Fort Lauderdale Real Estate Blog

March 21, 2009

Home Sales Up – Pending Sales Up – Inventory Down

Filed under: Fort Lauderdale Condos,Fort Lauderdale Real Estate News,Market Report,Real Estate News,South Florida Real Estate — Tags: , , , , — john sabia @ 9:51 am

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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February 12, 2009

Homes Sales Up in Florida | Prices Remain Down

Filed under: Fort Lauderdale Condos,Fort Lauderdale Real Estate News,Market Report,Real Estate News,South Florida Real Estate — Tags: , , , , , — john sabia @ 4:16 pm

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.

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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January 27, 2009

Will South Florida’s Real Estate Market Begin to Rebound in 2009?

Filed under: Fort Lauderdale Condos,Fort Lauderdale Real Estate News,Real Estate News,South Florida Real Estate,foreclosure properties,short sales — Tags: , , , , , — john sabia @ 10:12 am

Fort Lauderdale Waterfront HomesSouth 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.

December 11, 2008

Village at Sailboat Bend | For Rent

Filed under: Fort Lauderdale Condos,Fort Lauderdale Real Estate News,Fort Lauderdale Rentals,Just Listed,Real Estate News — Tags: , , , , — john sabia @ 1:10 pm

Village at Sailboat Bend | Fort Lauderdale TownhomeGreat opportunity to rent at the Village at Sailboat Bend community just minutes to everything downtown Fort Lauderdale, Las Olas and beaches.  This 3 bedroom 3 bath 2-story townhome is only 1 of 4 similar townhomes.

This townhouse features a fenced in courtyard, perfect for entertaining, front porch at entry and an open porch off the master bedroom.  Lots of natural light from the many windows, wood flooring throughout, Chef-style gourmet kitchen with granite counters and stainless appliances.

village at sailboat bend townhomeThere are also available condos and townhomes for sale at Village at Sailboat Bend and this community is located in Sailboat Bend, just west of Downtown Fort Lauderdale and east of I-95 and Broward Blvd.

For more information on this rental contact John Sabia at 954-850-2397.

 Return to Fort Lauderdale Real Estate home page

December 4, 2008

Have We Reached the Bottom of the Real Estate Market?

Filed under: Fort Lauderdale Condos,Fort Lauderdale Real Estate News,Real Estate News,foreclosure properties,short sales — Tags: , , , , , — john sabia @ 10:53 am

View from Point of Americas | Fort Lauderdale CondoThe 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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November 25, 2008

Foreclosures | Short Sales – Fort Lauderdale

Filed under: Fort Lauderdale Condos,Fort Lauderdale Real Estate News,Real Estate News,foreclosure properties,short sales — Tags: , , , , , , — john sabia @ 11:14 am

Fort Lauderdale Real EstateIf you are looking for real estate foreclosures in Fort Lauderdale, Florida and properties offered for sale as short sales, you can search these listings on the Short Sales page and REO Foreclosures page of the Fort Lauderdale Real Estate website.

Both foreclosure properties and short sale properties are sorted by single family and condo/townhomes.

If you are interested in viewing any of these properties, contact me at 954-850-2397.

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.

September 22, 2008

Rent Growth on the Rise | Fort Lauderdale Real Estate

Filed under: Fort Lauderdale Condos,Fort Lauderdale Real Estate News,Fort Lauderdale Rentals,Real Estate News — Tags: , , , , , , — john sabia @ 8:04 am

Study shows hesitant buyers settling for condo and apartment rentals.

Las Olas River HouseWhile 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.

Tides At Bridge Side Square | Fort Lauderdale CondoToday, 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.

Go to the Fort Lauderdale Real Estate home page

September 2, 2008

Fort Lauderdale Foreclosures | Opportunities to Buy Below Market Price

Filed under: Fort Lauderdale Condos,Fort Lauderdale Real Estate News,Real Estate News — Tags: , , , , , , — john sabia @ 3:52 pm

Find Affordable Fort Lauderdale-Area Foreclosures

Fort Lauderdale Waterfront Homes

Fort Lauderdale Foreclosures are at an all-time high as well as in other areas in South Florida and nationwide, and they offer the perfect solution for buyers who are interested in purchasing a new home at a cost below market prices. Along with a wide variety of properties, there are several types of foreclosures, including pre-foreclosures also known as “short sales“, bank foreclosures and HUD foreclosures.

When a homeowner is unable to make the payment of the requisite amount in the agreed time period, the property is reposed by the lender and resold in an auction in an effort to recover the amount that was lent.

While many banks and government agencies publish lists of their foreclosed properties, real estate agents can help save buyers money, time and stress when finding and securing a foreclosed home. Realtors can obtain information on foreclosed homes from title companies, lenders and a variety of resources at their disposal.

Realtors can also explain the government auction process and aid potential buyers in the purchase of a government foreclosure home. Quality real estate professionals work closely with banks to sell their foreclosures and put them back in the hands of homeowners. Buyers should chose a Realtor who is very knowledgeable about the neighborhoods they are interested in.

Those interested in purchasing a foreclosed home may also want to check out listings posted online, but beware that many of these Web sites, such as Foreclosure.com, require a small fee. Other Web sites allow buyers to view listings for a short trial period for free. Popular online resources include Hud.org and Realtor.com, and Web sites such as Trulia.com allow buyers to ask questions about foreclosures specific to their city, state or region.

Although challenging, buying a foreclosed property can certainly yield major benefits to homebuyers in search of a bargain. Like many aspects of the real estate world, patience is key. Find a good agent and request a full inspection of the foreclosed home before making a purchase.

While foreclosures can offer great bargains, don’t limit your search for the perfect home. In today’s market, inventory for Fort Lauderdale Homes and Fort Lauderdale Condos is presently at a 20+ month supply without any new homes coming on the market.  Privately held homes are selling below market value and the process is typically shorter than going through the bank.

When buyers go through a bank as oppose to an individual, it can sometimes take a month or two or longer to receive a response to an offer. Short sales are considerably longer.  A good agent should be able to show you a balanced mix of deals on foreclosed and privately held homes.

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

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