Fort Lauderdale Real Estate Blog

January 19, 2012

Sky Harbour East Condo – Closed Sale

Filed under: Fort Lauderdale Condos,Fort Lauderdale Real Estate News,Just Sold — Tags: , , , , , — john sabia @ 7:03 pm

Clients of mine took advantage of a remarkable opportunity and purchased this 2 bedroom/2 bath oceanfront condo at Sky Harbour East condominium.

Ocean view from Sky Harbour East Condo

Sky Harbor is situated directly on the bank of Port Everglades with expansive ocean and city views and a daily parade of boats, yachts and cruise ships entering and leaving the Fort Lauderdale harbor.

Listed at $399,000 with Lago Mar Realty, this condo closed at the end of December for $375,000.

For more information about this property or other Fort Lauderdale Condos for sale, contact me today at 954.850.2397.

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Avenue Lofts Closed Sale (johnsabia.com)
Q Club Condo-Hotel Closed Sale (johnsabia.com)

November 17, 2011

Fort Lauderdale Ranks 5th on Realtor.com

Filed under: Florida real estate,Fort Lauderdale Real Estate News,South Florida Real Estate — Tags: , , , , , , , — john sabia @ 6:25 pm

Fort Lauderdale ranks #5 on Realtor.com’s Top Ten Early Turnaround Town Report.

In addition to Fort Lauderdale, six other Florida Markets (Miami, Orlando, Fort Myers – Cape Coral, Sarasota and Lakeland-Winter Haven) dominate the Top Ten list based on Third Quarter 2011 data.

All these markets have experienced significant reduction in inventory, median price appreciation, and the length of time a property sits on market for sale.

In addition, Florida has a lower unemployment rate and the warm climate makes it an ideal location for a vacation-second home.

With the  decline in the US dollar, Florida has seen a steady flow of Foreign buyers taking advantage of both their currency purchase power and the depressed real estate market scooping up properties at much lower prices.

The Fort Lauderdale Real Estate Market inventory has reduced by as much as 38% and real estate prices are trending upward after falling as much as 50% since 2005.

In summary, the real estate market seems to be in a recovery mode.  Buyers who are the fence about buying or are convinced prices will continue to fall, may want to reconsider.  Interest rates are at historic lows and now may be the perfect time to jump in.

Besides, the weather is great!

October 20, 2011

Fort Lauderdale Home Sales | Market Update Year to date

Filed under: Florida real estate,Fort Lauderdale Real Estate News,Market Report,foreclosure properties,short sales — Tags: , , , , , , , , , , , — john sabia @ 2:45 pm

Homes For Sale in Fort Lauderdale

Inventory for available Fort Lauderdale Homes for sale has decreased by 27.3% year-to-date.  Closed single family home sales are up 9.3% and pending sales are up 29.4% for same period.

Non waterfront Homes for sale, pending and closed

For Sale / Sold / Pending

Average Price per square foot has ranged from $147 to $188; up 10.6% year-to-date.

Average price per square foot - non waterfront homes

Average Price per Sq Foot

Average Days on the Market has decreased by 2.2% to just under 3 months.  Sales Price versus Listed Price is up 1.1% at 92%.

Average Days on market

Days on Mkt - Sold/ List Price %

The Average List Price for a non-waterfront home ranged from $465,000  – $520,000; up 11.8% year-to-date.  The Average Closed Price ranged from $252,000 – $350,000 year-to-date; up 23%.  The Median Sales Price ranged from $170,000 – $279,000; up 52.9% year-to-date.

Average Price For Sale / Sold

Average Price For Sale / Sold

Median Sales Price

Median Sales Price

Total Months of Inventory is down 33.5% with a 6.2 months supply of available homes for sale.  A normal balanced market is 6-8 months supply of homes for sale.

Months of available Inventory

Months of Inventory

Inventory for Home foreclosures in Fort Lauderdale were less than 5% and decreased 51.7% year to date.  Fort Lauderdale Short Sales were approximately 20% of inventory and have decreased by 34.3%.

Home Foreclosures

Home Foreclosures

Home Short Sales

Short Sales

Comparing August 2011 vs August 20110

  • Inventory is down 30%
  • Closed Sales are up 25%
  • Median Sales Price is up 40.7%
  • Months of Inventory down -44%

In summary the trend for Fort Lauderdale homes is very good.  Sales continue to be strong while distressed properties are not significant.  The Median Sales Price has increased sharply and months of available inventory are within the normal range.

Sellers need to be mindful of pricing a home competitively and buyers who are on the fence may want to consider whether it is time to jump into the market.

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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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 25, 2011

Fort Lauderdale Waterfront Homes | Jan – March 2011 Market Report

Filed under: Florida real estate,Fort Lauderdale Real Estate News,Market Report,South Florida Real Estate,foreclosure properties,short sales — Tags: , , , , , , , , , — john sabia @ 4:13 pm

First Quarter 2011 Market Report for east side Waterfront homes for sale in Fort Lauderdale show inventory levels are about 75 fewer homes for sale, which is not much of a reduction in the amount of homes available for sale over the past year.  The number of closed sales and pending sales have increased month over month for this quarter; however, they remain consistent with same time last year.

graph of waterfront homes Waterfront home Foreclosures in Fort Lauderdale represented .03% of available inventory and .05% of closed sales in the first quarter 2011.

Foreclosure Listing & SalesWaterfront Short Sales in Fort Lauderdale made up approximately 24% of inventory and .08% of sales in the first quarter 2011.

graph of short sale waterfront homesThe Average Price Per Square Foot is trending upward this quarter at roughly $341.00 per foot.  This includes all waterfront homes with fixed bridges and no fixed bridges.  No fixed bridges would have a higher amount.

Average Price per square foot for waterfron homesAverage Price For Sale trended upward slowly over the past year while Average Sales Price had a bumpy ride over the past year trending up for the first quarter 2011.  The Median Sales Price this quarter remained fairly consistent at about $993,000.

Average Price for Sale & Average Price SoldMedian Sales Price for a waterfront homeAverage days on the market is a little over six months.  The percentage a home sold versus the listed price is roughly 84%.

Average Days on Market for a waterfront homeMonths of Inventory is the big shocker here.  In the first quarter of this year, inventory dropped by almost 1 year.  A peak into April inventory reveals the level dropped another month to the lowest level over the past year.  Very encouraging.

If you are interested in selling or buying a waterfront home for sale in Fort Lauderdale, call me at 954.850.2397.   You can view property listings by searching the Fort Lauderdale MLS.

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October 4, 2009

Fort Lauderdale Real Estate Market Report | August 2009

Filed under: Florida real estate,Fort Lauderdale Condos,Fort Lauderdale Real Estate News,Market Report,Real Estate News,South Florida Real Estate,foreclosure properties,short sales — Tags: , , , , , , — john sabia @ 5:10 pm

View | Ritz Carlton Fort Lauderdale FloridaThe Fort Lauderdale Real Estate market report- August 2009 reports positive numbers for closed sales and pending sales for both single family and condominium/ townhomes and a decline in inventory.  Short Sales and bank foreclosures still make up a large percentage of closed sales.

Closed Sales for Single Family homes were up 11% in August as compared to July and up 28% from same time last year.  43% of these sales were classified as REO bank foreclosures in Fort Lauderdale.

The Average Sales Price for Single Family homes in August was down 3% from July and down 29% from August 2008.

The Median Sales Price in August remained the same as July and was down 26% from same period last year.

Pending Sales for Single Family homes were up 12% from last month and up 49% from August 2008.

Available Inventory for Single Family homes decreased 7% in August as compared to July and down 45% from August 2009.  Supply of inventory decreased in August to 8 months from 10 months in July and down 57% from August 2008. Thirty-Five percent of available inventory are classified as either home foreclosures or short sales.

Closed Sales for Fort Lauderdale Condos and townhomes were up 16% in August as compared to July and up 28% from August 2008.  Of these closed sales in August, 54% were classified as Fort Lauderdale condo foreclosures.

The Average Sales Price for Condos in August was up 8% from last month and down 24% from August 2008.

The Median Sales Price remained the same in August as compared to July and down 26% from same period last year.

Pending Condominium Sales were up 16% in August over July and up 83% from August 2008.

Available Inventory for Condos/Townhomes in August were down 5% from July and down 32% from same period last year.  Supply of Condo/Townhome inventory is at 14 months, just up 2 months from July and down 57% from August 2008.

Overall, the real estate market appears to continue to show good signs of recovering.  We have many more months of positive numbers than negative and supply of homes for sale is significantly down from 1st quarter 2009.

Interest rates are still attractive and the first time homebuyer tax credit for first time home buyers is expiring December 1st.  Efforts are underway to extend the tax credit.

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

Buyers can begin their home search online by searching Fort Lauderdale MLS available property listings for sale including short sales and foreclosures as well as tips and useful information for buying a home in Fort Lauderdale.

Fort Lauderdale Real Estate Market Report – July 2009

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August 25, 2009

Fort Lauderdale Real Estate Market Report – July 2009

Filed under: Fort Lauderdale Condos,Fort Lauderdale Real Estate News,Market Report,Real Estate News,South Florida Real Estate — Tags: , , , , , , — john sabia @ 4:12 pm

The  Fort Lauderdale Real Estate Market report for July 2009 shows some slight decreases from last month for total number of closed sales and pending sales for both single family homes for sale in Fort Lauderdale and condos and townhomes for sale in Fort Lauderdale .

Closed Sales for Fort Lauderdale Condos and townhomes were down 4% in July as compared to June, however, closed sales are up 35% from July 2008 numbers.  39% of these closed sales were Condo foreclosures in Fort Lauderdale, up from 34% in June.

The Average sales price for condo/townhomes in July was up 3% from June and down 39% from same time last year.

Median sales price in July was up 4% from June and down 46% from July 2008.

Pending Condominium Sales down 2% in July as compared with June, however, up 147% from July 2008.

Available inventory for condominiums/ townhomes in July was down 3% from June and down 29% from July 2008.  Months of Available inventory in July remained at 14 months and 27% of this number represents Fort Lauderdale condo foreclosures and Fort Lauderdale condo short sales.

Single Family Closed Sales were down just 1% in July as compared to June and up 22% from July 2008.  37% of single family closed sales in July were bank foreclosures in Fort Lauderdale as compared to 29% in June.

Average Sales Price for Single Family homes was down just 4% from the previous month and down 30% from same period last year.  Short Sales and bank foreclosures continue to affect average sales price.

Median Sales Price up 4% in July and down 27% from July 2008.

Pending Sales for homes in July down 11% as compared to June, however up 128% from July 2008.

Available inventory for Single Family homes down 5% in July from June and down 42% from July 2008.  Months of Available inventory for homes remains at 10 months and 35% of this figure represents home foreclosures and home short sales.

Despite the slight declines in July for pending and closed sales, available inventory continues to shrink and overall, the real estate market for the past 6 months has steadily shown signs of a modest rebound.

Interest rates are still relatively low and the tax credit for first time home buyers will end December 1st.

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

Buyers can always begin their search online for homes, condos and townhomes by searching the Fort Lauderdale MLS for available properties for sale including short sales and foreclosures.

Fort Lauderale Real Estate Market Report – June 2009

Fort Lauderdale Real Estate Market Report – August 2009

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