Condo Sales.

Pending sales for both categories up double digit percentages as well, while total inventory for Single Family and Condo sales continues to shrink.

Closed sales for Single Family Homes for sale in Fort Lauderdale  rose 21% in May from the previous month and were up 65% from this time in 2008.  44% of homes sold in May were Fort Lauderdale Foreclosures.

The Single Family Average Sales Price in May was down 10% from last month and down 32% from last year.  Again, Fort Lauderdale REO Bank Foreclosures and Short Sales in Fort Lauderdale contributed to this decline.

The Single Family Median Sales Price off 15% from April and off 39% from same period last year.

Pending Sales for Single Family homes increased 12% over April and up 107% from same time last year.

Inventory for Single Family homes decreased 7% from previous month and decreased 38% from last year.

Closed sales for Condos in Fort Lauderdale up 21% in May and up 65% from last year.

Average Sales Price in May for condos down 10% over last month and down 32% from same time last year.

Median Sales Price for condos dropped 15% from April and down 39% from same period last year.

Pending Sales for condos in May up 16% over last month and up 112% from last year.

Inventory for Condos decreased 5%  in May and is down 27% from last year.

With 4 straight months of numbers in positive territory for the Fort Lauderdale Real Estate market continues to signal the bottom may have been reached.  There will still be short sales and bank foreclosures for awhile and buyers and investors continue to snatch these properties up.

Interest rates are still relatively low and the tax credit is still attractive for first time buyers.

For more information about buying or selling, contact me at 954-850-2397.

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

April 2009 Fort Lauderdale Real Estate Market Continues Upward Trend

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February 10, 2009

Fannie Mae Modifies Guidelines for Investors

Filed under: Fort Lauderdale Condos,Real Estate News — Tags: , , , , , , — john sabia @ 9:56 pm

Avenue Lofts | Fort LauderdaleGood news for investors.  Fannie Mae has modified their investor guidelines to allow up to 10 financed properties to the same borrower.

Previous guidelines allowed financing for only 5 properties and additional property purchases had to be paid for in cash.

The modifications to the guidelines come with a stipulation; the borrower has to have money in the bank for reserves.

  • When the borrower will own a total of one to four financed properties, the reserve requirements for PITI (Principle, Interest Taxes and Insurance) are:
  1. Two months reserves if new property is a 2nd home or
  2. Six months reserves if new property is an investment property and
  3. Two months reserves on each other financed second home or investment property.
  • When the borrower will own five to ten financed properties, the reserve requirements (PITI) are:
  1. Two months reserves on new property if it is a second home or
  2. Six months reserves on new property if it is an investment property and
  3. Six months of reserves on each other financed second home or investment property.

This guideline change is good news for investors allowing them to purchase additional properties they may not have been able to purchase under the previous guidelines and a welcomed positive step in the right direction to help in reducing some of the excess inventory especially short sales and foreclosure properties.

For more information about Fort Lauderdale Homes for Sale , Investment properties and available Fort Lauderdale condos for sale, contact John Sabia at 954-850-2397.

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October 5, 2008

Canadians Taking Advantage of South Florida Real Estate Market and Weak US Dollar

Filed under: Fort Lauderdale Condos,Fort Lauderdale Real Estate News,Real Estate News — Tags: , , , — john sabia @ 1:18 pm

Canada FlagSouth 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.

Downtown Fort Lauderdale FloridaOften 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 fran̤ais РLe Sud de la Floride vous offre les temps chauds et le march̩ favorable

Le sud de la Floride vous offre les temps chauds et le marché favorable

Filed under: Fort Lauderdale Condos,Fort Lauderdale Real Estate News,Real Estate News — Tags: , , , , , — Johanne Gosselin (Sabia) @ 1:06 pm

Drapeau QuebecoisLa 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

August 24, 2008

Florida Real Estate | Progress in Jacksonville Points to Likely Turnaround

Filed under: Fort Lauderdale Condos,Fort Lauderdale Real Estate News,Real Estate News — Tags: , , — john sabia @ 11:40 pm

South Florida May Soon Follow As Equilibrium Nears

Fort Lauderdale FloridaThe notion of selling a South Florida home in today’s market is daunting for some, if not disappointing for many. A second-quarter report for the Orlando, FL-based Florida Association of Realtors (FAR), however, shows progress being made in several cities throughout the Sunshine State, leaving many wondering when South Florida will follow suit.

In Jacksonville, the median prices of existing homes sold between April and June rose from $185,300 to $191,700, a 3.5 percent increase as compared to the first three months of the year, according to the report.

FAR president Chuck Bonillo calls the new findings positive, noting he expects Jacksonville to lead the Florida market out of its slump. “Realtors are reporting heightened interest from buyers, more business activity and an increase in pending sales,” he states. “Prices also appear to be reaching equilibrium in many areas ─ another encouraging sign that could boost the market’s momentum.”

South Florida, a vibrant mecca for first-time home buyers, foreclosure bargain hunters and real estate investors, reported existing home sales in Fort Lauderdale and West Palm Beach were down 8 and 3 percent, respectively, during the second quarter as compared to last year’s second-quarter figures.

But, even with still-sluggish prices, some experts, such as those with Moody’s Economy.com, predict prices reaching equilibrium this time next year. This could be a result of fewer adjustable-rate mortgages resetting along with a steadily improving job market. A drop in foreclosures could really help jumpstart a recovery, too.

The FAR report presents a positive outlook for the state in terms of existing home sales in the next several months as we see broader gains in the fourth quarter as first-time buyers take advantage of a tax credit made available through recently approved housing stimulus legislation. Some industry insiders predict a change in the market cycle as early as spring 2009.

Moreover, people who are able to buy right now are sitting pretty as interest rates continue to drop and the selection of homes available grows. Today’s buyers have their pick of brand-new homes, not-quite-built homes and older homes in various states of foreclosure.

Home sellers are realizing they can’t get top dollar for their 25-year-old home and they’re lowering their asking price. Cases like these can result in some great bargains on homes in high-end neighborhoods that are priced cheaper than some would expect.

Even if a buyer ends up paying a little too much, it’s worth it if he or she plans to live in the home for the next 15 to 20 years. Buyers should be more cautious about overpaying for a home if they don’t intend on staying in it for very long.

Often times, the media has a tendency to take on a the-sky-is-falling mentality to real estate, painting a picture of a grim market spiraling out of control. The fact of the matter is that it’s unlikely the South Florida real estate market will stay in an ongoing state of doom as long as the long-term outlook for the state and national economies stays positive.

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