Ft. Lauderdale Real Estate Market Report for Jan. and Feb. 2012

Fort Lauderdale Real Estate Market Report
Single Family Properties

How much are Homes selling for in Ft. Lauderdale?

Property purchase records indicate that within the first 2 months of 2012 (January and February), 227 Single Family Homes* were purchased in Ft. Lauderdale. Within the same period of time, 1,654 Single Family Houses 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 are not concentrated in Ft. Lauderdale, even though Ft. Lauderdale enjoys extremely high demand and many of the highest purchase prices in Broward County.

The purchase price range of the 227 Homes purchased in Ft. Lauderdale was $20,000 – $3,575,000, with an average purchase price of $356,020.
98 of the 227 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 $644,113.
27 of the 227 properties that were purchased are Waterfront properties, which were purchased in a price range of $142,000 – $3,575,000, with an average purchase price of $1,072,037.
147 of the 227 purchases were Cash purchases, as is typical in the current market.
76 Properties were purchased for prices under $100,000.
50 of the 227 properties were purchased as Bank Owned Foreclosures.
48 of the 227 properties were purchased as Short Sales.
The lowest purchase price ranges continue to have the highest concentration of Foreclosures, unlike the Luxury Market and Luxury communities where distressed properties ARE NOT the majority of the Inventory or purchases.

Additional details about the 76 Properties that were purchased for under $100,000:

71 of the 76 purchases were Cash purchases
24 have 2 Bedrooms
75 have only 1 Full Bathroom
7 have a Pool
10 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
This price range IS NOT dominated by First Time Home Buyers

Details about the property that was purchased for $3,575,000
(pictured below)

Purchased on February 29, 2012 for a purchase price of $3,575,000
Located at 2700 Aqua Vista Blvd. in the Seven Isles section of Las Olas Isles (including the sale of a Lot at 2630 Aqua Vista Blvd.)
8 Bedrooms and 8.5 Baths
7-Car Garage
205 Feet of Waterfront on an Ocean Access Canal with Canal and Intracoastal views
Built in 1968
2-Story Main House with 5 Bedrooms and 5.5 Baths
2-Story Guest House with 3 Bedrooms and 3 Baths

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.

Information in the Table below details current Inventory of Single Family Homes for sale in Ft. Lauderdale.

List Price Ranges	# for Sale	Bank Owned	Short Sales
Under $100,000	112	19	52
$100,000 – $199,999	130	12	33
$200,000 – $399,999	161	2	36
$400,000 – $699,999	122	1	9
$700,000 – $999,999	91	4	8
$1,000,000+	263	0	9

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–this is typical with Short Sale listings).

Currently, 413 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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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: