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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July 23, 2010

Fort Lauderdale Real Estate | Market Report – June 2010

Filed under: Florida real estate,Fort Lauderdale Condos,Fort Lauderdale Real Estate News,Market Report,Real Estate News,South Florida Real Estate,foreclosure properties — Tags: , , , , , , , — john sabia @ 5:29 pm

As it is typical with the summer months, the real estate market tends to slow down as kids are out of school and families go on vacation.  There are positives and negatives in reviewing the June Fort Lauderdale Real Estate Market Report.

While new inventory is down, total inventory is up and months of supply is unchanged.  While Average Sales Price is up, Median Sales price is down.  While total number of sales are down slightly, the percentage of REO bank foreclosure sales are up significantly.   Although there are some negatives, the positives are well, positive.

June New Listing Inventory reports 1,613 new single family homes were added to the inventory levels, down 10% from May and down 1% from June 2009.

Condo New Listing Inventory reports 1,910 new condo listings added in June, down 7% from last month and down 2% from last year.

Total Inventory for all property types in June totaled 5,658, down 7% from May and down 4% from same period last year.

Total number of Closed Sales for single family homes in June was 717.  Sales were down slightly at -4% from May and down 4% from June 2009.   REO Bank Foreclosures accounted for 25% of sales, up 14% from last month and down 14% from same time last year.

Average Sales Price for single family homes in June was $311, 094, up 9% from May ($286,496), and up 9% from June 2009 ($286,556).

Median Sales price (single family) was $215,000, down 2% from June ($220,000) and up 2% from same period last year.

Pending Sales for single family in June totaled 1,025, down 19% from last month and down 21% from June 2009.

June inventory reports 5,896 available homes for sale, up 3% from May and down 21% from June 2009.  Thirty-three (33%) are classified as bank foreclosures.

Closed Sales for Fort Lauderdale Condos totaled 914 in June, down 5% from May and up 15% from June 2009.  Foreclosures accounted 31% of these sales, up 3% from lat month and down 9% from same time last year.

Average Sales Price for Condos in June was $128,835, up 4% from last month ($123,392) and up 3% from June 2009 ($125,329).

Median Sales Price (condos) was $78,000, down 3% from June ($80,000) and down 3% from same time last year.

Pending Condo Sales in June totaled 1,215, down 17% from last month and down 2% from June 2009.

Inventory reports 8,427 available condos for sale, up 1% from May and down 26% from June 2009.  Thirty-two percent (32%) classified as bank foreclosures, down 33% from last month and down 11% from June 2009.

For more information about selling or buying real estate in Fort Lauderdale, contact me today at 954.850.2397.

Buyers can begin their home search by viewing Fort Lauderdale MLS available property listings.

Fort Lauderdale Real Estate Market – May 2010

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August 14, 2009

Misconceptions About the Florida Real Estate Market

Filed under: Florida real estate,Fort Lauderdale Real Estate News,Marc Rasmussen,Real Estate News,South Florida Real Estate — Tags: , , , , , , , , — Marc Rasmussen @ 2:42 pm

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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October 2, 2008

Why Invest in a Fort Lauderdale Home

Filed under: Fort Lauderdale Condos,Fort Lauderdale Real Estate News,Real Estate News — Tags: , , , — john sabia @ 9:10 am

Fort Lauderdale BeachSnowbirds 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.

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