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Fort Lauderdale Real Estate Sees New Tower Proposal

December 3, 2011 By admin

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”.

Filed Under: Fort Lauderdale Condos, Ft Lauderdale News and Articles

FEMA’s NEW FLOOD MAP EXCLUDES PARTS OF BROWARD COUNTY

November 14, 2011 By admin

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.

Filed Under: Archived Ft Lauderdale News and Articles, Fort Lauderdale Condos

Buying Ft Lauderdale Real Estate Is Cheaper Than Renting

August 20, 2011 By admin

According to a report by Trulia,  buying South Florida Real Estate is cheaper than renting a home in South Florida. The report was based on a study of median home list prices and median rental prices in Miami.  While home prices are expected to continue decline into 2012, finding the perfect home while inventory is still available, and rates are low appears to be the priority of many buyers of Fort Lauderdale Real Estate.  Buying South Florida Real Estate vs. Renting, simply makes sense with todays discounted prices and interest rates.  For those home buyers who have been on the side lines, there are many good good reasons to buy. For those who insist on waiting for the bottom we can only ask, “can you identify the day that represented the top”. In Fort Lauderdale Real Estate most people think the top was some tiem between 2004 and 2006, the bottom will be as clear someday.    

Whether you’re a first time home buyer or experienced investor this is a great opportunity to purchase at some of the lowest prices we have ever seen.  Prices throughout the Fort Lauderdale Real Estate market and throughout the South Florida area have reached levels not seen since 2004, and with todays interest rates this makes a great time to start hunting. Interested in starting a Fort Lauderdale Real Estate search we have provided you with a link to the entire Fort Lauderdale MLS.

There are many factors that will effect what appears as median or average pricing over the next year in Fort Lauderdale Real Estate. Shorts sales, and Foreclosure’s will remain a large piece of the inventory, and a large part of the sold inventory. With this happening it will make the average and median price of a home in the Fort Lauderdale real estate market appear lower than it really is.  Foreign investment in the US Real Estate market will continue especially with Canadian buyers in the South Florida market and once the distressed properties are absorbed we will see average prices start to drift higher.

Buying Fort Lauderdale homes and condos, at a time when the rental market is gaining strength due to lack of new inventory, can be a great way to build a real estate portfolio over time.   Buying real estate close to the lows of the market is the way to build for a  long term profit.  You may get a check when you sell but in actuality the money is made the day you purchase. The investment advantages of owning real estate include the possiblity of  tax writes off when it comes to mortgage interest, real estate taxes and the cost of cost of operation. As always we suggest you discuss rental property with your accountant and real estate attorney so you know the most advantageous method of holding and purchasing your Ft Lauderale Real Estate.                                                                         

Eric Miller and Associates are here to help you make the most of this unique time in the Fort Lauderdale Real Estate market.  While buying the American dream can be a great experience, working with a team of professionals can certainly increase the odds of a successful transaction.  When looking at Fort Lauderdale Homes for sale, or starting your search for  Fort Lauderdale Condominiums for sale, or when its time to find that perfect dream Ft Lauderdale Waterfront  Home remember to contact the team at Eric Miller and Associates, Keller Willaims Realty Fort Lauderdale, for all your needs in Fort Lauderdale Real Estate.

Filed Under: Fort Lauderdale Condos, Uncategorized

Fort Lauderdale Condominium Foreclosure

March 13, 2011 By admin

Coming soon – Within a few days Eric Miller will be placing on the market a two bedroom, two bath condominium at the Isles of CorIsles of Coral Ridgeal Ridge 1400 NE 56th Street, please feel free to drive by. This small condominium developement was a condo conversion at the peak of the Fort Lauderdale real estate market and therefore has seen numerous foreclosurers and short sales. This too shall pass, and at todays Fort Laudedale Real Estate prices if your looking for a distressed property that overtime may have a brighter future, this may be the perfect condo for you. This two bedroom/2 bath unit will be priced under $50,000 and because financing will be difficult we are looking for cah buyers on this property. Seeking a free list of South Florida forclosed properties, we can set you up on a search or you can do it yourself by visiting, FortLauderdaleGroup.com, Foreclosures.

Filed Under: Fort Lauderdale Condos, Ft Lauderdale News and Articles Tagged With: , ,

Ft Lauderdale Condos – A Change for Fort Lauderdale Real Estate

January 5, 2011 By admin

Fort Lauderdale Real Estate News reports seem to ignore a simple fact about the Fort Lauderdale Condo market today. Construction plans have stopped and sales are growing. As Fort Lauderdale Realtors, we know that 2011 will be the last year to purchase a brand new condominium in the Ft Lauderdale Condo market for at least 4 to 5 years.
If you have been thinking for years about purchasing a New Condominium in the Ft. Lauderdale area, 2011 is the year as supply is twiddling of new Condos in Ft Lauderdale.
  
Fort Lauderdale CondosWhen Fort Lauderdale Real Estate prices collapsed there were only a few buildings under construction in the Fort Lauderdale Condo Market. Adding Pompano Beach, and Lauderdale-by-the-Sea to the inventory of the Fort Lauderdale Real Estate, only adds three additional new developments to the inventory of Fort Lauderdale Condos.

We currently estimate that in the Fort Lauderdale Real Estate market there may be less than 150 brand new Ft. Lauderdale Condos available for sale, and this number is shrinking rapidly. As developers dropped prices to sell units the market has responded accordingly.

 

Ready to see these condos, thinking about calling one of the last new Ft. Lauderdale Condos your own, call Eric Miller and Associates and schedule our new construction tour. We will set up the appointments and turn you into experts on the Fort Lauderdale Luxury Condo market in a few short hours. As FFt Lauderdale Condost Lauderdale Real Estate experts we are excited about the great product available and the bargains that current buyers are getting, but simply it is not going to last.  In real estate, if you can purchase a Ft. Lauderdale Condo brand new for less that it would cost to build, this is a bargain. 

In the Fort Lauderdale Condo market there is remaining unsold inventory in the Sapphire, Fountains on Ocean Drive, and Coconut Grove. In Pompano we add the Sonata Beach, and the Oceanside, and in Lauderdale-by-Sea we add Villas of the Sea.  At Eric Miller and Associates we are here to answer to your questions about any Ft. Lauderdale Real Estate.

Filed Under: Fort Lauderdale Condos, Ft Lauderdale News and Articles Tagged With: , , ,

Taxes in the Fort Lauderdale Real Estate Market

December 2, 2010 By admin

Taxes, Taxes and more Taxes – Whats the Real Truth?

Real Estate taxes in the Fort Lauderdale Real Estate market can be confusing to some buyers new to the Fort Lauderdale area. The basic concept that all Fort Lauderdale Real Estate buyers need to understand is that their property will be reaccessed with a sale, and taxes can go  both up and down depending on the last accessment.  As a rule of thumb estimating your annual real estate taxes at 2% of the purchase price will be a good estimate.  Read the whole article.

Filed Under: Fort Lauderdale Condos, Ft Lauderdale Homes for Sale, Ft Lauderdale News and Articles, Ft Lauderdale Short Sales Tagged With: , , ,

Fort Lauderdale Real Estate Trends

November 11, 2010 By admin

When it comes to the most basic number which effects the Fort Lauderdale Real estate market;  in Fort Lauderdale the trend is very differant than the trend the media speaks about throughout the country. That number is simply the number of residential units available for sale, and in  Fort Lauderdale Real Estate, that number is declining.   In Ft. Lauderdale and in the entre Broward County area, Fort Lauderdale Realtors have been complaining that there is nothing to sell. It is not quite that dramatic. But the saleable inventory is actually even lower than this graph shows. If you remove from the inventory the Ft. Lauderdale over priced unmotivated seller, the Ft. Lauderdale Short Sales which certain banks have caused many buyers to stay away from,  the numerous Ft. Laudedale Foreclosurers that banks have frozen simply by leaving them on the market but are not responding to offers, and the area short sales that are being left on the market in “active” status because of fear that the first buyer will back out by time the bank responds, the truely sellable inventory in the Fort Lauderale area is even lower than this graph indicates.

Fort Lauderdale Real Estate Trends

Fort Lauderdale Real Estate Trends

When it comes to Fort Lauderale Real Estate the graph indicates some very clear trends. Inventory in the last year has droppd 45%, sales have increased 20% and pending sales (possibly scewed because of the numer of short sales sitting in pending which will nevr happen) are up 82%. When it comes to Fort Lauderdale Real Estate, and especially Fort Lauderdale Condos and Fort Lauderdale Waterfront Homes the widely used statistic of “housing starts” becomes meaningless as we are basically out of land; out of land means out of housing starts.

In summation with inventories back at the level of pre-housing boom in the Fort Lauderdale Real Estate Market, its a great time to be a buyer in Fort Lauderdale, and the team at Eric Miller and Associates is here to help with all your needs in Fort Lauderdale Real Estate.

 

Filed Under: Fort Lauderdale Condos, Ft Lauderdale News and Articles Tagged With: , , ,

Selling a Condominium

October 31, 2010 By admin

Selling a Condo – It’s different than Selling a Single Family Home  

When you are thinking about selling a condominium one of the first things to think about are some of the differences involved in selling a condominium compared to selling a single family home. Many realtors will tell you “sign calls” are a valuable source of finding buyers for a property. When it comes to most condominiums this valuable source of buyers disappears. So now it becomes even more important to listen to your realtors marketing plan for your property and especially their plan for attracting buyers. 

When selling a condominium there are two things that are being sold. The buyer must be sold on the building or condominium association as well as the individual condominium. Make sure you and your realtor have all the association facts ready to go.  A buyer who receives quick and accurate answers to all their questions is a buyer who feels secure about making a decision. An original brochure from the community can be very helpful, newsletters, and recent condominium announcments will also help a buyer feel secure. 

Condominium association rules and regulations are an important part of the process. Bringing a buyer with pets to a community that has pet restrictions is not in anyone’s best interest. Knowing the rules and regulations and having them available for your realtor will help your realtor promote the condominium to buyers who want rules and regulations consistant with the property you are looking to sell. The more information you provide the easier it will be to make sure that the people viewing your home are the ‘ready, willing and able” buyers for your condominium unit.

Eric Miller is a broker associate /owner with Keller Williams Realty in Fort Lauderdale. Eric Miller and Associates is an award winning team of realtors and can be found on line at FortLauderdaleGroup.Com - Thinking about purchasing a home in the Fort Lauderdale area Eric Miller provides complete access to all listed homes at Fort Lauderdale Homes for sale.  Thinking about a Fort Lauderdale Condominium, you can find every Ft. Lauderdale Condo for sale at,  Ft. Lauderdale Condominiums for sale.

Filed Under: Fort Lauderdale Condos