A Decade in Review- 10 Years of Fort Lauderdale Condominium Prices
I've been getting a lot of questions about how far off pricing is today from the height of the market. I've compiled data, and then broken it down by quarter. I wanted to look at condominium pricing only. The reason I did this is because the condo crash was more pronounced than the single family housing market crash in Fort Lauderdale. You can largely attribute this to the fact that investors were more likely to buy condo's than single family homes, until recently. At any rate, the graphs are interesting. As usual I pulled data for zip codes 33301, 33304, 33305, 33315, and 333316.
Clearly the condo market is still off the highs. The question is whether there's still room to run up, or if we'll see a pull back. From my perspective I believe we'll see the upwards trend line continue. My reasoning for this has a couple of angles. First, financing is coming back into condo complex's. For the most part with 30% down banks are financing in just about any complex. 24 months ago that door was totally shut, no matter what kind of down payment you were willing to make. Ease of financing is going to bring more buyers into the market. The second reason is now more people have equity so they can sell. Those that wanted to sell during the crash, but didn't have the equity to do so, were trapped. Finally, interest in condo's from buyers has come back (especially close to Downtown Fort Lauderdale and Fort Lauderdale Beach). Last year buyers were mainly asking me about single family homes and townhouses. The last 90 days inquiries on the buy side I've received have been mainly in the condo sector. This could be attributed to the time of year and buyer profile though. Full disclosure most buyers I'm hearing from this time of year are from colder climates. In the summer it switches to those that live locally looking to move up to a larger home.
On a per square foot basis we're still below $300. A number of the condominium buildings in Fort Lauderdale that see frequent sales activity are less than 10 years old. My opinion is that below $300 per square foot, on something of relatively new construction, is still a nice price point. In short I do see condo's making a comeback. Clearly we're well off the lows.
I work as a Realtor in Southeast Fort Lauderdale. If you’re interested in buying or selling a home, condominium, or townhouse (townhome) in: Rio Vista, Victoria Park, Downtown Fort Lauderdale, Fort Lauderdale Beach, Sailboat Bend, Tarpon River, Croissant Park, Collee Hammock, Wilton Manors, Poinsettia Heights, Coral Ridge, or Las Olas Isles, please feel free to contact me at (786)443-7203 or through my email firstname.lastname@example.org. I am a Realtor that works on Saturdays to accommodate those with busy schedules.
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Written By Casey Prindle