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Shifting Markets in Fort Lauderdale Real Estate

May 3, 2011 by

When the real estate market shifts to a more balanced market, a market where neither buyers nor sellers have a huge advantage in a real estate transaction does anyone truly expect it to happen to the “national real estate market”? Does anyone truly expect to able to mark their calendars on the exact day the real estate crisis ended and the market stabilized?

The answer is simply, the real estate conversation is going to shift from one of the “national real estate market to those words much more associated with real estate, location, location, location? The shift to a more balance market is going to happen neighborhood by neighborhood, city by city, with the areas with a better economic foundation moving forward first.

Recently we have seen a shift in certain neighborhoods within the Fort Lauderdale Real Estate market that indicates the shift is coming. One such area is the City of Wilton Manors, where Wilton Manors Real Estate saw the supply of homes for sale drop to less than 5 months supply based on current sales trends. Many condominium buildings are seeing Fort Lauderdale Condos for Sale at their properties drop below 10% of the number of units at the property. We once saw this 10% number as a balanced market.

There will be bumps in the road. No recovery is ever a straight line out of the woods, and we don’t expect prices to be immune to the things that place pressure on our economy as a whole. However we do see inventory shrinking, multiple offers on well prices properties, and there is major activity in the Fort Lauderdale Real Estate market, check out our market statistics tab regularly for markets.

Filed Under: Archived Ft Lauderdale News and Articles Tagged With: , , , ,

Ft Lauderdale Real Estate Auction Proves Demand for Ft Lauderdale Real Estate

April 23, 2011 by

Fort Lauderdale Real Estate demand proved to be the exact opposite of what national reports keep saying about the real estate market in general. A few weeks back as we discussed in an earlier blog post the Fountains on Ocean Blvd. conducted a real estate auction for the remaining unsold inventory. The auction drew a huge crowd of buyers to the Fort Lauderdale Hilton on a beautiful sunny day in Ft. Lauderdale, to buy their own piece of Fort Lauderdale Real Estate.

Fort Lauderdale Condominiums were sold in an orderly fashion of aggressive bidding, and in just over an hour the last remaining Ft Lauderdale Condominium units at the Fountains on Ocean Boulevard were under contract and called for by lucky buyers who will get to close on one the last remaining unsold developer Fort Lauderdale Condominiums.

Ft Lauderdale Condos were sold at about 40% off of the original asking prices, with unit selling from just under $300,000 into the mid $500,000 range. The demand was strong and the prices are a true indication of market value of Ft Lauderdale Condos.

Fort Lauderdale Condominiums near the beach are part of a Ft Lauderdale Real Estate market where location is everything and has not been plagued with an endless supply of foreclosures and short sales. The bargains are out there, but if you have been waiting to purchase a Fort Lauderdale Condo near Ft. Lauderdale Beach, now is the time to plan your shopping trip, as the good inventory is clearly being sold to the highest bidder, as inventory continues to shrink when it comes to Fort Lauderdale Condominiums.

Filed Under: Archived Ft Lauderdale News and Articles, Uncategorized Tagged With: , , , , , , ,

Fort Lauderdale Condominium Foreclosure

March 13, 2011 by

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

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

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.

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

When it comes to the most basic number which effects the Fort Lauderdale Real estate market;  in Fort Lauderdale the trend is very different 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. Lauderdale Foreclosure’s 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 truly sellable inventory in the Fort Lauderdale area is even lower than the numbers indicate.

When it comes to Fort Lauderale Real Estate the graph indicates some very clear trends. Inventory in the last year has dropped 45%, sales have increased 20% and pending sales (possibly skewed because of the number of short sales sitting in pending which will never 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 the Fort Lauderdale Group 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: , , ,

Foreclosure | Hot Property | Great Buy

November 1, 2010 by

Bamboo Flats is the one of the coolest newer town-home communities in an area just north of downtown Fort Lauderdale called Flagler Village. This area is destined to be cool artsy center for living in downtown Fort Lauderdale. When the Fort Lauderdale  Real Estate market slowed many of the area projects that were planned were placed on hold.

Bamboo Flat Mixed Use Foreclosure

Bamboo Flats which was already underway was completed and today stands strong as a great contemporary village of town homes with beautifully maintained landscaping and a great community pool. On the West side of the community a few mixed use units were built. The first floor is a work space, for a professional office. Opening on the street it is ideal for an office that does not generate retail type traffic. It is zoned professional office. Above the office is three stories of loft like living, with a seperate entrance plus a roof top deck. Originally this property closed in 2007 for $533,000. Today it stands designer ready ( waiting for flooring ) at just $306,900. As an REO sale we expect this property to sell quickly, with multiple offers and we are calling this our weeks best buy among Fort Lauderdale Foreclosures.

UPDATE HOME CLOSED FOR $300,000 – A Great Buy

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

Selling a Condominium

October 31, 2010 by
Rendering of the Auberge Fort Lauderdale

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

When you are thinking about selling a Ft Lauderdale 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 Fort Lauderdale realtors marketing plan for your property and especially their plan for attracting buyers.

When selling a Ft Lauderdale Condo 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 announcements 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 consistent 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 with eXp Realty in Fort Lauderdale. Eric Miller and Associates is an award-winning team of realtors and can be found online at FTLRealEstate.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: eXp Realty Ft Lauderdale, Fort Lauderdale Condos Tagged With: , ,

Real Estate Season Opens

October 31, 2010 by

It’s become a tradition over the years that most Fort Lauderdale Realtors mark the opening of the real estate season as the week Fort Lauderdale Boat Show brings the city to life. It’s been a long hot summer filled with rumors of economic demise for the Fort Lauderdale Real Estate market. For some who rather spend time thinking about those rumors they have gotten all the media attention they could ask for. However, for others who rather deal in facts, Boat Show attendance is up, the restaurants are packed, real estate inventory is shrinking and its a great time to be in paradise. Oh, got to run, booked solid today, working with numerous buyers, looking for their bargain piece of Fort Lauderdale Real Estate.

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