Fort Lauderdale Real Estate Blog

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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May 24, 2011

Tides at Bridgeside Square | Fort Lauderdale Condo

Filed under: Florida real estate,Fort Lauderdale Condos,Fort Lauderdale Real Estate News,Just Listed,Tides at Bridgeside Square — Tags: , , , , , , , , , , , , — john sabia @ 3:12 pm

Tides at Bridgeside Square Condo in Fort Lauderdale

I just listed a 2 bedroom 2 bath corner unit at Tides Bridgeside Square with panoramic intracoastal views and a distant view of the Fort Lauderdale downtown skyline.

This condo features a split bedroom plan with huge closets.  An updated kitchen with granite counters and top appliances.  2 assigned garage parking spots and extra storage unit.  Offered for sale at $297,000.

Aerial of Tides at Bridgeside Square condo

Tides at Bridgeside Square

Tides kitchen

Updated kitchen with granite counters

Living Area

Master bedroom

View

Intracoastal views with distant downtown Fort Lauderdale skyline

Tides at Bridgside Square offers a resort lifestyle across from the beach, next to boutique shops and fine restaurants.

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

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April 29, 2011

5711 NE 21 Drive | Imperial Point – Fort Lauderdale

Filed under: Fort Lauderdale Real Estate News,Imperial Point,Just Sold — Tags: , , , , — john sabia @ 2:55 pm

I just recently closed on this home for sale in Imperial Point, Fort Lauderdale.  This pool home,  in original condition with a few updates, was exactly what the new homeowner was looking for.  On the market for just under a year, this home had been reduced to $329,000 and finally closed at $300,000.

Imperial Point Home

Imperial Point Home

Kitchen photo

Kitchen

Dining Area

Dining Room

Pool

Screened in Pool

For more information about selling or buying Imperial Point homes for sale, contact me today at 954.850.2397.

Fort Lauderdale Real Estate – home page

April 7, 2011

Limited Inventory Makes For A Healthy Condo Market In Fort Lauderdale

Filed under: Fort Lauderdale Condos,Fort Lauderdale Real Estate News,South Florida Real Estate — Tags: , , , , , — john sabia @ 5:04 pm

As temperatures begin to rise and beaches continue to swell with tourists and locals alike, the Fort Lauderdale condo market along the beach and downtown has cooked up quite a buying frenzy in the past six months.

At the end of 2010, only 160 new units remained unsold out of the 5,100 units created in downtown Fort Lauderdale and the beach since 2003, according to a recent article published in The Miami Herald. This number excludes the 298-unit condo-hotel project previously known as Trump International Hotel & Tower. Sales for these new units have not yet begun. In February, a bulk buyer purchased 68 units in the Village East condominium complex near the 17th Street Causeway.

Surrounded by Sunrise Boulevard south to State Road 84 (Southeast 24th Street) and the Atlantic Ocean west to Northwest 7th (Southwest 4th avenues), this area has a significantly low number of unsold homes compared to other coastal cities, such as Greater Downtown Miami. Developers in this area have close to 3,600 unsold condo units, according to the article.

In the past six months, buyers purchased 62 units per month for a total of 372 units in the downtown Fort Lauderdale and beach markets. At this rate, some experts believe the downtown Fort Lauderdale and beach condo markets have less than a 10-month supply of available product.  6-8 months is considered to be a normal balanced market.

Peter Zalewski, a principal with Condo Vultures, a Bal Harbour-based real estate consultancy reports anti-development opposition as a major reason behind the under supply. Former Fort Lauderdale Mayor Jim Naugle and commission members opposed multiple new construction projects proposed during the boom. This resulted in many of the condo developments in downtown Fort Lauderdale and the beach being approved, constructed and then sold out before the South Florida real estate crashed in 2007.

Prices for new condos in the downtown Fort Lauderdale and the beach markets have fluctuated significantly since the real estate boom. According to Zalewski, the average price per square foot for a new condo rose from $235 in 2003 to $309 in 2004 to $339 in 2005 to $372 in 2006, just before peaking at $499 in 2007.

In 2008, Fort Lauderdale condo prices per square foot dropped to approximately $356 in 2008 and 2009, and later sunk to $185 in 2010. Some believe prices could fall even more, considering the Village East bulk deal sold at $121 per square foot.

Even with an under supply of new condos, resales are always a possibility. Today, 550 condos are available for resale in downtown Fort Lauderdale and the beach markets, according to the Florida Realtors Association. An extra 162 units are currently under contract waiting to transact.

For more information about buying or selling homes and condos in Fort Lauderdale, contact John Sabia today at 954.850.2397.

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March 29, 2011

350 Las Olas Place | Downtown Fort Lauderdale Condo

Filed under: 350 Las Olas Place,Fort Lauderdale Condos,Fort Lauderdale Real Estate News,Just Listed — Tags: , , , — john sabia @ 5:27 pm

I recently listed this low floor condo at 350 Las Olas Place in downtown Fort Lauderdale.  A southeast corner unit offering almost 1,300 square feet with 2 bedrooms 2 baths featuring marble floors, granite kitchen with stainless appliances and a view onto Las Olas Blvd.  350 las Olas Place is a boutique condominium with only 163 residences boasting resort style amenities including 24-hour security, a roof-top infinity edge pool, fitness center and  clubroom with expansive views of downtown and the Fort Lauderdale coastline.

350 Las Olas Place

350 Las Olas Place

Kitchen

Kitchen

Living Area

Living Area

Pool

350 Las Olas roof-top pool

Call me at 954.850.2397 if you are interested in hearing more about this property or if you are interested in buying or selling a property in Fort Lauderdale.

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March 23, 2011

Recent Home & Condo Sales in Fort Lauderdale

Filed under: Florida real estate,Fort Lauderdale Condos,Fort Lauderdale Real Estate News,Just Sold,Real Estate News — Tags: , , , , , — john sabia @ 3:42 pm

Below are my latest single family home and condo sales in Fort Lauderdale.   I recently received the Coldwell Banker International President’s Circle Award for 2010 which represents a distinguished group of 998 agents out of over 40,000 sales agents.

Playa Del Mar Condo #1206

3900 Galt Ocean Drive #1206, Playa Del Mar

Playa Del Mar Condo

Playa Del Mar 1206 view

Direct Ocean View

Direct ocean view from this high floor ocean front condominium boasting over 1,800 square feet with 2 bedrooms and 2 full baths.  Closed Sales price $445,000.  Listing Office First Realty Management Group.

Everglades House Condo

Everglades House #1002

2000 S Ocean Drive 1002 | Everglades House

Everglades House Condo

Everglades House 1002 view

View from Everglades House Condo

Direct ocean and inlet views from this remodeled 2 bedroom 2 bath condo with 1,524 square feet.  Closed Sales $375,000.  Listing Office RE/MAX Preferred.

Everglades House Condo 407

Everglades House #407

Ocean & Inlet view

This 2 bedroom 2 bath condo was sold in original condition.  With almost 1,700 square feet of living space, the new owners couldn’t wait to create their new dream home.  Closed Sales Price $300,000.

Everglades House #1009

Everglades House 1009

Living Area

Everglades House 1009 view

Ocean view

Port Everglades Inlet and direct ocean views from this renovated 2 bedroom 1.5 bath condo with 1,200 square feet.  Closed Sales Price $315,000.

Atlantic Towers #1707

Atlantic Towers Co-Operative

Atlantic Towers Co-Op

High Floor studio apartment with full kitchen at Atlantic Towers Co-Op. Impressive ocean and intracoastal views and a blank canvass ready for renovations.  Closed Sales Price $64,000.

Cromwell East Condo

Cromwell East 1777 SE 15th Street

Cromwell East Condo

Pool and Dock Cromwell East

View of pool and marina

Ideal Southeast Fort Lauderdale location from this 2 bedroom 1 bath waterfront condo that features boat slips when available.  Closed Sales Price $110,000.  Listing Office Prudential Florida Realty.

Fountains On Ocean Boulevard

Fountains on Ocean Boulevard

Fountains on Ocean Boulevard Condo

Kitchen in #500 Fountains on Ocean Condo

Elegant Gourmet Kitchen

Living Room

Living Room

View From Fountains on Ocean Boulevard

Small Ocean view

Fountains on Ocean Boulevard Condo is one of 2 recent newly constructed residences across from the beach between Oakland Park and Sunrise Boulevard.  Fountains recently sold out the remaining units at a public auction.   Closed Sales Price for this 2 bedroom 2bath condo with more than 1,500 square feet was $439,000 including many developer incentives.

Monterra at Cooper City

Monterra Cooper City

Anacapa Home at Monterra

Kitchen at Monterra home

Upgraded Kitchen

Lake View Monterra at Cooper City

Lake View

Monterra at Cooper City is a new construction gated community offering buyers several floor plans to suit their needs.  This Anacapa Home in Santa Barbara features 3 bedrooms, 2.5 baths with over 2,700 total square feet.  Closed Sales Price $335,900 before upgrades.  Developer CC Devco Homes.

Contact me at 954.850.2397 if I can help you buy or sell a home or condo in the Fort Lauderdale area.

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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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October 17, 2010

Fort Lauderdale Homes For Sale | Market Report – 3rd Quarter 2010

Filed under: Florida real estate,Just Listed,Just Sold,Market Report,Real Estate News,South Florida Real Estate,short sales — Tags: , , , , — john sabia @ 12:58 pm

Fort Lauderdale Homes For Sale

Third Quarter Market trends for non-waterfront Fort Lauderdale Homes For Sale in Northeast and Southeast Fort Lauderdale; and Fort Lauderdale Beach communities.

Inventory in September increased by 2.5% from August and was up 4.7% from January of this year.  New Listing inventory increased 7.8% month over month and was up 9.5% as compared to January.  Pending homes (under contract)  increased 1.4% from August to September; however, they were down 6.4% as compared to January.   Closed Sales were up 27.7% month over month and were up 53.8% as compared to January!

For Sale/ Sold/ Pending/ New Listing - Non Waterfront

    1 Month   9 Months    
  Aug 10 Sep 10 % Change Jan 10 Sep 10 % Change
For Sale 520 533 2.5% 509 533 4.7%
New Listing 128 138 7.5% 126 138 9.5%
Sold 47 60 27.7% 39 60 53.8
Pending 72 73 1.4% 78 73 -6.4%

Of these figures, inventory for home foreclosures for sale was down 7.9% in September from  August with a total of 35 properties classified as bank foreclosures. However, inventory is up 59.1% as compared to January.  Closed Sales classified as reo bank owned were up 27.3% in September from August and were up 40% as compared to January.

Inventory for Short Sales was up 16.1% in September from August with a total of 108 properties; and up 10.2% as compared to January.  Closed Sales classified as short sales were down 25% in September from August; and were down 25% as compared to January.

The Average Price per square foot for a non-waterfront home in September was $191.00, up 8.6% from August; and up 21% as compared to January 2010.

In September, the Average Days on the Market for a non-waterfront home was 98 days; up 24.1% from August and was down 14% as compared to January.  Sales Price versus Listing Price differential ranged from 89 – 98%.

The Average Closed Sales Price for a non-waterfront home in September was $351.00; up 38.7% from August and was 36% as compared to Janaury.  Median Sales Price in September was $232.00; up 24.1% from August and up 36.5% as compared to January 2010.

In September, there were 8.9 months of non-waterfront  homes for sale, down 19.7% from August; and down 31.9% as compared to January.  Pundits agree that a normal balanced market with regards to inventory is when there are 6-8 months of inventory.

Fort Lauderdale Waterfront Homes | Market Report – 3rd Quarter 2010

Fort Lauderdale Condos | Market Report – 3rd Quarter 2010

For more information about buying or selling homes for sale in Fort Lauderdale, contact me today at 954.850.2397.

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October 15, 2010

Fort Lauderdale Waterfront Homes | Market Report – 3rd Quarter 2010

Filed under: Real Estate News — Tags: , , , , , , — john sabia @ 3:54 pm

Fort Lauderdale Waterfront Homes

Third Quarter Market Trends for Fort Lauderdale Waterfront Homes on the Beach, Northeast and Southeast Fort Lauderdale neighborhoods.

September Inventory decreased by 0.6% from August and was down 7.1% from January.  Closed Sales were up 9.5% in September and up 91.7% as compared to January.  Pending Sales were down 12% in September and down 18.5% compared to January

For Sale/ Sold/ Pending/ New Listing - Waterfront

    1 Month   9 Months    
  Aug 10 Sep 10 % Change Jan 10 Sep 10 % Change
For Sale 357 355 -0.6% 382 355 -7.1%
New Listing 51 38 -25.5% 46 38 -17.4%
Sold 21 23 9.5% 12 23 91.7%
Pending 25 22 -12% 27 22 -18.5%

January – September figures:

Average Price Per Square foot increased 20.7% in September over August and up 40.5% as compared to January.

Average Days on the Market decreased 16% in September from August and increased 18.8% as compared to January. Sales Price versus Listing Price percentage has ranged from 84-92%.

Average Sales Price in September was 1.2 million; up 49.3% from August and up 40.2% as compared to January. Median Price for a sold home in September was $750,000; up 25% from August and up 5% as compared to January.

Waterfront Foreclosures and short sales are not a significant factor.

In September, there were 15.4 months of available waterfront homes for sale; down 9.2% from August and down 51.5% from January when there were 31.8 months of inventory.

Fort Lauderdale Homes For Sale | Market Report – 3rd Quarter 2010

Fort Lauderdale Condos | Market Report – 3rd Quarter 2010

For more information about buying or selling waterfront homes for sale in Fort Lauderdale, contact John Sabia at 954.850.2397.

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September 16, 2010

Lauderdale By Sea Real Estate | Market Report – 2nd Quarter 2010

Filed under: Fort Lauderdale Real Estate News,Lauderdale by the Sea,Market Report,Real Estate News,South Florida Real Estate — Tags: , , , — john sabia @ 6:05 pm

In addition to the Market Reports that I blog for Fort Lauderdale Real Estate, I have decided to dig deeper into the numbers and provide detailed market reports and trends for specific neighborhoods.

As real estate is local, there can be vast differences from one neighborhood versus another as well as significant differences from the larger more general area.

Whether you are buying or selling, understanding market trends will benefit you greatly.

I will attempt to provide these on a quarterly basis.  The first of these quarterly reports is Lauderdale By the Sea area.

Lauderdale By the Sea Real Estate Market Trends

Waterfront homes: From January through June, available waterfront homes for sale in Lauderdale by the Sea has been about 30+ homes for sale.    In June and later months, there has been an increase of available homes for sale.  Closed Sales: 3 homes sold from January thru March.  7 homes sold from April thru June.  Pending Sales: A total of 6 homes went under contract from January thru March and another 6 from April thru June.

Average Price Per Square Foot

Average Days on the market had significantly reduced from almost 2 years to under a year for the first six months. In the same time period, homes have sold from 75% to 90% of List price.

While the average List Price of a home has remained constant, the Average Sales Price has steadily increased.

The Median Price of sold homes has increased steadily over the first 6 months of the year.

Months of Inventory for the first 6 months fluctuated with a significant dip in May.

Lauderdale by the Sea waterfront Foreclosures are not a significant issue.

Waterfront Short Sales in Lauderdale by the Sea are not significant.

Non Waterfront Single Family Homes: Homes for sale in Lauderdale by the sea from January thru June have decreased.  Closed Sales: 6 homes sold from January thru March.  8 homes sold from April thru June.  Pending Sales:12 homes went under contract from January thru March and 5 homes went pending from April thru June.

Average Price Per Square Feet.

The Average time on the Market for a home from January thru May was 4-5 months.  I’m not sure what happened in June.  Homes sold for 90% of the asking price.

The Average List Price has remained consistent for the first 6 months, the Average Sales Price has fluctuated up and down.

Median Sales Price has fluctuated.

Months of Inventory decreased during the first 3 months; however, it has continued to increase significantly since May.

Lauderdale By the Sea Foreclosures are not a significant issue.

Lauderdale by the Sea Short Sales are not a significant issue.

For more information about buying or selling a home in Lauderdale by the Sea, contact me at 954.850.2397.  Buyers can begin their home search by viewing Fort Lauderdale MLS listed properties with photos and detailed brochures.

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source: all reports presented are based on data supplied by the Realtor Association of Greater Fort Lauderdale.  Neither the Association, their members nor their MLSs guarantee or are in anyway responsible for its accuracy.  Data maintained by the Association or their MLS may not reflect all real estate activities in the market. Information deemed reliable but not guaranteed.

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