Fort Lauderdale Real Estate Blog

October 13, 2011

Fort Lauderdale Waterfront Market Report – Year to Date

Filed under: Market Report,Real Estate News — Tags: , , , , , , , , , , , , — john sabia @ 6:30 pm

Waterfront Homes in Fort Lauderdale

Inventory for Fort Lauderdale waterfront homes for sale is down 23.7% year-to-date.  Closed Sales are up 60% and Pending home sales are down 36.7%.

For Sale/ Sold/ Pending Sales

For Sale / Sold / Pending Sales Year-To-Date

Average Price per square foot with the exception of July has remained constant in the low to high $300′s, down 3.6% year-to-date.

Average price per square foot for waterfront homes

Waterfront Homes Average price per square feet

Average Days on the Market has reduced by 48.4% to just over 4 months.  Sales Price versus Listed Price has remained in the high 80%range up 4.7%.  (does not take into account price reductions).

Average Days on the market

Average Days on the Market

The Average Listed Price for a waterfront home was just under 3 Million, up 8.4% year-to-date.  The Average Sold Price was under $1.3 Million, down 38.9% year-to-date.  The Median Sales Price ranged from $748,000 to 1,035,000, down 25.3% year-to-date.

Average Price For Sale vs Sold

Average Sales Price vs Closed Sales Price

Median Sales Price

Median Sales Price

Months of Inventory based on Closed Sales are down 52.3% with an 11.4 months supply of waterfront homes for sale in August.

Months of Inventory

Months of Inventory

Waterfront home Foreclosures were less than 1% of inventory and Waterfront Short Sales were approximately 5- 10% of inventory.  Not a significant factor.

Foreclosure waterfront homes in Fort Lauderdale

Foreclosure Waterfront Homes

Short Sales

Short Sale Waterfront Home

Comparing August 2011 vs August 2010:

  • Inventory is down 23.5%
  • Closed sales are up 14.3%.
  • Median Price is up 25.2%.
  • Months of Inventory is down 33.1%.

In summary, the waterfront home market appears to be trending favorably. Sales and Pending Sales are strong, while inventory has shrunk significantly. Months of inventory is above the ideal 6-8 months, however, it is going in the right direction.

Sellers need to keep in mind, pricing a home correctly and monitoring the activity is key to a successful outcome.  Buyers while enjoying lower priced homes may find competition for the best priced homes.

Until next month….

Note: The above commentary is the personal opinion of the author only and should not be construed as “financial advice”.  The market changes from day to day.  Always consult with a professional realtor® before making any decisions about Real Estate.

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May 12, 2011

Fort Lauderdale Real Estate – Market Report | January to March 2011

Filed under: Florida real estate,Fort Lauderdale Condos,Fort Lauderdale Real Estate News,Market Report — Tags: , , , , , , , , — john sabia @ 6:17 pm

First quarter Market Report for Fort Lauderdale Real Estate show continued improvement for the Fort Lauderdale Beach, Northeast and Southeast areas for both single family and condominium/townhouse properties.

Inventory was down, Sales were up and pending sales were also up.  The number of properties for sale has trended down across the graph and there are almost 1,000 fewer properties for sale in March 2011 than there were in January 2010.

For Sale, Sold, Pending and New Listing Graph

Number of Homes For Sale, Sold, Pending and Newly Listed

Foreclosures represented 0.04% of inventory and 24% of sales in the first quarter of 2011 :

Foreclosures

Fort Lauderdale REO Foreclosures

Short Sales made up approximately 13% of inventory and 38% of sales in the first quarter of 2011:

Short Sales Graph

Fort Lauderdale Short Sales

Average Price for a property for sale trended up, Average sales price bumped up and down and the Median Price Sold trended upward.

Average Price For Sale and Average Price Sold

Average Price For Sale / Average Price Sold

Median Price for Properties Sold

Median Price Sold

Months of Inventory shrunk significantly.  Look at January 2010 and September 2010 when the months of inventory was 1.5 years.  Even from January to March of this year, months of inventory has reduced by almost half:

Months of Inventory

Months of Inventory

There is still room for improvement, however, these are encouraging signs that the market is rebounding.

If you are interested in buying or selling real estate in Fort Lauderdale, Florida, call me 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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September 14, 2010

1248 Bayview Circle | Weston Florida Real Estate

Filed under: Florida real estate,Fort Lauderdale Real Estate News,Just Sold,South Florida Real Estate,Weston Real Estate — Tags: , , , , — john sabia @ 2:22 pm

After several unsuccessful attempts at purchasing a short sale, a client of mine successfully purchased this bank owned waterfront Weston, Florida home for sale.*

This spacious 3 bedroom home is situated in the gated community of Hibiscus Island and offers impressive lake views.

Originally listed at $279,180, this home closed with a final sales price of $262,500.

1248 Bayview Circle Weston

interior of 1248 Bayview Circle

exterior photo of 1248 Bayview Cir

1248 Bayview cir - Lake view

 

For more information about buying or selling Weston Real Estate, please contact me 954.850.2397.

Buyers can begin their home search by viewing available Weston MLS listings with photos and details.

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*property was listed with Team Home Realty

July 13, 2009

Nu River Landing | 511 SE 5th Ave 1513 – Just Sold

Filed under: Fort Lauderdale Condos,Fort Lauderdale Real Estate News,Just Sold,Nu River Landing condo,Real Estate News,short sales — Tags: , , , , , , — john sabia @ 6:15 pm

Nu River Landing – Recent Sale

It took about 4 months, but we successfully closed on Unit 1513 at Nu River Landing.

A 2 bedroom 2 bath, south facing condo recently closed as a Fort Lauderdale Short Sale at $205,000.  The unit originally sold in 2006 at $370,000 representing a 55% reduction.

Nu River Landing Condominium is located on the Nu River in downtown Fort Lauderdale, stands 25 stories and offers resort amenities including roof-top pool and club room, 2-story fitness area with raquetball and half basketball courts, business center, security and onsite managment.

Nu River Landing          Nu River Landing pool view          Pool at Nu River Landing

For more information about buying or selling at Nu River Landing or other properties downtown, contact me today at 954-850-2397.

Search the Fort Lauderdale MLS for available properties for sale including Foreclosures in Fort Lauderdale and Short Sales or search Fort Lauderdale Condos by building.

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June 16, 2009

Fort Lauderdale Taking Action on Neglected Vacant Properties

Filed under: Fort Lauderdale Real Estate News,Real Estate News,South Florida Real Estate,foreclosure properties — Tags: , , — john sabia @ 11:07 am

Fort Lauderdale City Commissioners will vote this evening on a new law targeting property owners, including banks of neglected vacant properties.  The final vote will be in two weeks which will designate these properties as “nuisance properties.”  This new law will tighten up the time the city has for cleaning up a distressed property and levying fines.  Among the victims of distressed properties are the surrounding neighbors and this new law should should be comforting.

read more about this in an article at Sun-Sentinel.

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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 23, 2008

Is it time to Buy Real Estate? Expert Says Yes

Filed under: Fort Lauderdale Condos,Fort Lauderdale Real Estate News,Real Estate News — Tags: , , , , , — john sabia @ 10:27 pm

Fort Lauderdale Real EstateStatistics 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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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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