Ft. Lauderdale Real Estate Market Report

Fort Lauderdale Real Estate Market Report
Single Family Properties

 

Property purchase records indicate that within the first 10 months of 2011 (January – October), 1,394 Single Family Homes* were purchased in Ft. Lauderdale.    Within the same period of time, 10,367 Single Family Homes were purchased in the other 29 Cities in Broward County.   Despite very popular opinion to the contrary,  the majority of Real Estate sales in Broward County aren’t concentrated in Ft. Lauderdale, although Ft. Lauderdale enjoys Broward County’s highest purchase prices, along with the City of Weston.   Many people are surprised to learn that the majority of Land in Broward County is located West of I-95 and West of U.S. 1 in areas that are non-Waterfront and more distant from the Beach.

Let’s take a look at average purchase prices, number of properties purchased, locations, and additional details.

  • The purchase price range of the 1,394 Homes purchased in Ft. Lauderdale was $8,075 – $7,757,500, with an average purchase price of $366,379
  • 591 of the 1,394 properties are located in East Ft. Lauderdale areas that are near the Beach and close to downtown/Las Olas Blvd.  For those Homes, the average purchase price was $700,787
  • 258 of the 1,394 properties that were purchased are Waterfront properties, which were purchased in a price range of $185,000 – $7,757,500, with an average purchase price of $927,651
  • The lowest purchase price ranges continue to have the highest concentration of Foreclosures, unlike the Luxury Market where distressed properties  ARE NOT the majority of the Inventory or purchases
  • 793 of the 1,394 purchases were Cash purchases, as is typical in the current market

 

Single Family Homes Purchased in Ft. Lauderdale: January – October of 2011

Purchase Price Ranges

# Sold

Cash Sales

Bank Owned**

Short Sales

Under $100,000 527 430 308 137
$100,000 – $199,999 271 100 81 55
$200,000 – $299,999 152 57 24 34
$300,000 – $399,999 122 55 10 20
$400,000 – $499,999 60 16 3 10
$500,000 – $599,999 43 20 7 3
$600,000 – $699,999 36 13 2 6
$700,000 – $799,999 32 13 1 5
$800,000 – $899,999 17 8 1 4
$1,000,000 – $1,999,999 77 43 3 3
$2,000,000 – $2,999,999 22 19 3 1
$3,000,000 – $3,999,999 13 6 0 0
$4,000,000 – $7,757,500 6 6 0 0

 

Additional details about the 527 Properties that were purchased for under $100,000:

  • 168 have 2 Bedrooms
  • 239 have 1 Bathroom
  • 43 have a Pool
  • 56 have a Garage
  • None are close to the Beach and none are located in highly desirable Communities
  • Most are “Fixer Uppers” that are typically purchased by Investors and are flipped/resold after being renovated OR rented to Tenants
  • In our local market, this price range IS NOT dominated by First Time Home Buyers

 

“But I heard…but my Friend bought…but the Media says…”

Current Media Reports indicate that Broward County’s average purchase price for Single Family Homes is $181,300, HOWEVER, the vast majority of the Media’s Real Estate Market Reports are very generalized and are not specific to certain Zip Codes and Communities, so interested Buyers who rely only on the Media’s Real Estate Market Reports are often mislead as to the realities of Real Estate prices and, consequently, enter the Market completely unprepared.    Prices vary SIGNIFICANTLY in various locations within the same County and even in areas that are located very close to each other.   Ft. Lauderdale’s prices are significantly above the County’s average prices. When considering buying or selling properties, it’s very crucial to be aware of the fact that Real Estate prices are very specific to location.

 

Current Inventory of Ft. Lauderdale Single Family Homes

Currently, the number of property purchases is the highest it’s been in 5 years and Inventory is the lowest it’s been in 5 years.   In 2007 and 2008, we had the highest levels of Inventory and lowest number of Sales.  The Market has improved drastically since that time.  It’s much less of a Buyer’s Market than it was previously and interested Buyers who are in the Market searching for properties are discovering that their choices are significantly more limited than they used to be.

For Property Owners who are interested in selling, the high number of sales and significantly decreased Inventory equal a very improved selling market.

Purchase Price Ranges

# for Sale

Bank Owned

Short Sales

Under  $100,000 143 19 78
$100,000  – $199,999 167 17 49
$200,000  – $299,999 109 7 26
$300,000  – $399,999 73 1 13
$400,000  – $499,999 51 0 3
$500,000  – $599,999 41 1 5
$600,000  – $699,999 29 0 4
$700,000  – $799,999 27 0 1
$800,000  – $899,999 36 0 4
$1,000,000  – $1,999,999 104 0 6
$2,000,000  – $2,999,999 58 0 1
$3,000,000  – $3,999,999 37 0 1
$4,000,000  + 60 0 0

Properties that are under Contract for Purchase

Properties that are under Contract for purchase, in pending status, are properties where Buyers and Sellers have signed Contracts agreeing to purchase of the properties and are waiting to complete purchase of the properties (completing purchase/closing on the properties is contingent upon many factors which can include, but aren’t limited to, Financing, Inspection, Appraisal, Bank approval, etc.)

In our local area, we have 2 categories of Pending status.  One category is considered to be fully pending (where additional Offers are not being accepted) and the other category is one that’s called “Back-up Status” (where Owners have accepted an Offer, but are accepting additional Back-up Offers in case the accepted Offer happens to fall through).

Currently, 345 Single Family properties in Ft. Lauderdale are under Contract for purchase (in full pending status) and 170 Single Family properties in Ft. Lauderdale are in Back-up Pending status.

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Las Olas Isles Homes for Sale

  

Notes:

*-This Report does not include Condos, Townhouses, Land, Commercial Property, or Multi-Family Property/Income Property such as Duplexes, etc.

**- The following factors affect the levels of Bank owned Inventory in Ft. Lauderdale:  Bank Owned Inventory is typically on the Market an average of 30 days or less before being purchased, Banks don’t release all of their Inventory at once, and  Cities that are located West have more properties and higher Foreclosure Inventory than Ft. Lauderdale

 

Related Information:

 

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