Fort Lauderdale Real Estate Blog

Looking at the Fort Lauderdale Real Estate Market Report for October 2009, there is a continued trend for leveling off to a more balanced market.  Closed Sales for both Single Family homes and Condominiums are in the positive territory; REO Bank foreclosures and Fort Lauderdale Short Sales contributing to approximately 1/3 of the overall sales.  Inventory for single family homes is back to levels associated with a normal real estate market while condominium inventory is slightly above a normal market level.

Closings for Single Family Homes in October were up 6% compared to last month and up 36% from same period last year.  Of the total closings, 33% were classified as REO Bank foreclosures in Fort Lauderdale.

The Average Sales Price for a Single Family Home in October dropped slightly by 1% as compared to September and down 25% from October 2008.

The Median Sales Price in October for a Single Family Home was up 5% from last month and down 16% from same period last year.

Pending Sales in October dropped just 4% from September and up 59% from October 2008.

Single Family Available Inventory down 5% from last month and down 46% from same period last year.  Number of Months of available inventory dropped 1 month to 7 months in October, down 61% from same time last year when there was 18 months of available inventory.  REO bank foreclosures and short sales make up 1/3 of available inventory.

Closed Sales in October for Fort Lauderdale Condos and townhouses dropped just 3% as compared to September and up 66% from same period last year.  Of these closed sales, 37% represented Fort Lauderdale Condo Foreclosures.

The Average Sales Price for a Condo in October was up 3% from last month and down just 11% from October 2008.

Median Sales Price was up 6% in October over September and down 28% from same period last year.

Pending Condo Sales were up 1% from last month and up 110% from October 2008!!!

Available Condo inventory dropped 3% in October from September level and down 35% from same period last year.  At present there is an 11 month supply of condominium inventory, down from 12 months in September.  This time last year there was a 28 month supply of condos on the market, which represents a reduction of 61%.  Of the present Condo inventory, 1/3 of these properties are either short sales or bank foreclosures.

With inventory levels decreasing and total number of sales increasing, it sure looks as though a balancing out in the market place is taking place.  We are leaps and bounds ahead of where we were this time last year.  Interest rates are still very competitive and the tax credit has been extended into 2010 for First Time homebuyers.

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

Begin your home buying search by viewing Fort Lauderdale MLS available property listings for sale sorted by price and location including short sales and foreclosures.

Fort Lauderdale Real Estate Market Report - September 2009

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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.

South 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.

Snowbirds 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.

Find Affordable Fort Lauderdale-Area Foreclosures

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.

Home and Condo Sales figures for July 2008 - Fort Lauderdale

Listing and Sales Activity in the Fort Lauderdale Real Estate market for July 2008 reports some positive news from last month, but we are headed in the right direction.

Closed Sales for single family homes in Fort Lauderdale were down just 2% while the median price was up 2% from June 2008, however an 18% decrease from July 2007.

Closed Sales for Fort Lauderdale Condos were down 14% over June, while the median sales price was also up 4% from last month. Median price from same time last year is down 16%.

Average Sales price for both property categories were down 4% and 6% respectively over last month and down 19% and 6% from same time last year.

Positive territory for New Listing Inventory reports a decrease of 11% of new properties on the market from last month and down 13% from last year.

Positive news for Total Available Inventory as well with a small decrease of 1% of properties for sale over last month and down 4% from last year.

As you can see, there is plenty room for improvement, however, the sky is not falling as you would be lead to believe by most media reporting. It is crucial to remember that real estate is local, not nationwide or statewide and varies significantly between neighborhood to neighborhood and condominium to condominium.

I learned a long time ago from real estate sales coach Mike Ferry, the secret to selling a home in any real estate market and it remains true to this day is that there are only really 2 questions to ask if you are considering selling your home:

• Do you absolutely have to sell your home? not want to, not testing the market - Do you absolutely have to sell?
• Will you price it to sell? not I need, not I want. etc.,
  Will you price it to sell based on market value, market trends and perhaps even below market value taking into consideration, short sales, foreclosures, active listings, pending sales and most importantly closed sales in past 30, 60 and 90 days, not 1 year ago or even 6 months ago.

  If your answer is not yes to both questions, you probably should not be selling your home at this time.

  If you answer yes to both questions, than your next step is to select an agent who understand this.

  All other suggestions and advice for selling a home are only complimented if Price and Motivation are the top 2 key factors in selling a home.

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

source: Realtor® Association of Greater Fort Lauderdale