February 2009

Found 9 blog entries for February 2009.

If you live on the east side of Fort Lauderdale, it is certain that you have heard of the new home builder Glenn Wright.  Wright is well known for his 2-story "mcmansions" in the Fort Lauderdale neighborhoods of Rio Vista, Victoria Park and Coral Ridge. Wright's grandest project, La Preserve, envisioned to be a luxury gated home community in a natural setting remains unfinished and as the Sun-Sentinel reports; 39 of the 67 homes are in foreclosure.* Wright, a prominent name in home building is facing several lawsuits from angry would-be homeowners, contractors and projects that remain unfinished.* It is reported that Wright's development companies are in the red for more than $100 million.   The developer has deeded at least 106 of his company's

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Rio Vista / Lauderdale Harbors Listing & Sales Activity for January 2009

In January, there were 9 new listings for single family homes added to the market for sale in Rio Vista - Lauderdale Harbors. Presently there are a total of 95 homes listed for sale. 13 homes are being sold as Short Sales and 1 Foreclosures for sale. Total inventory shows approximately 4% of homes in Rio Vista / Lauderdale Harbors are listed for sale. Rio Vista & Lauderdale Harbors Homes For Sale

Rio Vista / Lauderdale Harbors Homes Sold in January 2009

There were 3 recent home sales in Rio Vista / Lauderdale Harbors in January 2009.
  • 1108 N Rio Vista Blvd, 3 bed/2 baths, pool, List Price $895,000. Sold Price $775,000. Selling Price per square foot - $300.00
  • 705 SE 9th St (Short sale), 3 bed/2 bath, pool,  Listed Price
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Victoria Park Listing & Sales Activity  - January 2009

6 single family home listings were added in January.  Presently there are 67 homes for sale in Victoria Park. 13 homes are being sold as Short Sales and 2 homes are Foreclosures. Total inventory indicates approximately 2% of homes in Victoria Park are listed for sale. Victoria Park Homes For Sale | Inventory

Victoria Park Homes Sold in January 2009

There were 2 homes sold in Victoria Park in January 2009.
  • 435 NE 9th Ave, 3 bed/2 baths, List Price $349,900.  Sold Price $340,000.  Selling Price per square foot - $228.00
  • 1645 NE 7th St, 3 bed/1 bath, Listed Price $298,000.  Sold Price $265,000. Selling Price per square foot - $209.00.
Average Days on Market - 124.

Victoria Park Pending Sales in January 2009

1 home went under…
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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.*

Return to Fort Lauderdale Real Estate home page

*Source: Triangle

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Coral Ridge Listing and Sales Activity for January 2009 - report there were 27 new listings added and presently there are 162 homes for sale in Coral Ridge. Out of this number, there are 15 Short Sales in Coral Ridge and 3 Foreclosures in Coral Ridge. Overall, inventory levels are good with just 6% of homes in Coral Ridge listed for sale. Coral Ridge Homes For Sale | Listing Inventory

Coral Ridge Homes Sold in January 2009

There were 3 homes sold in Coral Ridge during January 2009.
  • 2866 NE 29th Street, waterfront-pool, Listed Price $1,079,000. Sold Price $995,000. Selling price per square foot - $311.91.
  • 4771 NE 28th ave, pool home, Listed Price $699,900. Sold Price $590,000. Selling Price per square foot - $233.66.
  • 2609 NE 26th Ave, Pool home,
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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
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Listing & Sales Activity for WaterGarden condo in Downtown Fort Lauderdale shows 1 new listing in January while 28 total condos were for sale (out of 315 total condos in building); indicating 9% of WaterGarden condos available for sale. WaterGarden | 347 N New River Drive - Listing & Sales Activity Jan 2009 Pending Sales for 347 N New River Drive - WaterGarden: 2 condos at WaterGarden, 1410 and 803, both Moonglow units went under contract in January.   1410 was listed at $499,000 and is expected to close February 20th.  803 was listed at $464,000 and is expected to close March 13th. Closed Sales for 347 N New River Drive - WaterGarden There were no Closed Sales in January. WaterGarden Condo - 347 N New River Drive - Pending & Closed Sales 2009 WaterGarden Condo | Fort Lauderdale Condos For SaleFor more information about buying a condo for sale at WaterGarden or obtaining a market analyis for selling your WaterGarden condo, contact me…
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Listing & Sales Activity for Las Olas River House condo report a total of 11 new listings in January for a total of 52 condos for sale (out of 287 total residences); which represents an overall percentage of 18% of Las Olas River House condos are available for sale.

This figure indicates that inventory has reduced significantly; about about a year ago, the figure was closer to 30%.  As of this post, there are presently 54 condos for sale at Las Olas River House.

Las Olas River House | 333 Las Olas Way - Listing Activity for January 2009












Pending Sales for 333 Las Olas Way, Fort Lauderdale:

1 condo went under contract in January, unit 1007, a Chelsea unit (REO-Foreclosure); Listed price $429,900.  Estimated closing date is February 12th.

Closed Sales for 333 Las Olas Way, Fort

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Fort Lauderdale, FloridaNationwide Existing Homes Sales Show Strong Gain in December  and Pending Home Sales Show Healthy Gain in December up 6.3% over November (biggest gains in the South and Midwest) reported The National Association of Realtors® (NAR) in separate press releases. Both positive gains can be attributed to buyers taking advantage of  low prices and interest rates,  however, real estate markets are far from normal conditions, and buyers will continue to have the advantage for the foreseeable future. December's Listing & Sales Activity for Fort Lauderdale Real Estate show small negatives except with New listing inventory.  There were 21% fewer homes and condos listed in December which could be because of the holidays or hopefully, an indicator that perhaps the…
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