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”.

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 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.

Lauderdale Harbors Main Canal

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.

Lot Value Waterfront Lauderdale Harbors Home

Just across the canal from the Southern end of Lauderdale Harbor there are numerous older Fort Lauderdale Waterfront Condominiums many of which do have dock space available. If you love the feel on a great boating neighborhood like Lauderdale Harbors and are looking for a Fort Lauderdale Condominium that comes with much less care and upkeep than a single family home, you can still be close to Lauderdale Harbors. The brand new Hemmingway Landings with it luxury condominium offerings all of which include a dock, to numerous smaller condo units on SE 15th Street, there are Fort Lauderdale Real Estate opportunities for every budget in the area surrounding Lauderdale Harbors.  Ready to fall in love with the Lauderdale Harbors area of the Fort Lauderdale Real Estate market your starting point is Eric Miller and Associates, your Fort Lauderdale Realtors, and of if you start hunting on your own you may with to stop by at the Harbor Shops, and visit Gilberts voted Fort Lauderdale’s best Hamburger, and then touch out to Eric Miller at Keller Williams for all your Fort Lauderdale Real Estate needs.

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.

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.

Sell one Fort Lauderdale Waterfront Home in a prime Fort Lauderdale Real Estate location for $2,000,000 and then sell 5 condos which are 900 sq. foot Fort Lauderdale Condominiums in over 55 communities needing work for $100,000, and then add in the sales of 5  homes which are distressed properties needing total renovation, and all of a sudden the average price of a Fort Lauderdale Home is under $300,000. Sounds a bit absurd doesn’t it to discuss average price when you are discussing totally differant types of properties, but this is exactly what most media sources are reporting when it comes to real estate these days. The slowdown in the overall real estate market, and skew of the sales numbers to distressed, foreclosed and short sale properties is making the  average price of a homes in every real estate market in the country appear lower than it is.

Recent Sold Home Under $100,000

With close to 50% of the sales in Fort Lauderdale Real Estate  happening in distressed properties, the condition of these homes are below average, therefore the prices being reported for them are  below average. In turn if your thinking of buying a home which is better than average, chances are you are going to pay more than average.

You may argue that there have always been lesser quality homes, as part of the inventory of any housing market so why think about these issues today.  Simply its about the percentages, when a large portion of the homes being sold are distressed properties, it skews the overall market and paints a Fort Lauderdale Real Estate portrait that gives many potential buyer the wrong impression.

Ft Lauderdale Homes and Ft Lauderdale Condos in four neighborhoods may soon have buried power lines.  Idlewyld, Riviera, Seven Isles and Las Olas Isles, have applied to buyer power lines.  Seventy percent of the property owners must agree to pay the costs.

Nine cities near Ft Lauderdale have agreements with FPL to pursue burying power lines, including Coconut Creek, Hollywood and Plantation.  Contact Eric Miller and Associates for more news effecting Fort Lauderdale Real Estate and discuss why  it is a great time to purchase a Fort Lauderdale Home or Condo.

Fort Lauderdale Real Estate shoppers are finding out that there not Ft Lauderdael foreclosed homes on every corner in the Ft Lauderdale Real Estate market waiting for buyers to arrive in Fort Lauderdale and make an offer. In fact, the real story of the Ft Lauderdale Real Estate market is a market where the local Ft Lauderdale newpaper recently reported that tightening inventory is leading to a sellers market in certain neighborhoods of Ft Lauderdale.

Ft Lauderdale Real Estate is just like any real estate market in the country when it comes to the rules of real estate, “location, location, location”. In Fort Lauderale Real Estate a choice location for most people is about being close to Ft Lauderale Beach, or close to the Fort Lauderdale Downtown area of Las Olas Boulevard. These are the, “certain neighborhoods”, that the tightening market is talking about. In addition to these choice areas, you can add to it the criteria of great schools, and in-turn the areas of Weston, is seeing a tightening market, along with the neighboring city of Cooper City. Great schools, and choice attractions such as Fort Lauderdale Beach lead to great real estate markets that are all ready showing the signs of tightening.

Oaktree Drive Foreclosed Home

Are there still bargains out there ? Absolutely and my goal here is to bring your attention to one such bargain. Just west of 95, about 4 miles from the beach is a community of 56 homes that built just over 10 years ago on the back of the Oak Tree Golf Course in Oakland Park, Florida, the city which borders Ft. Lauderdale to the North and West. The golf course has been closed for a number of years and rumors of housing developments, and reopening of the gold course have swirled for years simply creating a giant unknown. In real estate, normally, these unknowns make for property that people don’t want to buy and in-turn dropping prices. Today prices have dropped so low at this beautiful community that buyers may need ask, what difference will the end result make to this community, anything will be better than the way the gold course sits today and where else can you find a 12 year old open with4 bedrooms, and 2 baths of over 2400 sq. feet plus a three car garage offered as a Ft Lauderdale Area Foreclosure for $314,900.

Even with the unknowns someone is going to get an incredible deal on this property. Interested in seeing this home do not wait call a Fort Lauderdale Realtor.

The first asnwer is simple, foreclosuers are not happening in great numbers in the best neighborhoods in town, Fort Lauderdale Real Estate Foreclosurer List, they are not on the beach (there is always an occasional exepction). These home were always in less expensive locations and continue to drive down the average price of all home sales as they move through the inventory.

Now lets discuss the more complicated issues. I hope to do so on a few fronts and maybe I will get lucky and someone of influence will read this and some light bulbs will go off. I sincerely do agree that there is no recovery to be had in this country until, the risk factor of construction is taken away, people are back to work, and the desire for housing ownership returns.

1) Banks are in processing madness. They appear to see no reason to get deals done quickly. Between insurance policies on their assets and government programs which help them along, urgency is gone. Someone has to pay for the outrageous time these hardship short sales take to process, and even though we don’t seem to understand it,  its all of us who are paying.   Part of the time factor, and failure rate, becomes priced into the asset with the “I don’t want to deal with a short sale attitude”. One example file , over a year old, has cost the bank 30% of the asset since the time they first had a chance to react, the government, you and I are picking up part of the tab. Taxes due, mortgage payments in arrears, past due maintance, dropping prices, buyers who left, bank foreclosurers of identical properties at lower prices have all hurt this asset. Solution –  place a time frame on all insurance and government programs such as HAFA  from the time a short sale offer is given to the bank, if they don’t react all programs need to disappear, if the bank does not react they should automatically waive their ability to ever seek a defiecency judgment. I will bet their ability to process would change quickly.

2) Foreclosures are selling at such a discount to the market, simply because the banks once again have gotten in the way of free markets. If the average days on market of a property in an area is 90 days and the bank tells their realtor they want it gone in 10 days ( after they have held the property for a year  and lead it into a state of ill repair) where and to whom do you think it is going to sell. It becomes a home not for an end user but for an investor, a renovator, and gets sold way under “market value”, it gets sold to a “friend of the market” for wholesale. If the property was sold on the open market with traditional neighborhood Realtors in a time frame reflective of the market, prices would certainly be higher. Prices are always higher when these homes come back on the market as normal sales 90 days later after a clean up. A very serious number to look at is the number of foreclosued  properties that are coming back on the market within 6 months as those, higher regular sales you talk about.

3) Strategic defaults – prices keep dropping – more people simply make the decision to give up as prices drop.  Its time to make sure  that foreclosure is not viewed as something easy, that will go away quickly. We spend more money in this country advertising that you shouldn’t smoke than, we spend discussing  the years of financial suffering that walking away from your home may cause. Foreclosurer is not something we should be proud of, it is just sad, and it is a hardship. I am totally sensitive to when it is the right decision, but when certain financial advisers are telling everyone to “just walk away”, as if it won’t hurt them, it simply becomes part of the problem. So where to go from here, we go to #4.

4) Encourage home ownership,  making  interest payments tax deductible, it is not enough. Use the money we are throwing at the system to Clearly Support Home Ownership in America. Take away the discussion that renting is cheaper than owning. Its time  to start thinking about what we do we encourage individual home ownership. A start, reward homeownership by making equity payments ( payment down of your mortgage) tax deductible. People who can pay additional money on their current mortgages will pump money back in to the system, and see a financial reason to keep their homes, and not walk away. Bring on depreciation deductions for primary residences, larger than the ones we give investors on the properties they rent out. Even out the playing field so Suze Orman cant  say “Walk Away“, to many callers.  Want some more ideas, ask Suze Orman ! Ask her, What would allow you to support ownership in front of your millions of viewers ?, I think she would certainly let us all know how she feels.

I dont’ have all the answers and most likely raise more questions that answers, but I do know that when people can’t see the value of building equity in their homes talking about a construction and housing recovery,  is a mis-directed conversation.