Fort Lauderdale Real Estate Feature
Fort Lauderdale Real Estate Sees New Tower Proposal
Nothing can mark the start of a new Ft Lauderdale Real Estate cycyle for a community better that an application for a great project being placed infront of the city by a great local developer. It shows confidence in Fort Lauderdale Real Estate. A well known South Florida residential developer, Jorge Perez of the Related Group, has proposed a 26-story rental tower on the south bank of the New River.
The south side of the river, which is the area between downtown and the airport has always been less developed but often appeared in a holding pattern that was about to change. La Preserve a community of Glenn Wright Homes, is a south side community that got caught in the market downtown and is now very much alive. An investor has finished the remaining luxury homes, and rented them out, showing convidence in a Fort Lauderdale Real Estate turnaround. The goal now is for a Related Group subsidiary to add a 256 luxury rental building called the New River Yacht Club to the south side of the Fort Lauderdale Real Estate market at a site just west of Andrews Avenue.
Some buyers of Fort Lauderdale Condos are surprised to hear that there is very little inventory available in the Ft Lauderdale Market. Lack of new construction and high demand for rental units have kept the beach and downtown areas of Ft Lauderdale Condo market a prime target for investors. Low inventory and stablizing prices in Ft Lauderdale Real Estate often appear to be the story that the media forgot to report. Recently we spoke to a buyer who told us that “the Fountains and Sapphire on the beach had both closed their sales offices because nobody was buying”. She was right, both sales offices are now closed, but she was wrong about why, the last two buildings in the Fort Lauderdale Central Beach area are sold out.
It is great to see projects in the planning stage again, it is great to see some in fill projects that have been stalled starting to be worked on again, and it is very clear that lower inventory, stabilized prices and strong demand will allow the Fort Lauderdale Real Estate market to work through any inventory that the banks continue to work through their “system”.
FEMA’s NEW FLOOD MAP EXCLUDES PARTS OF BROWARD COUNTY
It was announced recently that a new FEMA map has indicated that more than half of Broward County properties including parts of the Fort Lauderdale Real Estate market will no longer be required to carry flood insurance. We sincerely suggest that Fort Lauderdale and Broward County Homeowners do not run out to cancel their flood insurance policy, based on FEMA’s new guidelines.
Property owners in the Ft Lauderdale Real Estate market currently carry three insurance polices, windstorm, flood, and homeowners or liability. The flood policy has always been the least expensive. Should we ever have another weather related disaster it is not hard to visualize insurance companies as they have done in the past arguing if the water in your home came from wind related issues, or rising water? By maintaining both policies you are covered and can allow the insurance companies to argue the issue.
Prior to this change there have already been parts of east Fort Lauderdale that were in what is referred to as X zones, areas that did not require flood insurance. There are areas of Victoria Park, and even areas east of the intracoastal near the beach that were not included as flood zones. Prudent property owners in these areas have always carried flood insurance, and some condos in these areas have been forced to purchase insurance by prudent lenders.
If you are in one of the areas where flood insurance is no longer required we would suggest you think twice and keep the policy and hopefully by calling your insurance agent the policy can be rerated to even a lower cost. Any questions, give your insurance company a few weeks to receive the new guidelines and give them a call.
Fort Laudedale Waterfront Homes
Lauderdale Harbors – Ft Lauderdale Featured Neighborhood
Lauderdale Harbors is one of Fort Lauderdale’s unique waterfront neighborhoods. When it come to Fort Lauderdale Real Estate living in a Fort Lauderdale Waterfront area where you can walk to many local activities is a rarity. Lauderdale Harbors is just that type of neighborhood where to can find locals dining at such places as South Port Raw Bar, and Kelley Landing. This Ft Lauderdale Neighborhood consist of Ft Lauderdale Waterfront Homes nestled between the intracoastal waterway to the east, Cordova Road to the West and just beyond Cordova Road is the secluded Cliff Lake. Fort Lauderdale Real Estate Locals are often surprise if the wander just west of Cordova Road and find Cliff Lake, the Fort Lauderdale Real Estate looking over the small lake are truly gems as is the entire Lauderdale Harbors area.
Lauderdale Harbors consists of mainly older range style homes with an occasional two story, or a newer luxury home. While neighboring areas were being filled with brand Mediterranean Mansions, many residents simply stayed in the older Lauderdale Harbors Homes and enjoyed their modest waterfront homes of the Lauderdale Harbors neighborhood. With Fort Lauderdale Real Estate land values, of the prime waterfront lots of Lauderdale Harbor approaching a million dollars for a 100 foot lot at the peak of the market, many of the newer homes in this area were built when this Fort Lauderdale Neighborhood could easily support values over $2,000,000. Times have settled down in the Fort Lauderdale Real Estate market, even for the most desirable of waterfront areas such as Lauderdale Harbors.
Lauderdale Harbors Real Estate today’s consists of only 6 homes for sale and one is really part of an opportunity for a buyer to purchase two lots next door to each to create 140 feet of prime estate property. The homes in on the Fort Lauderdale MLS, listed in Lauderdale Harbors today range from a two bedroom, 2 bath house listed for $595,000 on 70 feet of waterfront, built in 1954, to a brand new 4800 square foot spec home which is currently under construction in the area and is priced $2,325,000, also on 70 feet of waterfront.
For someone looking for a large renovation project or more likely a unique opportunity to build their dream estate, 1515 SE 14th Street is currently on the market and being marketed by Eric Miller and Associates of Keller Williams Fort Lauderdale, the home or lot is priced at $750,000. It can be purchase with the lot next door 1507 NE 14th Street, market by The Fitzgerald Group which is on the market for $739,000. Each lot contains 70 feet of waterfront property, and with a current asking price of $1,489,000 for the entire 140 feet, this property represents one of the least expensive opportunities to buy over 100 feet of prime waterfront in the Fort Lauderdale Real Estate market. The two listing agents are in touch and prepared to work together to make this transaction happen. [Read More...]
Fort Laudedale Foreclosure
Fort Lauderdale Real Estate – 3 Quarter Numbers Point to a Market Shift
Fort Laudedale Real Estate prices and trends for the third quarter of 2011 showed an expected shift for the Ft Lauderdale Real Estate market. We all know that one quarter does not mark the end of our real estate crisis but it is certainly better to witness the strong positive trend than daily dire predictions of real estate economists that discuss real estate in term of national and international markets.
During the 3rd quarter of 2011 every single catagory we analize showed a strong increase in closed sales, lower inventory and increased average prices. It may appear to some that that the median price of a home in Broward County is still declining but this is simply because the strongest piece of the market is still below the $200,000 price point. The lower the price point, the shorter the days on market, the higher the price sold compared to asking price, and the faster the shrinking inventory. This clearly means that these lower price points are disappearing quickly and once their gone this will lead to further price recovery.
The 3rd quarter of 2011 compared to 2010 saw a decrease of homes for sale in the Broward County area of over 30%, at the same time sold units rose approximately 4%, and pending sale rose over 8%. If you look at the Fort Lauderdale condominium market the numbers were even stronger where year over year pending sales are up over 60%.
We are not out of the woods as of yet, with many Broward County property owners upside down. However, continued reports of an upward trend, banks that are embracing the short sale process when needed, and clear investor confidence in the Fort Lauderdale area real estate market will all result in mounting momentum to a more balanced real estate market.
Fort Lauderdale Real Estate Prices
Looking for a headline on Fort Lauderdale Real Estate prices these days and you will most likely be able to find one that still talks about the “declining median price”, or the “falling average price of home in the Fort Lauderdale Real Estate market”. In reality the story is totally true, howvever, a little digging through the facts will expose a differant market that many Ft Lauderdale Real Estate buyers are finding totally surprising.
Ask a local realtor today about the biggest propbelm in the Fort Lauderdale Real Estate market and often you will hear that there are “no quality properties to sell”. This is the fact that leads to the misleading headline above. With few quality properties coming on the market the larger portion of sales for sale are distressed properties in need of repair. When discussing median price of an areas housing market wouldn’t an approach calling for adjustments for condition be a more accurate picture of the market ? An adjustment based on the proportion of sales which are distressed properties would give a clearer picture to an “average price point”, in a market.
When appraisers do an appraisel of a home they need to take into account things like a “visible leaks, roof past its life expectancy”, or a “kitchen in poor kitchen, no appliances “, once these items are addressed this house will become an “average” home in any real estate market. But as they stand today, they are below average homes, they sell for below avergae prices and these type of properties give an appearance of declining property values. In realty, what is being said is that home of below average condition sell for lower prices.

