The Fort Lauderdale Real Estate Market
The Fort Lauderdale residential real estate market has been experiencing a wave of new development, with a large number of condominium and rental projects opening in the last year. That is creating a positive feeling about home ownership among the locals and buyers who are attracted to the short commute to downtown Fort Lauderdale and Miami-Dade. In addition, rising interest rates haven’t tempered buyers’ enthusiasm, said Sherry Chris, the Allstate/Great American Insurance Broker who this year ranked Fort Lauderdale as one of the top places to retire, among 20 U.S. locations. And as the unemployment rate falls, there is more housing availability and rental opportunities, she said.
The State of Florida
The state of Florida also is offering some tax incentives to increase real estate sales, which could help, Chris said. For example, in the city of Fort Lauderdale, there is no annual property tax on the first $40,000 of the value of the home. That is why property values have been going up this year, and even though the housing market is on the upswing, the supply of properties is going down, she said. “The market will go up in a good economic climate, and it will go down in a bad economy,” Chris said. “Right now the economy is improving in South Florida and the real estate market has been holding its own.”
First Time Home Buyer – Fort Lauderdale
Buyers Market Fort Lauderdale 2020
But it can be difficult for new home buyers in the market to find a place, said real estate broker Mark Weinstein. Weinstein said there has been a decline in the number of new construction homes available to buy in South Florida, but also said it has become more competitive in the local real estate market to find a place to buy. “When we first came to the market, we sold over $1 million homes at a time, and today we are selling just over $600,000 homes at a time,” Weinstein said. “Now people want newer homes, and even though the inventory is down, prices keep rising.” That’s one of the main reasons why some new home buyers opt for condos instead of buying a traditional home. A condo buyer can avoid a lot of the hassles of homeownership, such as maintenance, repairs, taxes and insurance, Weinstein said. “There’s just less headaches when you buy a condo,” he said.
Overall, the recent upturn in the Fort Lauderdale market is good news for buyers. “If you look at the numbers, it’s pretty good,” Weinstein said. “The number of homes for sale is down. And the amount of time it’s taking to sell a home is down, as well. And when you look at the inventory, it’s up, and that’s great. And when you look at the prices, they’re down.” The median sales price for single-family homes in Broward County was $305,000, according to a listing for Fort Lauderdale homes in August from the Multiple Listing Service. But the average sales price was more than $300,000, with condos going for an average of $312,419 and townhomes in the $335,000 range. Chris said she is seeing a mixture of buyers, including retirees, first-time buyers, downsizing baby boomers and younger people who want to make a change. “There is a different mix, and that’s why the market is strong,” she said. “It’s not just about luxury; there are a lot of different choices and price points.” Steve Witkoff, a New York City-based real estate developer who founded the Witkoff Group, which builds and manages homes in high-end communities including Greenwich, Conn., Greenwich, Conn., and Palm Beach, Fla., said he also is seeing a lot of interest in Fort Lauderdale homes from buyers around the country. “The number of buyers and people who are coming in from the East is unbelievable,” Witkoff said. “People are taking advantage of the deals that they’re getting in Fort Lauderdale, especially with the quick closings.” Witkoff said the motivation for a buyer to consider Fort Lauderdale may be because it’s warmer in the winter than it is in places like New York.
“It’s a great place to live for snowbirds who want to be close to the ocean, and for people who are looking for an upscale life,” Witkoff said.
What are your thoughts on Fort Lauderdale’s Real Estate Market?
Source: https://www.naplesnews.com/story/money/real-estate/2018/10/27/fort-lauderdale-buc-hot-housing-market-up-sale-prices-surges/1768277002/ NSD/Steve Neavling